SPC Tokens

Did you have an ICO?

No, there was no ICO. There was only a private sale only for institutional investors and accredited investors.

What is the token distribution for SpaceChain?

15% for the team and future talent acquisition, 15% for building the space and blockchain ecosystem, 9% for key partners and resources, 10% for future reserves, and 51% was distributed to the community (the majority of the tokens were distributed via the presale, while some of the tokens were airdropped on various exchanges and via community events).

What are the tokens available for SpaceChain?

We have a total of 3 tokens across the Qtum and Ethereum blockchains.

  • SPC QRC V1 contract: 57931faffdec114056a49adfcaa1caac159a1a25

  • SPC ERC V1 contract: 0x8069080a922834460c3a092fb2c1510224dc066b

  • SPC ERC V2 contract: 0x86ed939b500e121c0c5f493f399084db596dad20

The third variation of our token, the SPC ERC2 V2 was recently introduced. You can read more about it here. It is highly recommended to switch to the new token as it has additional capabilities such as yield farming.

Why is there such a huge amount of circulating supply of 51% tokens?

The choice of releasing 51% tokens to the community is because of decentralization. If SpaceChain holds 90% of the tokens then there would be no difference between us and a traditional equity company. There may be projects that release just 2% circulation supply, but this does not fit our business model. A small circulation supply may make the current price higher, but if they release an additional 20% of the supply later, it is going to get dumped on the market and that will hurt the community. Additionally, the total supply is already written in smart contracts so we cannot reduce the total SPC token supply.

What is the utility of the SPC token?

SpaceChain has built a decentralized platform for space and satellite-based application development, where its token serves as a method of payment for access to applications built and utilized. As such, the SPC token works as a digital currency in the SpaceChain ecosystem. Thanks to the businesses and companies that partner with SpaceChain, the entire network is powered by and built on this utility token model.

What are the pros and cons of SPC on both ERC-20 and QRC-20 chains?

Qtum has one of the best Proof of Stake (PoS) smart contract platforms. It provides the stability we want and consumes little energy, which is ideal for use in this blockchain/space industry. Qtum also has a more secure financial infrastructure than Ethereum as it uses an unspent transaction output (UTXO) model. However, Qtum is still in relatively early stages, and still needs more development tools and business development to support the ecosystem. Ethereum is the leading smart contract platform that most blockchain users are familiar with, hence it will be easier for SpaceChain to promote user acquisition with ERC-20.

We have made a lot of development on Qtum. The first version of our SpaceChain OS on GitHub is integrated with Qtum and the latest space node that we launch is capable of performing multi-signature blockchain transactions with the Qtum network. We are also incorporating security features with blockchain transactions powered by satellites, and integrating Ethereum into our space node as well. We cannot comment on prices on exchanges, but for our part, we will always remain at a 1:1 exchange rate between QRC and ERC.

Can I leave my tokens as QRC-20 for the long term or will the QRC-20 SPC tokens eventually have no utility?

Yes, you can leave as QRC-20 tokens because when it comes to the utility of our tokens, we accept both QRC-20 SPC and ERC-20 SPC tokens. However, we will encourage holders to switch to the ERC20 V2 tokens as it has DeFi capabilities, such as usage for yield farming.

We will be ending support for the ERC token swap by on 31 July 2020.

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