Quote from: asphyxia on February 27, 2017, 06:29:55 PM

Quote from: drays on February 27, 2017, 06:15:55 PM

Quote from: asphyxia on February 07, 2017, 08:16:52 PM

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.

...

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 when more than 100K is raised already, this becomes important enough.

Does it 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.

I think you're misunderstanding.

BTC from round one is held by the escrows. BTC from round 2 is also being sent to the escrows (just using another address for clarity in round 1 vs round 2 BTC). Dabs has already posted confirming that the address is also a 2-of-3 address between himself, Sebastian and myself. It wouldn't make sense for the second round to start and for us to be collecting the BTC and for only BTC from round 1 to be held by the escrows.

Again, I've invited the escrows to the private github Novus is currently developing out of. Wallets for the temporary coin being issued as well as source code will be added to that same github before funds are released, escrows will verify this and that there is indeed a temporary blockchain/coin that is going to be issued. When Phase IV starts which will essentially be after the crowdfund ends the entire source code will be published publicly and people will be able to follow our progress on developing the code base including full nodes to be used in the custom "real" blockchain of Novusphere that will eventually replace the temporary one.

When the requirements are met which we define as Phase I - III being completed (MVP is public and testable), the source code for the wallets as well as pre-compiled wallets are ready to distribute then BTC can then be released to us and this is when we will announce the end date of round 2 which will be 1 week after this point.

Does this clarify things? I'll clean up the OP to avoid that confusion since we're well past $100k.

You said that you will get your funds from escrow when you are ready to distribute and not after you distribute the coins. There's a difference. So which is it, will you get your funds before or after we get our coins?