The CLN Pre-Sale is Now Closed. Here Are The Results
Tags: ICO, Token Sale, Cryptocurrency, Blockchain, Finance

As of today, 12/02/18 the Colu Local Network Presale event is officially closed. We have successfully sold 222,436,069 CLN tokens. Investors in the Presale include the IDB group, Spark Capital, Aleph VC and many others.

We would like to thank everyone in the CLN community for their continued support over the past few months. Together we can harness the power of blockchain technology to revolutionize the way we make payments and generate value for communities all over the globe. Our commitment to creating the CLN network remains unwavered and we are revving up gears for the upcoming crowd sale which starts on the 14th of February.

We have taken the following measures to ensure that our crowdsale is fair, transparent and geared towards supporting the goal of steadily developing the CLN network, here are some of the steps we took to ensure that :

Pre-Sale Investor Lock Ups

Most of the tokens that were sold in the Colu Local Network Presale have been locked up for a period of up to three years with a monthly vesting schedule. This might decrease the risk of manipulation. A total of 169,086,751 CLN tokens were locked and will be released gradually over time.

No bonus tokens were given without a lockup period. All this is easily verifiable on the vesting contract. https://github.com/colucom/CLN-solidity

Future Development Pool

The CLN tokens allocated to future development have also been locked up for a period of three years with no option of accessing the funds until the three years are over. This was done to ensure the network has sufficient funds for its continued development and the support of the CLN network and focus on creating long term value.

Team Pool

The team pool allocation will be locked for 36 months with monthly vesting and a 6 month cliff.

Transparency and Diligence

During the course of the token pre-sale we were fair and transparent about the lock up options and did not negotiate private deals. Our smart contracts have been audited by two auditing agencies to ensure security. We have implemented a KYC procedure to all potential participants. We voluntarily adopted high standards in the process and made every effort to comply with regulation in a continuously changing environment.

What’s Next?

The end of the Presale is just the first step of the token sale, we are looking forward to the crowd sale on the 14th of Feb. If you have not yet signed up and passed KYC please head to our website and go through the process so you will be ready to take part in the token sale on the day.

All participants taking part in the crowd sale must pass KYC and upload their ERC-20 wallet address, the CLN tokens will be sent to that address upon completion of the crowd sale.

The Future

Shortly following the end of the crowd sale, the set of smart contracts facilitating issuance of community currencies and providing liquidity to them will be deployed and available to the community to use. As part of the CLN community, we will continually be creating and working on more features of the CLN and begin developing the infrastructure to support payment transactions in communities that are part of the CLN ecosystem. We look forward to seeing what the community will develop for the network and how it will utilize its growing capabilities.

We appreciate the support that we have received until now and look forward to a bright future ahead.

To learn more, visit our website!