DEv are you using and escrow for your ico ?
Hello, great question
We are drafting it with our UK lawyers, and the escrow agreement will be implemented with the ICO after the pre-sale.
Currently, we have a working product and we have already gone through the testing period (1 year and 9 months), and we are trying to raise money for the necessary costs for covering the services we need and that will lead us to the ICO.
Many ICOs are based on promises of a future product, we wanted to avoid this and we implemented our product first. Therefore you will find that bmybit.com is already a usable system for making automated trading and a wallet that stores BMYC.The ongoing costs we aim to cover with the pre-sale are represented (not solely) by:
- T&C + Escrow agreement + Data protection agreements + legal framework consultancies (we want our customers transparently informed and safe)
- Accountancy
- Developers
- Marketing & communication
Because we want to be a booming company, our token will have to bring value to our customers and, for that reason, we will start with the official ICO only when we will be fully covered by the necessary frames. Currently, we have raised money for covering part of our burning costs and I am confident that we are able to close the pre-sale with the funds needed for achieving great results. I am confident of it because we have received splendid feedbacks from our users and we are convinced that is just a question of time before BmyBit will catch the major audience.
The ICO will have the aim of creating a fund for you, guys. Because we want to create our own exchange with BMYC -BTC (as you may find on our roadmap), we will not touch the majority of the BTC we will receive and we will give the necessary liquidity to the exchange.
We expect to complete the BmyBit exchange (Beta) during October, and we will start the ICO with the already working exchange. I hope that you will consider my explanation not too boring and I am happy to reply to any other question or doubts you might have.
Thank you so much for letting me explain this very important topic and I wish you a profitable day!