BAZ Protocol Token Economics

Through this post, we aim to cover all important information related to the BAZ Protocol Token Generation Event (TGE) and EKK Token.

IMPORTANT NOTE: This post is not meant to be investment advice nor a solicitation for acquisition of BAZ Protocol tokens. The full list of Disclaimers is available in our Whitepaper.

Problems for the community-based small business in FMCG

There are four major problems facing the small business owners:

Ineffective information sharing for collaboration with manufacturers/suppliers
Revenue generation constrain to sustain businesses and livelihoods
Difficult reach due to firms spread out across large geographical locatioms
Manual and paper-based processes

Our solutions

Over the next three years, EkkBaz will be developing BAZ Protocol, a decentralized and intelligent platform with purpose-built components for FMCG businesses related to digital identity, smart contract and payment transactions. The network will be permissioned to facilitate B2B privacy and incentivize participation in the ecosystem.

BAZ Protocol will be powering the current battle-tested EkkBaz Business mobile application, small grocery store owners can place bulk orders for products, list extra store spaces for booking, chat directly with manufacturers and acquire information about the latest curated products in a single, convenient mobile app.

By utilizing blockchain, artificial intelligence, social and collaborative technologies in an easy to-use mobile interface, EkkBaz aims to simplify B2B interactions and expand the earning potential of millions of traditional, community-based grocery store owners in the FMCG industry around the world with an omnichannel approach.

EkkBaz Token Economics
BAZ Protocol Token and Coin

The eventual circulation currency for BAZ Protocol, when its ready, will be EKK.

During the BAZ Protocol ICO, EkkBaz will be offering ERC20-based EKK Tokens for the project on the Ethereum Network for crowd sale. For the purposes of liquidity, we will be issuing the EKK Token that is pegged at a 1-to-1 ratio of the EKK in BAZ Protocol. By making use of hashed time-locked contracts against a central reserve wallet, we will ensure that the exchange of EKK across blockchains is an atomic operation. Additionally, after BAZ Protocol is ready, we will do a 1-to-1 atomic swap from EKK Token to EKK and incentivize more businesses to adopt EKK.

Name: EKK Token

Symbol: EKK

Decimal: 18

Total EKK Token to be minted: 2 Billion (2,000,000,000)

Token Allocation

50% Token Offer: Token Sales & Distribution — The bulk of our entire token supply will be issued to the public during the Token Sale & Distribution periods.

35% Platform Growth Reserve — Reserves will be used to further develop the project, and this could include future developmental costs or be used for our global expansion plans, which are a key component of our project timeline. The distribution of the reserve tokens will begin in 2020 and last for up to five years. The primary goal of this is to incentivize new customers to join and accelerate the adoption of the EkkBaz platform by broader audiences.

5% Marketing/Promotion — Marketing/Promotion includes the early-stage marketing and promotional activities as well as airdrops, bounties, etc.

8% Team — To reward current and future team members who are leading the EkkBaz project, 8% is allocated to Team. These will be issued in accordance with the milestones set out by the team. The team’s tokens are locked for two years, with four six-month vesting periods.

2% Advisors — As a token of appreciation to advisors who help provide growth to EkkBaz, 2% is allocated to Advisors. Advisors’ tokens are locked for one year.

Token Offering
The EKK Token Offering is broken down into two segments: Token Sale and Token Distribution. One billion (1,000,000,000) EKK Tokens will be offered across these two segments, as detailed below.

1. 400,000,000 EKK Tokens (40% of the total amount of EEK Tokens offered) will be distributed during the Token Sale segment. The Token Sale segment will have one period, a fixed exchange rate, and a varied bonus to allow early supporters to take part. Period 1 will be 14 days to allocate sufficient time for our supporters.

2. 600,000,000 EKK Tokens (60% of the total amount of EEK Tokens offered) will be distributed during the Token Distribution segment. The Token Distribution segment will start after the Token Sale segment is successfully completed. The allocated tokens for the segment will be split evenly into 600 consecutive 23-hour periods of 1,000,000 EKK tokens each. At the end of each 23-hour period, the respective number of EKK Tokens set forth will be distributed pro-rata amongst all authorized purchasers, based on the total ETH contributed during those periods. This is to allow a wide and fair distribution so that more people can participate and have more time to gather information and access the project merits.

Token Sale
Start date: 25th June 2018 Start time: ​13:00 (UTC + 8) Singapore time

End date: 9th July 2018 End time: 12:59 (UTC + 8) Singapore Time

Period: 1

Payment methods: ​ ETH

Soft cap: ​2,000 ETH

Token exchange rate: ​1 ETH = 10,000 EKK Tokens

Total EKK Token supply for the period: ​400,000,000

Min. purchase: ​0.1 ETH

Purpose: Private sale and crowd sale to raise initial funds needed for the project to continue.

Token Distribution
Start date: 1st August 2018

Start time: ​13:00 (UTC + 8) Singapore time

End date: 23rd March 2020

End time: 12:59 (UTC + 8) Singapore Time

Period: 2 to 601

Payment methods: ​ ETH

Cap for the segment: ​ 600,000,000 EKK Token

Token supply per period: ​1,000,000

Number of periods: ​600

Duration of each period: 23 hours

Min. purchase: ​0.1 ETH

Purpose: To allow more participants to take part and raise funds for future expansions and development

Fund Allocation

Research & Development​ costs cover all R&D expenses, including the design and development of smart contracts, cryptographic mechanisms, the EkkBaz platform, apps and interfaces, SDK, etc. These include the opening of an additional R&D center with approximately 30 engineers.

Admin & Operations​ costs include salaries of all EkkBaz employees, excluding the R&D team.

Marketing & Sales​ budget will be allocated on acquisition of both manufacturers and grocery stores. Being established and already having a product in place, we believe that in order to reach a bigger market, we will have to spend most of our funds on marketing to different regions. These marketing costs will include paid ads, cost of organizing events, as well as PR costs.

Legal costs include all legal expenses associated with the expansion of the EkkBaz platform in different countries.

Contingency​ fund is calculated as 5% of the total budget.

EkkBaz ICO is starting on 25th June 2018, 13:00 Singapore Time (GMT + 8). Interested participants are to complete our whitelist and KYC processes to take part in our sale.