Skip to main content

Maintenance Token ($THIXM)

Contract Address: 0xA68f199c095a6e675f462DE92012F673842C636f (View on Polyscan)
Token Tracker: THIXM on Polyscan

About the token​

The ThingsIX Maintenance Token ($THIXM) is a ERC20-compatible token deployed on Polygon that was created by the ThingsIX Foundation. $THIXM was created to:

  • Have a way of governing the ThingsIX Foundation
  • Fund the ThingsIX Foundation and the initial development of the ThingsIX network.

Note that the Maintenance Token ($THIXM) is different from the ThingsIX ($THIX) token that rewarded to gateways and mappers and is used to pay for airtime. The $THIXM holders together are awarded 20% of the $THIX supply each round. The 20% will be distributed according to the share of $THIXM held. The expectation of the Foundation is that the $THIXM holders invest the rewards to aid further growth, development and maintenance of the ThingsIX network. Therefore the token is named Maintenance Token.

The $THIXM can be used just like any other ERC20 token: It can be transferred to any wallet or contract and sold (including auctioning, swapping and so on) by any holder via any compatible solution. Also note that $THIXM has is divisible up to 18 decimals. So not only whole tokens can be transferred or sold, but also parts of it.

Voting​

In the by-laws of the ThingsIX Foundation it is ensured that $THIXM holders have voting power over important changes to the Foundation. These by-laws are enforceable in court. Most importantly each year the $THIXM holders appoint one of the three directors of the Foundation. To do this, first any $THIXM holder can propose a new director. The Foundation will collect these proposals, ensure that the proposed directors are eligible to become a director (for example sanctioned persons cannot become a director according to Dutch law) and organize an on-chain vote. $THIXM-holders can then vote for a director. Votes will be counted by held $THIXM volume. Using this mechanism the board of the Foundation will be re-elected every three years (one director each year, re-electing the longest sitting director).

For a network such as ThingsIX, that provides a data network that will be used by not only private persons but also small and big companies, it's important to have a clear understanding on the legality of the network. This includes the issuance and sale of $THIXM. As the Foundation is a Dutch entity we wanted to ensure that issuance and sale of $THIXM was compliant with Dutch laws and regulations. To ensure this the law-firm LawFox with extensive legal experience in Blockchains was hired to do a legal assessment and establish a legal framework that defines the applicable laws and regulations the issuance and sale has to adhere to.

The summary of the result of the assessment was that $THIXM could only be issued and sold by the Foundation under the following conditions:

  • Without a license from the Dutch authorities it's illegal to do a ICO (public coin offering). The ThingsIX Foundation would not be able to acquire such license on a short notice and with the funds available. The Dutch law offers an exemption to this licensing requirement if $THIXM is only offered to 99 persons. Please note that this doesn't refer to the amount of persons the token was sold to but to the amount of persons that was given the possibility to buy, so even offers to persons that finally don't decide to buy also count. As a result it was not possible to publicly announce the sale on for example our website. The decision was made to offer $THIXM privately to friends, family and known investors.
  • The total amount of the sale is limited to 1 million euro's. As a result it was decided to initially sell at most 250 whole tokens at 3000 euro each.
  • The Foundation had to report the intention to sell including relevant documentation to the Dutch authorities (AFM) before offering $THIXM. Note that the authorities do not approve such reports and don't have to.

Issuance and sale​

On 29 August 2022 the team deployed the $THIXM contract (transaction) and appointed the multi-sig contract that is managed by the team as manager of the contract. Afterwards 1000 $THIXM tokens were minted (transaction) and assigned to the multi-sig wallet. After distribution, the wallet was handed over to the Foundation.

After ensuring the legal conditions were met a part of the $THIXM was offered privately and sold. Not enough $THIXM were sold to fund the development of the ThingsIX network paid by the Foundation, however enough $THIXM were sold to ensure the operation of the Foundation. Due to the 99 person limit from the legal framework it was impossible for the Foundation to offer the $THIXM for sale to more persons. To ensure the ThingsIX network could be developed anyway the Foundation and HeNet B.V. (one of the foundation members) agreed that HeNet B.V. would take the risk to fund the development itself and would be rewarded 615 $THIXM for that. On 25 September 2022, the following distribution of tokens was made: (transaction):

  • 80 $THIXM in total were distributed to the founders for transferring the idea of the ThingsIX network to the foundation.
  • 20 $THIXM in total were distributed to the advisors that helped establishing the foundation and refine the network itself.
  • 4 $THIXM in total were distributed to the community managers of
  • 17 $THIXM in total were sold
  • 615 $THIXM were distributed to HeNet B.V. that will take the risk to fund developing the network.

After the distribution 264 $THIXM remained with the Foundation:

  • 250 $THIXM are meant to stay with the Foundation to fund the actions of the foundation such as marketing, grants and so on.
  • 5 $THIXM are part of a contract with a marketing firm and will be awarded once the conditions of this contract are fulfilled.
  • 9 $THIXM were sold but the buyer didn't transfer the funds. The foundation are chasing these buyers to complete the transaction.

On 5 December 2022, the funds where received and the tokens were distributed.