UniCrypt token-locking preparations for Monday 6th July
It sure has been a crazy first week for the launch of UNC — A community based crypto project.
The unique concept of the UNC reserve, to be used on community proposals for the development of DAPPS, multiple exchange listings, marketing, promoters and translators have all been met with resounding success.
Notable mentions are the community directly playing a major part in two exchange listings. We are unbelievably proud of you guys and a special thanks to our core community.
Part of what this project relies heavily on trust built through smart contracts and this is what we would like to discuss in this article.
On Monday (6th July) we are going to be separating the Developer Reserve, Community Reserve and the Team UNC tokens into 3 separate wallets. You are going to see some big moves happening on etherscan so I’d like to prepare you for this now.
We will separate tokens from the main wallet and then set up smart contracts for each new wallet address. After this, the token locking will begin. Our token-locking contracts will be published and verifiable by all on etherscan. We will be updating the website later next week to allow live dynamic viewing of each new wallet address and the amounts locked. We look forward to bringing you some better analytics on the website with regards to the reserve and locked tokens in the coming future.
Let’s talk numbers:
We are going to be locking 80% of the Community Reserve, 80% of the developer reserve and 80% of the team tokens for 1 year. From there onwards, we can re-evaluate the situation and lock again for another year. This is the initial idea for the reserve, and based on community voting we can alter this course in the future (longer token locks for example). Once tokens are locked, they cannot be unlocked until the timeframe expires.
We are still at a very early stage of growth being one week old, and the options are truly limitless to what we collectively can come up with. We look forward to this journey with you all more than ever.
Finally, a minor point, we will be setting up some community ambassadors to help filter decisions to the top and to help get them implemented. As the team are focussed on developing, we can’t always be present in Discord and Telegram. A hierarchy will be put in place to make this all frictionless which will hopefully keep everyone happy and ensure their voice is heard.
So an important takeaway from this, please prepare for large portions of UNC to be moved on Monday into new wallets to prepare for the coin-locking next week.
Have a great weekend,
Mark — UNC team