With plans of raising over 3 Million USD we know that people probably would like to know exactly how we plan to spend this.
We had created a colorful animated graphic for the white paper that illustrated the overall percentages that would be allocated to different areas which give you an overview of funding. SteemThat.com holding true to it’s nature of being as transparent as possible would like to give the community some valuable information that one can sink their teeth in.
This information could change but for now will Illustrate our planned budget and allocation of funds. This page will also allow for people to monitor the blockchain accounts if they wish to look for anything nefarious. By putting everything out in the open we feel that investors looking at our platform should have even more trust for our brand and what we are building not only now but in the future. Things need to be clear and communications must exceed expectations set forth by the community.
Let’s first look again at the original white paper’s numbers:
- See The Steemish Token On EtherScan https://etherscan.io/address/E743b591A9fbF593Ff2214c4B3B7c9Bf1122431A
- The Name Of The ERC-20 Token Is: Steemish
- The Symbol Of The ERC-20 Token Is: Stish
- The Amount Of Decimals Is: 0
- The Amount Of Total Created Steemish: 10,100,000
- Supply And Demand Economic Model With Advanced Utility Functions
- No Pre-Mined Tokens
- Hybrid Centralized and Decentralized Build (The Future of Crypto).
Get Your Stish On The Radex Exchange
More Numbers You Need To Know Before We Dive In:
- 70% of all Stish is planned to be sold in the Pre-ICO Event and Ico Event
- 50% of all sales are placed into Escrow via Steem Power. This has 2 major benefits for participants.
- It funds the curation specialists accounts by adding steem power thus increasing their upvote value which will increase demand for stish as we start charging for membership, usage of the curation specialist accounts, and featured post ad space all paid for by stish!
- The escrow protects participants also because once changed into Steem Power the funds are locked up for a long time. The final balance after ICO can be recorded and that amount must be maintained unless the founders have a majority vote to power down and start buying all of the Stish. We have decided to announce on SteemThat, and Steemit on Saturdays In The USA the amount of Steemish sold and the Amount Converted to Steem Power with blockchain identification of the transactions and screen shots. But anyone could easily go verify for themselves with the information every Saturday accept on major holidays or vacations which will be announced and the Friday prior to or the trades compound and roll over until the next designated time mentioned above. This will one day be automated.
- 30 Percent Of Steemish Are Retained Why? The answer is really simple and protects participants.
- Founders fees make up 10% of the 30% reserved. These vaulted tokens are set aside and will be issued to founders no later than August 31st, 2018 and no sooner than July 31st, 2018. We will begin releasing the founders tokens from the vault during this time. The reasoning behind having the window is so as to not flood the market with all of the tokens at once. Though I don’t believe any founder would try to crash the currency we will take precautions to protect other holders where possible. The Founders Vault Will Be Funded Now At The Time Of This Original Posting Date. Here is the EtherScan Address With The Founders Vault Of Tokens: https://etherscan.io/tx/0xff059c7bf1805d926915bddeddc39e033838b63352cebde9071e38a14e04173e you can also see it here: https://etherscan.io/token/0xe743b591a9fbf593ff2214c4b3b7c9bf1122431a?a=0x7673ba7a671e6c439222b447e32ca22b6da428c6
- The founders fees will split equally between founders and a few early adopters who have performed massive amounts of works to make this happen. We have developed for almost one year when we release the funds. Until then they are really not in circulation.
Future Development Costs:
- Some have said that 5% future development costs are a bit cheap. Keep in mind we are a hybrid build with different costs structures when compared to other offering. We will be running somewhat like an electric co-op in that we are not make loads of money unless we are successful. So this gives us incentive to work hard and do great work. My feelings on it over the next 4 years we need to make sure we can cover all costs. If we never have to sell these that is awesome! I believe that you should hodl that Stish like it is BitCoin. However, if we did need to cover development costs for enhancements or server fees etc, we could sell enough to cover those costs as needed at the market rates to raise the capital. Any smart business saves for a rainy day or expansion not otherwise funded. It is our emergency fund in a way also. I think we will have steady income being produced with the sale of goods and services to cover costs but we have some reserves.
- Currently we have set aside 10% to cover marketing costs. This includes customer acquisitions, investor funding initiatives and brand awareness campaigns also. The space is getting more and more competitive by the week and traditional norms might not keep the wheels moving. Keep in mind this isn’t for the first 6 months this is over the next 4 years. So we are planning for the long term and future costs will be higher than today. The market value of Stish will determine also how much we have left over after the total budget cycle.
- When we jump well beyond $1 USD per Stish then we obviously would not liquidate more Stish than was required to handle the marketing jobs or fund the marketing projects. In the event we do not even need to touch this it can go into an emergency fund. Where will we be exactly 4 years from now? This is hard to know. Where we want to be will require massive marketing campaigns to create the added buzz to propel the currency. Market Making is not out of the question for these funds in the future also if needed. Market Makers are not some form of manipulation but rather they are a form of helping markets become more fluid.. Here is a great article describing their purpose: https://www.quantumproject.org/how-market-making-works/
The Reserves Can Be Seen Here: https://etherscan.io/tx/0xf8c14971ec88fec05b1ecb7088b6adab637c808369be3e33a1220ac302a24f92
Tokenization Of Our Rewards Pool:
This section is where the real complexities of the budget and financial allocations reside. Let’s be very clear and upfront that the 5% rewards pool funding is a very cheap way to disseminate the currency to as many people as possible and also encourage the overall growth of the platform. When people have some skin in the game they tend to perform better. As members join and start to do work by interacting with the community through comments and writing blog posts which in turn helps drive more growth, they feel empowered.
This new found ability to earn some rewards points and turn those into a tradeable Token called Stish is very enticing. The desire to earn rewards doing things that people normally do for free on other platforms anyway is exciting. Members will often brag on other social media about how great their experience is and will write articles about the platform. This concept of rewarding people for work is nothing new. Just the works these people are doing is for themselves not some huge corporation.
When members of https://SteemThat.com write articles, comments, make friends, refer new people, and more they earn rewards points we call SteemThat Tokens. These tokens have limits that members must reach before being able to exchange them for Stish. The exchange rate can be adjusted as needed to curb how much Stish is being created from the rewards program. The rewards program is a fantastic way to get the word out and grow a social network. This could have been placed under marketing but we like to be transparent and describe what we are doing and why.
The initial rewards pool will be funded with no more than 5% of the total created amount. This will allow for some new people not very familiar with crypto currencies to earn some points and trade those points for real world blockchain based crypto currency called Stish. This is a huge consideration as to our methods and why we have a 4 year plan. I think full maturation will not be expected until fully funded and around the 4 year mark after the funding.
By tokenizing our rewards points we in effect create a community full of eager participants wanting not only for themselves to succeed but also other members of the community. This might be the only time in all of our lives that technology has allowed for such life changing innovations and we hope that you will be a part of it all.
The above content goes into more detail about the funding provided by the Sell of Stish during and after the ICO but what about funds that are generated from other sources of revenue?
With the invention of membership levels to determine the amount or whale pool support one gets based off of their contribution to the whale pool we see a great future. The new plan to allow people to become members and stay on the whitelist annually all while funding the whale pool and determining the percentage of upvote support the whale pool gives is brilliant. This process will streamline the back side management and allow for faster growth with more automation at play.
Paid members will receive some free Stish also which will help distribute some currency. This is also an automatic discount for their annual renewal as by then we should be funded and have the ability to accept Stish for payment based on market price for membership! With Stish being in limited supply and primarily held by members we all are incentivized to not sell cheap and drive the whale pool growth for maximum rewards.