NuNet’s NTX Utility Token Launch

NuNet is a global economy of decentralized computing, letting anyone share their computing power for beneficial causes or in exchange for cryptocurrency tokens, giving users access to a powerful global network of resources tied together by the blockchain. NuNet, part of the SingularityNET ecosystem, has recently completed the initial research and development iteration with the release of NuNet platform Private Alpha.

And they are now very excited to announce the next step of their journey — the launch of NuNet Utility Token (NTX) and the community supporters round — which opens new horizons for all of them!

Before announcing the details and guidelines of the launch, let me take a moment to thank SingularityNET for their support and assistance over the whole period of NuNet’s origin, incubation and launch and SingularityDAO for lending their expertise and experience in structuring token distribution and management. Last but most importantly, they are deeply grateful to you — their community — for being with them during the journey so far and awesome support. THANK YOU!

NTX Token Overview

The NuNet Token (NTX) is their native utility token described on their website and technical Whitepaper. The Token has the non-financial purpose of helping the global economy of decentralized computing and its internal tokenomics function and sustain themselves. The NTX Token provides access to the computing resources and services on the NuNet platform.

• Ticker: NTX
• Total supply: 1 billion
• Tokens distributed at launch: 300 million NTX
• NTX Tokens offered to Community Supporters Round: 100 million
• Circulating supply first week: 75 million NTX
• Initial market cap: $3 million USD (at DEX listing)
• Private placement rate: $0.02 USD (2 cents)
• Community supporters round rate: $0.02 USD (2 cents)
• Fully diluted valuation: $20 million USD
• Contract: source code (link) & audit report (link)

NTX is designed to be a multi-chain utility token from the start. At the Token Generation Event, NuNet will mint 1 billion NTX tokens across two blockchains:

• 631,250,000 NTX-ETH tokens (63.125% of the total supply) on Ethereum
• 368,750,000 NTX-ADA tokens (36.875% of the total supply) on Cardano

NTX-ETH and NTX-ADA will be convertible on a 1:1 basis keeping the total token supply constant at all times at 1 billion NTX — effectively allowing holders to choose which blockchain they want to use, in the same manner as SingularityNET AGIX token. The Community Supporters Round will distribute the Ethereum-based tokens only.

NTX Tokens community supporters round

Today they are announcing the NuNet Utility Token Launch and the community supporters round. The full NTX token supply of 1 billion NTX will be generated prior to the community distribution. They will make 100 million NTX tokens available to the SingularityNET ecosystem supporters from November 17 on the SingularityDAO launchpad at the rate of 50 NTX per USDT.

If you would like to learn more about SingularityDAO’s Launchpad, please check their blog here.

The 100 million tokens in the community distribution therefore represent 10% of the total NTX supply, and will be issued on a first-come-first-served basis. It is extremely likely that the allocation will run out well before the closing date.

Supporters will be able to partake in the distribution round with USDT (Tether) or WETH (wrapped ether). Eligible participants will be able to claim 50 NTX per USDT of the contributed amount. Participants using WETH will receive 50 NTX per USDT-value of the WETH they contribute; if 1 ETH is worth 4000 USDT at the time of the contribution, and they contribute 1 WETH, they will receive 200,000 NTX. The conversion rate will be determined by the ETH/WETH rate displayed on Coingecko no earlier than 2 hours before the start of community supporters contribution period. Please note that it is not possible to participate using WETH9 — please make sure you have WETH or USDT.

Whereas most crypto projects offer special rates to institutional and VC backers, we give our community supporters the same rate and vesting structure offered in the private round.

Vesting structure

10% of distributed tokens will be immediately unlocked at the time of the NTX Utility token community distribution event. The rest will be vested in 12 equal amounts over 12 months after the event. Contributors will be able to claim their distributions according to the following vesting schedule:

Eligibility criteria

KYC requirement

Participants in the token distribution are required to complete a KYC process. The KYC process opens on Oct 28 13:00 UTC, and users must complete KYC by Nov 12 13:00 UTC. Links to KYC portal and KYC Instructions will be posted here on the opening date and communicated through all their social media channels.

They are expecting a high demand for the NTX token, therefore they strongly encourage you to start the KYC process as soon as possible within the allocated time, as it may take time to collect and verify the required documents, live photos, and IDs.

Information required for signing up for KYC process:

Information to be required during KYC after sign-up:

Unfortunately, due to legal restrictions beyond our control, we cannot offer participation in the distribution event to residents or citizens of the United States of America, China, or to unaccredited UK citizens or residents of Canada.

The full list of countries that are excluded from the token distribution is: Afghanistan, Angola, Azerbaijan, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Cameroon, Canada, Chad, China, Cuba, DR Congo, Eritrea, Ghana, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Laos, Liberia, Libya, Madagascar, Mozambique, Nicaragua, North Korea, Pakistan, Republic of the Congo, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tajikistan, Trinidad and Tobago, Turkmenistan, Uganda, United Kingdom (unaccredited), United States, United States Virgin Islands, Uzbekistan, Vanuatu, Venezuela, Yemen, and Zimbabwe.

Token holding requirement and tier allocations

In addition to the KYC requirement, in order to be eligible for contribution and distribution events, community supporters will have to prove holdings of certain amounts of either AGIX or SDAO tokens (so you do not need to hold both, nor will you get double the allocation if you do) from Nov 2 13:00 UTC until Nov 12 16:00 UTC.

Eligible wallets

Wallets eligible for contribution:

• All types of private wallets where you hold the seed or private key (Ledger Live, Metamask, Trezor, etc.) — YES
• WalletConnect — YES
• SDAO hosted LP Pools — YES
• SDAO staking bonded*- YES
• SDAO staking unbonded* — YES
• AGIX in liquidity pools on SDAO platform (AGIX/ETH and AGIX/USDT)- YES
• AGIX staking on SingularityNET platform* — YES

* Wallets used in KYC process have to be the same as wallets used for staking

Wallets which are NOT valid for contribution

They do not support wallets that do not hold private keys.

Any wallet addresses that are not included in the above list will NOT be valid for community supporters contribution round nor allocations, including:

• Matic pools/staking/tokens — NO
• Alternative Uniswap pools (for example V3) — NO
• Smart contract wallets may not work, we advise non-custodial wallets — AT YOUR OWN RISK

AGIX holders’ tier allocations

75,000,000 NTX tokens (75% of the community supporters round) will be allocated to AGIX holders who pass KYC. The AGIX tokens must not be held on an exchange, in a multisig wallet or in a smart contract. However, tokens staked on the Singularitynet.io staking platform or in SingularityDAO’s official liquidity pools are eligible.

Participants holding AGIX for eligibility will be divided into the three tiers with progressively higher amounts of AGIX required and amounts of NTX available. These tiers are as follows:

The amounts available to people contributing USDT and WETH are as follows:

SDAO holders’ tier allocations

The other 25,000,000 NTX tokens (25% of the community supporters round) will be allocated to SDAO holders holding at least 2000 SDAO in private wallets and passing KYC. The SDAO must not be held on an exchange, in a multisig wallet or in a smart contract. However, tokens held in SingularityDAO’s official LP or staking pools are eligible.

WETH and USDT contributions and related NTX distribution will be allocated to separate pools as follows:

To be eligible for this tier, participants must hold a minimum of 2000 SDAO in a private wallet during the two snapshots, and pass KYC. The allowed contribution is equivalent to 5,000 USDT. This allows them to receive up to 250,000 NTX at the rate of 50 NTX per USDT or an equivalent value of WETH.

All contributors at all tiers will be allocated 50 NTX per USDT contributed, independently of the contribution type (WETH or USDT). The conversion rate will be determined by the ETH/WETH rate displayed on Coingecko no earlier than 2 hours before the start of community supporters contribution period.

Schedule

1. KYC process for community supporters

• Start: October 28, 13:00 UTC
• Finish: November 12, 13:00 UTC
• Passing the full KYC process is required for the community supporters round.
• Community members are encouraged to get acquainted with the detailed instructions of the KYC process, which will be posted before KYC goes live.

2. First snapshot for tier allocations

• November 2, 13:00 UTC (approximately)
• Establishes the amount of AGIX and SDAO tokens held by community members in their wallets to qualify them for tiers of the token distribution; see above.

3. Second snapshot for tier allocations

• November 12, 16:00 UTC (approximately);
• Establishes the amount of AGIX and SDAO tokens held by community members in their wallets to qualify them for tiers of the token distribution; see above.

4. Whitelisting for tier allocations

After the second snapshot, the launch team will run an internal whitelisting process to determine eligibility and tier allocations as explained in the Token holding requirement and tier allocations section above. The process will be done internally Nov 14, and no action is needed from community participants.

Wallets qualify for participation as follows:

• Only the wallet addresses registered as part of a successful KYC process will be allowed; this must be the same as the wallet address that controls the most AGIX or SDAO tokens.
• The tier allocations will be based on the lowest balance across the two snapshots. For example, if you have 11,000 AGIX at the time of the first snapshot, and 9,023 AGIX at the time of the second snapshot, you have not met the requirement of holding a minimum of 10,000 AGIX for both snapshots, and are not eligible for the tier holding over 10,000 AGIX, only for the lower tier holding 2,500 AGIX or over.
• You must specify during the KYC process whether you will participate using WETH or USDT; you will only be able to use the token you specified.

5. Contribution period

The contributions will be accepted on the SingularityDAO launchpad (launchpad.singularitydao.ai) and will be served on a first-come-first-served basis. The contribution period will be open from Nov 17, 2021, 13:00 UTC to Nov 21, 2021, 13:00 UTC, but we expect a high demand therefore all pools may be filled in a matter of hours, so they encourage you to be as prompt as possible.

6. NTX Utility token distribution event

Community supporters will be able to claim their NTX tokens from the SingularityDAO launchpad from Nov 26 13:00 UTC.

Summary of NTX token launch schedule

KYC instructions

The KYC instructions will be provided on a separate blogpost and linked here, before KYC goes live.

About NuNet

NuNet lets anyone share and monetize their computing resources, turning cloud computing power from a centralized service into an open protocol powered by blockchain.

📰 INFO 

https://medium.com/nunet/nunets-ntx-utility-token-launch-2217147c40ca