At a pre-defined time, in advance of the profit sharing payout, the smart contract will take a snapshot of all wallet addresses containing MOD tokens. The snapshot will be announced at least four (4) weeks in advance. For-profit sharing purposes, you must own the wallet where your tokens are stored at the time of the snapshot. Token holders will need to withdraw their tokens from any exchange and store them on a private wallet before the snapshot is performed. After the snapshot, tokens can be transferred back to the exchange platforms, the right to a profit share remains with the address containing the tokens at the time of the snapshot.

Each token holder will need to claim their profit share using our smart contract. With your private key, you will prove ownership of your MOD tokens. The smart contract will identify the number of tokens in your wallet and distribute the profit share accordingly. A minimum of one token is required to receive the dividend and there is no staking. Because the dividend claim represents a transaction on the Ethereum blockchain, you will need a very small amount of Ether to pay for the transaction fees.

You can use Modum’s web app which will be launched when a payout date is determined and various Ethereum based wallets to claim your share of the profit. We will provide detailed instructions on how to use either option when a payout date is determined.

The smart contract is open source. It can be reviewed here.