Zen and the Art of Frozen KickTokens Maintenance
Everything you wanted to know about the KickToken, its smart contract, and FrozenDrop from the Kick Ecosystem founder and CEO Anti Danilevski
Lately many of you have been lucky to become owners of frozen KickTokens as a result of the FrozenDrop. Considering the fact that our community of token holders is constantly growing rapidly, and not everyone is closely following the project development or news, I wanted to highlight the main points of interest to everyone who got into the Kick Ecosystem universe.
FrozenDrop is an innovative token distribution model that our team invented, similar to the classic airdrop. FrozenDrop was designed as a marketing tool to attract the attention of the most active traders and cryptocurrency holders in the world to the KickEX exchange. The mechanism involves distributing frozen KickTokens to Ethereum addresses of the most active users in the network. We plan to distribute tokens gradually so that one huge emission does not cause panic. These tokens cannot be withdrawn nor moved until the official launch of the exchange. KickEX is currently in the beta test. By the way, we would be very happy to see you among beta testers, join the team. Let’s make history together!
What are the conditions for ‘unlocking’ KickTokens, why does this function go off manually? Will I have to trade on the exchange to ‘unlock’ tokens?
The actual ‘unlock’ terms & conditions will be announced only after the KickEX exchange launch. We intentionally do not disclose our know-how terms before the launch of the exchange due to a highly competitive and not always fair business environment. It makes no sense to reveal all the cards prior to the river. In order to ‘unlock’ frozen KickTokens, you will have to trade on the exchange. More trading means more tokens can be ‘unlocked’. We do not hide the fact that this way we attract new users to our exchange to create additional liquidity.
The smart-contract has an in-build function to burn tokens. How are you going to use such functionality? What is the guarantee that my tokens are not going to be burned?
Tokens are only burned if they are stolen or access to them has been lost, then they are burned for subsequent recreation. But first of all, the feature is necessary in order to burn the tokens, that we will buy back. Take a look at Binance tokens (BNB) — they have an efficient burning strategy, that forms a demission, meaning the supply is reduced. This feature is clearly beneficial to all KickToken holders.
You mentioned the buyback plan. How will it work and under which conditions?
Buyback is planned, but no earlier than KickEX exchange reaches profitability. The FrozenDrop is an important part of the planned buyback strategy for KickEX, as this mechanism allows to attract more traders to the exchange, which means potentially increasing predicted profit. The buyback process will be transparent and automated.
How come you have decided to send tokens I did not ask for? Don’t you think that such a marketing strategy will not attract, but rather push away users from your project?
By creating a wallet on the Ethereum blockchain, by default, you agree that your wallet and transactions are open to the whole world. Your address on the Ethereum blockchain is rather public information, hence the mailing-distribution list was taken from a public source. The airdrop is a popular practice that has long existed in the crypto world. Considering the second question, I want to emphasize that we know for sure that FrozenDrop works perfectly, as the number of the users of our products is growing, the statistics are clearly visible.
Why is there only 3 commits on the project’s github? Does this mean that the development is stuck?
The development is in full swing: more than 14 thousand people took part in the KickEX exchange beta test, more than 470 thousand users took part in the KickRef referral program. KickWallet wallet and other products of the ecosystem are coming soon. Kick Ecosystem products are not open source products for the safety of our users.
How do I remove tokens that I do not want to see on my address/wallet because they distort my portfolio? Do you think it is acceptable to send people frozen tokens that cannot be transferred yet to their addresses?
You cannot delete tokens from a wallet, this is how the Ethereum blockchain works. However, some blockchain explorers allow you to hide certain tokens, for example, ‘Private Ignore List’ function is already implemented in Etherscan. If you use some other service or wallet, then ask the developers to create such a feature.
Yes, we consider this a normal practice. If you don’t like how the blockchain functionality works, contact its developers or use the blockchain explorer that allows hiding certain tokens or you could create a separate anonymous wallet. About a year or so after the exchange launch, we will begin to gradually burn frozen tokens.
You mentioned that in order to unlock frozen tokens, their owners will have to trade on the KickEX exchange, and this probably means everyone will have to go through KYC there? Many people think that in this way you collect user data in order to associate their identities with specific ETH addresses and somehow gain profit from it. Please comment on this.
KickEX is completely legal exchange, and yes, it will be necessary to pass the KYC. All legal exchanges operate identically and in accordance with regulators requirements. However, in any case, we do not force anyone to trade, or go through a KYC, or ‘unlock’ tokens that we distributed in our FrozenDrop.
At Kick Ecosystem, we reduce risks by NOT storing personal data. If we are hacked, then no one will receive any passports, photos or anything else. We store data, passwords, and everything important in an encrypted form, as we understand that they can become the target for hackers. Therefore, in our case, KYC is a safe and right solution that protects you, for example, from the purchase of cryptocurrency or other assets obtained from the sale of weapons or drugs, and, therefore, from becoming a participant in the crime of laundering criminal money.
Many people who have received frozen KickTokens cannot distinguish between frozen and non-frozen tokens, because such info is not shown in wallets and on Etherscan. Due to this, owners cannot correctly transfer their normal KickTokens. How and when are you going to solve this problem? Does this also create an additional negative background around the project?
A special tool will soon appear on the KickEX exchange, allowing you to see and distinguish the number of frozen and non-frozen tokens at any ETH address.
You mentioned that FrozenDrop's goal is to attract users to the exchange, but not all token owners want and know how to trade. But you want to force them to do this. Don’t you think this is not entirely ethical?
We are not forcing anyone to anything. On the contrary, we are developing a free training program for trading on the crypto exchange, where we will teach everyone from scratch. If someone does not want to trade, this is his right. In addition, for those who do not want or are not able to trade, there will be another way to ‘unlock’ tokens, which we will disclose later. This will also become part of the project know-how, which we call “Combonomics”. What it is, and how it will be useful to users, you will find out very soon.
What is the planned KickTokens total emission?
After the Token Swap and Frozendrop, some users who did not learn much about the project and its documents began to express their concern that from time to time new KickTokens are being issued. In this regard, we want to officially explain our position on this issue. The most important thing to understand is that even before the start of the ICO project, the White Paper stated that any emissions can be performed until the market goal is reached: “When KickCoins reach a certain market value, KICKICO will cease their emission and start accepting them for payment for campaigns”. When it is achieved, we will officially notify everyone about it, but for now, this has not happened yet. To make sure that everyone was warned in advance you can follow the link that leads to the archive with the saved version of the old White Paper from August 2017, released before the ICO.
Perhaps the Zen calm is all that is needed to make it to the end when the sign is given. The magic is happening!