[ANN][LSK] Lisk | Blockchain Application Platform for JavaScript Developers

Hi there, im not doubting what your saying about the team having access to the funds when forging starts. But, i haven't read that anywhere.. maybe i missed it. Are you sure about this?

I still think this is just based on a misinterpretation that has been repeated so many times that it became a common mistake.

They could access ICO funds ever since they launched main net. This is supported by the fact that they did actually get out some money out of escrow a few months ago. They simply choose to leave the left of the money in because anything that they touch without being directly poured into a nonprofit foundation will be taxed harshly.

Hopefully that will happen soon, MME should take care of that. Either way I think at this point of time it's meaningless, so I didn't bother to ask at the last community meeting.

But neverless I still stand by my interpretation.

I think some of this confusion comes from this quote that has been misunderstood.

Quote

...
In terms of the ICO funds that means they have to flow directly into the company itself. I.e. we are not allowed to lay a finger on them for even one second. However, this is not a problem!
...

https://blog.lisk.io/lisk-community-meeting-summary-june-11th-50dcadd41fef#.lf413d603

I think Max just meant that they are not allowed to lay a finger on it or be taxed, not not lay a finger on it because of escrow terms.

From part II of ICO terms:

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The Lisk team won’t have access to any funds at all, until the Lisk mainnet is launched successfully.

https://blog.lisk.io/lisk-ico-terms-part-ii-3b50ab74c9b6

From part III of ICO terms:

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All collected funds (BTC and XCR) will be paid out, once the Lisk network has forged its first blocks successfully. Both escrow partners have agreed to this condition.

https://blog.lisk.io/lisk-ico-terms-part-iii-604e55ad0102#.y0zu7djab

So the intent of escrow terms was clear.

There is also a fact that every time a genesis delegate signs a block it's log has a line like this:

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Forged new block id: height: X round: X slot: X reward: 0

And that's pretty much counts as forging in my book. Forging means signing a block. Who does it and if it has a block reward is meaningless in this context.

Here's the original post regarding ICO terms and ICO escrow in the Lisk Blog

https://blog.lisk.io/lisk-ico-terms-25ca3ecd5a4d#.iu1377gvh

It goes as far as to say:
"All BTC will directly go into a 2-of-3 multi-signature Coinbase vault. That means the money can only be withdrawn if two of the three signees agree.
Therefore we have partnered up with two trusted and reputable individuals who will get one key to the multi-signature vault each.
Axel Hellinger alias iudica, German Lawyer at Kanzlei Hellinger
Paul Klanschek alias TwinWinNerD, CEO of Coinimal

Please be aware that both are independent escrow partners, Coinimal as a company is not involved in this partnership
All collected funds (BTC and XCR) will be paid out, once the Lisk network has forged its first blocks successfully. Both escrow partners have agreed to this condition."

That's good enough for me to assume that access to $11 million USD ICO funds begins on forging tomorrow!

I agree. Thanks for your response