XenonNetwork, an enterprise-scale blockchain launching in July 2018, completed the first stage of its massive distribution of XNN tokens over a 12-day period from late October through to the 6th of November. Xenon’s XNN is now the most widely held token on the Ethereum network, with over 757,000 individual addresses possessing a share of the 300,000,000 XNN distributed.
Early trading of the token on international exchanges has valued the total market capitalization of the 1 billion tokens associated with the project at around $15 million USD.
The XenonNetwork blockchain initial token distribution will be derived from XNN ERC-20 token holdings on the Ethereum network, and will result in a massively-distributed network based on the EOS open-source software.
“We believe that distribution and adoption are the most important factors determining the success of a blockchain project. We are determined to have this token in the hands of as many people as possible at the launch of the blockchain in 2018. Already, our token is seven times more widely held than the EOS ERC-20 token, and we are excited by the potential of our future plans to continue this massive dissemination.” said Andrew Kong, Cofounder of XenonNetwork.
The organization proposes to further distribute the Xenon tokens as follows:
- Up to 20 percent of Xenon tokens will be distributed to bitcoin holders based on proof-of-holdings in the next few months.
- A further 20 percent of Xenon tokens will be distributed using proof-of-individuality mechanisms to encourage widespread circulation of the tokens.
- Further distribution to more recent Ethereum users will occur in 2018.
- A portion of the remaining tokens will be distributed to incentivize development, project promotion and block-producers.