⚠️ On March 31st 2019, TTC Foundation launched its own blockchain solution, TTC, and rebranded TTC Protocol as Acorn Protocol. This article was published before the separation. [Read more]
Post Token Sale Announcement
Token Distribution, Airdrop and Listing on Exchange
Dear supporters,
Thank you for your continued interest and support, it has been possible to successfully close our main ICO last week all because of you. There are several key decisions which need to be addressed and discussed about before we proceed to our next step.
Token Distribution Event (TDE)
After many hours of discussion, our team decided to distribute TTC tokens from both Token Sale & Bounty Program, soon after our official announcement of exchange listing. This is to protect everyone in the community from the following two risks:
- Unofficial Exchange Listing: An unofficial token listing could negatively impact the initial pricing of TTC tokens. Thus, by coordinating the distribution of TTC tokens with the official listing on exchanges, we are attempting to prevent such a risk.
- Premature Vesting of Locked-up Tokens: The vesting period of all the locked-up tokens will begin along with the TDE. If there is a significant time gap between the TDE and exchange listings, the circulation amount will be high due to early vested tokens, which could later be responsible for price volatility or issues such as pump-and-dump.
We will announce more details about the TDE as we finalize the plan for exchange listings.
Airdrop of Unsold Tokens
Unlike Private Sales, which was overbooked with high demand, there was a small portion of tokens which were unsold by the end of the Main ICO. The total amount of unsold tokens is 18,042,857.5385516 TTC, or roughly 1.8% of total hardcap.
Initially, we planned to burn these unsold tokens, however as burning the tokens will unjustly increase the ownership proportion of every token holder. Thus, to prevent this from further disrupting the foundation and ecosystem of the TTC protocol, we decided to airdrop these unsold tokens to fairly return the maximum benefit back to token sale participants.
How does this airdrop work?
We will divide the total amount of unsold tokens (18,043,857.5385516 TTC) by three and distribute them among token sale participants through three separate airdrop events. A snapshot of the # of TTCs owned by participants will be taken, and the following equation will be utilized to calculate the amount of tokens to be airdropped to each participant everytime.
(Total Unsold Token / 3 ) * (# of TTC owned by a participant / # of TTC owned by all participants)
When will the snapshots be taken?
Counting the day of TDE as day 0, we will take three snapshots at day 15, day 50, and day 120 (00:00am @ Beijing). The # of TTCs shown in every snapshot will be distinctly input in the equation above for the three consecutive airdrops.
Case Study
0. Background
- A participant named “James” obtained 5 TTC during the token sale.
- During token sale, a total of 100 participants obtained 1,000 TTC.
First Snapshot (TDE + 15D)
- Between 100 participants, a total of 200 TTC tokens were sold. 800 TTC are owned by all participants.
- James did not sell. He still owns 5 TTC.
James will receive:
6,014,619.1795172 * (5/800) = 37591.369872 TTC
Second Snapshot (TDE + 50D)
- Between 100 participants, a total of 200 TTC tokens were sold again. 600 TTC are owned by all participants.
- James bought 15 TTC. He now owns 20 TTC.
James will receive:
6,014,619.1795172 * (20/600) = 200,487.305984 TTC
Thid Snapshot (TDE + 120D)
- Between 100 participants, a total of 300 TTC tokens were sold again. Now only 300 TTC are owned by all participants.
- James sold 12 TTC. He now owns 8 TTC.
James will receive:
6,014,619.1795172 * (8/300) = 160,389.844787 TTC
Rules & Guideline for Airdrop
- Only the tokens inside the wallet used for the token sale will be considered valid for the calculation of Airdrops. If you transfer those tokens out of the wallet (to an exchange or other wallets), it will not be counted.
- The exact time of snapshot could have up to 48 hours of error margin due to network issues and the lack of better technology.
- The tokens will be distributed within 48 hours from the time of each snapshot.
More detailed info regarding Airdrop will be announced through our official channels.
Listing on Exchanges
Team TTC believes the liquidity of tokens and stable growth of the community are important factors for TTC Protocol’s long-term plan. Hence, we are making a strategic move regarding token listing. We are in detailed discussions with top-tier exchanges, which will allow our plan of listing TTC tokens on (an) exchange(s) within the time table of a month or two.
Unfortunately, due to the NDA signed with exchanges, we cannot reveal any details at this moment. We will make sure to consider what is best for the TTC Protocol and its community members.
Building a Community
A healthier and larger community will assist TTC Protocol to expand and develop for the better both short and long term. As team TTC, we will work tirelesslyto increase awareness of the TTC Protocol to the global audience. So, we urge all community members to help our team and the protocol itself by actively participating in the expansion of the TTC ecosystem.
You are a part of our family and a member of an ecosystem which will live long and prosper. We appreciate you for being a part of TTC, and will forever thank you for your support.
TTC Token sale has been concluded but our journey just began. We are excited to walk this path alongside our community members, token sale participants, and DAPP partners.
Thank you for your support,
— Team TTC
