The difference between the Nimiq token sale and most other token sales is that Nimiq is not an application on top of Ethereum, but a third-generationBlockchain and Ecosystem native to the Web. Consequently we model our token sale after Ethereum’s initial crowd-sale and issue an Exchange Token. ThoseNimiq Exchange Tokens (NET) will be exchanged into Nimiq (NIM) — the currency of the Nimiq Blockchain — at launch of the Mainnet planned for December 2017.
The sale of NET will be facilitated through payments in Ether. We plan to accept other cryptocurrencies by using ShapeShift.Nimiq Supply Distribution
To understand the terms of the token sale we need to explain the total supply structure of the future Nimiq Mainnet. The Nimiq Mainnet will be designed for a total final supply of 21 Million NIM (modeled after Bitcoin), with the following distribution:88% Miners Reward (issued over ~100 years)5% Token Sale Contributors (no vesting)2.5% Long-term Foundation Endowment¹ (10 year vesting)2% Good Cause Partnerships and Sponsorships² (10 year vesting)1.5% Early Contributors (6 month vesting)1% Creators (3 year vesting) Token Sale Summary
The amount of Nimiq Exchange Tokens(NET) for sale is equivalent to 5% of thetotal future Nimiq (NIM) supply (equal to ~24.5% of the circulating NIM supply after one year).NET are standard tradable ERC20 tokens.Exchange rate: 1 NIM = 10 NET.Tokens available for sale: 10'500'000 NET.The sale is capped at 60’000 ETH.Two stages: - First two weeks: 1 ETH = 175 NET - Last two weeks: 1 ETH = 125 NETSale starts on June 28 (Time TBA).The sale will run for up to 28 days, or terminates if a cap is reached earlier.
DISCLAIMER: Due to the volatility of the Ethereum Market we may make final adjustments to the terms no later than June 24.Capped for Transparency
The Sale is capped at 60'000 ETH for simplicity and security.Simple Pricing
The pricing structure is modeled after Ethereum’s initial coin offering. There are two stages, early contributors of the first stage receive a 28.6% discount:The first two weeks, 1 ETH buys 175 NETThe last two weeks, 1 ETH buys 125 NET
This incentivizes early contributors while providing time for everyone to take part.Vesting
There is no vesting for Token Sale Contributors. NIM exchanged from NET of Token Sale Contributors have no vesting and will be available for use immediately after the Mainnet launch.
Creators, Early Contributors, the Endowment and the Non-Profit for Good Causes will not receive any NET. They will only receive NIM at launch of the Mainnet that vest as follows:Creators: 3 years vesting with 6 months cliff. This means we will mature 16.7% of our NIM every 6 months. By taking this approach we are following the successful example of others in the blockchain space and make sure we are on the conservative end of things.Early Contributors: 6 months vesting with 3 months cliff. This means they will mature 50% of their tokens at the end of month three, and the rest on month six.Long-Term Endowment Foundation: 10 year vesting with 6 months cliff.Non-Profit Organization for Good Causes: 10 year vesting with 6 months cliff. ¹Long-Term Endowment
To fund the long-term development of the protocol, the development of the ecosystem and further innovations on top of the protocol, the Nimiq Foundation will be issued 2.5% of total NIM supply over a period of 10 years after Mainnet launch. This incentivizes a long-term commitment and project philosophy.²Good Cause Partnerships
We want Nimiq to serve the planet and the people. For this reason 2% of total NIM supply will be issued over a period of 10 years to a non-profit organization which funds people working on projects with high social or ecological impact. Think of large-scale projects like planting a billion trees, cleaning the oceans from plastic or building a million schools. This organization will be founded before the Mainnet launch. It will be completely independent of the Nimiq project and will govern itself either via a committee or ideally as a decentralized organization on top of Ethereum.More Details
We will soon post additional documents such as the Development Plan with Intended Use of Revenue.
We are also undergoing security auditing and will publish the token sale smart contract for peer reviewing in the next couple of days.