UPDATE: KFI Mining To Last Only 3 days (March 22-March 25) - KLV Burn on March 26
The new updated timeline for KFI Mining on March 22-March 25 will make KFI mining simpler & accessible to all. KFI will be distributed based on the proportion of total KFI mining pool after the 3 days
Klever is thrilled to announce a new timeline and simpler rule for mining of the Klever Finance Token (KFI), which will now be shorter in time and easier for KLV holders to join.
This new update is in response to rising demand for KFI and after listening to the feedback from the KLV community, who requested a simpler and quicker way to mine KFI:
- KFI Mining will now take place between March 22 at 4pm UTC and end only three days later on March 25 at 4pm UTC.
- 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/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.
With this update in timeline and simplified mining rule, Klever is making it faster and easier for all KLV holders worldwide to join the highly anticipated KFI mining and KLV burn event on March 22 - March 25.
The only and exclusive public mining event 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 therefore last for just three days.
To reiterate, 100,000 KFI will be available to mine for the KLV community during the March 22 - March 25 event, KFI will be distributed based on the proportion of the total KLV sent to the KFI mining pool after the 3 days of mining.
The remaining 50,000 KFI that will be minted of the initial supply of 150k KFI will be swapped for the TWLT token after the KFI mining and KLV burn event is 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.
Important note: KFI has no intrinsic value, but is given value through the utility and usage of the Klever Blockchain. 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.
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 being 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 $24 million USD in today’s market value.
We anticipate that a total amount exceeding well 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.
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's 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.