xx coin

The secure and optionally denominated digital currency that has been designed to be part of the decentralized ecosystem of the xx network.

Exclusive BetaNet Node Sale
June 16, 2020 11:00 PM GMT
to July 9, 2020 11:00 PM GMT
Read More
Early, Initial, and Referral Sales Have Ended
March 21, 2020
Press Release
Sign up for updates on future sales

The xx network will support decentralized messaging, payments, and dApps and was designed in response to growing public concern for user privacy as well as the emerging threat of quantum computing.

Learn more about the xx network

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Resources


Tokenomics

Project Creators &
WBM Corp.
25%
Ecosystem
(Developer rewards,...)
5%
Coin Purchasers
70%
Early Private, Public and Referral Sales
3.2%

1 Billion Coins

In the genesis block, one billion xx coins will be minted. Initial distribution of the coin will be via an ERC 1404 smart contract to non-US persons. By MainNet, it is planned that the smart contracts will convert to official xx coins on the xx network, possibly via an intermediary smart contract.

A total of 70% of the xx coins are reserved for sale or other disposition by the Company. These xx coins are intended to be disbursed or allocated to the community through public sales, private sales, auctions, and community incentivization programs by MainNet launch. 25% of the xx coins are reserved for project creators and WBM Corp. (the developer of Praxxis software) and 5% of the xx coins are reserved for the xx network ecosystem (developer awards, etc.).


Sale Details

Early Private Sale

Early Private Sale of Tokens accounts for about 2.5% of the network. In return for their early support, Private Sale investors were offered a 20% discount. This discount was also extended to AlphaNet nodes for up to $100,000 per node. Read more in our press release. Tokens for the early Private Sale are being distributed in both SAFTs and ERC-1404 Tokens and will be subject to the same randomly assigned lockup explained below.

Initial Public Sale and Referral Sale

The Tokens in the initial Public Sale were sold at $0.35 to qualified participants who want to help grow the xx network.

The Referral Sale allowed early supporters of the xx network to receive rewards for helping to drive true decentralization of the xx network, which is achieved by ensuring wide and distributed participation by global participants in the xx network and xx coin sale. Tokens in the Referral Sale were sold at $0.36 to qualified participants and the minimum participation was $100 USD. Referral Sale rules were published in this blog.

Growing the xx network

Funds from the sale of xx coins will be used to grow the xx network by completing Praxxis and Elixxir software development and by deploying the xx network beta. Demonstration of messaging, payment and dApp functionality will also be supported prior to MainNet.

Finally, we will continue to grow the xx collective global community. The plan is to prove out xx network performance and potential as a dominant global blockchain platform prior to MainNet and by so doing we can support the healthy growth of the xx network.


Sale Mechanics

Because we believe in a fully distributed network and are focused on broad ownership, the cap for participation for each person or entity was $500,000.

U.S. persons were excluded from this initial Public Sale and Referral Sale as a result of regulatory uncertainty regarding the treatment of digital currencies by the U.S. government. It is our hope that regulations will be clarified soon so that U.S. persons can participate fully in the development of the xx network.


Distribution and Lockup

For the Early, Initial, and Referral Sales

Tokens were distributed in batches for the seven days prior. For example, for the Initial Public Sale, Tokens purchased between Thursday, January 23rd 23:00 GMT and Thursday, January 30th 23:00 GMT were distributed on Friday, January 31st at 23:00 GMT. Distributions for the referral sale were on Mondays.

All tokens earned through referrals (Bonus Tokens and Percentage Tokens) were rounded down to the nearest token and distributed on March 23rd.

Minting

Prior to the beginning of the initial Public Sale, we minted enough Tokens to provide Tokens as needed for the early Private Sale, the initial Public Sale and the Referral Sale.

Undistributed Tokens were returned to the 70% pool of Tokens/Coins for Coin Purchasers.

All ERC-1404 Tokens (including Tokens from the early Private Sale) are subject to a lockup for at least a year. The beginning of the lockup period for trading ERC-1404 Tokens before MainNet are based on the week each contribution was made as laid out below.

There will be a randomly assigned additional lockup period such that the entire lockup period could last up to 1 year and 120 days.

Tokens will be unlocked at these different random intervals in order to avoid flooding the market. As the xx coins will be used to drive the growth and use of the xx network globally, we will work to establish coverage by exchanges to allow trading access around the world.

Additional Lockup Periods

The additional lockup periods are based on the purchase period as follows (each lockup period including this random lockup period in addition to the standard one-year lockup):

  • Purchases made by January 30, 2020: 1 year - 1 year 120 days
  • Purchases made by February 6, 2020: 1 year 30 days - 1 year 120 days
  • Purchases made by February 13, 2020: 1 year 60 days - 1 year 120 days
  • Purchases made by February 20, 2020: 1 year 90 days - 1 year 120 days
  • Purchases made by February 20, 2020 - March 21, 2020: 1 year 90 days - 1 year 120 days

We are looking at options to open trading of tokens earlier for non-US investors, more details will be available in the following months. In this case the randomly assigned additional lockup period will start immediately when trading begins.

Tokens were distributed to the ethereum address provided by each Purchaser. The Tokens can be held in any ethereum wallet that supports custom ERC-20 tokens that is not an exchange wallet. For more info on wallets, check out our wallet quickstart guide.

Private personal information required for these sales will be managed according to the xx coin Privacy Policy.


xx network Timeline

Private alpha

July 2018
xx network private alpha released.
September 2018
Elixxir Announced to the public.
January 2019
BetaNet node selection process begins.
May 2019
Release of the xx collective app.
June 2019
Community Driven Selection of 600 BetaNet nodes.
June 2019
ArrowSDK Developer Program Begins.
August 2019
Praxxis Announced

Public alpha

September 2019
xx network public alpha released.
November 2019
Release of the xx messenger via the collective app.
December 3, 2019
xx coin registration begins.
January 2020 - March 2020
Early Public and Referral Sales

Beta

Summer 2020
xx network beta released.
1 month prior to Main Network
Beta network will also be available for testing redeemability function.
Old ERC-1404 smart contract is shut down by disabling all trasnfer capabilities and replaced by smart contracts with redeemability to MainNet.

MainNet

Release of MainNet (Q4 2020):
Smart contract coins released for trading/transfer + xx network sells remaining coins, up to 70%.
6 months after MainNet
Foundation will claim all unclaimed smart contract coins, and attempt to contact owners directly.
Smart contract with redeemability shutdown no more than 6 months after MainNet launch.

Learn about the xx network

Checkout the xx network site, and learn about the technology underpinning the xx coin.

Get updates on xx events and releases on the road to MainNet