On September 5, 9, KuCoin announced the next project on the KuCoin Spotlight called Velo (VELO). Note, the deadline to register to purchase Spotlight VELO lfa 2020:22:59 on September 59, 16 (Vietnam time) so everyone hurry up.
Now, let Blogtienao find out what potential this Velo project has to be launched in KuCoin's 3rd anniversary.
What is Velo?
Velo protocol is a value transfer tool consisting of two components: Digital Credit Issuance Mechanism (Digital Credit Issuance Mechanism) and Digital Reserve System (Digital Reserve System). Together, these components enable Trusted Partners to harness the reach, performance, and transparency of the Velo Protocol and its underlying distributed ledger technology.
The Velo protocol allows many business use cases to be based on its core functionality: issuing a collateral-secured digital credit that can be used for the transfer of value There is a cost to hinder.
What problem does Velo solve?
The existing financial infrastructure, especially in Southeast Asia, creates a fragmented and uncompetitive remittance market, resulting in high transaction costs as remittances are transferred through multiple middlemen. space.
Meanwhile, the distributed ledger technology provides a simple solution. The volatile prices and regulatory compliance issues in cryptocurrencies discourage the adoption of blockchain-based solutions in the real world.
What is Velo solution?
Velo solves this problem by issuing pre-set digital credits on the blockchain that are tailored to the needs of the business. The VELO token acts as collateral to secure payment, representing the value of digital credits and fiat deposits in the network. Velo will promote real-world use cases for VELO tokens and digital credit by building a network of partners with both physical and digital reach. The result will be improving the lives of millions of banking and money poor people around the world by empowering businesses to serve them with the latest technology.
What is VELO Token?
Token Name: Velo (VELO)
Type of token: Stellar token standard (Runs on the Stellar platform)
Total token supply: 30.000.000.000 VELO
Original circulating supply: 40.000.000 VELO
Velo website: www.velo.org
Velo Whitepaper: https://velo.org/doc/Velo_Whitepaper.pdf
VELO Token offering on KuCoin Spotlight
Time to register to participate in the token sale: 20:00:00 on 5.9.2020 until the deadline is 22:59:59 on September 16.9.2020, XNUMX (Vietnam time)
Spotlight funding target: 2.000.000 USDT
Number of Spotlight Allocation Tokens: 40.000.000 VELO
Spotlight token sale price: 1 VELO = 0,05 USDT
Token used to buy: KuCoin Shares (KCS)
Exchange rate: The actual rate of KCS will be announced on the day of the Token Sale
Token sale type: Selling lottery tickets
Each winning ticket: Buy 1,000 VELO worth 50 USDT (Remember to pay with KCS)
Each successfully registered user can receive up to 30 lottery tickets and receive up to 5 winning tickets depending on different conditions met.
To get lottery tickets, people do the following:
1. Hold KCS
KuCoin exchange will count the amount of KCS you hold from 23:00:00 on September 09.9.2020, 22 to 59:59:16.9.2020 on September 1, XNUMX (Vietnam time). From there they work out the average KCS you hold a day, called X. See the table below to know how much X will get how many lottery tickets.
|Order||Average amount of KCS holds 1 day||Number of lottery tickets received|
|1||100 ≤ X <500||1|
|2||500 ≤ X <1,500||2|
|3||1,500 ≤ X <3,000||3|
|4||3,000 ≤ X <4,000||4|
|5||4,000 ≤ X <5,000||5|
|6||5,000 ≤ X <6,000||6|
|7||6,000 ≤ X <7,000||7|
|8||7,000 ≤ X <8,000||8|
|9||X ≥ 8,000||9|
The amount of KCS in your Main account or Trading account or Pool-X account in your KuCoin account is 100% of that amount, but the amount of KCS in the margin account is only calculated 10 % of that to count.
For example, if you have 100 KCS in the main account and 200 KCS in the escrow account, the amount of KCS counted for that day is 100 KCS + 20 KCS = 120 KCS.
2. Participate in the KTSt Lockdrop course
The participation in this KCS staking KTSt Lockdrop course is quite good. It can be understood similarly to the farming mechanism of some other hot platforms and blockchain projects currently. Basically, people will have to lock a certain amount of coin (here is KCS) to receive another coin (here is KTSt - Kratos testnet token - the KuChain Blockchain test of KuCoin).
Participating in this KCS staking KTSt Lockdrop course will both help you get KTSt and help you get lottery tickets to participate in VELO IEO. Everyone, please pay attention to the news from Blogtienao.
Calculation rules: KuCoin will capture information about the amount of KCS participating in the staking KTSt Lockdrop of the user at 22:59:59 on September 16, 9 (Vietnam Time). The number of lottery tickets that each user is entitled to is based on the number of KCS they bring to staking KTSt Lockdrop as below table:
|Order||The amount of KCS participating in Staking KTSt Lockdrop||Number of lottery tickets received|
|1||100 ≤ X <500||2|
|2||500 ≤ X <1,500||4|
|3||1,500 ≤ X <3,000||6|
|4||3,000 ≤ X <4,000||8|
|5||4,000 ≤ X <5,000||10|
|6||5,000 ≤ X <6,000||12|
|7||6,000 ≤ X <7,000||14|
|8||7,000 ≤ X <8,000||16|
|9||X ≥ 8,000||18|
User B has a KCS Number participating in the Staking KTSt Lockdrop of 2.500 KCS, conforming to the condition in the 3rd row and will receive 6 lottery tickets. and KTSt airdrop.
3. Collect points during the KuCoin 3rd Anniversary Festival
This section is timed out so Blogtienao will not talk about it in detail. However, you can still join to earn points for the opportunity to receive Porsche cars, iPhone phones and Apple Watch watches and other gifts. Detailed instructions See here.
Timeline of IEO VELO offering:
- At 20:00 on 5.9.2020 (Vietnam Time), KuCoin will start and register to buy IEO VELO.
- 22:59:59 on September 16.9.2020, XNUMX (Vietnam Time), KuCoin will finish the registration to buy IEO VELO, the system will count the lottery tickets of all successfully registered users and randomly select the winning tickets .
- 16:00:00 on September 17.9.2020, XNUMX (Vietnam Time), KuCoin will announce the total information of lottery tickets and winning tickets on Spotlight IEO VELO page.
- From 17:30:00 to 18:30:00 on September 17.9.2020, XNUMX (Vietnam Time), KuCoin will deduct KCS in Trading Account of the winning user's KuCoin account lottery tickets and distribute VELO respectively. -> This paragraph is important, everyone who has a winning ticket must leave the corresponding amount of KCS in the trading account so that the system will deduct and pay VELO to me.
- At 19:00 on September 17.9.2020, XNUMX (Vietnam Time), KuCoin will list and open trading for VELO.
Instructions for participating in buying IEO VELO KuCoin Spotlight
Register to buy
Step 1: Go to the website: KuCoin.com and login to your KuCoin account (Note that the Spotlight offering is only for accounts that have passed KYC verification, so please verify first.)
Then, move your mouse over to "More" to select "Spotlight" as shown in the image. Or click straight on this link to go to the buy page.
Step 2: When in Spotlight interface, click on Banner Spotlight VELO first appear (1 of 2 places in the picture)
Step 3: When at the Spotlight offering interface for VELO, scroll down to see the necessary requirements to register to buy.
Here, if you passed KYC identity verification, your "KYC Verification" part will change from the red "Not Verified" to the blue "Verified".
In the remaining 2 conditions, you click on each box and then click confirm each one to pass.
Specifically, in the "Countries Not Supported" section, click, then tick the box and then click "Confirm" as shown
Similar to the last box "Purchase Agreement" - this is considered an agreement that requires confirmation of your consent to participate in buying Spotlight, drag and read all the agreement and agree then tick the box in the lower left corner and click "Confirm" is the same as above.
Once done, your 3 boxes will be green like this
Step 5: Finally, Click "Participate now" - you're done.
But to have a ticket to have a chance to win the ticket, you must meet a number of conditions. Details are outlined in the next section of the article.
So you have finished registration. The system will check if you meet the conditions to receive lottery tickets as mentioned above, it will count and announce the number of tickets you have as well as if you won any tickets according to the time mentioned above. Remember to take note of that time to check if you win, you need to prepare the corresponding KCS to buy VELO. Good luck!