SKTLs: The Space Cryptocurrency
Legal Disclaimer Nothing in this White Paper is an offer to sell, or the solicitation of an offer to buy, any tokens. SKTLs is publishing this White Paper solely to receive feedback and comments from the public. Nothing in this White Paper should be treated or read as a guarantee or promise of how SKTLS’s business or the tokens will develop or of the utility or value of the tokens. This White Paper outlines current plans, which could change at its discretion, and the success of which will depend on many factors outside SKTLs’s control, including market-based factors and factors within the data and cryptocurrency industries, among others. Any statements about future events are based solely on SKTLs’s analysis of the issues described in this White Paper. That analysis may prove to be incorrect.
The SKTL ERC20 token project is a cryptocurrency token for space enthusiasts. SKTL tokens are designed to capitalize on the future of the space economy while at the same time providing funds to clean up space debris. Space debris is an ever-growing problem that has the potential to severely affect the space economy and the ease of access to outer space.
In a recent research study, Morgan Stanley predicted that the global space industry could surpass a total value of $1T by 2040 and the designers of the SKTL token believe this estimate is very conservative as we expect the space economy to become a multi-trillion dollar economy within the next ten years to become perhaps the single largest economic revolution in history over the next couple decades. At the same time there is a cloud of more than 9,000 tons of space debris flying around in space at more than 10x the speed of a bullet out of a gun above us that poses a huge risk to satellites, rockets, and anything else needed for the space economy
The SKTL cryptocurrency token is a smart contract that is intended to reward holders for humanity’s progress in developing and exploring space while also providing a fund to help with ensuring that Space remains open to humanity. This token provides a way for token holders to benefit from the incredible potential growth that the Space economy offers while also supporting the very necessary social good of space cleanup.
SKTL tokens are based on ERC20, i.e. Ethereum blockchain, and will consist of a finite number of tokens. One third these tokens will be subject to a one-time airdrop, delivered anonymously to users who register their wallets. Another ⅓ of all tokens will be placed into a special Space Cleanup Fund which will be distributed on an annual basis to fund space cleanup projects based on voting by SKTL token holders. The final ⅓ will be distributed to all token holders on a monthly basis (including the Space Cleanup Fund), with distributions based on “space events” such as satellite launches, humans going into space, probes landing on other planets, etc. in the preceding month.
The SKTL’s project mission is to champion space advancement through cryptocurrency which may result in SKTLs becoming the de facto currency of space – used to pay for space-related activities both on earth and also used for transactions in outer-space.
Above us, a cloud of more than 9,000 tons of space junk (from the European Space Agency) is swarming around at a speed of more than 17,000 miles per hour. This debris is composed of parts of old satellites, entire defunct satellites and rocket bodies that have previously collided or have been blown up by governments testing rockets. The debris poses risks to the International Space Station and threatens weather forecasting, GPS, and telecommunications.
Those 9,000 tons of space debris are comprised of 23,000 “pieces” of orbital debris (from the National Aeronautics and Space Administration) larger than 10cm and approximately 500,000 particles between 1 and 10cm. As you can see in Figure 1 below, the problem is getting worse with more and more satellites being launched each year by various space ventures. Every time another satellite or human or rocket is launched into space, there is more risk for more space debris and eventually, if this problem is not solved it will limit humankind’s ability to be a spacefaring species.
Figure 1 (From US Space Surveillance Network): Monthly Number of Objects in Earth’s Orbit by Object Type
Space debris, as defined by the creators of the SKTLs token, also includes asteroids and other celestial bodies that can impact the Earth. Space debris usually specifically refers to all the paint and pieces of junk that are in orbit around the world, zooming around at 17,000 miles per hour. Most of that space debris is man-made, but that isn’t the only issue of “debris” in space. Indeed, a potentially more direct threat to the people living on planet Earth is the billions of asteroids and comets in our solar system. In fact, NASA data (from National Aeronautics and Space Administration) suggests that more than 100 tons of space dust is burned up in the Earth’s atmosphere every day, most of it from asteroids that have disintegrated.
Approximately 65 million years ago (from The Planetary Society) was the last time a major near-Earth object (NEO) killed most of the living things on our home planet, and while that may seem like a long time ago, think about the fact that our solar system is nearly 5 billion years old. The universe itself is almost 15 billion years old. It’s not impossible or even unlikely that over the next few million years another near-Earth object like an asteroid the size of a baseball field could come around. While it’s a very small chance that such an event occurs anytime in the next few years or decades, it is possible. As such, possible NEOs and the development of asteroid mitigation technologies is considered part of the “Space Debris” problem.
Defending our planet, literally Planetary Defense, is the effort to prevent asteroid or comet impact. The SKTLs Space Cleanup Fund will also accept proposals to fund ways to defend our planet against such threats as part of each year’s grants.
SKTL – an ERC20 Token
SKTL tokens are ERC20 based tokens which means that they run on the Ethereum blockchain. ERC20 is a standard that was adopted by the Ethereum developer community in 2017 and is the most popular standard for cryptocurrency based on tokens issued. There are currently tens of thousands of distinct tokens that have been issued and are now operating under the ERC20 standard.
ERC20 contains several functions that a compliant token must implement. The key functions for the SKTL token include:
- TotalSupply: Provides specification details for the total token supply (which will be 300,000,000 SKTL Tokens). This ensures that the supply is limited so that token holders know in advance when and how much dilution is possible for their tokens.
- TransferFrom: Provides specifications for transfers from a specific address. This is key to allowing a functioning market for the token so they can be swapped on exchanges. ERC20 tokens can be traded on both peer-to-peer exchanges such as Pancakeswap or Sushiswap and on centralized exchanges such as Tzero or Coinbase.
SKTL developers chose to use the ECR20 standard because Ethereum is the most widespread smart contract platform available and the SKTL developers expect that it will continue to be supported and in widespread use for the foreseeable future.
Rewards system and the Space Cleanup Fund
The SKTL token is being created to both reward token holders while also providing funds to help with space cleanup.
The maximum number of SKTL tokens will be set at 300 million tokens. 200 million tokens will be given out in the token’s initial distribution, which will consist of 100 million tokens that will be airdropped as described below and 100 million which will be set aside for the “Space Cleanup Fund,” which is governed by SKTL Advisory Group and holders of the token. The purpose of the Space Cleanup fund is to fund space cleanup. Up to 10% of the tokens held in the Space Cleanup Fund will be donated each year on May 6th (Space Day) to fund space cleanup/planetary defense in a process outlined in the SKTL governance document.
This means that only 100 Million new tokens will ever be created after launch date and those additional tokens will be created and distributed to reward existing SKTL holders who stake their tokens on a pro-rata basis. These “Space Action” reward tokens will be created and distributed as worldwide space exploration and development activities occur.
The list of specific space activities that will generate reward tokens and the amount of tokens generated in the first year is listed below. Note that the reward token numbers are cut in half each successive year.
- 100 SKTLs created for each satellite put in orbit around Earth
- 10,000 SKTLs for each astronaut above the Karman Line
- 100,000 SKTLs for any major piece of equipment landed on the moon
- 1,000,000 SKTLs for any human landing on the moon, or for any satellite put in orbit around a non-Earth planet in our solar system or for any satellite sent out of the Solar System
- 5,000,000 SKTLs for any planetary rover or major piece of equipment landed on any non-Earth-planet in our solar system or for any planetary rover or major piece of equipment rendezvous on any asteroid or comet
- 10,000,000 SKTLs for any human landing on a non-Earth-planet in our solar system
- 100,000,000 SKTLs for any human sent out of our Solar System
Once a total of 300 Million tokens have been created there will be no more reward tokens issued. The 300 Million token total is an absolute limit.
The Governance Body will meet on the 15th day of each Month to review that month’s Space activities. All verified Space activities will be used to calculate the monthly SKTL reward total. The reward tokens will then be assigned to wallet holder addresses at midnight Eastern Time on the 17th of each month. The Space Cleanup Fund account receives as well a percentage share of these tokens based on the percentage of existing tokens the fund holds, to be added to its balance of tokens used for funding the removal of space debris and protecting space infrastructure. Rewards can be claimed at the SKTL website at any time after they are assigned, at which time they would be transferred to a wallet. Note that token staking is not required in order to receive the rewards. When claimed, they are automatically assigned to the wallet address that owned the tokens at the time that the reward was dropped as per the Blockchain. The original wallet can claim the awarded tokens regardless of whether the original sktl tokens have been moved to another wallet. That is, the claim to new tokens belongs to the wallet that held the original tokens on the award date, and does not transfer if the tokens are transferred. Rewarded tokens that are not claimed within one year of their availability will be donated to the SKTLs Space Cleanup Fund.
Voting Rights and Governance
The SKTL platform’s ecosystem development will be governed in the long term by
the SKTL DAO, a decentralized autonomous organization controlled by SKTL token holders,
in an effort to align the interests of the community with the future of the platform. A DAO can be described as an open-source blockchain protocol created by its elected members and governed by a specific set of rules. This decentralized system of governance can execute certain actions, applying the rule system autonomously, without any need for intermediary action or administrative involvement.
Furthermore, the DAO is controlled by explicit hard-coded business logic rules that can only be changed via proposals to the stakeholders.
The initial members of the SKTLs Advisory Council will be selected by the designers of SKTLs. Members of the Advisory Council will serve for a predetermined period; replacement members will be chosen by DAO governance votes.
Advisory Council members at the end of their term may be reelected by a governance vote. Governance votes may be proposed by token holders through a staking mechanism and may be passed via the DAO’s token weighted voting mechanism.
The Advisory Council will be responsible for ensuring that proposals are enacted until
fully autonomous DAO mechanisms are set up.
During the initial tenure, the Advisory Council members will be responsible for handling
proposals and election of Space Cleanup Fund recipients as well as managing the process
of distributing those awards to the selected recipients.
The total number of SKTL tokens that will ever be created will be topped out at 300,000,000 SKTL tokens. These tokens will be used as follows:
- 100,000,000 tokens will be airdropped to the first 100,000 people who register their ERC-20 compatible wallet with SKTLs.com. The start of the sign up period will commence on November 26 and will be announced over social media by the SKTLs accounts as well as by press release. This process will not collect any personal information, though by default the wallet addresses will be visible on the blockchain once tokens are airdropped into the wallets. The designers will not be eligible to participate in this airdrop.
- In addition, 100,000,000 tokens will also be airdropped to the Space Cleanup Fund.
- The remaining 100,000,000 tokens will be reserved to be issued as reward tokens as described above.
The token will start trading on several smaller exchanges immediately after the initial airdrop as the individuals who received the SKTLs airdrop choose to trade their SKTL tokens on such exchanges, including peer-to-peer exchanges such as Pancake Swap.
The designers of the SKTL platform will not receive any SKTL tokens in the initial airdrop and do not own any SKTL tokens before the airdrop. They are however permitted to purchase SKTL tokens in the secondary market after the initial airdrop.
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There is no guarantee that SKTL tokens will ever have any value. There is no guarantee that any space debris will ever be cleaned up by this effort. There is no guarantee that any entity will accept SKTL tokens. There is no guarantee that if one applies for the token drop tokens will be received. SKTLs, the Founders or any individual or entity will not be responsible if tokens are not received in the drop.