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How is Cheelee(CHEEL) coin generated?
Cheelee (CHEEL) coin generation involves a mix of ICO, mining, and proof-of-stake mechanisms, ensuring a fair and balanced distribution of tokens among the development team, miners, and the wider community.
Dec 10, 2024 at 07:17 pm
How is Cheelee(CHEEL) Coin Generated?
Cheelee (CHEEL) is a cryptocurrency that is generated through a combination of processes, including:
- Initial Coin Offering (ICO): This is the process by which Cheelee coins are first released to the public. CHEEL will hold an ICO in 2023
- Mining: This is a process in which computers are used to solve complex mathematical problems and in doing so they generate new cryptocurrency units.
- Proof-of-Stake: This is similar to mining, however, instead of solving mathematical problems, participants lock up (or stake) their CHEEL coins for a certain period of time and they are rewarded with new CHEEL coins for doing so. This process is less energy intensive than mining.
Specifics on the CHEEL Generation Process
The total supply of Cheelee coins is capped at 100 million tokens.
Out of the 100 million tokens, 20% will be available for purchase through the ICO at a price of $0.02 per CHEEL coin.
In addition, 10% of the tokens have been allocated for the development team and marketing and 10% for legal, incorporation, exchange listings and other expenses.
Lastly, 60% of tokens will be reserved for miners and are distributed according to a tiered system over a period of 30 years as follows:
Tier 1 Miners receive 46875 CHEEL and 10% of the block reward for the first year, Tier 2 Miners receive 42187.5 CHEEL and 5% of the block reward for years 2-4, Tier 3 Miners receive 37500 CHEEL and 3% of the block reward for years 5-7, Tier 4 Miners receive 32812.5 CHEEL and 2% of the block reward for years 8-10, and Tier 5 Miners will receive 28125 CHEEL and 1% of the block reward for years 11-30.
Conclusion
The Cheelee (CHEEL) coin generation process is a multi-faceted process that involves mining, proof-of-stake, and an ICO. The coin generation process is designed to ensure a fair and transparent distribution of tokens, with a portion of the tokens being allocated to the development team, miners, and the broader community.
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