We would like to share the details and specifics of the premine allocations, where they have gone, and what TKL has been time-locked to what time.
The Tokel premine was decided as a necessary function to secure funding for the project. Both to get it off the ground and to ensure future development. Many projects have suffered from a lack of proper development due to almost non-existent funding mechanisms; we did not want to fall into this trap. Tokel will give everybody, inexpensive access to create and utilise tokens, and all the token features on the Tokel blockchain. Although a fair launch, no premine, is noble in concept, it would have been prohibitive for any development in practice. To that end, the details are as listed below.
All allocations are set out within the Tokel paper and should be referred to as the primary reference.
Total premine: 100 million TKL
Of this total, the allocations are as follows.
Initial Adopters allocation (20 million TKL) - Timelocked until 1st of October 2021
Early Adopters allocation (20 million TKL) - IDO TKL, No timelock
Trading incentive/liquidity allocation (10 million TKL) - No timelock
Bounty/Incubation allocation (10 million TKL) - No timelock
Team allocation:
10 million TKL (Komodo Team allocation) - Timelocked until 1st of October 2021
30 million TKL (Tokel Team allocation) - Timelocked until 1st of February 2022
As you can see, the Initial Adopter and Team allocations have been timelocked and will only be accessible from the dates listed above. A time lock is a condition given to the transaction that disables the recipient from spending those funds until the time specified within the transaction. So although the funds may be in the recipient's address, as seen on the blockchain, they are unable to use or spend these until the specific date/time has passed.
Why did we do this? We made the decision to lock the team funds until the 1st of February 2022 as this aligns with our goal of releasing the feature complete All-In-One application. This provides an incentive to the team over time and will ensure future development efforts can continue to be made.
As always, if you have any questions, please join our discord and we would be happy to answer them. https://bitcointalk.org/index.php?topic=5352009.msg57814331#msg57814331
https://discord.com/channels/774497890025472010/807859586568421377/881680536404369408
