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December 16, 2017, 11:01:39 AM |
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Universa Official Telegram Bounty Channel.
Pinned Message
t.me/universabounty
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Dear community,
Through this post we would like to give you an update with regard to our Bounty Program!
It has come to our understanding that the bounty community was under the impression that the total amount of UTN that was allocated for the Bounty Program was “fixed” at 45M UTN. We did not originally plan such a large “fixed” amount of UTN. The amount allocated was based on a percentage of the total tokens (0.45%). This means that the allocated amount of tokens for the bounty program would fluctuate, and would only reach 45M UTN if all offered tokens were sold. As you all know, this did not happen.
In the end, the Token Sale concluded in 3,298,608,688 sold tokens while 9,900,000,000 were offered. That means approximately a third of the offered tokens have been sold. Therefore, according to our original token distribution, approximately 15M UTN should be allocated to our Bounty Program, amounting to a third of the 45M of UTN that we originally communicated.
We listened to our community and believe that we have been not clear enough in our communication. We want to take responsibility and have thought long and hard about the possibilities of doing so! This has been a challenge, because we have been clear up front about the token allocation in the Whitepaper: 4% of the token proceeds would be allocated to the bounty, partnerships and advisors together. By paying out 45M of UTN to the bounty participants, advisors and partnerships would logically receive less than they should. The solution was (unfortunately) not that simple. The solution that does work is as follows:
Part 1
Firstly, we will allocate the approximately 15M UTN (exact 14 843 739) as intended for the bounty program directly after the Token Sale, based on the various stakes participants earned during the bounty campaign. We feel obligated to stick to this original initial distribution scheme due to various legal constraints, and cannot distribute more at this time.
Part 2
Secondly, we will allocate the remaining approximately 30M UTN after the Mainnet is fully operational, which is expected to be in early 2018. The remainder of 30M UTN will be distributed among our Bounty Program participants based on their individual stakes over a period of 3 months, where every month, approximately 10M UTN will be distributed. We have decided to use (part of) the revenues of the transaction fees that the Universa Foundation will receive to distribute the remainder. If these fees are insufficient, the missing UTN will be (temporarily) borrowed from the reserve of the Universa Foundation and later on restocked with additional revenue from transaction fees.
We believe that through this method we have found a fair solution for everyone where everyone gets the reward they deserve.
Sincerely yours,
The Universa team
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