Token Distribution Update

August 2019

Many things have happened since our token swap to native CHX. We’ve moved some funds around and we understand that’s always a bit scary without the right context and background.

With this update we’d like to help you make sense of these things. We are providing an in-depth overview of our token distribution and reserve fund, and their corresponding wallets for the Own AG.

As outlined in the initial whitepaper and during our Token Generation Event (TGE), the total CHX token supply was initially 200m prior to the Token Generation Event. 100m CHX tokens were allocated for the public sale and 31m burnt afterwards.

The remaining 100m tokens were distributed and divided into the following categories. The release schedule was outlined as follows:

- 45m CHX tokens for the OWN AG as a reserve fund (released in March 2019). As outlined in the business whitepaper, these funds could be utilised for operational activities and future expansion, even though these decisions have not yet been made.

- 50m CHX tokens for the Team and Management (releasing every 6 months, over a 24-month period starting in March 2018)

- 5m CHX tokens to cover ongoing token sale and operational expenses.

The allocation has been outlined in the original whitepaper (stating the reserve fund to be 40m tokens), and the TGE summary and statistics blog from April 2018 (stating the reserve fund as 45m tokens, which we’ve kept at that level):

The current token allocations and position based on the release schedule:

- 69m tokens have been sold during the public sale

- The full 45m reserve fund tokens were released in March ’19 for operational use, currently partly used for the Validator staking and our own nodes. This allows OWN to run and control the network in this early stage, and to ensure safety and protection of the validation rules and principles. Once public nodes increase and the balance and integrity of the entire network is ensured, these “staked” tokens will go back into the reserve fund and the validator nodes reduced. In addition, a number of tokens have also been used for market making and exchange allocations via Bitmax and will go back into the reserve eventually. Further usage of the tokens would benefit the expansion of the network, the business and the utility of the token.

- 1.8m tokens have vested in Oct 2018 as part of the team distribution (out of the 50m team and management allocation). The joint management team have agreed to defer the vesting at the time, so this number was significantly lower than projected.

- 22.8m tokens have vested in March 2019 as part of the team and management distribution (out of the 50m team and management allocation). A few of these tokens had only been allocated after the mainnet token swap in June 2019.

- 4.8m tokens have been utilised to cover for operational TGE expenses

All the above allocations are in line with the projections and the outline of the project and what was initially stated across various blogs and whitepapers. In addition, the joint management team had deferred their token release by 12 months in order to support the community and the token.

The granular breakdown for the reserve fund is as follows, and wallets can be reviewed and monitored via our

Overview of CHX Token Distributuion

All other wallets are staff and management related and part of the original release and vesting schedule of the team. After their release management tokens and their sole purpose is the responsibility of the individuals.

In addition, 25.4m team and management are still due to be released in October 2019 and March 2020 and are the last remaining as part of the original vesting schedule.

We hope this provides clarity of our current token distribution. As OWN treats the utility of the CHX token with the utmost importance, the team will carefully manage and review future usage scenarios of the tokens and the reserve funds. No decision has been made as of yet, and the community will actively be notified and involved if this position changes.




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