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Title

Loot NFT Timeline

Uploaded On

28-May-2021

Loot NFT Co LLC

Launch Timeline Pioneer Badge Holder receives 10% commission in USDC for every purchase from their invitees up to 31 DEC 2022. Conditions apply. Holder receives 5 BUNs for each 25 BUNs on the first purchase of their invitee up to 31 DEC 2022. Referral Bonus Holder pays no fee to re-list an NFT for sale that they've previously won at auction. Lifetime Free NFT Re-list 15 JUNE 2021, 23:59 UTC 21 JUNE 2021, 00:00 UTC 24 JUNE 2021, 23:59 UTC 25 JUNE 2021, 00:00 UTC 30 JUNE 2021, 23:59 UTC 1 JULY 2021, 00:00 UTC Email whitelisting cut-off time to sign up in Stage 1. Open Member Email Registration Intake Stages Bonuses on rst purchase Badges (Member Bene ts) Email whitelisting open. Email whitelisting cut-off time to sign up in Stage 2. Email whitelisting ends. Restricted Access Ends. Stage 1 sign ups begin. Pioneer and Referral Bonus badge holder benefits ends. Buy 1 BUN Get 1 Free on first purchase Buy 1 Pack (25 BUNs) Get 10 BUNs Free on first purchase Stage 1 ends, Stage 2 starts. Battle bidding auctions start. Stage 2 ends, Stage 3 starts. Stage 3 ends. Thereafter, whitelisted emails before 30 June can sign up anytime. Members can also whitelist invitees' email to join. 1 JUNE 2021, 23:59 UTC Platform Launch (Restricted Access - Play BUNs only) 10 JULY 2021, 00:00 UTC 31 DECEMBER 2022 Pioneer Badge Referral Bonus Referral Bonus Referral Bonus Lifetime Free NFT Re-list Lifetime Free NFT Re-list Referral Bonus Lifetime Free NFT Re-list FAQs. 1. What is the "Open Member Email Registration"? Loot NFT is an invite-only platform. People that have pre-registered their email addresses before: (a) 15 June 2021, can sign up between 21-25 June 2021; (b) 24 June 2021, can sign up between 25-30 June; and (c) 30 June 2021, can sign up at any time in the future (however, some early-bird benefits are eligible with sign up between 1-10 July 2021). 2. What's the difference between "whitelisting" and "sign up"? People must first whitelist their email addresses prior to signing up. Another pre-requisite to signing up is to purchase at least 1 BUN pack (containing 25 BUNs). 3. Are there any BUNs reserved for sale in each stage? No. However, on 15 June 2021, we may advise of any maximum cap we impose on BUN purchases from 21 to 25 June 2021. Thereafter, BUNs will be sold on a first come, first served basis depending on availability. 4. What happens if all BUNs are sold by Loot NFT Co LLC? BUNs recirculate back to Loot NFT from the Oven every Sunday at 00:00 UTC. However, the number of BUNs Loot NFT gets from the Oven depends on how active members are at participating on Loot NFT and in auctions. If Loot NFT does not have any BUNs for sale, new members must wait until after the Oven distributes BUNs to complete the sign up process. 5. When can I start inviting others to become members? Any member can spend 1 BUN to whitelist their invitee's email address after 10 July 2021 00:00 UTC. 6. Is the number of Pioneer badges limited? Yes at 500, first come, first served. However, this cap doesn't apply to members of the Loot NFT Genesis Army; if they sign up in the same period, they will get a Pioneer badge that will not be taken from this 500 badge allocation. *Notes. Registrations subject to Loot NFT Co LLC having BUNs to sell. BUNs recirculate back to Loot NFT for sale (based on member activities) every Sunday at 00:00 UTC. This means that people may not be able to sign up in Stages 2 and 3 if Loot NFT has no BUNs to sell. 16 APR 2021 21 MAY 2021 1 JUNE 2021 30 JUNE 2021 Est. SEPT 2021 Est. OCT 2021 Est. JAN 2022 Est. MAR 2022 BUNs minted on Cardano. Centralized system live (alpha) for internal testing Stage Additional Notes Loot NFT platform release (centralized). NFTs for auction minted on the LNFTxHABN before 21 June. Centralized ecosystem snapshot and LNFTxHABN phase 1 (centralized) tracks BUN and NFT transactions. LNFTxHABN smart contracts development for decentralized autonomous organization (DAO). BUN send and deposit functionality enabled for members to custody BUN on the Cardano blockchain. Completion of DAO on LNFTxHABN run under centralized control to test behavior and performance. Smart Contracts development of bi-directional bridge between Cardano and LNFTxHABN. Release of LNFT DAO to replace centralized system. Development of Cardano smart contracts to mesh with Loot NFT's DAO to create decentralized infrastructure . Cardano-LNFTxHABN DAO released. Loot NFT administrative function transitions to Foundation. 500 million BUNs are created as a centralized virtual unit (like a game credit or voucher) and on LNFTxHABN (M-BUNs). Platform is functional (alpha) to sign up, purchase BUNs and use same in auctions and for other services (for e.g., re-listing, inviting other mem- bers etc). LNFTxHABN used to mints NFTs. All LNFTxHABN wallets are under the control of Loot NFT and the block explorer records and audits all transactions in M-BUNs, and NFTs. The system runs in parallel and duplicates the centralized BUN. Smart contracts creation begins on LNFTxHABN. These are kept under LNFT control to test, address issues and monitor performance. Members are able to send and receive BUNs in their wallets. The LNFTxHABN DAO is released under the supervision of Loot NFT. The centralized system runs as the primary infrastructure. All DAO issues are addressed and rigorously tested. Work starts to bridge Loot NFT's DAO with the Cardano blockchain. This stage also looks at which pieces of the puzzle should be devolved to Cardano and which one should stay within LNFTxHABN. LNFTxHABN wallet released to the users and all interactions form part of the DAO. The centralized system is kept as a backup and second line of accouting defense. The relevant pieces of the DAO to be handled by Cardano are implemented as a series of Cardano smart contracts. The Loot NFT foundation is set up. The DAO takes over the majority of member interactions and the Foundation takes over the administrative function of the ecosystem. Loot NFT Co LLC active operations ceases. Est. FEB 2021 Est. APR 2022 Est. DEC 2022 FAQs. 1. What is the total supply of BUNs? There are 500,000,000 BUNs and no additional BUNs will be created. The BUN is minted on the Cardano blockchain (BUN) and on the LNFTxHABN blockchain (M-BUN). It is also mirrored as a virtual currency in a centralized database (BUN IOU). This provides a triple ledger accounting. When in full decentralization, M-BUNs will work in synchronization with BUNs on the Cardano blockchain, while the BUN IOU is retired. 2. Why create a DAO? The implementation of a DAO is an experimentation for an exit strategy while allowing members to control their own destiny to reflect what they want in a decentralized fashion. As the Oven distributes BUNs back to us for resale, we still maintain a commercial stake in the business as long as Loot NFT continues to engage members and generate activity. 3. Why are some dates marked "Est."? "Est." means estimate. The creation of smart contracts must be approached very carefully and undergo significant testing. The interactions and feedback by members will inform us about our design which may be implemented at the time. 4. Why do you need your own blockchain? As a permissioned blockchain, LNFTxHABN can provide high transactional throughput and fixed transaction pricing, without our members worrying about gas pricing and all of the complexity this entails. Validators on HABN burn tokens received during the validation exercise every 500,000 blocks to earn a stake in a pool made-up of fees received by HABN customers. 5. What are the pieces of the puzzle to t LNFT blockchain with the Cardano blockchain? This will depend predominantly on transaction frequency and value. Interactions such as whitelist invitee, re-listing fees, or payment to creators and resellers (e.g., non-exhaustive) are all activities where transaction fees can be entertained and makes for good candidates for being governed by Cardano smart contracts. However, the battle bidding process and parts of the Oven on the Cardano blockchain would be commercially prohibitive and could cause bloating; for this purpose we will keep using LNFTxHABN. While this makes for a good plan, practical realities of how we fit these pieces together may change to reflect the best possible structure at the time of implementation. This is described in our patent pending application. 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