Going live , ICP token withdrawal details

Participants who participated in the February 2017 seed round, with the summer 2018 community airdrop, can receive ICP tokens.

Going live , ICP token withdrawal details

After years of work by hundreds of people around the world, the DFINITY Foundation is proud to announce that in the early hours of May 11, 2021 Beijing time, the Internet computer blockchain will transition to the public phase.

It will be the first blockchain that can host websites, systems, Internet services and financial systems built entirely from smart contracts, without the need for any supporting private systems.

For example, cloud services are no longer required to create dapps, and cloud services are not involved in the underlying network of Internet computers. On Internet computers, advanced smart contracts run at the speed of the Web and can serve Web applications with high efficiency and leverage unlimited, on-chain, Internet-scale computing power.

None of this would have been possible without the DFINITY Foundation team, contributors, investors, and supporters who have kept the faith over the years, and we extend our sincerest thanks to all who have been involved. The Internet computer network should now continue to evolve under the control of the Network Nervous System NNS, which is a fully non-accessible, tokenized governance system.

The Genesis unlock of ICP tokens will take place on May 10, 2021.

Participants who participated in the seed round in February 2017, and the community airdrop in summer 2018, can receive ICP tokens.

ICPs are utility tokens that serve two primary purposes.

Participate in governance. Locking ICP creates “voting neurons” that are hosted in the Network Neural System NNS for neurons. Reasonable participation in governance is rewarded with votes. Neurons can vote manually, or can be configured to vote automatically by following other neurons, which is known as liquid democracy. The Networked Neural System NNS exercises the will of the community under the mediation of an algorithm. The more values that are staked within the governance system, the more secure the network becomes.

The ICP can be transformed by the NNS into a “cycle,” which is the only way to create the cycle, which is the gas in the Internet computer system and can be useful in other areas as well. cycle has a stable value of 1 SDR (SDR is the standard amount of currency calculated by the International Monetary Fund based on a fiat currency basket), and the NNS The NNS converts ICPs into cycles with a maximum theoretical total of one trillion.

In order to keep ICP holders, the network and users safe, it is important to release liquid ICP tokens from the network on a scheduled basis as the underlying technology becomes operational and the ecosystem begins to launch.

Airdrop participants will receive ICP tokens through their CoinList wallets that will be unlocked on a linear 12-month timeline, with the first distribution triggered by the system when Genesis occurs.

Meanwhile, seed investors will receive all of their ICP tokens when Genesis unlocks, but these tokens will be pledged within 49 voting neurons within the NNS with a “dissolution delay” of 0, 30, 60, 90 days, and so on for the neurons.

One of the neurons will have a dissolution delay of 0 days and can be immediately unlocked with the pledged ICP tokens if desired (subject to applicable AML/KYC verification). The other will have a dissolution delay of approximately 30 days, followed by 60 days, 90 days, and so on.

If you are a seed investor, your neuron has been created by NNS and is controlled by the Ether key used to donate to the DFINITY Foundation in February 2017. Seed investor neurons will immediately start earning voting rewards for their owners, as NNS has configured them to follow other neurons and vote automatically. Of course, they can be reconfigured to vote manually or to follow other neurons and vote automatically in different ways as needed. The “age” of each seed neuron is preset by the NNS to 18 months. This is important because the voting power and voting rewards that neurons receive increase with age. Whenever a neuron is placed in dissolve-out mode, even for a second, its “age” is reset to zero and it loses this advantage. Therefore dissolving a neuron requires some thought.

Seed investors have immediate control over their neurons and can either reconfigure them to participate in governance for rewards, or set them to dissolve immediately so they can reclaim the ICP tokens pledged inside.

If you are a seed donor, you cannot yet access your neurons using your Internet identity (e.g. via the NNS dapp) since they are controlled by an EtherKey. You must use the DFX command line tool to access your neurons. People are currently working on possible ways to integrate these ethereum keys with Internet identities.

The following are described.

  1. seed round token distribution: dfinity.org/seed/
  2. DFINITY community airdrop instructions: coinlist.co/dfinity macos/deepLFree.translatedWithDeepL.text

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/going-live-icp-token-withdrawal-details/
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