Quote from: spacerman on June 14, 2017, 08:50:46 PM

June 14th Production Update:

Many members of the community are requesting more transparency from the Back to Earth team and more frequent updates regarding project development. While we aim to be as transparent as possible with project developments, we have been hesitant to release certain developments because we are creating a story, and if you give away story elements too soon you ruin the experience!

But I also understand that our project could be better at communicating our developments to the community.

So Im here to answer some questions, like Why is token distribution taking so long? Why did you sell so much of your bitcoin up front?, Where is all that money going?, and "What's next?"

Why is token distribution taking so long?

Because it is complicated.

Many people had their tokens sent to the wrong address, and we have to manually hunt them down and get a proper address from them for the reissue. The development is also taking a bit longer than anticipated because we are adding new smart contract functionality that will add to the future value of the Back to Earth experience.

Why did you sell so much bitcoin up front?

We raised 750.57 BTC in our crowdfund. Almost immediately following the crowdfund we liquidated over 643 BTC at a market rate of roughly $1450 per BTC. This totaled about $932,000. Since we sold, bitcoins price has moved up significantly so why did we sell so much?

Because we are a company that is creating a product, not a venture capital firm speculating on the future price of bitcoin. By cashing out when we did we were able to immediately hire No Mimes Media to begin pre-production on the transmedia story, we locked in our award winning director, and we began hiring an enormous team to help us with the process of making our first episode. All told, Back to Earth is currently in collaboration with over 30 artists, technical advisors, and creators.

We were only looking to raise $750,000, and so we saw no point in holding the bitcoin as a means of making more money for the project. Our budget is set. And if we didnt liquidate the bitcoin then we wouldnt have been able to get moving on so many aspects of the production.

Where is that money going?

Film production is expensive! While I cant reveal the costs of production for many reasons, I can tell you that a large portion of the budget has been allocated to film/story production. A good story is ultimately what is going to bring people back. Take a look at our white paper. There we outlined budget categories for our production. We are sticking to that very well so far.

What can we look forward to?

Lots of great things are just beyond the horizon. For one, Ive been working hard to create an experience for everyone holding STRC after the reissue takes place.

We also have some storyboards coming in from our director that I would love to share with you. I will hopefully get a chance to share them in the coming week.

We are slated for production on August 7-11. We should have the first episode edited and ready by October. While we may not release it immediately, we do intend to release the first module of our transmedia experience around that time.

In November we will be taking our work to the American Film Market in an effort to get more funding through traditional methods. So far, many industry professionals have shown interest for our project.

I have been busy meeting with other business leaders and creators both locally in Albuquerque and in Los Angeles to help establish our companys presence. Blockchain development is picking up in Albuquerque, and my team is working on positioning Back to Earth to be a company that encourages blockchain innovation in New Mexico.

Clay Space

Creator and Founder of Back to Earth

The police will find you soon. Cheaters never escape from justice! You removed me from Telegram channel because I said you are a lier. I put my money in BTE and I regret it.