As part of the Orbs Token distribution plan set out at https://www.orbs.com/orbs-token-distribution/, at the time of the Orbs Token Distribution Event (“TDE”) on March 28, 2019, 20% of total supply was allocated to the team and founding partners. This pool had a vesting schedule of 36 months and a six-month initial lock-up period. During the almost 18 months since the TDE, the Orbs founders and team have not removed any tokens from the team pool.
Based on requests and feedback originating from the community, as part of the team’s commitment to a fair and transparent ecosystem and as an act of the team’s commitment to the vested interest of the Orbs Network and Universe, the team has voluntarily elected to place the entire team pool under the same locking mechanism that applies to all staking participants in the Orbs Proof-of-Stake Universe.
The team pool will be transferred from the current address to the same or an identical staking smart contract as used by all Guardians and Delegators. In order to maintain decentralization, alignment of economic interests and fair distribution, the team tokens will not be participating in any PoS elections and will not share in the PoS staking rewards divided among Delegators and Guardians.
If any individual Orbs team member (current or former) decides to exercise its right to use or sell part of their personal token allocation in the future, they will be subject to the same two-week cooldown period as all Guardians and Delegators. All movements of tokens to “cooldown” will be visible in the staking smart contract.
The Orbs team highly appreciate the overwhelming trust and support afforded by the Orbs community and hope this act will help secure the same community confidence in the future.