PRESS RELEASE: Elastos Announces Modification to Token Lock-in and Return ProgramOctober 25, 2018
Locked tokens managed by the Elastos Foundation to be returned to holders earlier than anticipated
San Francisco, CA — October 24, 2018 — Elastos, the company building a blockchain-powered internet infrastructure, announced modifications to its token lock-in program. The organization is set to inform ELA holders who are currently vesting with the Elastos Foundation that their tokens will soon be returned to them, citing reasons of best practice and a greater degree of international compliance. Established in February of 2018, the lock-in program presented an opportunity for holders to vest their tokens with the Elastos Foundation for one to three years. This move, effective immediately, will end the token lock-in program early.
Beginning today, lock-in ELA holders will receive an official communication from the Elastos Foundation in regards to the token return mechanism; November 5th, all tokens will be delivered to a specified wallet address, with a 4% bonus.
Angel investors will also have their ELA tokens returned November 20th. Meanwhile, the approximately 16 million ELA currently controlled by the Elastos Foundation will be allocated for holding with Cyber Republic, Elastos’ digital community fostering development on the Elastos network, until its governing council is put in place in August of 2019. Also, all ELA mined in 2018 by the Elastos Foundation and through merged mining with Bitmain will be allocated towards Cyber Republic for management by the Cyber Republic Preparatory Council.
At the conclusion of the unlocking period, approximately 3.5 million ELA will remain with the Elastos Foundation.
With 18 years of development, Elastos aims to be the first completely secure environment on the web where decentralized applications are detached from the internet while also permitting full scalability to millions of users, Elastos will allow full ownership and wealth generation from data and digital assets. Powered by blockchain technology, Elastos had an angel investment from both Bitmain and NEO and has been sponsored by industry giants such as the Tsinghua Science Park and the TD-SCDMA Industrial Alliance. Through a strategic partnership with Shanghai Shijiu TV, the world’s leading HTML5 and browser technology developer in the OTT and Smart TV fields, Elastos is set to reach a carrier node count of one million by the end of this year. For more information, visit https://www.elastos.org/en/.