Initial Supply Breakdown

As of March 12th, 2024, the amount of Fone Token in circulation, staked, and off-chain equals roughly 269,946,770,049, and the amount of off-chain Fone Coin equals approximately 35,139,138,182. To significantly reduce the initial supply of the Fone Coin that enters circulation with the release of the mainnet of the custom mobile Fone Network blockchain, the Fone Token will be converted to Fone Coin at a 100:1 ratio.

After calculations, it was discovered that during the Cloud Earning of Fone Coin, the system has rewarded more Fone Coin than initially anticipated due to misconfiguration and/or cloud functionality altering. The off-chain Fone Coin will get converted to the on-chain Fone Coin at a 20:1 ratio.

This means that around 2.7B (Billion) Fone Coin will be minted with the Genesis block to cover the Fone Token conversions and approximately 1.75B to cover the off-chain Fone Coin conversions.

100M Fone Coin will be minted and allocated towards the new Cloud Earning airdrop. 360M will be minted for marketing and advertising to help popularize the new blockchain. 320M Fone Coin will be minted to cover all the remaining Premium and Power Earning sessions from the legacy version.

Finally, 1.44B will be minted and distributed to the team, advisors, and company reserve.

The initial supply of Fone Coin, which went live on September 30th, 2024, is 12 billion.

Converting Fone Token and off-chain Fone Coin requires user action and will not be converted automatically if left on exchanges; therefore, all Fone Tokens must be deposited back into the Fone Network app.

To migrate the legacy currencies to Fone Coin, users with access to the mainnet need to open the Fone Network app, press the "Migrate to Mainnet" button on the Home Page. After a successful login, all migratable account data and assets will be present, and it will be recorded on the blockchain with the click of a button. The Migration process will be available from the release date of the mainnet for precisely one year. After the migration window closes, all unclaimed Fone will get burned.