Hi everyone!
I know everyone wants news about the fork.
TLDR: The fork has taken second priority to obtaining legal counsel to write a memorandum demonstrating that Radium is NOT a security, in order to remain listed on some exchanges.
Several weeks ago, one of the major exchanges which we are listed on, asked us to go through a review process, due to the increased scrutiny of the SEC (Investment regulatory body in the USA). It seems that completion of this review process is a requirement to remain listed on this exchange. Given the current regulatory landscape, several exchanges are protecting themselves from possible litigation by not listing tokens that fall under the category of a security. To this end, a significant part of the review we were asked to complete included a lengthy legal memorandum arguing the case that Radium is not a security as defined by various legal precedents. Unfortunately, none of us on the development team are security and investment lawyers, and we have needed to engage with an outside legal team to complete this memorandum. In order for our legal advisers to complete their review and write the memorandum, we need to be able to provide them with a clear and concise explanation of what Radium is. Much of my energy the past week and a half has been devoted to writing the Radium white paper, as well as writing all new content for the website so the lawyers have something to work from. Much of our existing content is outdated, and some is no longer accurate. I hope to have the website content and the white paper ready to send to the legal team by the end of next week.
In addition to preparing the materials mentioned above, we have been working very hard to secure the necessary funding to pay for this memorandum. Lawyers cost money. A LOT of money. Especially when we do not have a ICO budget to work from. We have some donation funds that were set aside, that will cover part of the cost, however the rest will have to come from other private sources. We will be using some of our own personal funds to cover the remainder of the costs, as the development fund will not be operational until after the fork.
I wish I could be working on the code for the fork. I want nothing more than to get this fork over with, and get back to coding what I really enjoy, which is SmartChain functions. Sadly, it seems we need to get a few more things taken care of first. As soon as this memorandum is funded, written, and submitted, all focus will be back on the fork.
Justin
(JJ12880)
it is good that you updated the website and wrote the whitepaper, i am sure the project will benefit from your work and the memorandum.
good luck with defending radium and to keep the coin listed. hopefully you can be back soon to coding and finishing the fork...
