Will HKG be the only token that can be used to fund ether.camp projects from now on, or only for this second hackathon?
There will only be one issuance of HackerGold. In the next editions backers will have to purchase HKG through exchanges/OTC.
ether.camp is committed to never allowing investment in any of the projects it facilitates with any token but HKG? Won't that put ether.camp at a disadvantage compared to other accelerators?
There are two stages to backing the team. The initial one (using HKG) and the second one using any cryptocurrency.
Could you elaborate on this? How do the stages come into play?
HKG allows you to acquire tokens initiated by the individual startups during the incubation period of the hackathon. Having these tokens, in turn, provides you with preferred voting rights on the way that funds are used to develop the applicable startup’s idea. Startups’ tokens issued after the hackathon do not come with preferred voting rights.
The amount of HKG collected by an individual team is a de facto crowd expression of the perceived potential of the project. As such, it provides a baseline for future crowdfunding by the team once the hackathon is over. The teams who collect the most HKG will have the largest acceptance by the crowd and will have a clear signal of the strength of their potential.
The second stage:Post Accelerator Period
After the incubation period of the event, the startups continue to evolve their prototype product into a functioning business by developing more features and presenting the user base with a product roadmap.
It’s important to state that <ether.camp> is not claiming any rights over the startups coming out from the Virtual Accelerator. The blockchain presence of the startups is completely under the control of their executive team.
The startup will be allowed to initiate 5X more tokens immediately after the event is over. Where X is the number of tokens sold during the hackathon event. The tokens will be available to the general public directly for Ether. Tokens purchased in the second phase of the crowdfund will not come with preferred voting rights.
The voting rights that early adopters have been given for HKG tokens acquired during the Virtual Accelerator will grant some control over the spending of funds and in very extreme cases changing the executive leaders. [See BlockChain Presence section]
Collected HKG volatility - Startups can exchange their HKG tokens for leading cryptocurrencies whether that is Ether or Bitcoin. This process will be made gradual to encourage startups to continue their own kickstarter process, promoting the remainder of their tokens for sale.
The HKG volatility of the tokens will be structured as follows:
2 months after the event is finished, 50% of the HKG amount will be released.
3rd month will be linear monotonic release of the last 50% of the HKG tokens: 0.03 * 0.5 * (HKG collected).
I really hope this helps clarifying things. Here to answer any more questions
