Integritee stands on the threshold of a major milestone as we have launched our Kusama Network crowdlending campaign today — asking our supporters to help us secure the parachain slots that we need to refine our network. It’s a key step towards the primary goals of both launching our mainnet, and listing the TEER token. But what exactly is happening?
Kusama is the canary network of Polkadot.
It’s a live network with real economic incentives where the community can observe network effects during the testing and optimization of parachains, and the essential first step towards occupying a Polkadot parachain.
Once it has been established that the Kusama parachains are functioning correctly, we expect parachain functionality to be enabled on Polkadot and the first public-good parachains to be deployed. Afterwards, the Polkadot slot auctions will commence.
One of the biggest advantages of Kusama/Polkadot is that the platform enables many decentralized networks to pool their security resources and so achieve strength in numbers. Our privacy-preserving data services will be powered by this shared security and public auditability.
Backer support is essential to winning a parachain slot.
Since the number of parachains that can run on each Kusama Relay Chain is limited, slots are allocated by means of a non-permissioned candle auction. This means that slots are leased (for a period lasting from six weeks up to a maximum of 48 weeks) to the projects which provide the largest bond, in the form of locked-in KSM provided by community backers.
Bonding KSM tokens is how token holders can nominate a project they believe in — directly increasing the project’s chance of occupying a slot. It’s called “crowdlending” because the tokens always remain in the token holder’s ownership and are released back to them once the lease period ends. This system is designed to ensure that the winning projects are those that offer the greatest benefit to the community.
The first batch of Kusama slot auctions began in June 2021. Integritee will begin bidding during the second batch of auctions, which take place on a rolling basis as previous leases expire and slots become available again.
Supporters get real rewards, at no cost.
Crowdlenders never have to give up their tokens; there is only the opportunity cost of not having their KSM available for the duration of the lease. In return for this support, projects offer specific rewards.
Integritee is reserving 1,000,000 TEER — 10% of the total Integritee token allocation — to distribute to our KSM backers. This reward has a double benefit: after the planned exchange listing in Q4 2021, it will be a tradable asset. But perhaps more importantly, TEER will also give access to our privacy-preserving data services, and voting rights in governance of the decentralized Integritee parachain. If you believe, as we do, in the need for a secure alternative to centralized data services, participating in the Kusama crowdlending is a very tangible way to bring that about, and will enable you to be a real part of the future of data privacy.
The TEER rewards will be distributed in direct proportion to the size of each backer’s contribution. This will drive the price discovery of the TEER token before its listing and promote decentralization of the Integritee network.
Help us build an internet that’s safe for private data and earn your share of the 1 million TEER tokens we spread to the community. Participate here: https://crowdloan.integritee.network