Kin Token Sale - Redistributing Unsold Kin

ervin-lemark (71)in #kin • 7 years ago (edited)

These news about the development of Kin token sale just came into my mailbox. In short, Kik will take and redistribute the remaining tokens to all sale participants.

Here I copy paste the entire message for all of you to be informed of how the so called ICO's can be carried out.

We are just a few days from closing the Kin token sale, and we wanted to give you an update on how things are going.

At the beginning of this sale, we had stressed our commitment to conducting an equitable process that would enable as many people to participate as possible. We believe that we have been successful in fulfilling this commitment. Here’s a quick look at the token sale to date:

$96 million raised
Over 10,000 participants
Over 100 countries represented
Top 100 Kin token holders: see distribution on Etherscan

In the Kin whitepaper, released this past summer, we had outlined a token structure in which:

1 trillion Kin would be allocated to the token distribution event
3 trillion Kin would be pre-allocated to Kik as the founding member of the Kin Foundation, subject to a long-term vesting schedule
6 trillion Kin would be under the purview of the Kin Foundation, locked under the Kin Rewards Engine schema and used to grow the Kin Ecosystem

Given the current sale progress, we believe it is likely that a portion of the 1 trillion Kin allocated to the token distribution event will remain unsold. In order to ensure the token structure outlined in our whitepaper is maintained, Kik will take and redistribute the remaining tokens to all sale participants.

To this end, on Tuesday, September 26, 1:00 a.m. ET (eight hours prior to the planned close of the token sale), Kik will take and proportionally redistribute the supply of unsold tokens to all sale participants, resulting in ratios effectively equivalent to “burning” the remaining tokens.

This redistribution process can take up to 24 hours, and all sale participants will be notified via email of the additional tokens that will be be deposited into his or her participating Ethereum wallets.

Please note, that the above approach requires us to close the public sale eight hours earlier than originally planned. If you have not already done so, but would like to participate in the Kin token sale, you must do so before Tuesday, September 26, 1:00 a.m. ET.

If you should have any questions or concerns, please connect with us on Reddit.