Now that the First two weeks of the sale of ether is finished, and Over 50 million ethn Was sold, we intend to make a transaction to start using funds to reimburse loans and launch the process of creating our development centers and expanding our staff. We are committed to being very transparent on how we spend the funds, and this is a commitment that we intend to live; To this end, we have already published a Planned use of income graphic and a roadmap To show how we intend to spend the BTC. More recently, the community followed A wonderful infographic on Cointelegraph Using the information we have published. Now we intend to publish additional information on the nature of our first withdrawal transaction.
The intention is to remove 4,150 BTC from our Exodus address In the next 48 hours. We reserve the right to withdraw up to 850 BTC more if necessary before the end of the duration of 42 days of the sale, but at this stage, it is likely that the rest of the BTC at the address will remain unused until the end of the sale. From this amount, 2650 BTC will be distributed to pay loans for previous expenses. Persons who have provided project loans will directly receive the reimbursement of the BTC; “We” will not sell any part of this 2650 BTC on the exchanges ourselves, although individuals can choose to independently convert the BTC they receive in Fiat afterwards. Individuals also have the choice to take refund in ether; In these cases, we simply do not send the BTC, and once all the reimbursements have been treated, we will publish all the additional ETHs that have been sold in this way (note that this is equivalent to sending people their BTC and letting the recipients send it back immediately in the exodus). The remaining 1500 BTC will be sent to a portfolio controlled by đV, our development arm, and will be used to establish our sites in Berlin and Amsterdam and start hiring developers; Part of this amount can be converted to EUR, GBP or CHF (for example, pay the rent), and the rest will be held under the name of BTC.
The following calculation sheet provides approximate categorization of how reimbursement and payment expenses forward must finally be distributed.
The largest category is the payment of individuals, covering basic developers, web developers and art, communications, brand image and commercial development, and among the expenses that the greatest is legal to 111,000 (including a guarantee deposit of $ 16,500 which is theoretically refundable and pre-payment until February 2015) and the other categories that you can see by yourself by looking at the graph. In the future, the main change is that spending will now be much more focused on paying development. Our intention is to have our development centers in Berlin and Amsterdam, with a smaller presence in Toronto and London to cover communications, marketing and brand image; The extent of our presence in San Francisco / Silicon Valley and possibly other locations is still to be determined and will be carried out on the basis of a cost-dispatches analysis.
In addition, note that the distribution of the endowment is almost public; Although the names of all individuals are not published (although everyone is free to disclose their own portion voluntarily, and the owners of the largest elements can be partially deducted from public information), the percentages are available to view https://docs.google.com/spreadsheets/d/1gs9pzsdmx9lk0xgskedr_aoi02riq3mpryventvum68/edit#gid=0. In the future, we intend to continue to maintain and intensify our commitment to transparency, to publish details on how the funds are spent and for the progress of the project; If you are interested, do not hesitate to follow our blog and The public blockchain.
