Hi Ano. The coinbase premine will be burnt and new premine allocated for the PIVX swap and fund futher deveopment and projects. This will be explained in the whitepaper. Draft due this week.

This is the latest announcement from Sunday August 5th

COMMITTEE TEAM MEETING AND ANNOUNCEMENTS

Thank you to the committee team for an engaging and motivating meeting this morning.  Our weekly meeting took place on a day the overall crypto market is down, and down a lot.  It is during these times you want to be in projects with good application, strong developers, and a great community.  This community gets stronger and bigger by the day, and I am very proud to be a part of it.

SWAP DATE We have heard loud and clear from a number of large and small investors that the swap should not take place at the end of August or the beginning of September.  The concern of people being on vacation for the summer at the end of August, and the big US holiday during the first weeks of September, make it unfair for some.  Therefore, to be fair to everyone, the swap will occur AFTER September 21, 2018.  We will be contacting the exchanges and swap services to determine an exact date, and plan accordingly.  Please follow us on Twitter so you can stay informed as to the exact date of the swap.  You MUST participate in the swap in order to exchange your old BLTG for the new BLTG.

WALLET/NEW CODEBASE: POW Mining for first blocks of new codebase and test.net being implemented this week.  First 100 blocks of pre-mine will come once mining is tested.

PRODUCTS: Dev team will be testing first installation of marketplace and begin initial design of integrating the Block-Logic Network and Block-Pay.  Dev team will be researching possible COINBASE integration!

MARKETING: Marketing plan for new coin launch has begun.  Bounty program, advertising, and social media/YouTube campaigns are being planned.  Expected start date is 4 weeks prior to coin swap and getting very heavy after September 5.
@everyone - WHITE PAPER and WEBSITE - White paper and website have been viewed by committee members.  White paper draft will be released to committee members for final editing.  Website will be released to committee for final editing.  Website will be released in a coordinated time with the marketing team’s plan.  White paper will be released as soon as final is approved by committee team.

ROADMAP: Will be released early next week.

AMBASSADOR PROGRAM: The BLTG committee is creating an ambassador program for community members who want to represent Block-Logic to people, businesses, and/or groups interested in Blockchain and BLTG.  This is an exciting opportunity for the community to represent crypto and BLTG.  If you are interested in being an ambassador, please reach out to a committee member.

CURRENT PROGRESS
New Name - 100%
New Domain Name - 100%
New Logo and Associated Graphics - 60%
Website - 85%
White Paper - 25%
New Spec's - 100%
Wallet
    Rewards System - 50%
    Graphics - 60%
    Windows QT - 20%
    Linux QT - 55%
    MAC QT - 0%
    Testing - 0%
New Block Explorer - 1%
Swap Process for Holders - 35%
Swap process with current Exchanges - 50%

BLTG-ASIA: @master92  is creating a strong base of users and investors in Korea.  He is actively putting together a group of investors to meet and discuss the applied use of BLTG in mainstream commerce, including POS.  This is a huge and very exciting opportunity as Korea and Asia have widely embraced cryptocurrency.  I would like to recognize @master92  for his work in Korea representing Block-Logic and BLTG-ASIA.  We will ensure all of our products can be implemented effectively in all markets, and specifically the Korean market. Thank you @Ralf and @jb for supporting his efforts. Great work!

TREASURY AND CURRENCY: @kul has been working very hard on ensuring all BLTG currency is secured using multi-sig wallets.  He is also working on creating market makers for our currency to ensure price stability and liquidity to the BLTG currency.  This is an amazing step forward for our project.  We will be working hard to ensure our currency is stable and growing. TYSM @kul .

In a very difficult week in crypto, I found the price action around BLTG so encouraging.  Days when my entire portfolio was down, BLTG was up.  We have a unique vision and a strong community, together we are going to help bring crypto and BLTG to mainstream adoption.  Watching @BLTG🚀  and @cpass78 work together hour after hour, day after day, gives me such inspiration to make Block-Logic and BLTG a premiere crypto project. Lastly, I had a great telephone conversation with @latino this week in regards to the new ambassador program - really enjoyed that phone call talking about the potential of the community and project - this is what it is all about.

Thank you to the committee-team and the entire BLTG community for making another week so amazing.  ONWARDS AND UPWARDS.`

The PIVX swap is planned for mid to late September.