Project Introduction
Kintsugi is interBTC's canary network on Kusama. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. Kintsugi is maintained by a decentralized network of collateralized Vaults who secure locked BTC on Bitcoin.
Project Highlight
Kintsugi, same as interBTC, is the only fully trustless and decentralized Bitcoin bridge. It is based on top-tier scientific research and has been audited by leading security firms. Anyone can become a Vault, anytime, and help secure BTC by locking collateral. Users thereby only trust that Bitcoin and Kusama are secure: the protocol guarantees that users can always get back their BTC, or will be reimbursed in collateral at a beneficial rate. Kintsugi thereby features a MakerDAO-like multi-collateral model, allowing for stable and interest earning assets as collateral. Users can also delegate stake to Vaults, allowing Vaults to take up leveraged positions and allowing for better strategies.
Project History
Kintsugi is interBTC's canary network. interBTC is based on the XCLAIM protocol, invented in 2018 by the Interlay co-founder, and published as a peer-reviewed top-tier security paper. Interlay was founded to build XCLAIM and received two Web3 Foundation grants (2020 & 2021) to implement interBTC on Polkadot (initially branded as PolkaBTC). Alpha testnet was launched in November 2020 and feature-ready Beta in March 2021, and will now run for Kusama auctions 6-10.
Investors
IOSG - Launchub Ventures - Blockchain.com Ventures - KR1 - Hypershpere - CMS - Zee Prime Capital
KINT Tokenomics
Kintsugi will be governed by its community from day 1 - via KINT, Kintsugi’s governance token. Kintsugi will go live via a fair launch scheme.
KINT tokens will be distributed to network participants, builders and early backers as airdrops and block-rewards. There will be no public sale or ICO.
Below is a summary of the Kintsugi token economy, as described in the token economy whitepaper released by Kintsugi Labs.
Key Functions of KINT
The KINT token’s main purposes are:
Governance- KINT holders vote on governance proposals and elect council members to make operational decisions.
Utility. Mit-term, Kintsugi will support transaction fee payments in KINT and other digital assets, in addition to KSM.
Supply and Emission
KINT features an unlimited supply. The emission schedule is defined as follows:
10 million KINT emitted over the first 4 years (4:3:2:1 million)
2% annual inflation afterwards, indefinitely.
Specifically, the emission schedule for the first 6 years looks as follows:
https://docs.interlay.io/_assets/img/kintsugi/emission_schedule.pngCrowdloan Bonuses
Distribution
KINT will be controlled by the community:
70% is distributed to the community as airdrops and block rewards.
30% is airdropped to the Interlay team, and early & future investors, who funded development of the protocol - subject to 1 year followed by 1 year linear vesting.
Starting in year 5, only the community receives new KINT from the annual inflation.
https://docs.interlay.io/_assets/img/kintsugi/Kintsugi_initial_distribution.jpgDistribution of the initial 4-year supply.
https://docs.interlay.io/_assets/img/kintsugi/Kintsugi_5y_distribution.jpgDistribution of the 2% annual inflation starting in year 5.
For a detailed breakdown and explanation of the KINT distribution, check out the token economy whitepaper released by Kintsugi Labs
Right now they are looking for an ambassadors... So don't waste your time...
https://twitter.com/kintsugi_btc
