StealthCoin joined BlockNet as a technical partner; to be a member coin that would support a distributed API. This API has been dubbed XBridge. We did not join to participate in the ITO and had no knowledge of an ITO when we agreed to become a member coin of the Blocknet.

After this agreement, Dan Metcalf and a few others released an ITO for an asset on Next Horizons. All facets of the ITO were organized by members of XC and NHZ, by my limited understanding. The funds from the ITO are in their control. No one from XST has received nor asked for any funds from this ITO, nor have any interest in doing so at the moment. No one from XST conceived of or executed the Blocknet ITO in any way. If there are aspects of the ITO of which I am uncertain, it's because XST was not involved in the ITO's conception or management.

Furthermore, as a member of the BlockNet technical community, I suggested, along with a few others, that BlockNet form a panel to approve any expenditures, with approval requiring a majority vote plus one. Additionally, we suggested multiparty escrow of these funds to minimize the potential for any misappropriation. I believe our suggestions will contribute to BlockNet accountability if these suggestions are adopted.

If offered any BlockNet ITO funds for merely participating, the XST team would reject them. Moreover, we will not apply for funds from the ITO until the legal status of BlockNet as an organization is fully determined.

Finally, the BlockNet community is composed of the lead devs from many exceptional coins. So I do consider it a "super team" where collaborations can start and ideas exchanged. This opinion relates to the Blocknet as the technical coalition that XST agreed to join, not as a business entity that has conducted an ITO.

-- Hondo