Shardus Token

The Shardus Token (ULT) is an utility token. Its primary purpose is to incentivize development of the Shardus software. It's utility is for licensing of the Shardus software. Details about distribution and current circulation are updated monthly and available online. The Liberdus Coin (LC) and payment network will be one of the first applications built using the Shardus software.

• A max supply of 1,000,000,000 (one billion) ULT tokens are created during the development phase as an ERC-20 token on the Ethereum network. Any amount that is not used during the development phase are burned. The monthly Distribution Report provides total amount of ULT that is in circulation.
• The ULT token is only distributed in exchange for products and services provided to the project. Tokens are not sold for other coins, tokens or fiat by the project. The Shardus project does not buy or sell the token on the market or to investors.
• The ULT is distributed to contributors based on the market price (rounded to $0.05 USD) but never less than a nominal value of $0.10 USD each. For example if the project offers a bounty which it determines provides a value of $150 USD, then 1,000 ULT will be the reward for completing this bounty if the market price of the ULT is around $0.15 USD.
• Although the project awards ULT based on the above nominal value, the tokens cannot be redeemed with the project for any value. Nor does the project acquire tokens on the market to take them out of circulation.
• Those who have earned ULT tokens are free to exchange them for other assets on the open market at any time.
• The early contributors to the project are reimbursed with ULT for past efforts and expenses incurred due to the project. See Reimbursements.
• A maximum of 10,000,000 ULT will be given freely as part of airdrops to members of cryptocurrency communities.
• A monthly report is published on the website of how many ULT were distributed that month. These numbers can also be verified by examining the ULT smart contract.
• Once the Liberdus network is developed and deployed, the Shardus association will be dissolved and more ULT token will not be distributed. Any undistributed ULT remaining will be burned.
• Once the Liberdus network is deployed, ULT token holders will be able to claim Liberdus coins on the Liberdus network while continuing to keep the ULT tokens. See Token to Coin.
• The Liberdus decentralized network will use a DAO to allow the community to take over the Shardus and Liberdus software development and maintenance.
• The Shardus software will be released under a Creative Commons BY-NC-SA license.
• Enterprises that use the Shardus software in a private network can obtain a license by exchanging ULT for a license token through the ULT smart contract. The contract burns the submitted ULT to decrease the supply and issues a license token to the sender.
• Projects that use the Shardus software and deploy a public network can meet the license requirement by allowing ULT holders to claim coins on the projects network. This incentives ULT holders to use the new network and helps the project grow it's community.
• The licensing is based on the honor system and there is no guarantee that an enterprise or project will obtain a license for the Shardus software. Projects and enterprises that obtain a license will be recognized on the Shardus website.

See Liberdus Coin.