YAE Token Launch and Smart Contract explained
As we are getting closer to our token launch, we at Cryptonovae would like to elaborate on the token launch process and the smart contract that makes it all possible. The aim is to avoid confusion before, during or after the launch and to clear up any doubts about this process and the security of the token.
A safe, reliable and trustworthy launch is very important to us and we spared no expenses to make sure our token launch will go smoothly and predictable. We have already had our smart contract audited and approved by the world class smart contract auditing firm CertiK and we open-sourced our smart contract for full transparency ahead of launch to allow anyone interested in looking at its working to have plenty of time to review it before it is being put to good use.
Our smart contract for the YAE token is pretty simple. It is a standard ERC-20 token on Ethereum with a fixed supply of 100 million tokens and the added functionality for vesting tokens. The vesting functionality within the smart contract disallows you to transfer tokens you have not unlocked yet even though they are in your address already. Every new day within your vesting scheme a new portion of the locked tokens will be automatically unlocked as defined in the vesting scheme.
We have chosen to implement vesting as part of the primary token contract so that you don’t have to claim your vested tokens but simply have them unlocked automatically every day as soon as they unlock without having to pay any fees to unlock them. This means that everyone with a vesting scheme gets all tokens in advance but can only transfer the portion of the tokens that they have unlocked so far.
In the light of recent events with a certain other smart contract that operates in a similar fashion we want to clear up a couple of things ahead of time to avoid any confusion:
- The full supply of tokens (100 million YAE) will be minted before a single token can be transferred.
- The ownership of the smart contract will be revoked before a single token can be transferred, meaning that before a single token can be transferred there won’t be any special permission available within the smart contract for anyone to exploit.
- We will not be using a proxy contract, the smart contract is final and can’t be changed after deployment.
- Only the liquidity for Uniswap and the IDO tokens will be fully unlocked from the start, the other tokens are vested according to the tokenomics.
- All tokens managed by Cryptonovae will go to separate multisig wallets and need approval from at least 3 different team trustees before they can be transferred.
- We took inspiration from other smart contracts but we have no affiliation at all with any other crypto-related projects.
A launch date will be chosen soon, this date will be hard-coded inside our smart contract (this is the only change we will make to the contract after it has been audited). Not a single YAE token will be available for transfer before this date. We will however start allocating funds before the launch date to the given addresses so we can be sure that everyone has access to the tokens provided from the exact same moment as defined per the smart contract. If you have tokens allocated according to the vesting scheme you do have the full amount visible in your wallet. If you try to transfer more than you are allowed according to the vesting scheme you are in, you will simply receive an error message.
We hope this post brings you some clarity as to what to expect. We take token security and a fair distribution very serious and are open to any feedback or questions you might have regarding this. Feel free to reach out to us on our Telegram or Discord.
For more information about the Cryptonovae Token Sale, please visit https://token.cryptonovae.com/
Telegram Announcement Channel: https://t.me/cryptonovae
Telegram Community Chat: https://t.me/cryptonovae_community
Investing in YAE tokens involves the risk of partial or total loss of the investment. There can be no assurance as to the liquidity of the tokens acquired during the offer, the existence of a secondary market for such tokens, the value of the tokens acquired during the offer and the equivalent value of these tokens in foreign currency. The YAE tokens do not constitute financial instruments within the meaning of European regulations (MIFID) and do not confer any other rights than those described in our pitch deck and technical white paper. In addition, the regulatory framework applicable to the offer and to the tokens and the tax regime applicable to the holding of the tokens are not currently defined in certain jurisdictions.