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To give the original creators (who pre-mined something like 17 billion tokens) a giant amount of money. https://www.reddit.com/r/CryptoCurrency/comments/6bi958

• EastSmith 9y ago
  Unlike Ripple, where the pre-mined tokens are held by individuals, the pre-mined stellar tokens are owned by Stellar Development Foundation, a nonprofit corporation. Here are some quotes, but do check the link bellow too: "SDF manages the execution of lumen distribution, with oversight and direction provided by SDF’s Expansion Board. The initial lumens held by SDF are required to be distributed to the world in the following manner: 50% for distribution via the Direct Sign-up Program 25% for distribution via the Partnership Program 20% for distribution via the Bitcoin Program 5% held by SDF to support operational costs" https://www.stellar.org/about/mandate/ https://www.stellar.org/about/mandate/
  • proofofmoon 9y ago
    How much control does Jed McCaleb have over this foundation?
  • tiddlywinks12 9y ago
    Are there any updates on the status of SDF as a non-profit? https://www.xrpchat.com/topic/17500-a-stellar-story/ https://www.xrpchat.com/topic/17500-a-stellar-story/ suggests their tax exempt status is at least unclear.
• fiatjaf 9y ago
  Nothing could have been premined since there is no mining on Stellar.