At the most fundamental level, we are implementing an escrow that will oversee and regulate release of funds – all crowdsale funds will be received to a multisig wallet controlled by 3 independent actors:
1. CoinVault ATM CEO, Sheldon Weisfeld
2. Coming soon
3. Spectiv Virtual Reality, LLC.
Funds received through crowdsale will be locked in the multisig escrow wallet until Sig tokens have been adequately distributed to all buyers. Once Sigs have been distributed, escrow actors will be able to approve the first release of funds. These funds will be unlocked evenly over three separate disbursements, contingent on the achievement of predetermined milestones and subsequent escrow approval. The disbursement schedule is outlined here:
The first 1⁄3 of funds will be released to Spectiv immediately following the distribution of Sigs purchased through crowdsale. These funds will be converted to USD as soon as they are released from the escrow wallet. They will be used to cover further development expenses and initial marketing efforts – specifically in driving exciting, high quality VR content to the site. These funds will also be used to setup the general business operations such as setting up the infrastructure of our company, including employees, offices, etc.
The following 1⁄3 of funds will be released and converted upon launch of the platform beta. These funds will be used to fuel the next stage of development and expansion. This will include optimizing platform architecture, proactive efforts to build user base, and reaching licensing agreements with mainstream organizations to broadcast popular events.
The final 1⁄3 of funds will be released and converted upon the end of beta and official announcement of the Spectiv platform launch. These funds will support targeted online marketing efforts and platform maintenance expenses.
