COSMOCHAIN and SPIN PROTOCOL MERGER ANNOUNCEMENT
Greetings from Cosmochain and Spin Protocol.
1. Cosmochain merging & acquiring Spin Protocol
Cosmochain has been gathering diverse range of beauty data via not only FITSME, but also partner services. When Cosmochain started beauty data business in 2019, most of beauty brands have been acquired via out-bound sales process; however, recently numerous beauty brands have been converted to clients via inn-bound inquiries and referral from existing clients. Thereby, Cosmochain has been launched beauty data service website in order to communicate more actively with potential clients in beauty industry.
Referring to State of the DApps (as of June 8th, 6pm KST, year 2020), Cosmochain has shown the most active block chain data contribution towards Klaytn.
Cosmochain has been trying to acquire more beauty data through partnerships and purchase and in this extension, recently Cosmochain has acquired Spin Protocol, which is well-known blockchain project regarding beauty influencers.
Spin Protocol has been partnered with Women’s Talk and utilizing KCT-based token SPIN. SPIN has been listed on Coinone and Bittrex etc.
Throughout this merger, Cosmochain envisions to proliferate more beauty data source and tries to create synergy. Considering previous data partnership model, Cosmochain believes that this business deal can lead towards another quantum leap in beauty blockchain project.
2. M&A methodology
Cosmochain and Spin Protocol will be protecting existing COSM and SPIN holders’ digital asset value throughout this deal.
1) NEW COSM Hard Fork
Cosmochain will be issuing new KCT-based token (called COSM) and will distribute to existing COSM and SPIN holders. This Hard Fork process will follow traditional Hard Fork methodology in order to prevent any kind of mis-understanding. (NEW) COSM will be controlled by Cosmochain.
This M&A deal has been previously communicated with GroundX and as of now GroundX has been whitelisted (NEW) COSM contract as below.
(NEW) COSM Contract Address: 0x39f517c2c8fbd6d8e8ca97bf81816cd54b6ab3d8
Furthermore, through Xangle.io, holders will be able to understand in-depth knolwege about (NEW) COSM on-chain info.
2) Swap Schedule
(NEW) COSM will be swapped with previous COSM and SPIN via all exchanges (in which SPIN and COSM have been listed) and wallet services. Token swap will be done by freezing in and out of all exchanges and wallet services. Detail timing of token swap schedule will be announced shortly.
3) Token-Swap ratio
In order to finalize the token swap ratio, average SPIN and COSM price have been calculated from June 12, 2020 to June 28 2020.
Accordingly, (NEW) COSM allocation to previous COSM holders will be 1:1 and to previous SPIN holders will be 1: 0.122704918 (=1.408941/11.482353)
4) (NEW) COSM Circulating and Supply Volume
Throughout this deal, (NEW) COSM market cap. will be sum of previous COSM and SPIN market cap. In order to do so, (NEW) COSM circulating and supply volume would be 1,688,991,259. This number has considered existing circulating and supply volume amount, which would prevent any kind of de-valuation of existing market caps via this deal.
(NEW) COSM token model will be shared in near future via Cosmochain Blue Paper ver 2.0.
Thank you.
Cosmochain & Spin Protocol
