Brickblock.io: BBK: Unlock date, token supply, and why you should HODLtokenization investing finance ethereum blockchain
Brickblock tokens (BBK) will be unlocked for trading on July 11th, 2018 at 1 p.m. UTC / 3 p.m. CEST. If you do not have Brickblock tokens, this will be your first chance to buy BBK since they were sold during our ICO.
We will burn all unsold BBK after ConsenSys Diligence’s finishes auditing our smart contract ecosystem. The current audit will ensure that our smart contracts are as secure as possible before MainNet deployment (the first audit determined that there were no critical or major findings). The precondition for burning BBK is a deployed Access token contract. We expect to deploy the Access token contract and burn unsold BBK tokens by Q3, latest early Q4.
All unsold tokens from the token sale will not be moved out of the smart contract until they are burned. Company tokens will be locked for three years and are not part of the circulating supply.
After the token burning event, BBK supply will be:
◆ Total: 265,000,143.34
◆ Circulating: 90,000,143.34*
Number of decimals:
* In the circulating supply we included investor tokens, which are locked up for up to three years through a smart contract. That means the initial circulating supply will be smaller. To avoid confusion caused by changing any official stats during the next three years, we have listed the gross total above.
Why you should HODL BBK
Brickblock’s mission is to establish the global standard for security token offerings within a regulatory compliant legal framework. Our Proof-of-Asset (PoA) tokens are the proposed standard for such offerings. To ensure the acceptance of our standard, we and our clients are constantly in contact with regulators and lawyers across several European jurisdictions. Once the legal framework has been ratified by a regulatory authority, we will be ready to tokenize $1.4+ billion worth of real estate assets for which we have already signed letters of intent.
Brickblock tokens (BBK), meanwhile, perform a very specific utility in the Brickblock ecosystem, essentially functioning as fee credit fountains to provide access to Brickblock clients’ offerings, comparable to holding a software license.
So, why should you, our community of more than 20,000 BBK owners, HODL?
BBK can be activated to automatically generate Access tokens (ACT). This is done with just one click. Access tokens (ACT) are used to pay for all Brickblock transaction fees (i.e. when an asset is fully funded). BBK owners can then claim the ACT in proportion to the amount their tokens generated*. The more transactions that are facilitated within Brickblock’s smart contract platform, the more ACT are generated.
Like BBK, ACT are ERC20-standard tokens and can be traded. You can learn more about Brickblock’s token structure here.
*The amount of ACT you generate is dependent on the number of BBK that you activated in proportion to the total number of activated BBK, as well as Brickblock’s transaction volume.
Moving BBK out of the bonusDistributionAddress contract
For transparency: Shortly before Brickblock tokens (BBK) are to be unlocked for trading, we withdrew all outstanding BBK from the bonusDistributionAddress contract. These tokens were distributed to early backers, private investors, advisors, partners, and bounty and airdrop participants. They were also used to pay legal fees and Brickblock employee bonuses. Furthermore, we moved portions into company-controlled HD (Hierarchical Deterministic) wallets so each department can efficiently manage its own share of tokens for future services with an individual private key.
BBK: Unlock date, token supply, and why you should HODL was originally published in Brickblock.io on Medium, where people are continuing the conversation by highlighting and responding to this story.
Original article was created by: Brickblock.io at blog.brickblock.ioDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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