Blockchain-based mobile game distribution platform ALAX, a collaboration between DECENT and Dragonfly, announced its token generation event (TGE) begins Apr. 17. The project will leverage DECENT’s success in launching an innovative and customizable adoption of blockchain technology and Dragonfly’s influence as a well-established mobile game distributor to build the biggest global marketplace for mobile games. A number of intended partnerships are set to be announced in the coming days, which will see the platform preinstalled on millions of smartphones, particularly in the fast-growing South-East Asian and South Asian mobile markets.
Customers will be able to access the ALAX Store using an application built through DECENT’s library that will provide blockchain functionality. While content providers will have access to the ALAX Android SDK allowing them to include a range of features such as in-app purchases, rewards and more. Hence, consistency is secured across all the applications utilizing ALAX.
During the TGE ALAX will generate ALX tokens. These tokens can be then exchanged for ALA tokens, which can be used in the ALAX store. They will be offered to end users via internal exchange or using an existing reseller network of brick and mortar stores and mobile operators.
“The TGE will allow the general public to obtain the ALX token before its release on any major exchanges and will provide the many supporters of the project with an opportunity to be directly involved,” ALAX co-founder Kalvin Feng said. “Funding generated will go directly to the development, marketing and ongoing management of the project and the overall platform, with 50 per cent vested for one year after the initial generation.”
A maximum of one billion tokens can be generated during the TGE. The token structure is divided into parts with each part serving a specific purpose. There is no soft cap, which means the project will go ahead regardless of the amount raised. The hard cap of the TGE is set to 30,000 ETH which corresponds 300,000,000 ALX. During the ALAX TGE a variety of coins and tokens will be accepted for contributions – BTC, ETH, BCH, LTC, DCT, SPHTX with more set to be announced in the future.
The two-round TGE runs Apr. 17-23. The first round runs until 165 million ALX are distributed. That includes a ten per cent bonus for the first 150 million ALX. Round two sees 135 million ALX dedicated.
Token distribution occurs within two weeks after the TGE’s conclusion. Any unclaimed tokens which remain at the end of the TGE will be proportionally distributed to participants in line with their existing ALX stake. No tokens will be burned. Half of the ALX tokens are not dedicated to the TGE and will be locked in for 12 months.
TGE proceeds distribution:
- 40 per cent for platform growth and development
- 35 per cent for marketing, user acquisition, community outreach
- 15 per cent for legal contingency fund
- 10 per cent for partnerships and integrations