ICN tokens will be exchanged for Profit Participation Securities of ICONOMI AG (i.e. Securities/Genussscheine of ICONOMI AG), which will not be issued in a tokenized form as security tokens, but as dematerialised securities. Tokenization of Securities of ICONOMI AG (until now communicated as "eICN security tokens issuance") will take place at a later stage.
Due to the lack of (technical) standards for security tokens, licensed and operated trading venues/exchanges for security tokens and legal clarity, Securities will not be tokenized at issuance but will be tokenized at a later stage. The Issuer (ICONOMI AG) will re-evaluate the possibility of tokenising the Securities as soon as above mentioned conditions are met.
ICN is (was) the official token of ICONOMI.
After the ICONOMI ICO ended in October 2016, 100 million ICN tokens were issued. 85 million of these tokens were distributed to ICO participants during the crowd sale, and a further 2 million were used for early-stage marketing and bounties. Of the remaining 13 million tokens, 2 million were distributed to advisors, 8 million were distributed to the ICONOMI team, and 3 million were reserved for future team members. The 8 million tokens distributed to the team are vested over 2 years. This means that ¼ of all tokens are distributed every 6 months.
More information about the ICONOMI smart contract and ERC20-compliant ICN tokens can be found here.