nOS announces burn of company tokens with upcoming unlock
nOS, a “virtual operating system” project that aims to streamline dApp development and usage, has announced that it will be conducting a token burn after the project’s first scheduled token unlock on January 28th, 2019.
37,219,486.50 nOS tokens, which represent almost 10 percent of the cryptocurrency’s total token supply, are scheduled to be burned from the “Company Reserve” allocation after their scheduled release from the nOS smart contract. Circulating supply will increase to 80,000,000 tokens after the unlock event and burn is complete.
Private Sale and Company Tokens
The nOS project has created a tiered unlock system resulting in delayed circulation for the following categories of tokens:
- NEO Global Capital (NGC)
- Private Sale
- Ecosystem Adoption Reserve
- Company Reserve
- Locked Token Incentive & Reserve
Tokens are unlocked in seven stages over two years from the date of the nOS ICO conclusion. The token unlock on January 28th will be the first stage.
22,500,000 nOS will become available to Private Sale participants and NGC. 37,593,504.50 nOS will become available to the “Company Reserve” allocation, and 37,219,486.50 nOS are scheduled to be burned “immediately” after the unlock.
The next token unlock is scheduled for April 30th, 2019.
The full nOS announcement can be viewed at the following link:https://medium.com/nos-io/nos-to-burn-37-2-million-nos-following-scheduled-token-distribution-6d137d6e933
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