The 6th token sale at Binance’s Launchpad has just been announced and its Elrond (ERD). In a press release, the giant crypto exchange announced that the sixth token sale will be that of ERD and it will follow the Binace lottery format.
For those not familiar with this new token, it has been described as a public blockchain that aims at providing security, scalability, efficiency and interoperability and has a very high throughput. It makes use of a unique and secure proof of stake consensus mechanism and also employs adaptive state sharding.
It has been built by a team of entrepreneurs, engineers and researchers with technical experience at Google, Microsoft, Intel, NTT, a PhD in Computer Science (“CS”), and blockchain backgrounds, including being previously part of the NEM core team.
The Binance lottery format states that Binance will start recording the BNB balances of its users, and this it will do from 22nd of June 2019 at 12 AM UTC. BNB balances are usually recorded arbitrarily for a 9-day long period after which an ultimate average of the balances determines who wins the ticket.
According to Binance, the ticket claim time is scheduled to take place between 1st of July at 6 AM UTC – 2nd of July 6 AM UTC, post which Binance will announce the results of the draw. The initial circulating supply has been fixed at 37,5% of the total supply, and the token sale will utilize just 25% of the total token supply (5,000,000,000 ERD)
On the other hand, the hard cap is placed at 3.25 million USD, with the token supply totaling 20,000,000,000 ERD. Every winning ticket stands to win 300 USD (461,538.46 ERD), and the max number of winning lottery tickets is 10833.