In our last newsletter, we spoke about the opportunity for crypto experts to become 'early holders'. Of all the applications, we had to ask more than two thirds to reapply, as they did not send the seven addresses necessary for successful distribution of tokens. We hope these pioneers will have patience as we work out the details in cooperation with them. We recommend everyone to wait for our wallet app, in order to provide an easy and secure solution for you. (See our milestones for a roadmap of our development.) Becoming an early holder is only an option if you manually want to set up seven blockchains and are able to manage the tokens in a secure way. You must be prepared to face the risks in this first distribution phase. We advise all early token holders to excercise caution in trading and recommend to wait with trading until system development is more defined. Remember to bring your own umbrella.
First token emissions successful
On Wednesday, we successfully distributed tokens on 6 out of 7 blockchains for several of our early holders. For the NXT chain, we encountered a minor problem in automating the transfers, but nothing that we do not expect to solve in a couple of days. We expect to release these tokens somewhere next week. Those who receive their tokens in this early phase are pioneers in the literal sense of the word. They are now responsible for the tokens that underpin the very first distributed cross-blockchain solution, the HYBRID. For now they must work without the 'umbrella' of an integrated application, such as Internet of Coins is developing, thanks to our crowdfund supporters. We are committed to developing the Internet of Coins 'personal financial operating system' so everyone will be able to handle their tokens in a user-friendly way.
Crowdfund finished: over 900,000 HYBRIDs registered
Last week, we were happy to see the fundraiser counter jump to over 900,000 HYBRIDs registered. Conservatively, we posted '700,000+' when the crowdfund ended, as we still had to verify a lot of transactions in the last days. Most of the donations have been sent in Ethereum and Bitcoin (statistics), but we saw the NEM, WAVES, NXT, Counterparty and Bitshares community participating as well. Some people donated anonymously without registering, as they simply wish to support the software project that we're building.
The release of the tokens
We were asked questions about when donators will receive their HYBRID tokens. There will be two distribution phases.
Phase 1: Starting next week, we will start distributing the tokens to all those who would like to trade them before our environment is live. Be aware that this is not for the faint-of-heart or the non-technical. Please keep in mind that this technology is experimental and under construction, like Bitcoin in its early days, and we have NO way of knowing how the decentralized markets will react to HYBRID tokens! It may take some time for liquidity to pick up, since HYBRID will be tradable on multiple decentralized exchanges. We could see erratic and/or disparate price movements on individual chains, until we fully interlink HYBRID tokens via the Internet of Coins in 2018 (see our roadmap). If you do not want to face these risks, or are not expert enough in cryptocurrency technology to set up multiple chains by yourself, we would advise you to wait until phase 2.
Knowing these risks, if you are technically skilled and wish to receive your tokens to trade at this time, please do the following (see early holders for some pointers).
Replace PUBLIC KEY with your public key for that particular cryptocurrency. Be aware that if you make a mistake here, your tokens will be sent to the wrong account and you will lose them!
We will send you your tokens on all chains (1/7th per chain). This mode of distribution ensures the equal balance of HYBRID tokens across all chains at the start of trading. Note that we cannot offer technical support at this time, due to the small size of our team.
Phase 2: On the other hand, if you are not a technical expert, you will want to wait until the first version of our wallet supporting hybrid assets goes live in 2018. From the Internet of Coins app that we are developing, handling HYBRID tokens will be much easier in a unified interface. If you choose to wait, we will make sure your tokens are safely delivered to you in a user-friendly way.
404K HYBRIDs registered
At the Internet of Coins Dutch headquarters we were happy to see the fundraiser counter jump to 404,000 HYBRIDs registered yesterday. Most of the donations have been sent in Ethereum and Bitcoin, but we see the NEM, WAVES, NXT, Counterparty and Bitshares community participating as well. As we are entering the last two weeks of the crowdfunding campaign, we thank all who already decided to be part of our journey.
ICO Alert report
Thanks to the hard work of key members in our team, we have received a positive review from ICO Alert. From the report (p.4): "[...] the scalability and broad scope of vision to link stores of value even beyond mere cryptocurrency pairs makes Internet of Coins a very exciting project.". We are happy they share our vision and congratulate our team members for their great work in the further accreditation of the project.
We've reached our first project viability milestone!
Thanks to YOU, our dear community, we passed the 300,000 HYBRIDs issued this week! This means development can start and the project will be supported for the coming years, allowing us to deliver the basic infrastructure and innovation that we have planned in our roadmap. Of course, we hope that donations will keep on going until the close of our crowdfund period, so we can deliver with more speed and set out additional bounties for other talented people to help out.
Campaign & Code development
After a more quiet period on the PR front, in the past week, we have been involved in intense negotiations with various firms in the field of fintech publicity and marketing, to increase the reach of our campaign in its second half. Some of our developers have started cleaning and reviewing the current code base and formalising protocols to extend the functionality of the system in the decentralised direction.
The next price per unit increase for HYBRID is scheduled to happen on the 9th of May. Until that time the PPU value will be 1.25, and after that it will increase to 1.45