Overview

The Kusama Network allows Parachains to source tokens for their Parachain bids in a decentralized crowdloan. Webb will be conducting a crowdloan campaign to secure a Parachain slot on Kusama for the Tangle network.

Kusama is a sharded, multi-chain network that allows blockchains to connect for interoperability, scalability, and plug-and-play network security. To join the Kusama network, all parachains must participate in and win a unpermissioned candle auction to secure a slot on the network. Parachains can choose to raise KSM in a variety of ways in order to participate in the auction.

Key Points

• The Tangle Crowdloan is happening soon, join the waitlist, and be sure you're eligible to participate with a compatible wallet and KSM tokens on hand.
• The Tangle Crowdloan is a community-backed launch for individuals looking to contribute to the growth of the Webb ecosystem and applications.
• Contributed KSM will be returned at the end of the Tangle parachain lease.
• The lease period (KSM locked period) is 48 weeks. TNT will be distributed after Tangle launches and transfers are enabled.
• Contributions are vested entirely over the lease period.
• No KYC is required, but participants must agree to Terms & Conditions where participants from certain jurisdictions are excluded.

TNT Token

• TNT is the native token of the Tangle Network.
• TNT has a fixed supply of 100,000,000.
• The token reward pool is set at 5,000,000 TNT tokens.
• The crowdloan cap is set at 200,000 KSM
• Reward distribution is set to at least 25 TNT per KSM contributed.
• TNT tokens can be used for voting on governance proposals.

Parachain Auction

Purpose of Tangle Crowdloan

Webb has chosen to host a Crowdloan to trustlessly crowdsource KSM, which will be used to participate in the Kusama parachain auction. The KSM will be bonded, or 'locked', in the Kusama Relay Chain for the duration of Tangle's parachain lease. The Parachain slot auctions follow a modified candle auction (opens in a new tab) format.

Crowdloan Mechanism

The crowdloan mechanism allows people to contribute by agreeing to lock up their own KSM until the end of the lease. TNT token (the native token of the Tangle Network) is distributed based on the amount a user locks and when the user locks.

The crowdloan mechanism can be summarized as follows:

• Create a crowdloan campaign, set a maximum of the total allowed contribution and set a campaign end date.
• Invite the community to participate in the crowdloan campaign.
• Crowdloan contributors initiate a special transaction allocating transferable KSM to the campaign's index. Contributors should NOT send KSM to an external account.
• KSM contributions can be submitted throughout the duration of the crowdloan campaign or until an auction is won, up to the maximum amount of contributions set by the parachain team when creating the campaign.
• If the Tangle Network wins an auction, the chain will be deployed at the start of the lease, and and the full amount of KSM contributed to the campaign index will remain locked for the duration of the lease.
• KSM contributed during the crowdloan will be returned to the contributor's at the conclusion of the lease period.

Prepare your KSM for Participation

If you are staking KSM you must unbond the KSM in order to participate in the crowdloan. Currently the unbonding period on Kusama is 7 days.