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April 23, 2018, 07:09:28 AM |
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So, I am a core member of a blockchain project that has been in stealth mode for a long time and is finally ready to come out. Since 2013 we have been developing our tech till it we had an MVP, observing what other projects have done, and tried to learn from the most common issues we have seen in the space. Our team has developed a few tools we believe can help with holding teams accountable to their contributors/communities.
We call it the Accountability Protocol. The ETH we raise in our Presale and Token Generation Event (TGE) get locked. We receive disbursements at different milestones in the development cycle and at each disbursement a vote happens. It's not a vote to fund us, as we have noticed communities tend not to participate in this kind of votes, and there is no real incentive to do so. Instead, the vote is a chance for the community to vote "No Confidence" in the team, the direction we are taking, or our ability to communicate with them. If the quorum reaches a high enough percentage of total holders all remaining ETH is returned in proportion to how much was contributed.
This leaves almost no possibility of an exit scam and gives our community the ability to hold our team accountable. We think this kind of smart contract driven approach will change the way people invest in blockchain projects, and how projects in general, get funded. After all, one of the worst things you can do to a startup is drowned it in funds. They get a lot more likely to just throw money at problems rather than try to innovate around them, and this is better than the deal even VC's get in some ways. (According to the VC's I spoke with at conferences)
We have also seen concerns about initial distribution. For this, we have designed our TGE around what we call the "Maximum Distribution Protocol." First of all, 87% of all the 1 Billion Neureal tokens to ever be created will be offered up in during the TGE. There will be a very small minimum purchase for our TGE (likely $1-2 more than our KYC fee) each KYC'd customer gets to whitelist one address and each address gets a single buy order for the whole month the TGE is running. Tokens are distributed in hourly buckets of. Tokens in the first bucket are priced the same as the presale (0.07 per) and will rise by $0.0037 if a bucket is sold out. Buy orders are processed in the order they are received. If a buy order purchases the last token in a given bucket then the remainder of that order is placed at the back of the line. The helps alleviate the pressure of whales trying to scoop up all the cheap tokens and gives the little guys a "fair bite at the apple" so to speak.
I would love to hear any feedback or critiques about this approach you may have! Please let me know what you think, I feel like this needs to be discussed. If you want to learn more about our project you can go to Neureal.net
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