Quote from: mtomcdev on September 11, 2015, 01:22:17 AM

UPDATE

The software development is progressing and the new features (trade integration to sell coins from the wallet, company share management, etc) will be released early next week. There are many very exciting developments in the software front and we hope the community will be happy with the progress which was very slow in the summer but we will try to speed everything up from now.

With regards to business matters, the legal structure of the decentralized company has been finalized. This was a very slow process but finally the bank account of our US company was opened yesterday and it is ready to process transactions for the sites (jizzmo,, streemo). Due to the fact that we are not US citizens the dealing with IRS as well as the bank account and company set up process was very slow. Why in the US? We thought being a presence in the United States is very important. We have already contacts in the Silicon Valley and once the platform is operational we believe that will be an interest from US based Venture Capitalists and US angel investors. These investors are normally reluctant to invest in a foreign company.

As it was posted in this thread before, the VICR owners will be having shares in the decentralized autonomous company. Please note, as we stated it many time this is not a public offering of securities, that's why we have never said anything specific about this except that we would be glad to form partnership with our supporters. The VICR investors took a gamble in buying VICR contracts, we recognize and appreciate that and we intend to create a business structure that rewards the early stage investors with a well deserved ROI.

We propose the structure will be the following:

a) The current shareholders of the company are the developers and VICR owners. At the start of the process only developers and VICR owners will be having shares, but later when the VICR GDGC gone, the shareholders can sell their shares without any restrictions.

b)There will be a decentralized autonomous company (DAC) which is a virtual entity. The DAC will be the main platform for making decisions with regards to company matters. The company handling from investor viewpoint such as voting can be done in the wallet.
The ownership, voting and messages are verified by the digital signature of the GDC account holder. All decisions of the DAC will be enforced by the physical company. For instance, if the shareholders decide via the DAC to pay US$ 0.001 per share dividend for the fiscal year then the physical company will enforce this decision by paying out the money.

c) The shares in the decentralized autonomous company will be directly correlated with the shares of the physical company. That means if the wallet indicates you have e.g. 1,000,000 shares then the same amount of shares will be registered for you - directly under your name or via delegates in case of anonymous holding- in the share register of the physical company.

d) There are two physical companies, which are already legally registered in he US, lets call them here company A and B.
Company A is doing the actual business with jizzmo, streemo and all IoT technology projects. Company B holds 100% ownership in company A. The reason of that so we can put forward company A to bring in further VC or angel investments. (VCs and angels wouldn't deal with many individual owners). Therefore, the VICR owners will be allocated with shares in company B, but company B will own 100% of the shares of company A.

e) All intellectual property rights and income rights with regards to GadgetNet, GadgetCoin, jizzmo, streemo, etc. will be solely assigned to company A, but again effectively company B and its shareholders will own everything.

f) The ownership in company B could be anonymous or associated with the personal details of the shareholder. If the VICR owner provide name, address, phone, email, etc details in the wallet then company B will keep the personal details associated with the shares in the share register. If the VICR owner wish to be remain anonymous then that's fine - that's one of the main purposes of having a DAC. In case of anonymous holding the ownership will be managed and guaranteed via a delegate account. The representatives of the delegate account will be elected by the community and developers. At the beginning the developers will handle this task, but the objective is to elect the representatives as soon as it is possible.
There is no need to be making a decision right now whether the shareholding is anonymous or not. The VICR owners can provide the personal details at any time in the future to ensure the shareholding is recorded in the company's share register if they wish to do so. We let the VICR owners decide whether they will be holding the shares anonymously or not. One of the main advantage of a virtual decentralized autonomous company that it allows anonymous shareholding via the cryptographically verified ownership, on the other hand many rights and actions in the real world could be enforced with personal details only (e.g. to inherit the shares). We think the delegate system will provide sufficient security terms of ownership and presumably the system will be tweaked as we will be taking your suggestions on board.

g) Company A has 100 shares which owned 100% by company B.
Company B is having 1,000,000,000 (one billion) shares. Currently 50.1% of the shares is owned by the developers.
30% of the shares is owned by nobody at this stage and it is allocated to bring in further investment.
20% of the shares will be distributed to the VICR owners. That means each GadgetCoin is entitled the owner for 2,000 shares. For example, if you have received 1,000 GDGC with the VICR contract then there will be 2,000,000 shares allocated in relation to the VICR contract. Since there is circa 97,000 GDGC exists, all owned by the VICR holders, there will be almost 200 million shares allocated to the VICR owners which represents roughly 20% ownership in company B. The number of shares is directly associated with the coins received via the VICR contracts.

f) Since the forging will be disabled until the VICR GDGC was gone if you sell the GDGC then the shares will be transferred to the new owner of the coin. Once all VICR GDGC gone then the share sell/purchase function will be enabled in the wallet so the shares can be sold at any time and price.

Please let us know if you have any questions as well as your opinion, we can discuss it in PM, at Slack or here in the public thread and your suggestions will be taken on board to come up with the final structure.

Sounds great! I will let you know if I have any questions.