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Cardano community members must surrender their ADA to support an ISPO and are given the projects tokens in return. This is inherently risky since ADA has clear and accepted value and our token KIRK does not. Here is what we perceive as being the biggest risks to our project by way of participation in the ISPO. Please note that this list may not be comprehensive or accurate to cover every possible outcome.
Risk 1
The ISPO is unsuccessful, and we do not raise enough funds: If we do not raise the aimed apon funds it will slow the development of products and utilities mentioned in the “Why are we raising funds” section. It will also provide an insight to the communities want for products and project.
Risk 2
Partially new business model: This is an idea never attempted in this form i.e. the crypto integration with multiple sections of the real estate industry. We have tried to mitigate these risks by accessing and reviewing similar business models, and use these models to critique our own models.
Risk 3
A lack of community interest: A company like this will only succeed if there is participation in it from the community. If community members are not interested in our company and the work we are doing or if they suddenly lose interest it can make the sustainability of the company uncertain.
Risk 4
ISPO over-saturation: From our research into current ISPOs running on the Cardano network, we do not believe over-saturation will be an issue in our ISPO. In the unlikely event that this could arise and the ISPO became oversaturated and rewards began to deplete, we would work with our partner Maestro to create another pool. However, the likelihood of this occurring is low.
Risk 5
ISPO centralization: The centralization issue is a potential risk; if one or two “whales” dominate the stake pool a significant amount of KIRK tokens may be issued to a small number of individuals. We have taken two steps to mitigate this risk, first we reserve the right to close/pause the ISPO. Secondly, our rewards will be distributed according to our vesting schedule, this vesting schedule has been designed to prevent dumping of the KIRK token.
Kirkstone ISPO
Important Information:
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Start Date: 18th October 2022
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End Date: Until Distributed (or sooner if unsuccessful)
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Pool Ticker: KIRK1
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Margin: 99%
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Tokens Available: 1% of Supply (16,000,000 KIRK Tokens)
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More Information:
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Token Policy: 522b999d50625f67ada1334b897e8cc677f9f939ed6fd379f759d455
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Fingerprint: asset1xf57ppe7q5r665ru7udsfjh3tazklazkm9h68g
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Tokens per ADA: 0.026 KIRK tokens per ADA delegated per epoch (e.g. 1000 ADA delegated would earn 26 KIRK tokens per epoch.
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Bonus: Anyone who stakes for 15 epochs or longer will receive a 10% bonus (e.g. 100,000 KIRK tokens earned, 10,000 tokens given as a bonus if stake was 15 epochs or longer).
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Distribution Period: We are working with Yepple to develop an environment to receive the rewards from the ISPO and the continued staking of the Kirkstone Founder NFTs. The distribution period of the ISPO will match the public vesting structure.
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# Of Pools: We will be using a single pool throughout the ISPO. If the pool becomes oversaturated we will review, and potentially open another pool.
ISPOs are sometimes seen as a risk free way of raising ADA for a project, in reality this is not the case. ISPOs require ADA stakers to trade their ADA rewards for a native token - in our case KIRK. This effectively means giving up something that has a defined value for our token which should be seen as having potential value.
We envision the complete tokenization of real estate including individual houses, housing developments and mortgages for the benefit of all. It is our belief that the sector's future can be a mutually prosperous one where tenants, investors and Kirkstone collaborate to make a difference to millions. If this sounds like something that interests you and that you would like to be a part of, please consider participating in our ISPO. Returns/gains on tokens are not a guarantee.
Additional Information
ISPO Goal
We are attempting to raise 244K ADA through our ISPO. As discussed in the “Why we are Raising Funds” section, this ADA will go to furthering the project. The ADA raised in the ISPO will be controlled by the Founders; currently, we cannot automatically deposit our ADA into our ADAO multisig treasury wallet.
Why we are Raising Funds
The ADA raised through the ISPO will be used to partially fund two essential pillars to the Kirkstone Ecosystem. The first use will be to fund the smart contract development for our upcoming NFT marketplace - this would involve the tokenization of real estate for our property equity NFT products as well as navigating the legal and financial regulations associated. The second use of the ISPO will be to fund the front-end and UI/UX development for Erdős (our AirBnB competitor) to a comparative industry standard.
Multi-Sig Wallet
Currently Kirkstone is using the roundtable multisig wallet to secure funds/tokens in the project. The Kirkstone Founders (the CEO and COO) hold 2 keys each to the Multisig wallet. The wallet requires 3 of 4 keys to move tokens from the wallet. We aim to have a community representative in the future, when the community is more established, that we can hand one of the keys too.
ISPO Bonuses
Standard Bonus
There are a number of ways ISPO participates can add bonus KIRK to your reward amount, the first is simple. If any participant stakes in the ISPO for 15 epochs they are entitled to a 10% bonus.
Kirkstone Founder NFT Holders
Our Kirkstone Founder NFTs offer unique bonuses to our ISPO and can be combined with the standard bonus. The ISPO benefits are each rarity of NFT are as follows:
Legendary - 50%
Rare - 25%
Community 20%
More information about the other various benefits of our first NFT collection can be found here. You can also mint a Kirkstone Founder NFT at (good luck for legendary) - https://mint.mintcity.app/mint/kirkstone
Key Risks
ISPO partner: Maestro
Maestro is a PaaS (platform-as-a-service) company that aims to power Cardano dApps through turnkey infrastructure solutions starting with ISPOs. For stake pool delegators, Maestro offers an ISPO Marketplace that lets the community explore current and upcoming ISPOs, and discover top new DeFi projects on Cardano. The Maestro dashboard will provide a detailed overview of each ISPO to help the community learn about projects and decide where to best delegate their ADA. For Cardano projects, Maestro will help them launch full-scale, multi-pool ISPOs with minimal time and effort.
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ISPO Dashboard
We are currently working with our partners to get an ISPO dashboard, so ISPO stakers will be able to input their wallet address and view their current KIRK rewards. This is expected in the next few weeks... for now you can mannually input the ada you are staking using the calculator below!