VideoCoin Announces Company Token Lockups For 12 Months
Summary:
- The VideoCoin Development Association optimizes project tokenomics by locking company VID tokens until January 1, 2022
- Changes apply immediately and impact over 90 million tokens, 76% of non-circulating supply
- Remaining supply to support VideoCoin Network utilization demand and growth initiatives during the lockup period
As the VideoCoin ecosystem continues to grow and expand, the VideoCoin Development Association (VDA) continues the process of optimizing its token metrics to ensure an appropriate supply of VID tokens is available in the market to enable utilization of the VideoCoin Network. As you may recall, when we announced the fiat payment system for worker nodes in 2019, we immediately burned 617MM tokens that were to be used as mining rewards. This allowed VID to orchestrate decentralized video compute resources as a non-inflationary token.
We are constantly iterating to create innovative and frictionless ways to utilize the value of the VideoCoin Network. In that vein, the VDA announces here that we are immediately locking all remaining non-circulating VID company tokens through all of 2021. Certain additional tokens will also be locked for all or most of 2021, unlocked, and distributed only when needed to support Network operations, such as staking rewards sent to participants in the community. In total the lockup impacts over 90 million tokens held by the VDA and our service provider partners and represents 76% of the non-circulating VID token supply.
Since the inception of the VideoCoin project in early 2017, we have been hard at work, delivering achievements like our VideoCoin Network Everest MainNet Release, Decentralized Worker nodes, Innovators Program, and our fiat-based payment system partnership. The VideoCoin Network’s team of proven technology executives and savvy business development individuals is hard at work doing something no other crypto project has achieved; namely, disrupting the outdated and expensive world of media infrastructure hegemony with an innovative and low-cost alternative delivered on the blockchain. This on-boarding effort is ongoing, and not without its challenges, but its considerable efforts are well-positioned to bear fruit for all the participants in the VideoCoin ecosystem.
To align the longer than expected customer onboarding and demand generation in the nascent blockchain market with those of our ecosystem, and further show the VDA’s commitment to the VideoCoin project, we are comfortable that this lockup decision is consistent with project objectives and leaves a circulating VID token supply sufficient to support VideoCoin Network utilization demand over the next twelve months.
A summary of VID allocations, circulating supply, and the lockup appears below. In the meantime, the project will continue to innovate the VideoCoin Network Everest product and evangelize for adoption and demand-side growth.
For all of our updates and to join the conversation, be sure to check out our channels:
Website: VideoCoin.io
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