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Primer on ASK: Total and Circulating Supply

Recently, there have been questions about the token release schedules, lock-up periods and total circulating supply of ASK coins. In a community built on trust, there is no room for confusion. As such, we want to offer our community detailed information regarding our current and projected circulating supply.

Total Supply and Circulating Supply

The total uninflatable supply of ASK tokens is 100 billion. Of this total, 40% of tokens is allocated to users, 25% is earmarked for Purchasers and Supporters, 20% is set aside for developer incentives and advisors, and 15% is allocated to the team. The large supply is meant to allow mass adoption by users around the world, while still transacting in whole coins instead of fractional percentages of coins.

The current circulating supply of ASK is less than 15% of the total, and stands at 13,386,481,798.

Here are some additional details on the circulating supply:

  • Two billion tokens are allocated to Series B-1 investors and to the team. Although these tokens have been unlocked, several of our investors are showing their long-term support of Permission by agreeing to keep these tokens off the market for additional years.
  • All current team members are on four-year vesting schedules for their ASK. Original team members–for example “seed token” holders like founder and CEO Charlie Silver– are fully vested, but subject to a one-year lockup from the primary listing date that started from the date of our first exchange listing. Additionally, all team members are subject to a constraint on selling their tokens; that is, they cannot sell more than 25% of their vested tokens within any three-month period.
  • Nearly all employees, board members, advisors, and the majority of our Purchasers and Supporters are subject to this same one-year lockup from the date of our primary listing.

No team members, including the CEO, have sold a single token to date. Although a significant portion of “team” tokens are allocated to former employees, not a single token from that allocation can be withdrawn until one year from the primary listing date. Additionally, upon the unlocking of fully vested team tokens, each employee, current and former, is limited to transferring or selling not more than 25% of their total vested and unlocked tokens per quarter.

It’s important to note that only 72 percent of tokens reserved for current or former team members have been allocated. Because innovators continue to join our team, we are reserving a sizable percentage for future employees.

This lock-up schedule was created because of our team’s total commitment to the long-term integrity of ASK. As a mission-focused, long-term project, we believe this is the ethical way to operate. The founder, board members, advisors and entire team believe strongly in our mission and are committed to developing the ASK ecosystem over a long period of time.

SAFT Holders

As for the SAFT holders, the overwhelming majority of SAFT holders were entitled to half of their tokens on Mainnet Launch, with the other half unlocked six months after launch. Many of the largest SAFT holders have already taken custody of their coins, while others have agreed to extend their lock-up to one or more years from the primary listing date.

Permission.io is always exploring opportunities that encourage token holders to support us in the long-term. That is why certain of our SAFT holders, Purchasers and Supporters will further extend their lockups so that their tokens do not enter the circulating supply at the one-year anniversary of the listing date.

Updates

We will continue to provide regular updates regarding the ASK supply. For those who still are interested in understanding our projected increase in supply, please see our Coin Economics paper to understand how we’ve modeled user acquisition campaigns and a significant number of partnerships that will impact the supply. Please also check out CoinMarketCap and CoinGecko for real-time updates.

Permission.io has designed every part of its ecosystem, from total supply to circulating supply, from release schedules to lock-up provisions–with the users in mind. Growing the network by incentivizing users-as well as expanding the number of Purchasers and Supporters to help grow our platform-can involve some complex mechanics.

As one of the builders of a fair and trustworthy internet, you can count on us to continue to be fully committed to transparency. We will always take the time to explain how our model is designed, and how it works.

About the Author
Permission is a consumer-first platform powered by the cryptocurrency ASK. We make it easy for you to own and be paid for your time and data while engaging with the web as you normally do.
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