Question:
1. Where will the coins be stored after ICO?
2. Who is managing the funds after the ICO?
3. Has every Coin the same Voting Rights for Decisions?
Thanks.
4. Moreover it would be cool to have a list of Coin Representatives (Main Dev of the Coins) so everyone could see there is POD! (I know it but other people don't maybe..)
still there.
This.
After the ITO, Blocknet tokens can initially be stored in a traditional wallet. Once the Blocknet's tech is ready, you'll be able to redeem tokens for NHZ assets instead.
Funds raised during the ITO will be stored in their respective wallets and publicly accounted for. We're also looking into escrow solutions - potentially a structured escrow that only releases funds once we reach milestones, or returns funds to investors if we do not reach a milestone.
The Blocknet Foundation will manage the funds. (The Foundation will consist of a representative from each participating coin.)
Yes I see no reason for any coin to have less rights than another.
I like the Coin Representatives idea. Nice. We should organise that.
yeah the idea with the milestones and escrow is a good idea! It will give the whole project more confidence
What sort of transparency & accountability will be in place after the ITO in regards to the funds raised?
So then the Community suggestion by GER about a partial ITO funding at the beginning of the ITO and then milestones funding was not taken into account?
Can you clarify on that?
Did not gave credit to the ones that were saying that this project will dilute yours and Dan job with XC...guess I was wrong.
I've previously clarified (apologies for not linking to this... it might actually be on the OP though) that TheGer's suggestion is a good one and that we're looking at potential partners for a structured escrow service, potentially based around milestones. This isn't to say that we'll definitely find a suitable partner that we're completely comfortable we can trust, but it does mean that TheGer's suggestion is a good one.
So, in terms of transparency and accountability:
- spending will be reported by the Blocknet Foundation
- budget and development plans will be published (before the ITO and periodically afterwards)
- an escrow service structured around milestones (that includes an auditor) is being considered
Since it's in our interest to build up as much trust as possible between us and the public, we have every interest to excel at all of the above.