What is the CORION Foundation?
The CORION Foundation sets our platform apart from other cryptocurrencies. There is no traditional centralized, profit-oriented organization at CORION. Instead, the CORION Foundation was established to aid the CORION Platform in unique ways. The Foundation complies with all regulations and is registered in Zug, the Crypto Valley of Switzerland.
Funds raised from our TGE (Token Generation Event, formerly called an ICO) crowdsale and the issued CORIONS will be distributed as follows for both crypto and fiat currency:
50% Developments, investments managed by the Foundation
25% Stability Fund managed by the Foundation (2nd line stabilizing method)
16% To team members for their 1 year work (30 members)
4% To future developers and associates who work on the Platform
5% Marketing and promotions (building user base)
Here’s the percentage breakdown of issued CORION Coins after the completion of our TGE:
51% to ICO contributors
29% Stability Fund managed by the Foundation (2nd line stabilizing method)
16% To team members for their 1 year work (30 members)
4% To future developers and associates who will work on the Platform
In the event that the automated price stabilization does not maintain the price of 1 CORION equal to approximately $1 USD, our Stability Fund will be used to make the necessary adjustment. Interventions will be increased or decreased as needed from the crypto and fiat or CORION fund. Use of the Stability Fund to stabilize the price will be announced on the official notification platform, www.corion.io. The Stability Fund will be used mostly at the beginning, while the community and the use cases are growing faster, causing fluctuation. After reaching a certain number of users and businesses, the total coin supply will provide enough stability to avoid significant price fluctuation.
Development and investments to make the Platform more appealing for all users will also be an important function of the CORION Foundation. The CORION Team welcomes new, creative, skilled members, as we constantly develop our ecosystem for improvement. We encourage all innovations from the Crypto, Blockchain and FinTech World, to contribute to the improvement of the CORION Platform.
The Foundation will finance other profitable FinTech based ventures as well. All the profits from these ventures will be distributed in CORION Coins to the Premium Token owners in proportion to the amount of their tokens. (Read more in our business white paper.)
The Foundation also receives the daily 02.5% coin supply growth on its deposited unused funds (Stability Fund and Development Fund). The emission will be added proportionally to the funds and/or transferred to the CORION game pool if necessary.
As a Service Provider, the Foundation will be a participant in the coin emission supply growth. It will give only 50% of the daily supply growth to the connected users, encouraging competition among the Service Providers by challenging them to offer more attractive services than the Foundation. The realized profit is then transferred to the Stability or Development Funds or the CORION Game Pool if needed.
The Foundation supports launching Service Providers by lending accounts with a necessary amount to applicants who don’t have enough funds to establish a business on the CORION Platform. The Foundation takes just 10% from the total revenue for this service.
The built-in P2P CORION Exchange (Market) has a 0.25% fee on every transaction, which goes to the Foundation.
As part of the deflation methods, every transaction has a 0.02%, minimum and 5.00% maximum CORION Coin transaction fee. 80% of the transaction fee will be eliminated (burned) and 20% will be transferred to the CORION Game prize pool.
Supporting effective marketing activity is an important function as well. The Foundation will arrange meetings, engage influencers and facilitate speakers at events and conferences. In this way, we will continue to promote the platform and attract added value investment opportunities. Connecting the mainstream to the Crypto World through the adoption of CORION.
Charity will be provided by the Foundation to donate a certain amount of CORIONs to boost small communities and struggling economies in third world countries.
The Foundation will be responsible for communication with users, such as notifications, news and updates, as well as setting the time period for voting.
In addition, the Foundation will continuously collect donations from various donors who are willing to support innovative financial technology and unbanked people all over the world.
The main objective of the CORION Foundation is to reinvest all funds created by the
Platform to stabilize and develop it further. This innovative, unique foundation keeps the CORION cryptocurrency as well as our community vital and dynamic, able to stimulate,
support and create new growth opportunities for us all.
Get in on our TGE and claim your place in the future CORION community at https://www.corion.io/