Hi guys, I just don't want to ruin the fun here, I am still confused why does the development team have to cater a huge percentage of premine while they already have the BTC in their hand? I think this is very unfair to the investors since with this huge holdings, plus the bitcoin in their hands, they can play the market. As much as I am interested in this project, this setup of the crowdfunding had been seen that the token reserved to the team is often times misused.
Organisation and founders endowment is common practice in most crowdfunding initiatives. It is good for supporters, because it aligns incentives of all parties involved.
And keep in mind, besides the one-time income burst from the upcoming GNT Sale, we won’t actually make any money by building the Golem Network itself.
It’s an open sourced technology that anyone can copy… so if we tried to make a profit by, say, taking a percentage of every GNT transaction, then someone would simply fork our code, remove that percentage, and create a version of Golem that is cheaper for everyone.
So, just like the Ethereum Foundation develops and builds Ethereum without directly profiting from its use, we will build the Golem Network. Our long term income will come from being the first to understand the potential uses of Golem tech and use it to Author software on the Application Registry.
With Ethereum, Developers endowment gave them long term capability to work on the project, even without foundation support. They are doing a lot of great stuff, sometimes starting own companies.
Foundation endowment gave it extra stability. I do not know the numbers, so this is only my educated guess, but I do not think Ethereum development would be progressing at this pace (maybe project would not be progressing at all) if not for Foundation endowment. AND Ethereum crowdfunding had no cap.
This is R&D. And this is crypto. It is hard to plan for the next quarter, not mentioning 3-4 years of basic development needed. Endowment gives extra security and stability, which is beneficial to token holders.