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| # Cosmos Genesis | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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. | ||
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| 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. | ||
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| 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. | ||
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| - [Fundraiser Details](#Fundraiser-Details) | ||
| - [Disclaimer](#Disclaimer) | ||
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| ## Regenerating the Genesis File | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| The genesis file can be regenerated by anyone based on the subcomponents of the ICF's recommendations. | ||
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| To regenerate the genesis file, ensure the repository root is within `$GOPATH/src` and run: | ||
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| ```bash | ||
| dep ensure | ||
| go run main.go | ||
| ``` | ||
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| A few lines of text should be printed, followed by two lines listing the total address count and total ATOM supply, and `penultimate_genesis.json` should be written. | ||
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| # Fundraiser Details | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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: | ||
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| - 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") | ||
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| For all USD/BTC and USD/ETH values mentioned above the relevant | ||
| exchange rates as defined in the terms and conditions are decisive. | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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). | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| Of the recommended 236,198,958.12 ATOMs, and as described in much more detail | ||
| below: | ||
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| - 1,777,707 ATOMs are locked until August 29, 2019 in accounts controlled by current and former employees, contractors, and founders 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 | ||
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| 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). | ||
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| 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. | ||
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| ## Private Contributors | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| Private contributors consisted of "seed contributors" and "strategic and early contributors". | ||
| 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. The recommended allocation to strategic | ||
| and early contributors is 16,856,718.97 ATOMs. | ||
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| The seed contributors contributed an amount of USD 300,000. | ||
| Their recommended allocation is 11,809,947.91 ATOMs. | ||
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| This is a total of 28,666,666.88 ATOMs to seed, strategic, and early financial | ||
| contributors, allocated to 15 addresses. | ||
| These ATOMs are not subject to a vesting scheme in the event transfers become activated. | ||
| See [JSON](accounts/private/contributors.json). | ||
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| ## Public Contributors | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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 16,029,305.06 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](accounts/public/contributors.json). | ||
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| The values here can be recomputed using any Bitcoin and Ethereum nodes synced | ||
| past April 7, 2017. For instance, see the scripts in [accounts/public](accounts/public). | ||
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| ## AiB | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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. | ||
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| 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 from the date of their granting, which was August 29, 2018, | ||
| but they can be used for staking and governance. After 12 months, if the transferability of the ATOM is activated, they become fully transferable. See | ||
| [JSON](accounts/aib/employees.json). | ||
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| The remaining set of AiBs atoms are held in an AiB multisig and vest | ||
| continuously and uniformly starting 2 months after genesis. | ||
| This is a total of 21,842,188.81 ATOMs. | ||
| See [JSON](accounts/aib/multisig.json). | ||
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| ## ICF | ||
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| **WARNING**: THIS IS A DRAFT | ||
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| 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. | ||
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| 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](accounts/icf/early.json). | ||
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| 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](accounts/icf/gos.json). | ||
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| 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](accounts/icf/multisig.json). | ||
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| # Disclaimer | ||
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| 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!** | ||
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| 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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