Good point, but the asset burning feature didn't exist until recently so we couldn't include it in the plan. With any rapidly evolving technology set it's a bit difficult to have a single plan that we stick to. Among other things that's why we have open discussion and voting mechanisms for anything that isn't clear cut.  In this case, it might make sense to lock (or even burn) part of the Swarm reserves as well until the future fundraiser. I'll discuss that with the team, but it makes sense to me to have some kind of locking mechanism.

Looks like we sold about 9,587,746 SWARMPRE, so that's how many SWARM will be distributed. The remainder of 14,412,254 will be burned. As for future rounds, there is no immediate plan to do one and we will only consider doing so once we have a prototype platform that has some initial traction and needs more funding to scale.

There are also numerous options for doing so, including a single timeboxed round like our first one, a single open rolling round which constantly vends out SWARM, or multiple small future rounds. At this moment we don't have a plan, although the various options are discussed frequently in our Skype group (which I invite all of you to join).

We are expecting to launch something next weekend, probably by Monday the 4th something will be visible (but I don't want to make any promises until we have our full roadmap documented, which I expect will be finalized on Monday).

SWARM distribution will go out August 1st. We are burning the remaining unsold coins, since this is a a new feature of Counterparty that protects the value of all sold SWARM.

It's possible for us to demonstrate it since all our outgoing transactions from the Xapo account are logged and annotated and can be shown to someone. Our goal is to have a trusted auditor/advisor who reviews our expenses and shows that there has been nothing outlandish or inappropriate.

I believe this and all other outstanding erroneous transactions that were reported have now been processed. For any of the ones that we were sitting for awhile we processed with a bit of an extra bonus.

All XCP transactions have been processed.

So I've noticed that there are a fair number of transactions that were not successfully processed, primarily because people sent from a non-supported wallet (e.g. Coinbase), or sent in between the end of the presale and the start of the main sale.

I'm going to go through and process all the ones i know about, but there are probably a few more, so if you are one of these people please contact us at help@swarmcorp.com in the next few days.

We will process this along with the remaining manual transactions tomorrow.

We are also putting together a final assessment of the crowdsale, etc. 

They are listed in the financial audit spreadsheet at the beginning of this thread.


We largely use Xapo to store the funds because of their insured storage and they automatically do this for security reasons.

And it's official. 24 hrs left in our fundraiser.



Get Swarm. Oh, and if you aren't signed up for our newsletter you might want to do that.

Although we love what storj.io is doing it's not clear how it integrates with our platform offering. Our storage needs at the moment are fairly simple and involve things that can be handled in standard transactional database models. Having a long term mutually beneficial arrangement with Counterparty is very important though. I'd say this is going very well so far but it is also a young relationship so it needs to be structured for long term success.

Midnight CET tomorrow. That's 3pm in California. 6pm in New York.

Just got back to California and got our living arrangement and office setup. Had a very intense travel schedule that included a fair bit of meetings with VCs and press. Trying to figure out how traditional investors fit into the mix, as many of them are interested in participating but need to do so through an existing fund.

First couple projects to launch on Swarm are pretty well defined at this point. We will be showcasing them as soon as our own fundraiser ends. Although we have a decent amount of capital to build the product, I'm a bit disappointed as we don't really have enough to knock out larger concerns (like related licensing requirements on a legal front). Still a bit of work to get all of the appropriate legal entities setup to support our operations without exposing us to excessive risk from a regulatory standpoint.

Spending a bit of time in ironing out the details for our decentralized accelerator program as well, including figuring out what city will launch first and related regulatory issues.

We are presenting next week at the Coin Congress San Francisco and the Silicon Valley Bitcoin meetup. There is also a Bitcoin party tonight in Palo Alto where we are giving out some prizes related to our next projects.

We also produced two videos showcasing the design and functionality of the product.



You can watch it here

I'm also compiling all the critical feedback received including a personal evaluation of things that could have better handled during our first fundraising period.

It sucks. The vending processes are not very fault tolerant and the latest round of updates to counterpartyd broke everything. After about four rounds of updates and patches we think we finally have something that will work. Fingers crossed.

Humbug. Crashed again.

I'm traveling and will be mostly offline for the next 36 hrs or so.

Also, I identified another bug in the vending machine which caused it to crash. Service has been restarted so anything that was delayed should be going out soon. Getting these sort of services working smoothly will be a major priority over the next couple weeks.  

http://blog.swarmcorp.com/2014/07/03/goldticket/

If you need some background you can watch this.

I suspect swarmpath is a bit behind in processing because of our London launch party this week. We originally thought we were going to be able to do do this in an automatic way, but some of the software wasn't working super well. Once we have our own version done everything will be very smooth. Until then apologies.

Event registration link


Event is sold out but GOLDTICKET holders will get special instructions via email. Make sure you've followed the instructions and registered.

Correct. We haven't made any specific promises with respect to our giveback model since, among other things, it is legally problematic. Generally speaking we encourage people to think of the first iteration of Swarm as a crypto-kickstarter with some cool perks of not particularly clear monetary value rather than an investment.

Eventually there will be more definition around these perks, but the nature of startups, especially one that's organized in such a novel way as our own, is that these things will evolve over time. Our recommendation is to only obtain swarm coins if you are willing to evolve with us.