Announcing Proof-of-Support: A Token Distribution to Empower the Unbanked Economy
Recently we have announced our SENC Token Distribution Plan: A Token Distribution to Empower the Unbanked Economy. We have designed a token distribution that reflects our mission behind this project — the community. Since that last announcement 6 days ago, our Telegram community has grown from 1,000 members to close to 10,000 — at the point of writing this article.
Words can’t express how incredibly happy we are.
We are building the future of inclusive finance that will be driven not just by technology but more importantly, by the community. The value of the fintech promise will be empty without the support of a community who truly believe in it.
So we believe it is only right that we offer every single supporter in our community the chance to participate in our token sale and through Sentinel Chain, play a part in redefining inclusive finance.
What is Proof-of-Support?
We would never have been here without our community.
The team has designed the Proof-of-Support campaign due to overwhelming interest in participating in the SENC Token Sale. Since the Pre-Sale was oversubscribed by a large margin, we would like to avoid the situation where everyone waits for the timer and gets in by paying the largest amount of gas.
Proof-of-Support is a fair and transparent Token Distribution which will give all our community members a chance to participate and be a part of our journey. We hope that the campaign will integrate the voice and talents of our community with the hard work and dedication of our team so that we can share the Sentinel story with an audience far and wide and thus, enhance its adoption.
We believe that Proof-of-Support provides the community with the opportunity for inclusive engagement instead of an expensive and divisive gas war.
How do I join Proof-of-Support?
We understand that you have been waiting patiently for the details of our Proof-of-Support and we’d like to thank you for your patience.
As mentioned in our previous article, we have designed our Token Distribution strategy on the principles of Support, Community and our mission for Financial Inclusion. We believe that this method will give everyone an equal and fair chance to buy our SENC tokens.
To determine eligibility, participants will be required to complete and pass our KYC verification. KYC registration starts on Monday, 5th February at 00:00.* Stay tuned on Telegram for further details.
KYC registration starts on Monday, 5th February at 00:00 GMT*
What are the details and documents required for KYC?
You will be guided through a simple KYC verification process so we can determine your eligibility for purchase.
You will be required to submit the following details:
(1) First and Last Name
(2) Email address
(3) Date of Birth
(4) Identification type (Passport, National Identity or Drivers’ Licence)
(5) Identification number
(6) Nationality
(7) Country of Residence
(8) Residential address and Zip Code
(9) Phone number
(10) Ethereum Public Address
You may be required to upload the following documents:
( a ) your Photo ID which states your full name and photograph, date of birth and nationality — e.g. passport, national identity document, or driver’s licence;
( b ) proof of residential address — e.g. a certified copy of your current bank or credit/debit card statements or current utility bill; or
( c ) selfie with Photo ID.
While the submission of documents ( a ),( b ), and ( c ) above are optional, it does increase your chances of a successful KYC verification — which is required for your participation in the Proof-of-Support and SENC Token Sale.
We respect your data privacy rights and are committed to complying with the local data protection laws.
Determining Your Proof-of-Support Score
You can achieve Proof-of-Support by demonstrating that you have understood the mission and objectives of Sentinel Chain. This campaign gives us the opportunity to reward our true supporters for engaging with the community.
The amount of token allocation you will be receive will be dependent on your Proof-of-Support score. Some factors that will influence your score are:
- Quality
- Impact
- Exposure
Due to overwhelming interest, we encourage you to submit your Proof-of-Support early to avoid disappointment.
The team will be manually reviewing and vetting all the Proof-of-Support submissions. This will give us the opportunity to review the quality, time, effort and originality of your submission. We welcome submissions in any creative form, as long as it is relevant to the Sentinel story. To make the process simpler, we have provided a set of criteria as well as examples and guidelines below to give you an idea of what we will be expecting.
“But out of limitations comes creativity.”
Debbie Allen
Each submission will earn a predetermined number of points, which are equivalent to about US$100 of SENC allocation per allocation.
At a high level, the equation is as follows:
Successful KYC registration + Share via Reddit+ Quality = Your POS Score
Eg. POS Score = 7 points = US$700 of SENC allocation
Your Level of Support
Tier 1: 1–5 points
Successful KYC registration +
Shares via Twitter, Medium, Telegram, Reddit, Bitcointalk, etc.
Tier 2: 1–10 points
Successful KYC registration +
Mentions on mainstream media
Tier 3: 3–50 points
Successful KYC registration +
Articles, reviews, media published on Medium, Reddit, Bitcointalk, etc.
Tier 4: 5–250 points
Successful KYC registration +
Influencer campaigns on social media (YouTube, Twitter), ICO Review Sites, etc.
What are the factors that will influence my POS score?
Tier 1: 1–5 points
Shares via Twitter, Medium, Telegram, Reddit, Bitcointalk, and others
Some factors which will influence your score are:
- Quality of post
- Level of understanding displayed about the project
- Outreach
We would like the community to share your insights about Sentinel Chain and generate interest and exposure for our project. This could include discussing Sentinel Chain’s mission to empower the unbanked or explaining the blockchain technology driving the project. While a few have expressed interest to “pump” and “moon” the token price, we are extremely reluctant to allocate tokens those whose only interest is to convince participation in our crowdsale in the hope that “our coin will moon”.
Tier 2: 1–10 points
Articles published on mainstream media
Some factors which will influence your score are:
- Effort
Although our team is continuously in active discussions with potential partners in various industries such as finance, insurance and agriculture, it is not enough. Hence, we will appreciate any effort which goes into connecting us to interest groups who can accelerate our mission in unlocking the unbanked economy. We will reward the participants who have made the effort to tweet, mention or simply connect us to interested parties so we can bridge the core users the Sentinel Chain has been designed for — the financial systems in the unbanked markets and the offshore financial providers.
Tier 3: 3–50 points
Articles, reviews, media published on Reddit, Bitcointalk, etc.
Some factors which will influence your score are:
- Type of audience
- Quality and accuracy of content
We’d like you to show your support for Sentinel Chain by contributing your research, thoughts and opinions for our project. You can show your support by writing a blog post and posting it on Reddit, Steemit, Quora or the Bitcointalk forums. We will be rewarding this allocation by the quality and accuracy of your content.
Tier 4: 5–250 points
Influencer campaigns on social media, ICO Review Sites, etc.
Some factors which will influence your score are:
- Type of Audience
- Quality of the video or post
- Outreach potential
We do believe that social media and the influencer economy have the power to spread the word about our project. We will be rewarding our token allocation to the various influencers on YouTube and Twitter, Community Group Admins, ICO Review Sites, etc. based on factors such as the type of audience and the quality of the review and discussion.
We must emphasise at this point that we are extremely reluctant to allocate tokens to posts which are only trying to convince others about the value of our token. There is one thing we strongly believe participants should be rewarded for: support. A message that highlights the very important problem the Sentinel Chain is being designed to solve — the lack of affordable finance available for the rural unbanked — holds much more value to us than one which simply recommends Sentinel Chain as a strong ICO buy.
What if I have other creative ideas to show that I support Sentinel Chain?
We’d like to remind everyone that the list and examples above are non-exhaustive. You can achieve Proof-of-Support by demonstrating your potential, however creative it may be, to share the Sentinel story with the community.
We will be distributing a maximum of 100 million SENC tokens in allocation at a cap of US$8m USD. Your token allocations will be final and 100% guaranteed to avoid any unnecessary gas wars with other participants.
We believe that Proof-of-Support provides the community with the opportunity for inclusive engagement instead of a divisive and expensive gas war.
If you have any questions, please don’t hesitate to join our Telegram community for live chat support.
Thank you for being part of the Sentinel community.
We would not have been here without you.
Website: https://sentinel-chain.org
Medium: https://medium.com/sentinelchain
Twitter: https://twitter.com/sentinelchain
Telegram: https://t.me/sentinelchain
Announcements: https://t.me/sentinel_ANN
