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Litepaper

Litepaper

 INTRODUCTION AND THE IDEA BEHIND MAGEN 

Magen Token (MAGEN) was created so the Community could have its own token. This ultra-scarce meme token is a symbol for unity, abundance and protection. It is a meme token that has the meaning of its symbol coded into the token. Magen is not an investment and should not be construed as one. 

Magen tokens present a new way to store and share blessings. The blessings are coded on the blockchain and can be accessed by those holding the Magen tokens. 

Magen is a symbol to unite the community with a lifetime supply of 15,200,000 tokens. 

Note that Magen is not performing an Initial coin offering (ICO); Magen’s operational budget is sponsored entirely through donations and the Magen tokens are intended for spreading blessings across the world and uniting the community for noble causes. 

 

THE MAGEN TOKEN 

The Magen Tokens are intended to be used as a meme token for the spreading of blessings. We anticipate that the Tokens shall bear no monetary value. Neither the acceptance nor the holding of the Magen tokens carry any rights, express or implied, other than the right to use Tokens as a means to enable usage of and interaction within the Platform. Nothing in this Litepaper shall be and cannot be considered as an invitation to enter into an investment or purchase of any security or financial instrument. This Litepaper does not constitute or relate in any way, nor should they be considered, as an offering of securities or financial instruments in any jurisdiction. This Litepaper does not include or contain any information or indication that might be considered as a recommendation, investment advice or that might be used to base any investment decision. The Tokens are charitable tokens and are not intended to be used as an investment and for any other utility other than to provide the Holder thereof with access to the blessings to be coded in the blockchain. 

 

PROCEDURE AND PROCESS 

The Magen tokens and underlying smart contracts will be initiated by Unitech Foundation. The objective of the Foundation is to issue, operate and promote the use of the Magen tokens and underlying contracts in a manner that best serves the interests of the Magen DAO members as described within this paper. The intended plan is for the Magen community to be effectively self-governed by the MagenDAO composed of Magen token holders. We know it will take time to reach this scenario, which relies upon a vibrant community, plus multiple endpoints for claiming, supporting and using Magen Tokens. 

A more Specific Timeline: 

1. The Magen DAO was created on December 23, 2021 by the Unitech Foundation 

2. 14 wallets were deposited 10 OGM tokens which are the temporary tokens that govern the DAO formation prior to its migration with a total supply of 140 tokens. 

3. On December 23, 2021 the first proposal was created which was a test proposal. 

4. On December 23, 2021 the second proposal was created: 

a. Authorize Unitech Foundation to create 15.2m Magen tokens 

b. Authorize the gifting of tokens according to the schedule, amounts and decrease mechanism that will be set forth by the DAO and or its elected representatives, and (ii) 10 OGM tokens to each cryptographic wallet to which Magen Tokens are intended to be gifted, such that the number of Initial Members will reach and remain at least 100, until the migration of the Magen Tokens to the Magen Dao custom smart contract. 

c. Authorize Unitech Foundation to send tokens to the DAO SAFEs and wallets according to the schedule. 

d. Authorize Unitech Foundation’s receipt of 1.5m tokens. 

e. Authorize Magen DAO to propose and vote on policies, representatives to create policies, voting rules, structure and policies, as further set out below, once the number of Initial Members reaches 100. 

f. Authorize Magen DAO to migrate governance to custom Magen smart contracts after the gifting is concluded and voting rules, mechanisms, policies and procedures are in place. 


5. If the proposal is accepted by the DAO (by vote of the holders of OGM tokens): 

a. Unitech Foundation will create the Magen smart contracts and tokens. 

b. Unitech Foundation will start the gifting when instructed by the schedule. 

c. Unitech will code the custom DAO smart contracts. 

d. When the is concluded Magen DAO will migrate to the new smart contracts system. 

e. OGM tokens will be disposed and the DAO will be governed by holders of Magen tokens. OGM tokens will have no further use or influence as of January 1, 2022.

 

THE TOKEN SUPPLY 

As described above, the total supply of tokens that may ever be issued is fifteen million two hundred thousand (15,200,000) tokens. The total supply shall be distributed as follows and all further distributions and modifications will take place by proposal and vote: 

  • Three million (3,000,000) tokens shall be used to gift the general public at the time of the token gifting according to the distribution schedule and amounts that are to be decided and voted upon by the DAO, by vote of the Initial Members or its elected representatives. 
  • Three million (3,000,000) tokens shall be kept in a DAO SAFE wallet to award donors or organizations that support the Magen DAO (“DAO SAFE 1”). 
  • Three million (3,000,000) tokens shall be kept in a DAO SAFE wallet to award leaders of Magen DAO (“DAO SAFE 2”). 
  • Three million (3,000,000) tokens shall be kept in a DAO SAFE wallet to: (A) award any advisors of the Magen DAO, (B) run promotional events, (C) provide DAO members with activities where they can get Magen tokens for participating. (“DAO SAFE 3”). 
  • One and a half million (1,500,000) tokens shall be granted to the founders of the Magen DAO. 
  • One and a half million (1,500,000) tokens shall be granted to the Founding community and team. 
  • Two hundred thousand (200,000) tokens shall be used and distributed to the Initial community members and supporters (which shall hereafter be defined as the “Initial Members” and the “Available Reserve”, respectively). 

 

DISTRIBUTION OF THE GIFTS AND THE AMOUNTS BEING GIFTED

It is the intention that Magen with conduct a dynamic mechanism for the gifting which will allow access to more participant and community leaders, thereby spread the blessings further. The mechanism, schedule and amounts of the distribution itself will be determined by future votes of the Initial Members. 

 

THE SMART CONTRACT ARCHITECTURE 

Magen will operate on Ethereum using smart contracts that are written in Solidity with Magen designated as an ERC20 token. As a means to an end, transactions using Magen are run on an Ethereum sidechain, Polygon, which enables low-cost, high-volume transactions. As we anticipate that the scalability and efficiency of blockchain infrastructure will continuously improve, the protocol is designed to be dynamic, flexible, and adaptable to evolve with technological developments. 

 

GOVERNANCE 

The Magen DAO is intended to be a democratic entity in which all members holding Magen Tokens shall have a vote. The extent of what the votes sall include will be decided by the DAO and or its elected leaders. In order to promote the Magen community and the Magen way, certain governance actions will be required prior to the end of the gifting and the migration of the Magen community to the Magen DAO smart contracts. 

For this purpose, the Magen community shall be first governed by its Initial Members. The Initial Members shall be governing the Magen community and will vote on various matters such as the initial votes described above, and on the distribution of up to 800,000 Magen Tokens, of which up to 200,000 Magen Tokens of the Tokens deposited in each of DAO SAFEs 1 through 3, and up to 200,000 Magen Tokens deposited in the Available Reserve. Once the Initial Members group reaches 100 members the Initial Members shall be able to vote on additional issues and matters and nominate the same for voting, such as to propose the DAO’s voting rules, policies and mechanisms, governing structure, allocation of additional tokens from the above allocations and other matters pertaining to the governance of the community. 

 

TERMS AND CONDITIONS 

The gifting, holding and use of Magen tokens shall be governed by our Terms and Conditions which shall be available at https://www.magendao.io/tandc/