Shardus Token

osyed edited this page Aug 18, 2018 · 5 revisions

The Shardus Token (ST) is an incentive utility token. Its primary purpose is to incentivize development of the project. Details about distribution and current circulation are updated monthly and available online. The Liberdus Coin (LC) and payment network represent the first applications of the Shardus technology.

The Shardus Token was previously called the "Unblocked Ledger Token" with the symbol ULT. It may still be listed on other sites with this name and symbol.

  • A max supply of 1,000,000,000 (one billion) ST tokens are created in an ERC-20 contract.
  • The ST are only distributed in exchange for products and services provided to the project. Tokens are not sold for other coins, tokens or fiat by the project.
  • The ST having a nominal value of $0.10 USD each. For example if the project offers a bounty which it determines provides a value of $100 USD, then 1,000 ST will be the reward for completing this bounty.
  • Although the project awards ST based on the above nominal value, the tokens cannot be redeemed with the project for any value. Nor does the project take tokens out of circulation once they have been distributed.
  • The early contributors to the project are reimbursed with ST for past efforts and expenses incurred due to the project. The total amount to be reimbursed is announced at the start of the project. The reimbursement is done with a limit of 2% per month. After the project is completed any amount remaining is reimbursed at once.
  • A maximum of 10,000,000 ST will be given freely as part of airdrops to members of cryptocurrency communities.
  • A monthly report is published on the website of how many ST were distributed that month. These numbers can also be verified by examining the ST smart contract.
  • Once the Liberdus network is developed and deployed, the excess ST tokens in the ERC-20 contract not already distributed are burned. The maintenance fund from Liberdus will be used to provide future support for Liberdus and Shardus software.
  • The holders of ST tokens will be able to obtain LC on the Liberdus network after it is deployed at a 1:1 ratio. The ST are not lost when LC is obtained.
  • The Shardus software will be released under a Creative Commons BY-NC-SA license.
  • Non-commercial projects which use the Shardus software will be asked to distribute at least 1% of the tokens or coins of the project to ST holders. Doing so will help the new project gain an immediate community of users.
  • Commercial projects which want to use the Shardus software can obtain a license token by burning a percentage of ST through the ST smart contract. The percentage will be determined when the Shardus software is released and may subsequently be adjusted based on market conditions.
  • After 10 years (from the excess burn event), the Shardus software will be licensed under a Creative Commons BY license. The ST in circulation will be converted to LC at a 1 LC per 10 ST ratio and the ST smart contract will be frozen.

See Liberdus Coin.

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