On Sunday, February 25, 2018, Neon Exchange (NEX) released information pertinent to their upcoming token sale. NEX is building a decentralized trading platform that also seeks to create a new payment service medium.
NEX will combine the NEO blockchain with an off-chain matching engine to allow for faster and more complex trading processes. NEX will be capable of handling large volumes of trading, allow for third-party smart contracts to accept NEO and GAS as a form of payment, and able to handle complex trades (such as market and limit orders) that other decentralized exchanges are currently unable to fulfill.
Note: The NEX token sale will not take place until April of 2018. NEX will never ask you to send any funds to any wallet. Please be aware of scamming tactics.
Registration for the NEX token sale will open on Monday, March 12, 2018. Access to the token sale will be granted via lottery to ensure token sale participants are provided equal opportunity to take part.
The first round of the lottery will select 25,000 applicants who will have an individual contribution cap of $1,000 USD each. A second lottery will take place to fill the gap left by those from the first round unable to pass Know Your Customer (KYC) standards, or who contribute less than the $1,000 USD.
To register for the lotteries, participants will need to provide the following information:
- An email address;
- The first three (3) characters of their passport number; and,
- The country issuing their passport.
Lottery registration will close on Friday, March 30, 2018. The first 25,000 lottery winners will be notified of their eligibility to participate in the NEX token sale on Saturday, March 31, 2018. Those selected will receive a unique identification number based on the information provided during the KYC process. All lottery winners will be required to go through the KYC process.
The KYC process for the first round of participants will close on April 7, 2018.
The second round of lottery winners will be announced on April 8, 2018. The KYC process for the second round of lottery winners will close on April 14, 2018.
There will be two rounds of the NEX token sale to ensure fair and equitable distribution. Round 1 will take place on a date to be announced in April, and will last one day. Round 2 will take place if there are NEX tokens that have been unsold during the first round, which will last for either two days, or until all tokens have been sold.
Token sale specifics:
- 50,000,000 maximum NEX supply;
- 25,000,000 released in the token sale; and,
- $1 USD = 1 NEX token.
The maximum contribution caps will be $1,000 USD per participant in round one, and $9,000 USD per participant in the round two, should there be a second round.
NEO and GAS will be the accepted currencies. The exchange rate will be based on a 10-day moving average, which will be published prior to the beginning of the public token sale.
NEX tokens will be distributed in the following manner:
- 50% for the public token sale;
- 20% for the founders (locked in a Smart Contract with a slow release over 2 years);
- 15% for the NEO Council;
- 10% for strategic partnerships;
- 4% for a company fund; and,
- 1% for and Employee Stock Ownership Plan (ESOP).