Dear Wanchain Community,
We would like to first give the community a summary of what we have been working on the past few weeks.
*SECURITY CLASSIFICATION - WANCOIN*
As the cryptocurrency ecosystem has been changing and is subject to further change, we have been working closely with a "Big 4" law firm in Singapore to help us cover the legal aspects of the project. One of the most important areas the legal firm has been working on is the whether The Wancoin is in fact a security. After an extensive review of our foundation, network, and token they have determined it is unlikely that Singapore regulators will classify Wancoins as securities.
*SECURITY CLASSIFICATION - ERC20 TOKENS*
To prevent the ERC20 tokens that we will be issuing after the ICO from being classified as securities, our lawyers have advised us that the ERC20 tokens should not be allowed to trade. As a result we can only guarantee the exchange of ERC20 tokens for Wancoins that come from the same purchasing address. This exchange will occur when the Wanchain mainnet goes lives in approximately 2-3 months. Certain exceptions may apply - we will work closely with our legal team and review these on a case by case basis.
The Purchaser acknowledge that receipt of the ERC20 token is for future delivery of the Wancoin token and access to the Wanchain platform. Wanchain will not be supporting any exchanges that list the ERC20 token; furthermore, participants in our ICO acknowledge that he/she will not resell the ERC20 token.
*KYC/AML*
While Singapore and international laws are often unclear and rapidly changing with respect to digital currencies, one thing is known - governments around the world do not want digital tokens to be used to support money laundering or terrorist financing.
To that end we are safeguarding the project and users from future regulation by implementing strict KYC and AML protocols.
Ensuring that our project is KYC and AML compliant is a big step towards being a legitimate project in the crypto space.
*LOOKING FORWARD*
The ecosystem is rapidly changing and our interest is in keeping the project compliant on a global scale. If further regulations are put into practice, we will continue to adapt to the new regulations in such a way that both users and our project are safeguarded.
*WEBSITE*
We have also been working on several aspects of the website. We will provide several guidelines for users to verify that the contract address they contribute to is the legitimate one. This includes and is not limited to videos proving it is the right contract address, our official social platforms, and website. We are also working on soon releasing a form tomorrow (Saturday 30th September) where users can input their ethereum wallet address to see whether it has been successfully whitelisted.
*WHITELIST APPLICATIONS*
Aside from this, we want to thank you for your continued support and patience. We received a total of 11,812 applications.
*Here are the stats:*
Total applications: 11,812
Gold whitelist: 7,779
Silver whitelist: 3,224
Unapproved: 809
As you are aware, we have started to send out rejection emails. Please remember you have 48 hours to correct information from the moment you receive the e-mail. If you have any doubts regarding your application please contact
whitelist@wanchain.org.
We are still working on identifying the fake and flagged accounts. This means that rejection e-mails will continue being sent out over the weekend.
*Approval letters:*
We will start sending the first approval e-mails today. Please allow a few days for them to reach you.
We will also be issuing a form on our website where you will be able to check whether your ethereum address has been successfully whitelisted.
*ICO ANNOUNCEMENT*
ICO date: 03 October 2017 16:00 UTC
Total tokens in sale: 107.1 million
Presale for strategic partners: 45,000 ETH (ave. discount <5% of week 1 rate)
Week 1: 1 ETH = 880 WAN - 15% Off
Week 2: 1 ETH = 790 WAN - 5% Off
Week 3: 1 ETH = 750 WAN - Original Rate
*Gold Whitelist*
Individual cap for Gold: 6.8 ETH
Once the ICO begins on October 3rd you will have 24 hours to claim your reserved Wancoins.
After 24 hours, you will be able to contribute in the silver phase until all tokens are sold.
*Silver Whitelist*
After the first 24 hours have passed, Silver will be able to contribute along with Gold until all tokens are sold.
Total reserved amount:
Over 20,000 ETH worth of tokens (in addition to the unsold amount in the Gold round).
*Max gas price implementation*
There will be a maximum gas price fixed into the smart contract starting on the second day of the ICO to avoid major congestions to the Ethereum network. The details are:
Max gas price: *50 GWEI*
*Transactions with a gas price above the limit will be rejected.*
Recommended gas limit: 150,000
We will be preparing several guides on how to stay safe leading up to the ICO and during the ICO contribution period.
*THANK YOU IN ADVANCE FOR YOUR SUPPORT!*
We know that many of you are long time supporters of Wanchain; we appreciate your patience and are grateful to have you on this long journey with us. If you are interested in joining our team please check our website as we will be announcing a number of new positions soon.
