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crab notes 🦀 lobsterdao crab notes 🦀 lobsterdao @crab_notes · 8.04K subscribers
Post #520 3.62K
NuCypher: NEW crowd sale 🔥

Participants in the token distribution escrow ETH into a smart contract where it is locked. In return, they receive tokens. Participants are free to use those tokens however they like:

- if participants use the tokens for their intended purpose (e.g. running staking nodes) they will recoup their escrowed ETH after producing some amount for work
- if participants choose not to use the token for its intended purpose, they forfeit their escrowed ETH, which is effectively burned.

This means NuCypher is not actually raising money. Thus, the circulating supply can end up being absolutely... negligent. This is insane.

blog.nucypher.com/the-worklock
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