Constellation Token Model

Constellation Token Model

Contents

  1. Disclaimer
  2. Token Definitions
  3. Token Distribution Table
  4. Token Distribution Timeline

Disclaimer

This paper is for informational purposes only and is not a statement of future intent. Constellation Labs makes no warranties or representations as to the successful launch of the Token Sale, or achievement of any other activities noted in this paper, and disclaims any warranties implied by law or otherwise, to the extent permitted by law. No person is entitled to rely on the contents of this paper or any inferences drawn from it, including in relation to any interactions with Constellation Labs, the Token Sale or the technologies mentioned in this paper. Constellation Labs disclaims all liability for any loss or damage of any kind (whether foreseeable or not) which may arise from any person acting on any information and opinions relating to Constellation Labs, the Constellation Network or the Token Sale contained in this paper or any information which is made available in connection with any further enquiries, notwithstanding any negligence, default or lack of care. Whilst every effort is made to ensure that statements of facts made in this paper are accurate, all estimates, projections, forecasts, prospects, expressions of opinion and other subjective judgments contained in this paper are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Any plans, projections or forecasts mentioned in this paper may not be achieved due to multiple risk factors including without limitation defects in technology developments, legal or regulatory exposure, market volatility, sector volatility, corporate actions, or the unavailability of complete and accurate information. All Token Sale information contained in this document is intended to be indicative only and is not a statement of Constellation Labs’ intentions. Any such information may be varied by Constellation Labs prior to the Token Sale. If so, any new documentation will supersede this document and be available at https://constellationlabs.io.

Definitions

Token Vesting

“Vesting” is used to describe the mechanism by which performance-based rights to tokens are earned. This is the same mechanism by which traditional companies issue stock. If an employee or founder leaves Constellation, they lose the right to any “unvested” tokens. These tokens are returned back to The Constellation Foundation’s treasury. Vesting commences on the employee or founder’s first day at Constellation.

Token Lockup

“Lockup” means ownership has transferred to the person or entity but the tokens are locked and cannot be transferred until a predetermined date has passed. Lockups apply to both vested and unvested tokens.  This is done both by smart contract and escrow as part of The Constellation Foundation’s treasury function.All lock up periods begin on June 1, 2018.

Cliff

“Cliff” is the date or anniversary on which tokens first “vest”. For example, if a Founder has a four-year vesting schedule with a 12-month cliff, this means that 12 months after starting work for the Foundation, the founder “vests” 25% of their token allocation. After this cliff, tokens move to pro rata vesting which runs on a calendar month basis. This means that in the aforementioned Founder case, 1/48th of tokens granted would vest monthly after the 12-month cliff until all tokens are fully vested on the four year anniversary of the Founder’s start date.

Founders

Founding core team members of The Constellation Foundation Company Limited who have been working on the project since March 2018.

Partners & Advisors

Partners and Advisors” are a collection of Angel Investors, Institutional Funds, supporters, and individuals that have been associated with Constellation from day 1. Without these individuals, Constellation would not exist. It would likely still be a project confined to Brendan and Wyatt’s homes, not the world-changing organization that is is now setup to become. All Partners & Advisors’ token allocations are heavily locked up, with 100% of such tokens subject to a two-year lock up with a six-month cliff. **

Foundation Tokens

The Foundations tokens are held in an audited treasury that is managed by our ownerless structure under strict governance and custody conditions. These tokens are available for issuance to the employees, consultants and advisors of The Constellation Foundation, in each case with a vesting schedule commensurate with the token allocation. For example, token grants to employees will be subject to a four-year vesting schedule with a 12-month cliff. Additionally, tokens held in treasury are available to further the mission of The Constellation Foundation.

Community Tokens

These tokens are used to incentivize community participation in the Constellation ecosystem through Airdrops, Developer Initiatives, and Academic Grants that will be available through our community portal.

Validator Rewards

These tokens are issued to validators on the Constellation mainnet when it is launched in 2019. They are released over 10-years to validators on the Constellation mainnet.

Private Sale

The Constellation private sale ws open to Accredited Investors, Funds, and Institutional Investors in January 2018. A hard cap of $33.7M was reached and a total of 730,124,835 tokens were sold of which 566,163,826 are liquid at the TGE or ~ 14% of the total supply. Discounted tokens are locked for 6 months from the date of the Token Generation Event.

Token Distribution Table

Token Distribution Timeline

May 31st, 2018

KYC Portal Opens for January private sale accredited investors.

June 1st – June 8th, 2018

KYC Portal Opens for May 2018 private sale token purchasers.

June 18th, 2018

Final internal token audit and token physical distribution to token holders, locked tokens are held in a vesting contract that has been audited by Zepplin.

We’ve been blown away by the community response and support over the past two weeks.  It has truly inspired the team, giving them the boost they need for another intense round of development post TGE. Thank you for working with us as we navigate this complex legal and technical process. Any further questions please drop into our Telegram group and one of our moderators will assist as quickly as possible.

Sincerely,

The Constellation Team

** This information was updated to reflect changes to advisor and partner vesting schedules on May 29th, 2018.

 

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