Full Transcript of KFI Mining & KLV Burn AMA
If you missed the live AMA with Klever's CEO Dio Ianakiara, no need to worry. Here is the full transcript where Dio addressed Klever's KFI Mining on March 22-25 & KLV Burn on March 26.
Question 1: What is the KFI Mining & KLV Burn Event?
A. KFI Mining event will take place between March 22 at 4pm UTC and end only three days later on March 25 at 4pm UTC. During this period, KLV holders from around the world will use their KLV to mine the governance token of the upcoming Klever Blockchain, the scarce Klever Finance Token (KFI) of which only 100,000 will initially be minted during the mining event.
This is not a staking event, but instead a burn-mine event - this means that all KLV used to mine KFI will be burned and removed from the KLV circulating supply on March 26 once the KFI mining has ended.
The available amount of KFI (100,000) will be divided by the entire amount of KLV received and each KLV sent will receive the proportional amount in KFI to which it is entitled. In other words, KFI will be distributed based on the proportion of the total KLV sent to the KFI mining pool after those 3 days of mining
All KLV sent to the KFI mining address at klever.io/en/labs during the mining event will be burned on Friday, March 26, in what is set to become one of the largest coin burns in the history of crypto.
KFI will be distributed on Monday, March 29 to all mining participants who used their KLV to mine KFI.
Question 2: How does KFI Mining work and how do I as a KLV holder join?
Like with all products by the Klever team, we have made it super simple to join the KFI Mining Event for everyone, independent whether you’re completely new to crypto or been in blockchain for years.
All you need to do is go to klever.io/en/labs where you will be able to follow the instructions to mine KFI. It’s really that simple.
On Monday, March 22 at 4pm UTC the KFI mining will launch at https://klever.io/en/labs/
. You will then have exactly 3 days to send KLV to the KFI mining contract address. After the KFI mining has ended on March 25 at 4pm UTC, KFI will be distributed based on the proportion of the total KLV sent to the KFI mining pool after those 3 days of mining. The newly minted KFI will be sent to the KLV addresses that sent KLV to the mining pool on Monday, March 29.
Question 3: What is KFI and what is the utility of 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.
It’s important to note that KFI has no intrinsic value, but is given value through the utility and usage of the Klever Blockchain, just like KLV was before the massive uptick in usage in Klever products. KFI is not an investment and not a token sale, but instead, KFI is an opportunity to participate in the governance of the Klever Blockchain and be part of one of the fastest growing blockchain communities in the world.
Question 4: Will KFI be listed on any exchange?
Yes, KFI will be listed on several exchanges in the coming period.
Question 5: Is there a minimum amount of KLV required to participate?
Yes, the minimum amount of KLV required to participate in the mining event is 1,000 KLV.
Question 6: If one contributes to the mining pool using 1000 KLV how many KFI it gets?
We will only know the answer to this question once the KFI mining event ends.
Question 7: What will be the supply of KLV after the burn?
Depending on the amount of KLV sent to be burned in order to mine KFI by the global KLV community, the supply after the burn can vary. That being said, we anticipate at least 500 million KLV to be burned during the mining event.
Question 8: Can one send KLV from an exchange to mine KFI?
No, if you do that you will lose your KLV and KFI. It is better to use your Klever app KLV address to participate in this mining event.
Question 9: Can one use the KLV staked inside Klever to mine KFI?
No, the staked KLV is not possible anymore to use in the KFI mining event due the unfreeze period of 7 days. As the event is ending on March 25th you will be too late for joining the KFI mining event and missing the opportunity to earn interest in those 7 days unfreeze period.
All KLV sent to the KFI mining pool will be burnt and not returned in order to generate the KFI tokens.
Question 10: Will my KLV in my wallet be burnt? (referring to the KLV outside the mining pool)
No, if you leave your KLV staked or in your wallet, your KLV will remain untouched. In the end, Klever has given new meaning to “your keys, your crypto”, so only you can decide what to do with your KLV.
Question 11: How much KLV will the Klever Foundation, yourself and other founders burn to participate in the KFI Mining Event?
As a show of confidence in Klever Blockchain and a long-term commitment to being part of the KFI governance community, the Klever Foundation has officially committed 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 $27 million USD in today’s market value.
We estimate that a total amount over 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.
Question 12: Can you tell us more about the Klever Blockchain and its development?
A blockchain network does not have intrinsic value in and of itself, but in fact is only as valuable as what the platform offers its users in terms of usable products and opportunities to participate in the network. With this in mind, we are launching the Klever Blockchain to allow users on a global scale to access indispensable services and products. These include market-leading crypto wallet, crypto swap, web browser, exchange, staking, payment channels, loans, liquidity pools, decentralized finance, game assets, supply chains, logistic records, notary, stored value, gift cards, rewards, loyalty programs, collectibles, banking, ownership and more.
We strive to create a blockchain network where trustless technologies empower businesses and individuals in an open global economy using secure, fast and innovative on-chain peer-to-peer applications.
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 and ready-to-use functionalities for developers to build decentralized applications with.
Our goal is to have a secure and efficient blockchain coordinated by a Proof of Stake consensus mechanism composed of 21 validators (masternodes), which are randomly selected among the masternodes for the consensus group in each Epoch (time cycle).
Question 13: Do you have any other exciting news or announcements that you would like to share with the community?
Yes, it’s important to mention that KFI is a community effort to build an exciting new blockchain ecosystem.
We want to empower our community to participate in one of the most innovative moments in crypto history!
Klever Blockchain will distribute parts of fees collected from Klever Blockchain Apps (kapps) as KLV network rewards to the KFI governance community, as a reward for the responsibility and essential work involved in governing the blockchain.
Some of the new kapps we launch under Klever Labs umbrella can reward the KFI holders with a small percentage of their specific kapps tokens in reward for the KFI governance and maintenance of the network.
Every new project in Klever Labs will burn KLV in order to generate a new kapp token, similar to the KFI mining being done by burning KLV. We at Klever love to burn KLV!
We are super excited to announce that we already have two kapps on board:
A Game and an AI Trading app. Each of them will have its own token inside its products and will accept KLV as a payment option.
Klever.io passed many milestones in 2020: by year-end, we had served more than 2 million customers, yielding 8,934% revenue growth to $2 million dollars, and extended our market leadership despite aggressive competitive entry and complexity of the crypto industry.
Like Jeff Bezos, I like to think that this is Day 1, for crypto and, if we execute our plans well, for Klever!
Today, we help people save money and precious time by eliminating the complexity of crypto and blockchain usage, and by vastly improving the security of the crypto world’s products and the level of encryption. Tomorrow, through personalization, Klever will accelerate the onboarding of billions of users in search for financial freedom and self banking.
Klever.io uses crypto to infuse real value for its users and, by doing so, hopes to create a fair, secure and ethical ecosystem for everyone, independent of origin, nationality, gender, religion or social status. All are welcome in the Klever family!
We will not stop until we have achieved our goals and Klever’s ultimate goal is to offer self-bank for 7.8 billion people. Join this movement at klever.io.