For the purposes of both clarity and confidence to those invested in the success of the Tokes Platform, we will begin producing quarterly transparency reports to discuss non-confidential matters related to the Corporate Reserve balance, transfers, and sales of TKS. These reports will continue into the future until such a time as they are deemed no longer necessary, which can occur under one of several scenarios:
- The remaining balance is sold through a secondary offering, either publicly or privately, based on the merits of progress and success of project goals and fundraising necessities
- The remaining balance is ‘burned’ through a process of permanently making them irretrievable – an event that would only occur should the Platform be funded sufficiently to persist as a going concern indefinitely
- The remaining units are locked up in a smart contract vesting schedule, making them inaccessible until various conditions are met
- A combination of any of the above
First and foremost, a list of public wallet addresses will follow – you’ll note that the balances are split up across multiple wallets as an added layer of security:
Balance (as of 6/28/2017) = 0 TKS
Working Capital: 3P5WW7ebPaZF5NXDm1ZZYmrbgFm784tsRPw
Balance (as of 6/28/2017) = 1,683,957 TKS
This is the general transaction account. Any trades executed would occur through this address. However, please note that many ICO participants have not claimed their TKS payouts, so most of the transactions out of this address are accounted for as people email support to redeem their purchases.
Reserve Addresses: 5,000,000 TKS each
Balance (as of 6/28/2017): 2,355,734
This address represents our personal share of TKS. It is also the balance we utilize to compensate various aspects of platform support, partnerships, and contributors to the project. As an example, the faucet is filled using tokens from this address.
Increase in Supply:
Since launch of the project in January 2017, total circulating supply has increased by approximately 312,000 TKS to a total of 960,000 TKS. The increase consists of 150,000 from the Founder’s Share and another 162,000 from our working capital balance. On average, this is equivalent to a 0.1% (.001) circulating supply increase (vs. total minted tokens) per month. If this pace continued, the full distribution of 50,000,000 minted TKS would require 1000 months, or 83.33 years, which could be defined as an inflation schedule.
Of the Founder’s Share units distributed, ~85,000 TKS were transferred to contributors to the ICO around the beginning of February 2017, as a sign of gratitude for their efforts. We continue to utilize this balance to compensate those individuals who help the project succeed, whether it be through marketing, promotion, media placements, business development, coding contributions, and other aspects. These units should generally be considered to have long-term lockups, as the community members receiving them are working towards the long-term success of the project. There have been no significant transfers in the last 150 days.
The Working Capital balance is a bit more difficult to reconcile due to the numerous ICO payouts that have been processed through the wallet. However, we personally have allocated 25,000 TKS to each of the following: Bittrex, Tidex, and Waves DEX, for a total of 75,000 TKS. This is to provide some additional depth to those markets (DEX and Tidex have zero buy/sell orders), and also to provide a small amount of income dedicated to operating expenses. The remaining 80,000 TKS was privately sold to two market making entities, who are professionals in the crypto space. Again, the intent is to help improve liquidity in the markets for new entrants. The creations of new entrants benefits everyone, as we have more people interested in seeing the project succeed, and will therefore help spread the word on our initiatives. There have been no significant transfers in the last 60 days.
Summary of Events:
Increase in circulation from Founder’s Share: 150,000 TKS
-Bounties, ICO assistance, partners, contributors
Last significant transfer from Founder’s Share: More than 150 days
Increase in circulation from Working Capital: 162,000 TKS
Last significant transfer from Working Capital: More than 60 days
Total Circulating Supply: 960,309 TKS
Inflation Rate: 0.1% per month
Total distribution at current inflation rate: 83.33 years
Thus concludes our initial reconciliation and transparency report. We welcome your comments and feedback. To continue this discussion, please join #improvement_proposals in Slack.