First Crowdfund Round - February 16th to March 2nd 0:00 UTC
30% of atmos will be sold during the development of Phase I - III for 2 weeks
If more than $100,000 is raised the funds will be released after the completion of Phase III but will not be moved until the full crowdfund has ended. If less than $100,000 is raised the funds will remain in escrow and the second part of the crowdfund will continue to use an escrow. Funds from the first round will not be released to us until the completion of Phase I - III.
Second Crowdfund Round - March 2nd - TBD (est. late March / early April)
20% of atmos will be sold after the end of round one until 1 week after the completion of Phase III.
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Should we raise less than $100,000.00 USD in total a full refund will be issued and Novus will seek funding through different means. Should be raise more than this in the first part of the crowdfund, an escrow will not be used for the second part since no refund will occur and development will proceed. The reason for the $100,000.00 refund minimum is that while on this budget it is unlikely we can deliver Phase IV, Novus will deliver Phases I - III and the Intermission and seek additional funding through alternative means to develop the blockchain.
I read this part on OP once more and didn't like it... Now more than 100k is raised already, so this becomes important enough, especially with asphyxia having a habit to make some drastic movements exactly after releasing of the funds.
Does the quoted text above mean that:
1. The funds from First Crowdfund Round will be released prior to coins being distributed? This is unprecedented, because escrow typically
at least guarantee the delivery of coins.
2. The Second Crowdfund Round will have absolutely no escrow guarantees, and all funds go directly to developer, and still with no coins distributed yet? What prevents the dev to run away after he gets all the funds, without even distributing the coins? Do you think people will invest in Second Round with such conditions?
Do I understand it correctly?! This doesn't sound good. I see almost no escrow protection here. Would appreciate some comments, especially from asphyxia and Dabs.