The Unification New Genesis Event: 88% of UND Supply Destroyed!

As we look ahead to the imminent release of Unification’s Mainnet launch and token swap, there have been rumors swirling about what may be the largest token “sunset” ever in the history of blockchain. This combined with the announcement of the Unification Enterprise Alliance sets FUND as the clear “pipes and rails” infrastructure provider for all enterprise blockchains. Let’s get right to the facts as today we write history!

Unification will destroy 88% of the total supply (880 million UND)!

To explain how this process works and what the result will be, we will first explain the current situation.

When we initially generated tokens in Feb 2019 , we minted 1 Billion UND tokens on an ERC-20 contract and then only distributed an amount to satisfy demand, (in this case about 4%) while keeping the rest in cold wallets (approx 96%).

Several months later, we introduced a dual token standard of BEP-2 on Binance Chain, doing 1:1 swaps with the ERC-20 UND tokens to maintain a consistent circulating supply which has been stable at nearly 44 million UND for the past year.

As we transition from testnet to mainnet and having gone through much modeling set out a long term sustainable token model, the network will transition into a permanently decentralized infrastructure vehicle maintained and secured by the community. To ensure this, there is a defacto destruction on approx 880m testnet UND tokens which will not be swapped to the native mainnet FUND token

The Unification New Genesis Event

Currently there are approx. 44 million (~4.4%) out of 1 billion UND tokens in circulation in a dual ERC-20/BEP-2 format, this information is also available on CoinMarketCap.

On mainnet launch (details to be released soon) all of the 44 million UND tokens in circulation will be available to be swapped to native FUND on a 1:1 basis. These 44 million UND, together with 76 million FUND which are allocated to the Foundation and entities that receive their allocation at mainnet, will form the total supply which at that point will be 100% in circulation. Everything else, 880 million UND (or 88% of the current total supply) will be destroyed and permanently removed from activity, together with the swapped ERC-20 and BEP-2 tokens.

This makes Day 0 of mainnet with 120 million FUND total supply and 100% in circulation.

Future Inflation Schedule

There is zero inflation of the supply on the secondary markets but the Foundation has the ability to mint and distribute locked tokens, which can only be used to pay network tax, but can not be staked nor sold on the market.

The number of newly minted, locked tokens is 10 million FUND per year for 9 years, until the maximum supply of 210 million FUND is reached.

Please note that the information on CoinMarketCap will be updated at earliest on mainnet launch with FUND as the new ticker.

Breaking Down The New Circulating Supply

It is important to note that starting on Day 0 of mainnet there is a commitment from the Foundation and vested entities to stake at minimum 50% of all FUND in circulation in order to secure the network.

In a young network we believe that it is critical to ensure security and performance over immediate decentralization. It should be noted that this is nearly the same case for the majority of projects using a similar staking ethos.

The 10 million FUND added to the network per year gives a supply increase rate that will start at maximum 8.3% and will decrease per year. This is important to establish long term stability.

How Enterprise Clients Acquire FUND

If an Enterprise chooses to join the Unification Enterprise Alliance (more details in an upcoming article) they will have access to purchase limited amounts of FUND directly from the Foundation with a “locked” tag on it. Locked FUND cannot be sold, transferred or staked. It can only be used to pay network tax.

In order to perpetuate the long term health of the FUND economy the Foundation will only mint FUND tokens with the “locked” tag to Enterprises on the following condition:

• No more than 10 million FUND issued to be consumed per year in total across all enterprises. This indicates a cap of 10 million new FUND introduced in the ecosystem per year, until the maximum supply of 210 million FUND is reached. Any FUND that an enterprise needs that is beyond the 10 million per year will need to be acquired on the open market.

Note, since there is no raw inflation this number is on par more or less than the “inflation” numbers of comparable chains.

• These FUND tokens are newly minted and sold directly by the Foundation as part of package services contracts (so the client will pay the Foundation a fee for development work bundled with FUND for network access). Since the Foundation raised a very small amount of money initially (less than 1 million USD) this is how they will continue to fund themselves.

Interested enterprises can first join the Unification Enterprise Alliance to be connected with a Unity Agent and be funnelled in the FUND acquisition process. Here is an example of the form request to acquire FUND for enterprise purposes.

The Unification Enterprise Alliance (UEA) And The Road Ahead

Unification’s mainnet represents the “pipes and rails” — the roadways of the robust infrastructure required for mass adoption.

Whereas the UEA is an intra-industry alliance allowing immutability and transport of data. UEA is where we elevate the network from a “robust technology project” into the backbone of the future of enterprise blockchain.

When people ask us “who are Unification’s competitors?”, we don’t allude to popular networks like Ethereum or EOS. While those are good experimental blockchains that have demonstrated proof-of-concept, the real competitors of Unification are Oracle, SAP and legacy database providers — established enterprise giants whose market share we are gradually tapping into.

As the world and technology evolve symbiotically, the walled gardens that have been a standard part of our technology experience will no longer be acceptable and a new, decentralized standard of community-owned technologies will become the norm, with FUND being a pioneer of the wave.

To get involved, there are a few ways. First off, you want to subscribe to our email updates which give a good overview of updates from the Foundation along with new members who are constantly joining the UEA.

Secondly, make sure to follow us on Twitter and Telegram where you can engage in real time with the team,

Also keep an eye out on our Announcements Channel because our next article will include news revealed of the initial UEA partners joining the alliance.

Follow Unification on social media:

• Website: http://unification.com
• Twitter: https://twitter.com/UnificationUND
• Telegram announcements: https://t.me/UnificationOfficial
• Telegram chat: https://t.me/unificationfoundation