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Bootstrap allocation

Bootstraping a network, specifically, allocating balances in the genesis block, is a boring, yet important task that has to be done. Unlike a PoW blockchain, a PoS one like Neatcoin must have some forms of pre-mine.

For obvious reasons, it will not be possible to purchase any Neatcoin tokens. The devs will also not reserve any coins for themselves. The whole Neatcoin genesis allocation will be inheriting from another blockchain, called Kulupu, using a fancy way, called lock dropping.

The lock dropping period will last for one month on the Kulupu blockchain. During this time, KLP token holders can voluntarily decide to "lock up" their coins, with minimum locking period of one quarter, and maximum locking period of 7 years (we consider 1 year to be 52 weeks). The allocation of Neatcoin scales linearly with the locking period. For example, locking for one quarter will result in 0.25x scaling, and locking for 7 years will result in 7x scaling. The actual scaling will be calculated down precise to the actual lock block numbers, using integer divisions.

Details#

The details should be mostly considered fixed, after community review.

  • Lock-drop end date: Kulupu block number 504000 (approximately 27 April, 2021).
  • Minimum lock end date: Kulupu block number 635041 (approximately 27 July, 2021).
  • Maximum lock end date: Kulupu block number 4173120 (approximately 18 April, 2028).

The calculation is done as follows. Take L as your lock end date, and A as the locked balance. The final balance on the Neatcoin blockchain is

(min(L, 4173120) - 504000) * A / 524160

Note that / denotes integer division.

Status#

The bootstrapping has concluded.

Participate#

Kulupu community has voted to allow the Neatcoin bootstrapping process to happen on its blockchain.

On Kulupu block number 455,040, you can start to lock your coins to participate in the bootstrapping. To do this, you need to:

  • Use the polkadot-js wallet on the Kulupu network.
  • Select "Developer", "Extrinsics" tab.
  • Choose the account you want to participate in the bootstrapping, and make sure it has the funds you want to lock.
  • Choose extrinsic lockdrop, lock.
  • Insert amount as the amount you want to lock.
  • Replace the identifier field. Remove "0x", and insert all uppercase "NEAT".
  • Insert lock_end_block as your desired lock end block. The minimum is three months (at block 635,041), and the maximum is 7 years (at block 4,173,120).
  • Choose "Submit Transaction" and finish the transaction submission.

On Kulupu block number 504,000, the bootstraping will end, and no more locking will be possible.

Once your chosen lock period ends, you can use the following process to unlock your funds:

  • Use the polkadot-js wallet on the Kulupu network.
  • Select "Developer", "Extrinsics" tab.
  • Choose the account to unlock.
  • Choose extrinsic lockdrop, unlock.
  • Replace the identifier field. Remove "0x", and insert all uppercase "NEAT".
  • Choose "Submit Transaction" and finish the transaction submission.

Additional notes#

The launch date of Neatcoin has not been determined.

There may still be a (really small) chance that the details changes. In any case, a change will only extend the lock, but never shrink it.

Unless the lockdrop suffers from technical failures or security issues (in which case a new lockdrop will have to take place), the current lockdrop will be the only source of Neatcoin's genesis block. There won't be any additional allocations or lockdrops.