Spendcoins have been created by the Spend Foundation, a non-profit based in Estonia.
At the genesis of the Cross Ledger Pre-Launch Network, 2 billion Spendcoins (SPND) will be created as specified in the white paper in the form of ERC-20 tokens on the Ethereum Blockchain.
Spend Foundation’s “Plan-of-Distribution” (PoD) requires the distribution to follow these standards of distribution:
25% (500,000,000 SPND) – Rewards Distribution
The goal of the Distribution Program is to make SPND easily accessible to millions of individuals and communities across the globe. By implementing a simple mechanism for distribution featuring a low barrier to entry, we hope to distribute free SPND to millions of individuals worldwide. We believe the Distribution Program will help us expand the reach of the network and, subsequently, help achieve our goal of building a more inclusive digital economy. Giving away SPND is an invitation for communities to learn more about digital financial assets and encourage users to learn about the blockchain through our Blockchain University. The availability and active use of SPND on the network will increase the overall network’s utility. The Distribution Program will be in the form of purchase rewards back and wallet tasks. Any initiative or strategy we implement to support this distribution will serve the implicit purpose of this program: to get a small amount of SPND in the hands of as many people as possible with the intention of promoting financial knowledge and access to financial services around the world.
12.5% (250,000,000 SPND) – Partnerships
The purpose of the Partnership Program is to encourage adoption and growth of the Spend ecosystem through the institutional distribution of SPND while promoting the usage through rewards for Spend Card Holders. As institutional and consumer reward adoption is a primary driver for scaling usage, the Partnership Program is structured to incentivize key adopters and align their goals with the Spend Foundation. To fund the rewards, 250M SPND will be set aside for grants to card rewards, businesses, governments, institutions, or nonprofit organizations that contribute to the growth of the Spend ecosystem.
12.5% (250,000,000 SPND) – Spend Enterprise Association (SEA)
Digital Currency companies that join the Spend Enterprise Association (SEA) will be listed on the Spend Platform which will make their currency/asset spendable via the Spend App & Spend Card. Holders of those partnered coins will receive SPND to their Spend Wallet to further promote the companies membership of the SEA for its users.
12.5% (250,000,000 SPND) – Spend
Distributed to Spend for Operations with a 1% monthly budget.
12.5% (250,000,000 SPND) – Founders & Advisors
Distributed to Spend Founders & Advisors with a 3 year release cycle.
25% (500,000,000 SPND) – Spend Foundation
Spend Foundation will be granted 500 Million SPND through a 10 year budget allowance and 10 year growth distribution. These Spendcoins will be used towards grants for Blockchain University, Cross Ledger Development, Spend Foundation operation, Development Research, Partnerships with Universities and institutions, and as fit by the board. The Advisory board will be responsible for distribution allowance by majority vote within the Foundation. The Foundation will be responsible for handling all the key elements of Spendcoin, Cross Ledger, Blockchain University, and other future decentralized projects.