Rules of Waltonchain’s USD 50 Million WTC Long-term Buyback and Burn Round 001
Dear global Waltonchain supporters,
With joint effort of the Waltonchain team and global supporters, Waltonchain ecosystem which includes KIRINMINER, child chains, chips (RFID, IR, etc.), Waltonchain Box, traceability system etc. has entered the period of healthy development. We believe that Waltonchain will lead blockchain to empower real economy and promote rapid implementation of blockchain. However, due to the overall external environment, WTC is currently seriously underestimated. Therefore, Waltonchain team has decided to launch the USD 50 Million WTC Long-term Buyback and Burn Plan that will be continuously conducted in multiple rounds. Waltonchain team shall take out the total of 50,000 TUSD and 100,000 WTC from the sales revenue of KIRINMINER Batch 1 for Round 001 of buyback and burn starting from August 15, 2019.
I. Current Round Buyback and Burn Amount
1. Buyback amount: Waltonchain team shall take out 50,000 TUSD from the sales income of KIRINMINER Batch 1 for draw buyback and inclusive buyback (the price for the two buyback types shall be the highest USD price of WTC at https://coinmarketcap.com/currencies/waltonchain/ during the buyback application period multiplied by 5 or 2, respectively). All the bought-back WTC shall be burnt.
2. Waltonchain team shall burn additional 100,000 WTC from the sales revenue of KIRINMINER Batch 1.
3. Burn Address: 0x36c6E5830BE61EfadC491574fba987dB81C54304
II. Current Round Time
Round 001 buyback and burn shall start from August 15, 2019.
1. Application period to apply and increase WTC holdings:
Ethereum Mainnet Block #8,344,498 — block #8,384,818; day 1 — day 7
2. Buyback and burn execution period when users send WTC to be bought back to the Mall address and Waltonchain sends TUSD and burns tokens:
Block #8,384,818 — block #8,407,858; day 7 — day 11
III. Current Round Buyback and Burn Rules
1. User Application for Buyback
During the application period, users shall sign up and pass identity verification on KIRINMINER Mall (https://kirinminer.waltymall.com) and transfer not less than 500 WTC in one installment from their personal ERC-20 address (here and hereafter: NOT exchange platform address) into their personal deposit address on the Mall to complete the buyback application.
2. User Holdings Increase
During the buyback application period, users increase their WTC holdings in the personal ERC20 address multiple times.
The 500 WTC deposited to the Mall account at the time of application and the WTC held at the personal ERC20 address during the buyback application period are counted as the total increase of the holdings.
The higher and the earlier the WTC holdings increase, the larger the calculated average increased holdings (see the Attachments for the algorithm) and the more tags (lottery tickets) the subscribers get. Users participate in draw buyback and inclusive buyback through the tag number. See the examples below:
If any amount of WTC is transferred out of the personal ERC-20 address before the buyback period starts (except for the 500 WTC transferred to the Mall), such address shall lose the qualification to participate in the Round 001 buyback.
3. Draw Buyback and Inclusive Buyback
3.1 Draw Buyback
After the application period ends, lucky tags shall be drawn from the tag pool. Each lucky tag shall represent 50 WTC to be bought back at 5x WTC price.
3.2 Inclusive Buyback
All the remaining tags that haven’t been drawn shall receive inclusive buyback according to the proportion of their increased WTC holdings in the inclusive buyback pool. Waltonchain shall buy back their respective WTC at 2x price.
At that time, Waltonchain shall announce the lucky tag numbers and users shall be able to query their respective quotas (including the draw buyback WTC quota and the inclusive buyback WTC quota). Users with buyback quota exceeding 500 WTC shall transfer the surplus portion to their personal deposit address on the Mall within the buyback implementation time. After deducting the WTC buyback quota, the equivalent amount of TUSD shall be transferred to the personal ERC-20 addresses of the users.
4. All the WTC bought back in Round 001 shall be burnt.
1. Please carefully check the Mall website address (https://kirinminer.waltymall.com), your deposit address on the Mall and amount before transfer. Stay alert to fraud!
2. Users with buyback quota exceeding 500 WTC shall transfer the surplus portion to their personal deposit address on the Mall within 48 hours after announcing the lucky tags, otherwise the users shall be considered waivers of Round 001 buyback qualification. The TUSD amount for the waived buyback shall be automatically included in the buyback pool of the next round.
3. See Attachments below for detailed rules.
4. Waltonchain team shall reserve the right of final interpretation of the plan rules.
1. Average Increased Holdings
2. Number of Tags to Be Received by Users
Number of Tags = Average Increased Holdings × lg (2 × Average Increased Holdings) / 1500
3. Calculation and Determination Method of the Draw Buyback Tags
3.1 Draw Buyback Implementation
After the application period ends, lucky tags shall be drawn from the tag pool. Waltonchain shall buy back each 50 WTC corresponding to the drawn lucky tag at the draw buyback price.
3.2 Draw Buyback Price
Draw buyback price shall be the highest USD price of WTC at https://coinmarketcap.com/currencies/waltonchain/ during the buyback application period multiplied by 5.
3.3 Draw Buyback WTC Amount = Draw Buyback Quota / Draw Buyback Price
3.4 Number of Lucky Tags
Number of Lucky Tags = Draw Buyback WTC Amount / 50 rounded to integer
3.5 Draw Algorithm
4. Inclusive Buyback
4.1 Inclusive Buyback Implementation
After implementation of the draw buyback, all the remaining tags in the tag pool except for the lucky tags shall be inclusive tags. Each inclusive tag shall receive an equal inclusive buyback quota.
4.2 Inclusive Buyback Price
Inclusive buyback price shall be the highest USD price of WTC at https://coinmarketcap.com/currencies/waltonchain/ during the buyback application period multiplied by 2.
4.3 Inclusive Buyback WTC Amount
Inclusive Buyback WTC Amount = Inclusive Buyback Quota / Inclusive Buyback Price
4.4 Inclusive Buyback Quota
Inclusive Buyback Quota = Inclusive Buyback WTC Amount / Number of Inclusive Tags
August 2, 2019