Cartesi (CTSI) to Have Its Token Sale on Binance Launchpad
Cartesi (CTSI) is set to have its token sale vie a lottery system between. The entire procedure will take place between April 14th and 22nd on the Binance Launchpad platform.
Cartesi (CTSI) is set to have its token sale on the Binance Launchpad. This will happen from the 14th of April. Several stages will happen via the IEO (Initial Exchange Offering). The token sale will follow a lottery format. It has been announced by both Binance and Cartesi.
Introducing the @cartesiproject $CTSI Token Sale on #Binance Launchpad
Binance will record user $BNB balances for 7 days from 2020/04/14 00:00 AM (UTC) to 2020/04/21 00:00 AM (UTC). https://t.co/O3vLwTznO2 pic.twitter.com/hDj4KXXetS
— Binance (@binance) April 13, 2020
Worth $1,500,000 the tokens have a total supply of 1 billion tokens. This IEO will take place over several weeks. The offering will use BNB tokens only. The public sale price of the CTSI tokens is around $0.15. About, 7,500 lottery tickets are to be chosen as winners. About 10% (100,000,000) are allocated to Binance Launchpad. each ticket is going to be worth about $200 in BNB tokens.
Process of Cartesi (CTSI) Token Sale on Binance Launchpad
The IEO starts on April 14th with hourly snapshots of account balances that will occur over 7 days. The average daily balances of users will be used to determine the number of tickets that a user can claim. This process ends on 21st April 2020. From 21st April users will be able to claim tickets for about 24 hours. They will only be able to do so once and must sign the token purchase agreement as a part of the process.
On April 22nd, the lottery will begin. At around 8.00 AM UTC, the lottery will end. The winning tickets having been selected wl be announced and the BNB values will be deducted from the accounts. The fees for the tickets will be deducted from free tokens that aren’t tied to any products or lines of credit within the Binance ecosystem.
There is also a limit on about 10 claims per user. These claims will, of course, be based on the average daily balances of each user.
Cartesi (CTSI) is one of those projects that are at the forefront of developing next-generation decentralized ledger technologies (DLTs). One of the aims of the Cartesi (CTSI) project is to develop decentralized apps that have both on-chain and off-chain components.
As one of the few hybrid decentralized systems that offer such value, Cartesi (CTSI) offers a decentralized system. This operating system is in effect a Linux kernel and works very much like your everyday Linux kernel with one difference. It is a decentralized Layer-2 OS.
Linux-based Decentralized OS
What this means is that it uses nodes to execute commands for apps on its blockchain. The layer reference has basically to do with scalability solutions. Layer 1 has to do with the introduction of solutions for transaction confirmation. Here we have Sharding (proposed by Vitalik Buterin of Ethereum) and delegated Proof-of-Stake (proposed by Daniel Larimer). These two proposals while excellent still require a significant use of resources on-chain.
What makes Cartesi’s node-based internal consensus on a local scale important is the significant reduction in time and resources.
This allows for these confirmations to occur off-chain and then brought on-chain later on. A strong dispute resolution process ensues to ensure the accuracy of data to be entered into the blockchain.
The Layer 2 scalability solutions allow for the off-chain transactions to be resolved without drawing on computing power on-chain. This also gives the transactions required resources to settle disputes before such transaction.
It is very similar to the plasma model. It will be without the limits on channel state after the exit of such transactions. Cartesi (CTSI) seems to want to do more than this with other features. Such features include Zero-Knowledge-Proof systems for transaction privacy.
Being a Linux Decentralized OS, the Cartesi (CTSI) project is bound to draw the attention of all Linux lovers all over the world. Time will tell, however, if this will translate to further adoption for the crypto space.