Gelato Network, an automated smart contract execution protocol, has opened the whitelist for its forthcoming token offering.
- The sale of the GEL token will start Sept. 13, according to an email from Gelato Thursday.
- The total supply of GEL tokens, which will be used for staking by node operators, is 420,690,000.
- Parties interested in joining the whitelist are encouraged to enquire at Gelato's website.
- The protocol, which aims to harness a decentralized network of bots to automate and simplify smart contract executions, has been backed by several decentralized finance (DeFi) firms including Aragon and InstaDapp.
- Gelato's goal of turning manual operations into repeatable transactions executed without monitoring could be applied to processes such as payments of salaries and regular supplier bills. Once set up, they could be repeatedly consistently.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.