This is a good project actually but people are posting negative comments and acceptance is not really good in general,this is not about the project,but certain aspects and parts of your Ico gave us a warning sign ,some of these are : Newbie opening an account,no pre announcement so people can prepare and look further,No escrow to establish the reputation of the project there may be many more red tag but we'll see in the coming days.
To go into more detail:
There has been some confusing around our escrow process of the ICO funds and I wanted to expand on the process we are using, and our reasoning behind it.
We are using a traditional accounting company, Welch LLP(founded in 1918), and has a wealth of experience with providing these types of financial services.
The process we mutually decided on with Welch to manage the funds, at this stage, is to leverage the security provided by a hardware wallet (Ledger Nano S) and secure the device and backups at separate locations, with the requirement of a representative of Welch to access them and process transactions.
The monthly draw down of the ICO funds will then be transferred to Branche companies wallet(s) (i.e. hot wallets and cold wallets) and allocated by David Ewart our CFO and sent primarily to our company’s Shake Visa cards, using the Branche app as the feature sets come online throughout the development process.
Branche as a company embraces the concept of ‘eating your own dogfood’, which was original popularized by an accidental private conversation being posted publicly (Steve Yegge original post, worth reading:
https://plus.google.com/+RipRowan/posts/eVeouesvaVX). The concept when broken down is a very simple test of your value prop, i.e. if I won’t use my own product, why would anyone else?
That is what I have done, since Shake launched their alpha, I have been using the funds transfer in the same manner our user base will, by storing value in crypto-assets for short time periods and then transfer the bulk of the value to Shake, then using the Shake Visa card to pay for my daily living, as well as the company expenses.
This takes us back to Welch and during this time period we will be helping them update their internal processes to support Blockchain based companies that are working mostly with digital assets. One of the big reason we selected Welch LLP and Welch Group for our accounting and CFO needs, is they were incredibly enthusiastic towards our value proposition and already had in house expertise with one of their employees that worked out the taxes on his own crypto-assets.
While our setup is different than most [Suspicious link removed]panies, it is a reflection of our own belief on helping to bridge the gap between the traditional financial, and legal, professionals with the optimization potential of Blockchain technologies to their industries.
Welch LLP is a company that has, and continues, to step boldly into the future while at the same time staying true to their own core value of bringing insightful analysis and expert opinions to businesses big and small.
I hope that clarifies the process we are engaging in, and in the long term regardless of the ICO we need a top-tier accounting firm to make sure we are getting the best value for our customers.
Welch LLP are absolutely in that category and it has been a pleasure working with them.
Cheers!
