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ebuchman committed Mar 11, 2019
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# Cosmos Genesis

On April 6th, 2017, the Interchain Foundation (ICF) held a public fundraiser
to raise funds for the development of the Cosmos Network and the Cosmos Project
in general and to create an endowment for the ICF to pursue its mission of research
and development for open and decentralized networks.

This network launch represents a major milestone in that journey where the participants
in the fundraiser finally operate a decentralized network based on the software together.

This document focuses only on the way the ATOM allocation recommendations and
the genesis state have been implemented in the Genesis Block Release Software.
Please assure that you read [all other documentations on the software](https://cosmos.network/docs/gaia/what-is-gaia.html)
carefully as negligence in interacting with it could lead to an indefinite loss of your ATOMs.

[Fundraiser Details](#Fundraiser-Details)
[Disclaimer](#Disclaimer)

## Regenerating the Genesis File

The genesis file can be regenerated by anyone based on the subcomponents of the ICF's recommendations.

To regenerate the genesis file, ensure the repository root is within `$GOPATH/src` and run:

```bash
dep ensure
go run main.go
```

A few lines of text should be printed, followed by two lines listing the total address count and total ATOM supply, and `genesis.json` should be written.

# Fundraiser Details

The [terms and conditions](https://github.com/cosmos/cosmos/blob/master/fundraiser/Interchain%20Cosmos%20Contribution%20Terms%20-%20FINAL.pdf)
of the fundraiser specified that the ICF would make a recommendation in the
Genesis Block Release Software for the initial allocation of ATOMs in the Cosmos Network ("recommendation") as follows:

- 1 ATOM for every $0.10 USD worth of BTC or ETH contributed during the public
fundraiser
- 1 ATOM for every $0.075 USD to $0.085 USD contributed by strategic and early
contributors
- 5% of the total ATOMs to the very first financial contributors (seed
contributors)
- 10% of the total ATOMs to the Interchain Foundation
- 10% of the total ATOMs to All in Bits Inc (AiB, the company doing business as "Tendermint")

For all USD/BTC and USD/ETH values mentioned above the relevant
exchange rates as defined in the terms and conditions are decisive.

According to these terms and conditions, and as described in much more detail below,
the ICF recommends a total of 236,198,958.12 ATOMs be allocated at genesis to 984
accounts. A working copy of the recommended genesis file reflecting this total and the
results of the fundraiser has been [available on
github](https://github.com/cosmos/fundraiser-lib/blob/master/src/atom_query/data/fundraiser_atoms.json)
since the fundraiser was completed, and was queryable at the [fundraiser
website](https://fundraiser.cosmos.network).

Of the recommended 236,198,958.12 ATOMs, and as described in much more detail
below:

- 1,777,707 ATOMs are vesting with a 1 year cliff to founders, employees, and contractors of All in Bits Inc
- 21,842,188.81 ATOMs are vesting monthly for 22 months starting 2 months after launch to All in Bits Inc
- 20,277,188.49 ATOMs are allocated to the ICF

As specified in the [fundraiser
documents](https://github.com/cosmos/cosmos/blob/master/fundraiser/Interchain%20Cosmos%20Contribution%20Terms%20-%20FINAL.pdf),
the ICF recommends the Cosmos Network be initiated with an allocation of ATOMs based on 4 categories
of contributions to the development and launch of the Cosmos Network: Private Contributors, Public Contributors, All in Bits Inc (AiB),
and the Interchain Foundation (ICF).

All allocations are unrestricted except for AiB's.
If the possibility to transfer ATOM would be
activated in the future, these ATOM still are subject to the
"vesting" conditions, as described below.

## Private Contributors

Private contributors consisted of "seed contributors" and "strategic and early contributors".
The seed contributors contributed an amount of USD 300,000.
The strategic and early contributors contributed an amount of USD 1,329,472.33
at a discount from the public fundraiser's USD/ATOM rate (discounts ranged from 15-25%),
prior to the public fundraiser.

Given the amount of USD $16,029,249.962 raised in the fundraiser,
the recommended allocation to seed contributors is 11,809,947.91 ATOMs,
and that to strategic and early contributors is 16,856,718 ATOMs.
A total of 28,666,666.88 ATOMs, allocated to 15 addresses.
These ATOMs are not subject to a vesting scheme in the event transfers become activated.
See [JSON](json/accounts/private/contributors.json).

## Public Contributors

Public contributors consisted of public members of the Tendermint and Cosmos community
that participated in the fundraiser on April 6th, 2017.
A total amount of 16,029,249.962 USD was contributed by 864 addresses, at a recommended rate of USD 0.10/ATOM
(based on the equivalent BTC/USD and ETH/USD rates as defined within the terms
and conditions).
Note these totals take into account rejected contributors who contributed too much or
too late, as summarized in the [blog
post](https://blog.cosmos.network/fundraiser-finalization-c31ae13d3f9b).
These ATOMs are not subject to a vesting scheme in the event transfers become activated.
See [JSON](json/accounts/public/contributors.json).

The values here can be recomputed using any Bitcoin and Ethereum nodes synced
past April 7, 2017. For instance, see the scripts in [json/accounts/public](json/accounts/public).

## AiB

AiB is recommended 10% of the total genesis ATOM allocation for developing the open-source IP
that underlies the Cosmos Network. This equals a total of 23,619,895.81 ATOMs.
These ATOMs are subject to the vesting scheme as defined below; they can all be used for staking and
governance, but cannot be transferred, even if the transferability of ATOM is activated -
their transferability "vests" over time.
AiBs ATOMs are split into two sets, each subject to a different form of vesting.

The first set consists of 1,777,707 ATOMs allocated to 44 addresses owned by AiB founders, contractors, and employees.
These atoms are non-transferable for 12 months, but can be used for staking and
governance. After 12 months, if the transferability of the ATOM is activated, they become fully transferable. See
[JSON](json/accounts/aib/employees.json).

The remaining set of AiBs atoms are held in an AiB multisig and vest
continuously starting 2 months after genesis.
This is a total of 21,842,188.81 ATOMs.
See [JSON](json/accounts/aib/multisig.json).

## ICF

ICF is recommended 10% of the total genesis ATOM allocation to support its mandate of R&D for open and decentralized
networks, with particular focus on the Cosmos Network and the Cosmos Project in general.
This is a total of 23,619,895.81 ATOMs.
ICF ATOMs are split into three sets - all are unrestricted and not subject to a
vesting scheme in case the transferability of ATOM is activated.

The first set is for advisors and early contributors to organizing the fundraiser and
foundation structure, a total of 3,054,207.32 ATOMs allocated to 8 addresses. See
[JSON](json/accounts/icf/early.json).

The second set is for the so-called Game-of-Stakes participants, according to the scoring
criteria set out by AiB. This is a total of 288,500 ATOMs allocated to 53
addresses. Congrats to the Game-of-Stakes participants!
See [JSON](json/accounts/icf/gos.json).

The final set of ICF atoms are held in an ICF multisig. This is a total of
20,277,188.49 ATOMs split between two distinct multisig addresses controlled by
the ICF. See [JSON](json/accounts/icf/multisig.json).

# Disclaimer

The Cosmos Hub is *highly* experimental software. In these early days, we can
expect to have issues, updates, and bugs. The existing tools require advanced
technical skills and involve risks which are outside of the control of the
Interchain Foundation and/or the Tendermint team (see also the risk section in
the Interchain Cosmos Contribution Terms). Any use of this open source Apache
2.0 licensed software is done at your *own risk and on a “AS IS” basis, without
warranties or conditions of any kind*, and any and all liability of the
Interchain Foundation and/or the Tendermint team for damages arising in
connection to the software is excluded. **Please exercise extreme caution!**

This genesis file is not the final genesis file. Validators still need to
append their `gentx` transactions and additional modifications may be made to the
file.

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