- Archetype Initial Burn Offering Details & Updates
Happy Monday, my dudes. We’re working diligently on building out the Archetype Network system suite, which you can learn more about here in a previous blog post. You can try our Meme Generation Engine and start tokenizing your media here.
To ensure we have adequate time to test and demo our initial feature suite, we are setting the initial burn offering date to February 22. The last day of the burn will be April 5, for a six-week burn period. We have built a system to accept 12 different crypto-currencies to be provably burned: Bitcoin, BitcoinCash, Ethereum, Ethereum Classic, LiteCoin, Dash, NEM, CounterParty, DogeCoin, MonaCoin, PepeCash, and RARE. Every day a 24-hour average price will be applied and the burn ratio will be adjusted for every coin.
The default rate of the token exchange will be $.0033 per ARX token. Traunch bonuses will be applied atop this base rate as follows:
Week 1: 150%
Week 2: 140%
Week 3: 130%
Week 4: 120%
Week 5: 110%
Week 6: 100%
An additional 10% bonus will be applied to honor all meme currencies that have come before, specifically DogeCoin, MonaCoin, PepeCash, and RARE. This bonus will be valid during all levels of the burn offering.
The utility of the ARX token is to mediate the price of name-spacing on the network. All token creations taking place on Archetype will require a certain amount of ARX tokens to be burned, creating a method to value the scarcity of unique Archetype name spaces and prevent network spam. This makes the ARX token inherently deflationary as more name spaces are claimed on the network. ARX can also be used to mediate bids and asks for Archetype tokens on the In-DEX.
Additionally, we have changed the initial distribution percentages of ARX tokens. We had initially had 51% distribution to burners and 49% allocated for various project tasks, founder’s allocations, and management. After some serious deliberation we have decided to change this percentage to 98% of all tokens being given to burners, with 2% additionally created to help cover bounty and bootstrapping costs. We will detail the exact causes for this change in a future post, but the main reason is how Archetype has evolved in our eyes from being a ‘business’ to being true decentralized global network. We are just as excited to start using the network as everyone else, and ‘equity squatting’ is a part of an old-school thought paradigm we’re looking to move away from.
The Archetype Team
- Date of publication:
- Mon, 01/29/2018 - 07:58
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