Crypto luminary David Chaum wants to create a quantum-safe cryptocurrency with the xx coin and the Praxxis network. Now details of the planned token sale are known.
- 70 percent of the tokens go to investors
- 25 percent go to developers
- 5 percent is used for the xx coin ecosystem (as an incentive for developers, for example)
In total, the team wants to sell one billion coins. The xx coins are designed to protect privacy. Praxxis, the platform for the xx coin, is intended to offer a structure that divides payments into individual coins. Using hash-based cryptographic methods, the coin also promises protection that is supposed to be immune to quantum computer attacks.
First sale round for xx coin starts in January
Furthermore, all coins are to be issued directly in the Genesis block. The distribution should run via an ERC 1404 Smart Contract. As soon as the mainnet comes, the tokens are then converted into xx coins. The first round of token sales begins on January 7th. Further rounds should come in the same year – at the same time as the mainnet goes live. In the first round, tokens with a value of $ 15 million, i.e. a 4.3 percent share of the total stock, will initially be issued. To begin with, the tokens are said to cost $ 0.35 each. Qualified investors can buy up to a maximum of $ 250,000 to ensure fair distribution.
David Chaum announced the Praxxis network back in November. On the part of Chaums it said:
“The xx coin and xx network will serve smartphone users and dApp developers by using both the metadata shredding anonymity and data protection of Elixxir as well as the security, speed and scalability of Praxxis. By successfully connecting the two projects, the xx network can reduce the tension between speed / scaling and data protection / security.”
However, it is not entirely private. If you want to register for the token sale, you must first prove your identity. Investors from the United States are also excluded.