Cardano (ADA)

Public Sale: Tranche 1 Cardano held a token sale from Sept. 2015 to Jan. 2017 raising a total of $62.2 million in bitcoin (BTC). The total supply of tokens is capped at 45 billion ADA. The sales event covered five specific periods, referred to as ‘tranches’ (T1/T2/T3/T3.5/T4). The principal party retained Attain Corporation of Japan to manage the sale of Ada ‘vouchers’ that could be exchanged into Ada tokens after the platform launch. Subsequently, the Cardano Foundation performed three separate audits of the sales operation. These audits were a bespoke hybrid of operational and financial audit approaches. The first audit covered T1 & T2, the second covered T3/T3.5 and the third covered T4. Finally, an overall summary document was created. The core task was to produce an objective study of how sales were progressing and to check on adherence to contractual terms between the parties. The Cardano Foundation interviewed representatives of Attain Corporation both in the UK and Japan. It has had full independent access to the source data. The Cardano Foundation offered its best advice to improve processes and internal operations where appropriate. Each audit had the same broad scope: - Proceeds of sale review – reconciliation of funds received during the sales event - Customer sales analysis – checks for suspicious customer activity during the sale - Distributor activity analysis – check for any evidence of distributor malpractice or fraud - Check for KYC (Know Your Customer) adherence – assess whether agreed KYC procedures were applied by Attain - Review of Attain as an entity – perform operational checks for good internal governance The sale proceeds were entirely in bitcoin, although some purchases were exchanged from Yen to Bitcoin as part of the sales transaction process. Token sale participants received vouchers which were later redeemable for ADA through the native Daedalus wallet. Of the total eventually supply token sale participants received 57.6% (25.9 billion ADA). Member entities supporting Cardano (Cardano Foundation, IOHK, and Emurgo) received 11.6% of the total supply (5.2 billion ADA) following the genesis block's creation. The remaining 13.9 billion ADA will be created as ongoing rewards for PoS miners.

Public Sale: Tranche 2 Cardano held a token sale from Sept. 2015 to Jan. 2017 raising a total of $62.2 million in bitcoin (BTC). The total supply of tokens is capped at 45 billion ADA. The sales event covered five specific periods, referred to as ‘tranches’ (T1/T2/T3/T3.5/T4). The principal party retained Attain Corporation of Japan to manage the sale of Ada ‘vouchers’ that could be exchanged into Ada tokens after the platform launch. Subsequently, the Cardano Foundation performed three separate audits of the sales operation. These audits were a bespoke hybrid of operational and financial audit approaches. The first audit covered T1 & T2, the second covered T3/T3.5 and the third covered T4. Finally, an overall summary document was created. The core task was to produce an objective study of how sales were progressing and to check on adherence to contractual terms between the parties. The Cardano Foundation interviewed representatives of Attain Corporation both in the UK and Japan. It has had full independent access to the source data. The Cardano Foundation offered its best advice to improve processes and internal operations where appropriate. Each audit had the same broad scope: - Proceeds of sale review – reconciliation of funds received during the sales event - Customer sales analysis – checks for suspicious customer activity during the sale - Distributor activity analysis – check for any evidence of distributor malpractice or fraud - Check for KYC (Know Your Customer) adherence – assess whether agreed KYC procedures were applied by Attain - Review of Attain as an entity – perform operational checks for good internal governance The sale proceeds were entirely in bitcoin, although some purchases were exchanged from Yen to Bitcoin as part of the sales transaction process. Token sale participants received vouchers which were later redeemable for ADA through the native Daedalus wallet. Of the total eventually supply token sale participants received 57.6% (25.9 billion ADA). Member entities supporting Cardano (Cardano Foundation, IOHK, and Emurgo) received 11.6% of the total supply (5.2 billion ADA) following the genesis block's creation. The remaining 13.9 billion ADA will be created as ongoing rewards for PoS miners.

Public Sale: Tranche 3 Cardano held a token sale from Sept. 2015 to Jan. 2017 raising a total of $62.2 million in bitcoin (BTC). The total supply of tokens is capped at 45 billion ADA. The sales event covered five specific periods, referred to as ‘tranches’ (T1/T2/T3/T3.5/T4). The principal party retained Attain Corporation of Japan to manage the sale of Ada ‘vouchers’ that could be exchanged into Ada tokens after the platform launch. Subsequently, the Cardano Foundation performed three separate audits of the sales operation. These audits were a bespoke hybrid of operational and financial audit approaches. The first audit covered T1 & T2, the second covered T3/T3.5 and the third covered T4. Finally, an overall summary document was created. The core task was to produce an objective study of how sales were progressing and to check on adherence to contractual terms between the parties. The Cardano Foundation interviewed representatives of Attain Corporation both in the UK and Japan. It has had full independent access to the source data. The Cardano Foundation offered its best advice to improve processes and internal operations where appropriate. Each audit had the same broad scope: - Proceeds of sale review – reconciliation of funds received during the sales event - Customer sales analysis – checks for suspicious customer activity during the sale - Distributor activity analysis – check for any evidence of distributor malpractice or fraud - Check for KYC (Know Your Customer) adherence – assess whether agreed KYC procedures were applied by Attain - Review of Attain as an entity – perform operational checks for good internal governance The sale proceeds were entirely in bitcoin, although some purchases were exchanged from Yen to Bitcoin as part of the sales transaction process. Token sale participants received vouchers which were later redeemable for ADA through the native Daedalus wallet. Of the total eventually supply token sale participants received 57.6% (25.9 billion ADA). Member entities supporting Cardano (Cardano Foundation, IOHK, and Emurgo) received 11.6% of the total supply (5.2 billion ADA) following the genesis block's creation. The remaining 13.9 billion ADA will be created as ongoing rewards for PoS miners.

Public Sale: Tranche 3.5 Cardano held a token sale from Sept. 2015 to Jan. 2017 raising a total of $62.2 million in bitcoin (BTC). The total supply of tokens is capped at 45 billion ADA. The sales event covered five specific periods, referred to as ‘tranches’ (T1/T2/T3/T3.5/T4). The principal party retained Attain Corporation of Japan to manage the sale of Ada ‘vouchers’ that could be exchanged into Ada tokens after the platform launch. Subsequently, the Cardano Foundation performed three separate audits of the sales operation. These audits were a bespoke hybrid of operational and financial audit approaches. The first audit covered T1 & T2, the second covered T3/T3.5 and the third covered T4. Finally, an overall summary document was created. The core task was to produce an objective study of how sales were progressing and to check on adherence to contractual terms between the parties. The Cardano Foundation interviewed representatives of Attain Corporation both in the UK and Japan. It has had full independent access to the source data. The Cardano Foundation offered its best advice to improve processes and internal operations where appropriate. Each audit had the same broad scope: - Proceeds of sale review – reconciliation of funds received during the sales event - Customer sales analysis – checks for suspicious customer activity during the sale - Distributor activity analysis – check for any evidence of distributor malpractice or fraud - Check for KYC (Know Your Customer) adherence – assess whether agreed KYC procedures were applied by Attain - Review of Attain as an entity – perform operational checks for good internal governance The sale proceeds were entirely in bitcoin, although some purchases were exchanged from Yen to Bitcoin as part of the sales transaction process. Token sale participants received vouchers which were later redeemable for ADA through the native Daedalus wallet. Of the total eventually supply token sale participants received 57.6% (25.9 billion ADA). Member entities supporting Cardano (Cardano Foundation, IOHK, and Emurgo) received 11.6% of the total supply (5.2 billion ADA) following the genesis block's creation. The remaining 13.9 billion ADA will be created as ongoing rewards for PoS miners.

Public Sale: Tranche 4 Cardano held a token sale from Sept. 2015 to Jan. 2017 raising a total of $62.2 million in bitcoin (BTC). The total supply of tokens is capped at 45 billion ADA. The sales event covered five specific periods, referred to as ‘tranches’ (T1/T2/T3/T3.5/T4). The principal party retained Attain Corporation of Japan to manage the sale of Ada ‘vouchers’ that could be exchanged into Ada tokens after the platform launch. Subsequently, the Cardano Foundation performed three separate audits of the sales operation. These audits were a bespoke hybrid of operational and financial audit approaches. The first audit covered T1 & T2, the second covered T3/T3.5 and the third covered T4. Finally, an overall summary document was created. The core task was to produce an objective study of how sales were progressing and to check on adherence to contractual terms between the parties. The Cardano Foundation interviewed representatives of Attain Corporation both in the UK and Japan. It has had full independent access to the source data. The Cardano Foundation offered its best advice to improve processes and internal operations where appropriate. Each audit had the same broad scope: - Proceeds of sale review – reconciliation of funds received during the sales event - Customer sales analysis – checks for suspicious customer activity during the sale - Distributor activity analysis – check for any evidence of distributor malpractice or fraud - Check for KYC (Know Your Customer) adherence – assess whether agreed KYC procedures were applied by Attain - Review of Attain as an entity – perform operational checks for good internal governance The sale proceeds were entirely in bitcoin, although some purchases were exchanged from Yen to Bitcoin as part of the sales transaction process. Token sale participants received vouchers which were later redeemable for ADA through the native Daedalus wallet. Of the total eventually supply token sale participants received 57.6% (25.9 billion ADA). Member entities supporting Cardano (Cardano Foundation, IOHK, and Emurgo) received 11.6% of the total supply (5.2 billion ADA) following the genesis block's creation. The remaining 13.9 billion ADA will be created as ongoing rewards for PoS miners.