The Chaince Foundation, which is incorporated on the Cayman Islands and operates independently, will issue Chaince Token (CET) based on the EOS for a total amount of 2 billion. The 50% of one-way transaction fees of EOS on the Chaince transaction platform, which is, the transaction fees of EOS deducted from the platform when users sell other blockchain assets and buy EOS, will be perpetually injected into the Chaince Foundation weekly with a public address. Each CET token represents one of 2 billionth of the EOS held by the Foundation. The trading platform will also provide transaction services of trading pairs between CET tokens and other blockchain assets.
Chaince Token is not a proof of ownership of the trading platform or a security of any kind. Chaince does not endorse its market value. Chaince Token strictly uses a publicly-offered distribution that does not involve ICO, private equity, institutional sales, token sales or any form of bundled sales.
The Chaince Foundation will airdrop CET tokens to holders of circulating EOS tokens according to the EOS genesis snapshot for initial token balances once EOS mainnet launches. Every 1 CET token will be airdropped to 1 EOS held by the public. There is no lock-up period for the airdropped CET tokens and the holders can transfer freely. The Chaince Foundation will announce initial proportion of CET allocation and a detailed plan of CET token airdrop at a proper time.
Chaince The CET tokens held by the Chaince Foundation are only allowed to be used for the market expansion of the trading platform, recruitment, performance incentives or other purposes for the future development of the platform. The Foundation would open the address of CET tokens held by the Foundation to the public and the public can query and supervise details of each transaction of CET tokens.
Every holder of CET Tokens can freeze the CET tokens on the Chaince trading platform and withdraw the corresponding EOS from the Foundation address*. The EOS withdrawn can be normally withdrawn or traded while the frozen CET tokens cannot. When the amount of EOS in the foundation address increases due to the continuous injection of transaction fees by the trading platform, the holders of the frozen CET tokens can also continue to withdraw the corresponding growing EOS from the foundation address. If a user returns the extracted EOS to the Chaince platform, the corresponding frozen CET tokens will be unlocked, and the user can instantly withdraw or trade the CET tokens normally.
Special Reminder: CET tokens are presented in public without the need for holders of EOS to fill their private key on any website or to register for tokens. Users should ensure the security of their blockchain assets and beware of the asset losses due to the leak of private keys.
*For every CET token the holder held, the holder can withdraw 1 of 2 billion EOS of total amount in the Foundation address. The total amount of EOS consists of EOS that has been withdrawn before.
2018-05-22 / Source: https://chaince.com/assets/whitepaper/Chaince%20White%20Paper_v1.1_eng.pdf