The only public round of mining for the governance token of upcoming Klever Blockchain, the Klever Finance Token (KFI), will transpire on March 22-April 20. All KLV used to mine KFI will be burned.
We at Klever are happy to reveal the highly anticipated and soon to be launched KFI Mining & KLV Burn Event that is slated to commence on Monday, March 22.
The public mining of the governance token of the upcoming Klever Blockchain, the scarce Klever Finance Token (KFI) with just an initial circulating supply of 150,000 KFI, will last for 30 days only.
The KFI mining will consist of daily mining events, which will end on April 20. Klever Foundation is committing to use and burn 250 million of KLV reserves to mine KFI, removing a quarter of a billion KLV from circulating supply.
All Klever Coins (KLV) used to mine KFI will be burned after the event has concluded.
What is KFI?
The Klever Finance Token (KFI) is the Klever Blockchain governance token. Only 150,000 KFI will initially be mined and the token is scarce in nature.
A total max supply of 1,000,000 KFI will ever be created through a halving process, and the full minting process will autonomously be taking 20 years to complete.
KFI token holders will have an essential influence and crucial responsibility over the Klever Blockchain’s function and have complete control over the apps protocol configuration (such as application fees and functionalities), as well as approval authority over new apps using an on-chain voting system.
Inside the Klever Blockchain, KLV is the main utility token used for transaction gas and energy usage - KFI is the governance token for the Klever community and its main utility is to empower a world-wide distributed community to innovate in p2p technologies and advance decentralized finance products and services.
KFI holders will be able to use KFI on Klever Blockchain to:
- Vote for new app proposals.
- Vote for change of app proposals.
- Vote for new projects.
- Earn network rewards when participating in the governance of the blockchain.
KLV holders globally will be given the opportunity to mine KFI by adding KLV into daily mining pools. All KLV used to mine KFI will be burned and removed from KLV’s circulating supply.
A total of 100,000 KFI will be made available for mining to the global KLV community during the KFI Mining and KLV Burn Event of March 22-April 20, 2021.
How will the KFI Mining Work?
Klever Foundation will be automating the process of minting a total of 100,000 KFI over the course of 30 days. KFI will be minted as a TRC20 token prior to KFI’s migration to the Klever Blockchain later this year. All minted KFI governance tokens will be distributed at the end of the event.
All KLV used to mine KFI will be burnt and removed from KLV’s circulating supply at the end of the event.
The mining will take place at klever.io/labs, and today there is a real time countdown until KFI Mining begins on March 22.
Every day during the KFI Mining Period at midnight, 12:00am UTC, Klever’s developers will take a snapshot of the KFI Mining Pool address. KFI Mining participants will then share 1/30 (3,333.33 KFI) of the total KFI allocated, distributed based on the proportion of each address.
For instance, KFI Mining Pool participants who added KLV on Day 1 of the mining event will also get a proportional share of the KFI tokens distributed for the full 30 days.
If a KFI miner stakes KLV from Day 2, that address will receive a proportional share of the KFI tokens distributed for the following 29 days since mining, and so on.
User A has added 1M KLV on the first day of KFI mining.
User B adds 100K KLV every day since day one.
And user C, have added 10M KLV after 15 days of KFI mining started.
“ACC BurnMining” represents the total KLV allocation of that mining day snapshot at 12:00am (midnight) UTC. After the 30 days event, user A has mint 354.53 KFI, user B has mint 420.39 KFI and user C has minted 1,235.62KFI.
KFI Rewards & Governance
Klever Blockchain will distribute 100% of the protocol fees as KLV network rewards to the KFI governance community as a reward for the responsibility and essential work involving in governing the blockchain. Each Klever Blockchain app, or kapp, can have its own set of fees. Rewards are fees automatically collected on apps.
The power to approve or deny new kapps lies exclusively in the hands of the KFI governance community.
By using the KFI governance voting system, KFI holders will ensure that Klever Blockchain will be free of scams and suspicious apps since the KFI governance community are the one reviewing and approving the deployment of new kapps.
Klever Foundation Participation
As a show of confidence in Klever Blockchain and a long-term commitment to be part of the KFI governance community, the Klever Foundation is today officially committing to using 250,000,000 KLV out of its KLV reserves already in circulation to mine KFI from day one of the KFI Mining and KLV Burn Event.
The 250,000,000 KLV is estimated to be worth more than $14 million USD in today’s market value.
We anticipate that a total amount exceeding 500 million KLV will be used to jointly mine KFI by the KLV community and the Klever Foundation’s combined forces. This entire amount of KLV used to mine KFI will be burned and removed from KLV’s circulating supply.
What makes Klever Blockchain different?
A blockchain network is only as valuable as what the platform offers its users in terms of usable products and participation in the network’s activities and reward structure.
We are building and launching the Klever Blockchain in 2021 to allow users on a global scale to access simple, secure, indispensable, and powerful financial services and decentralized crypto products.
Blockchain Built to Empower
Klever Blockchain will enable developers to build decentralized applications like never before. Building and deploying blockchain apps should be simple, cheap, and easy for all developers to do, and that is exactly what Klever Blockchain will enable.
Instead of being a smart contracts platform, Klever Blockchain will provide prebuilt ready-to-use applications and features that are native to the blockchain. Klever Blockchain Apps, also called kapps, are on-chain applications developed by the Klever Foundation and Klever Developers Community.
Klever OS SDK for Developers
These ready-built features will be made available for any and all developers to implement through Klever OS Software Development Kit (SDK) their own interface solution. With Klever OS’ simplifying approach developers do not need to understand crypto or blockchain anymore.
This innovative approach will significantly enhance today’s dapp functionalities and guarantee a smoother onboarding to the Klever Blockchain’s native infrastructure, making it magnitudes more secure, simpler to build, and cheaper to deploy.
KFI Mining for the Next 20 Years
KFI mining will take place on the Klever Blockchain when users provide liquidity for certain KLV-based token pairs or liquidity pools. This mechanism of generating KFI is a result of the amounts allocated for liquidity we call KFI Network Rewards.
This will be the primary way Klever users can mine and accumulate KFI over the next 20 years on the Klever Blockchain.
To clarify, KLV Coin is the Klever Blockchain main utility token, and KFI is the governance token of the blockchain. Like all other tokens and cryptocurrencies, KFI has no intrinsic value but is given value through the utility and increased usage of the Klever Blockchain.
KLV’s current circulating supply is 3,980,359,287 KLV. More than 67% of that circulating supply, amounting to 2,678,147,451 KLV, is today frozen and staked by the Klever community and KLV holders, who receive hourly rewards.
Today’s announcement comes 14 days ahead of the March 22 launch of the KFI Mining and KLV Burn Event in order to give KLV stakers enough time to unfreeze and withdraw the desired portion of their KLV holding, so they can take part in the KFI Mining Pools.
The exact details on how to mine KFI at klever.io/labs in practice will be announced on closer KFI Mining Pools launch on March 22.
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