MyBit Caps Token Supply At 2.8 Million No Additional Token-sale

MyBit caps token supply at 2.8 million, no additional tokensale.
Hi guys, weve got some big news to share with you all today: were cancelling phase two of our token sale. After internal reflection here at MyBit and talking with the community, were sure that this is the right way to go. Well get onto the precise reasons why later in this blog post.
First, a quick recap. As many of you know, we were planning to launch a second token sale in Q2/Q3 of 2018. This would have issued 2.2 million additional tokens (effectively doubling the supply to five million). We planned to use the funds raised to rapidly scale our development and business functions. In the year since we launched, weve realised this isnt the right path.
Weve always set ambitious targets for the MyBit project and, even without those extra funds, were on track to hit them.
For the community, cancelling the token sale means we dont have to organize a token swap or dilute anyones holdings. And we can focus on the core of the MyBit project: the platform.
We have a projected runway through to 2020. If at any point the team needs additional funding, we have access to a reserve of 400,000 MyBit (or 15% of the supply) as set out in our token sale roadmap.
Were confident that this will more than cover any future funding needs and we dont expect itll be needed until beyond 2020. We have to mention we still hold the right to implement a second tokensale if we choose and issue the extra 2.2 million tokens. We do not think that will ever be necessary.
We hope this clears up any confusion around the token sale. Its important to all of us at MyBit that were totally transparent with the community. This means being honest and responsible. For us, our token sale was about developing the project not raising easy money, as some projects seem to do.
As always, feel free to reach out to us on Slack or social with any questions or thoughts.