Remitano Network (RENEC) Mainnet Launching Announcement
After a year of hard work with the mining community's support, Remitano Network (RENEC) has come to the mainnet launch stage with 3 phases in October 2022.
See Also: 3 Things RENEC Miners Should Do Before Mainnet Launches
Mainnet launch process
Stage 1:
The first stage is the gensis block launch. The launch period will be from October 1, 2022, till the end of October 5, 2022.
Stage 2:
Stage 2 is the mainnet stability test phase. During this phase, the development team will perform the final tests to ensure the network is operating as stable as possible. This phase is expected to last from October 6, 2022, till the end of October 19, 2022.
Stage 3:
After the mainnet undergoes stability tests, users can officially use the network to perform transactions such as depositing or withdrawing RENEC and exchanging RENEC with Remitano's Swap feature. Stage 3 is expected to start on October 20, 2022.
See Also: How To Use Remitano Swap Feature To Swap Any Coin
RENEC Tokenomics
The total supply of RENEC at the time of mainnet launch is 72,227247.
The supply of RENEC at the time of mainnet is structured to include components with the approximate allocation as follows:
See Also: How To Be Eligible To Transfer RENEC To Mainnet
Miners community supply is expected to account for: 48.58% of the total supply = 35,575,446 RENEC.
The supply of the development team (Core Team) is expected to account for: 14.62% of the total supply= 10,705,246 RENEC.
Liquidity supply is expected to account for: 6.16% of the total supply = 4,508,785 RENEC.
Supply for marketing activities is expected to account for: 9.24% of the total supply = 6,763,177 RENEC.
Treasury is expected to account for: 12.31% of the total supply = 9,017,571 RENEC.
Dapp development fund and ecosystem: 9.09% of the total supply = 6,657,022 RENEC.
The specific amount of RENEC by part of the supply will be announced precisely during stage 1 of the mainnet progress when the RENEC mining program ends.
Supply Notes:
Miners Community Supply:
Miner community supply is approximately 42% of the total supply. Unverified miners' RENEC (KYC Level 2) will be burned entirely after September 30, 2022, when the mining program ends.
Core Team
The supply of the Core Team is approximately 17.5% of the total supply and equivalent to 25% of the total RENEC mined by the miners community and will be locked and staked for at least five (05) years to ensure the safety of the network.
Liquidity Supply
The amount of RENEC for liquidity is approximately 7% of the total supply and equivalent to 10% of the total mined RENEC of the miners community. The liquidity supply will be put into the liquidity pool (https://remitano.com/swap) and operated by Remitano. The development team only represents operating the liquidity pool without owning the RENEC within it.
50% of the RENEC in this supply will be put into the liquidity pool. The remaining 50% will be exchanged into USDT through a deal with Remitano and locked vesting in 6 months.
Supply for marketing activities
The amount of RENEC for marketing is approximately 10.5% of the total supply and equivalent to 15% of the total RENEC mined by the miners community. This supply includes short-term marketing supply, accounting for 5% of the total RENEC mined by the community, and the supply for long-term marketing activities accounting for 10% of the total RENEC mined by the community.
Treasury (Treasury)
The amount of RENEC for the treasury is approximately 14% of the total supply equivalent to 20% of the total RENEC mined by the miners community. This is a reserve fund for future activities to improvise network security. If not used, this RENEC supply will be entirely burned.
Dapp Development Fund and Ecosystem
1% of the total RENEC supply will be generated annually to serve the Remitano Network's ecosystem and application development fund within ten (10) years. This 1% is based on the total supply at the time of mainnet launch only.
Annual supply:
4.5% of the total RENEC supply will be generated annually to serve as the reward for validators/stakers on the network. This 4.5% is based on the total supply at the time of the mainnet launch only.
Unlock schedule
Miner community supply and development team supply (Core Stamps) will be unlocked in instalments over five (05)years:
Year 1: 20% divided equally over 12 months and unlocked every Saturday.
Year 2: 20% split evenly over 12 months and unlocked every Saturday.
Year 3: 20% divided equally over 12 months and unlocked every Saturday.
Year 4: 20% divided equally over 12 months and unlocked every Saturday.
Year 5: 20% split evenly over 12 months and unlocked every Saturday.
We want to correct the miners' community supply's unlocking schedule from 3 months in the first year to 12 months. The Core Team's unlocking schedule is also synchronized with the miner community to ensure the safety of the proof of stake network to emphasize the commitment of the development team to building the Remitano network in the long term.
In addition, the development team's supply will be locked staking for at least five (05) years to ensure the safety of the network.
Short-term marketing supply will be locked vesting for 24 months with a weekly cycle.
Long-term marketing supply will be locked vesting for 60 months (5 years) with a weekly cycle.
Treasury will be locked for 36 months, and 100% unlocked immediately after. This is a reserve fund for future activities with the purpose of keeping the network safe. If not used, this RENEC source will be burned.
What can you do to own RENEC?
At stage 3 of the mainnet process, you can deposit, withdraw and buy/sell RENEC through Remitano's Swap feature quickly and securely.
See Also: How To Swap Coins on Remitano
We will continue to have the latest announcements to update the mainnet status of the network. So please visit Remitano regularly to stay updated with the latest announcements.
How To Join the Existing Renec Miners
You can follow the instructional steps below to join the existing miners if you are yet to start mining Renec:
Step 1: Register on Remitano through this link:
https://remitano.net/renec/ng/join/3449864
Step 2: After successful registration, Search for "Remitano" on App Store or Google play store and Download Remitano mobile app.
Step 3: Open the app and login in.
Step 4: Click on the drop-down menu at the top left corner of the app, and click on the "Earn RENEC".
Boom! Congratulations! Your Renec will start mining
The mining will stop after 24hrs. Login to the app daily to keep mining RENEC.
What Can I Do To Get RENEC?
Mining of Renec has officially ended on the 30th of September, 2022. So RENEC has been officially launched on the 20th of October, 2022. So whether you mined RENEC through the free mining program or not, this is the best opportunity for you to buy or swap RENEC now with USDT by following the steps below:
follow the instructional steps below to get prepared on how you can buy or swap RENEC after launch from 20th of October onwards:
Step 1: Register on Remitano through the link below if you don't have REMITANO account:
https://remitano.net/renec/ng/join/3449864
Step 2: After successful registration, Search for "Remitano" on App Store or Google play store and Download Remitano mobile app.
Step 3: Open the app and login in.
Step 4: Verify your level 2 account by Doing your KYC.
Step 5: Then, learn how to swap coins on remitano from the link below: while waiting for your Level 2 KYC to be fully verified.
https://www.globaltechedu.com/2022/04/how-to-swap-coins-on-remitano.html
Note: (From the tutorial guide on the link above on how to swap coins on Remitano), The same process you can use to swap/trade RENEC.
Be an early investor by following the instructional steps above to buy RENEC from Remitano by swapping. Don't miss out on this Amazing opportunity.
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