The first and most important duty of a parent is to nurture their child towards independence. Similarly, the time has arrived for the KIRA project to embark on the next stage of its maturity. In our preceding articles, we outlined a fresh trajectory for the project and revealed the launch of "ChaosNet", a fully featured network that allows anyone to explore and assess the scale and direction of KIRA. Ensuring a fair distribution of its native staking token is crucial for the project's long-term survival, growth, and popularity, especially among those who seek to support it over the long haul. Consequently, we are initiating a full and unvested token unlock for all early backers, coupled with an equity-to-token conversion for everyone who has supported the software development firm that brought KIRA to life.

Presently, our team comprises almost exclusively developers who were part of the early community or their immediate circles. The Core Team envisions a future where this number can approach 100%, and KIRA can operate without any central entity supporting the project, even if that is just the development team. The immediate equity-to-token conversion is vital for achieving decentralization and moving the network closer to its objective of being accessible to every single person in the world, regardless of their country of origin or status.

TLDR

• All key (mainnet) features of KIRA have been unveiled and released as chaosnet-1.

• All ERC-20 KEX tokens are being distributed without vesting, effective immediately.

• Equity in the software development company will be converted to tokens and distributed.

• Visit claim.kira.network and complete the form to claim your KEX tokens.

• You have only 3 months to submit the form; distribution is on a first-come, first-served basis.

• ERC-20 KEX will be converted to a mainnet token at a later date decided by the community.

• Team, advisory, and treasury tokens will remain locked, instead providing long-term incentives for the team through staking rewards distribution.

• Stay safe; any communication from the team must be PGP signed

Token Redemption

Tokens will be unlocked without any vesting through an existing ERC-20 KEX contract on the Ethereum Network, with plans to enable conversion or bridging of these tokens to a native mainnet token in the future. The distribution will be conducted manually on a first-come, first-served basis, according to submissions to the Token Claim Form. Tokens not attempted to be claimed within the next three months will be redistributed to active or aspiring evangelists via a fairdrop or another yet-to-be-determined mechanism.

For accurate delivery, every submission must be fully KYC’d by the individual who signed the original agreement (equity or token grant nominations). In the case of companies or entities, the representative must provide documentation confirming their legal representation.

Originally, the software development company behind KIRA intended to maintain a 20% stake in the network. All equity will be thus converted to tokens at a 5:1 ratio. For each 1% of equity, you will receive 0.2% of the total initial KEX supply.

Please note that advisory agreements, unless they contain equity or included payment, will not be unlocked at this stage. All core team, ex-core team members, and advisors who can quantifiably prove meaningful contributions will be vested and eligible for rewards from the Treasury allocation assets staked after the mainnet launch. The staking rewards distribution on the mainnet will encourage long-term alignment and continued contributions from all parties. Ultimately, tokens will be issued in proportion to effort and based on direct, quantifiable Proof of Useful Work.

To claim your tokens, please complete the form at claim.kira.network.

Distribution Metrics

The three-month claim period for token distribution has been established to ensure predictability of the circulating supply on the market post-claim period, offering fair conditions to all market participants, encouraging early submissions, and guaranteeing timely delivery.

As of August 2023, the core team held control of approximately 265,991,743 KEX (~88.6%)  of the total supply that is issued and not circulating tokens. The circulating supply, not accounting for LP tokens, consisted of 34,008,257 KEX (~11.3%) of the total supply that had already been distributed or is otherwise inaccessible to the core team.

During the claim period, approximately 166,599,809 KEX (~55.53%) of the total supply will be distributed, resulting in a user-held and market-accessible supply of at least 200,608,066 KEX ( ~66.87%) of the total supply.

The remaining 99,391,934 KEX (~33.13%) of the total supply will be divided among the Treasury (~20%), Reserve (~8%), and future Core Team stakedrop allocations (~5.13%). The 75,391,934 KEX  (~25.13%) reserved for the Treasury and Team will not enter circulation. Instead, it will be used for staking on the mainnet to the TOP ChaosNet evangelist nodes who keep their commissions within a reasonable rate. The proceeds from staking will incentivize the team for continued long-term support and development of KIRA, leading to eventual dilution and full network handover to the community.

The Reserve allocation of 24,000,000 KEX (8%) of the total supply is designated for potential CEX listing, MM, LP, or other essential operations like re-issuing frozen accounts saved by the team through blacklisting (e.g., Ascendex Hack). From this point onward no further asset recovery will be possible.

In summary, post-distribution, KEX holders other than the Core Team will control approximately 89.31% of a total circulating supply capped at 224,608,066 KEX.

Safety Precautions

To ensure your safety, please be aware that any communication you receive from the "Core Team" via Telegram or any other messaging or social media platform should NOT be trusted, as the team will never contact you first. Any questions or issues regarding distributions should be directed exclusively to hello@kira.network. Avoid using other communication channels, emails, or pre-existing contacts. Be vigilant against spoofing attempts and disregard any correspondence that you did not initiate yourself.

In case of doubt, we have published a PGP key available at pgp.kira.network that allows anyone to verify all official messages from the Core Team. Unless you fail to submit your claim form within the next 1-3 months or there are issues with your submission, you will never be contacted directly by our team. In the unlikely event that you are contacted by the team, the message must be signed with the PGP key, and you must verify it to ensure your safety.

Useful links and references:

• token.kira.network - The only legitimate ERC-20 KEX token contract address

• claim.kira.network - Submission form to claim ERC-20 KEX

• ann.kira.network - Announcement and news channel

• pgp.kira.network - Public PGP key for verifying messages

• tg.kira.network - Telegram public chat group

• blog.kira.network - Blog on the mirror.xyz and long-content news