Frequently Asked Questions (FAQs)

Frequently Asked Questions

These questions frequently Pop-up regarding Setheum

  • Is there fiat backing SETT like Tether?

No, SETT and DNAR are fully decentralized and SETT are algorithmically backed by the DNAR. The DNAR is the reserve currency of the Setheum Network.

  • Is the SETT pegged to the USD 1:1?

The JUSD is pegged to the USD 1:1, but no, the SETT is pegged to a basket of 34 currencies with the formula that derived $0.88 USD to 1 SETT which is equivalent to 1.25 SETT to $1 USD. Check SETT for detailed information.

  • Is Setheum ERC20?

Setheum is a sovereign blockchain with its own native tokens (DNAR, SETT, JUSD et al). However, the Setheum Labs team is developing an Ethereum bridge to be interoperable with the Ethereum blockchain, other bridges for blockchains such as Bitcoin, Binance, Litecoin, Tezos, Cosmos, ZCash et al will also be built in the future.

The Initial DNAR offering of the Setheum DNAR tokens will offer ERC20 Dinar tokens to the token sale participants. These DNAR tokens will then be interoperable in Setheum and Ethereum after Genesis when the Setheum-Ethereum bridge is launched. Then the DNAR tokens need to be deposited in a deposit contract after Setheum Network Genesis to issue SettCurrencies in an ISCO (Initial SettCurrency Offering).

  • What Technology is Setheum built on?

The Setheum blockchain is built on Substrate, a modular blockchain development framework built by Parity Technologies with Rust programming language. Blockchains like Polkadot, Kusama, Moonbeam, Acala and Centrifuge are also building on Substrate.

  • Is Setheum launching on Kusama or Polkadot?

Setheum has a canary network called "Neom", Setheum is planning to be a Parachain on Polkadot, or a parathread, or an independent network with a bridge to Polkadot.

Neom is planning to be a Parachain on Kusama, or a parathread, or an independent network with a bridge to Kusama.

  • What is the native token of the Neom Network?

The Native token of Neom is the NEOM token. It has similar tokenomics with the DNAR, it also halves every 2 years but has less inflation than the DNAR at genesis.

The NEOM will be claimable by participants of Setheum's IDO/IEO/ICO. And some amount will be endowed to the participants of the Kusama parachain crowdloan for securing a parachain slot, check here for the NEOM token allocation.

  • How many tokens are there in Setheum?

There are currently 6 classes of tokens in both Setheum and Neom. They are the Native Asset (Native - Dinar), Stp258 Tokens (Native - SettCurrencies), Silver Spoons (Native - Exchange tokens (DEXIncentive tokens "SEDI" in Setheum and "NEDI" in Neom and "REDI" in NewRome Testnet)), and LP Tokens (Native - DEX Fungible Liquidity Provider Tokens), NFTs (Standard - Non Fungible Tokens), ERC20 Tokens (Standard - Ethereum ERC20 on SEVM (Sevim) Setheum-Ethereum Virtual Machine). Check here for more details on Tokens and Standards. And check here for more details on Sevim (SEVM)

  • When will Setheum have ICO/IEO/IDO?

Coming Soon, estimated Q2 2021. (No Promises! Just Delivery)

  • Who can buy DNAR tokens now?

Private Buyers, Strategic Investors can buy DNAR tokens now.

  • When will Setheum Network be Launched?

Coming Soon, an estimated Q4 2021 for the New Rome Testnet and the Neom Mainnet on Kusama. The Neom Mainnet will be launched in about 5 phases.