Many supporters of Otonomos have expressed concern about the events reported in our recent Medium post and have asked how they can help.
Today, we are opening a contribution campaign so everybody can easily and anonymously contribute to Otonomos’ rescue by sending Ether to a dedicated wallet.
We kept the mechanics of the campaign really straightforward:
- If we achieve our twin objectives of seeing a new Board in place and me as Founder return as CEO in control of Otonomos, contributors will have the option to convert their ETH contribution into tokens which will represent shares in the next funding round of the existing entity.
- Alternatively, if the existing Otonomos cannot be saved within the next weeks, contributions will convert into a successor entity. This new entity is essentially a hardfork of the existing Otonomos, which we expect will become a minority chain and eventually die.
SO FAR SO S.A.F.E.
In both cases, the conversion mechanism is the same as the commonly used Simple Agreement for Future Equity (S.A.F.E), except that we plan to tokenise our next share offering to cater to a wider investor base, using the Simple Agreement for Future Tokens (S.A.F.T) template, which is looking to develop a compliant framework for token sales.
The conversion is set to be at a 20% discount to the valuation of the next equity round, which we expect to open during the first half of 2018.
Note that this S.A.F.T. is not the prelude to an ICO. Arguably, Otonomos is not an “ICOable” business model: we do not see why users would need to buy an appcoin to access next-gen incorporation and corporate secretarial services, hence tokens would one-for-one represent actual shares.
STABILISING THE PLANE
The Otonomos Campaign site has more details about the campaign’s cause and includes Frequently Asked Questions.
Our Campaign is a practical and immediate attempt to force a solution after the Boardroom coup of late September left the company paralysed.
Unless a solution is found soon, it is generally expected that the company will run out of money by year-end, possibly before.
A solution is relatively straightforward: restore the rightful stewardship to Otonomos so the company can move forward with a new Board under new rules. This will stabilise the plane and set it on course for continued growth.
However, there cannot be a solution until their puppet CEO, Mano, falls on his sword too. He should simply resign.
Your contributions will help to force the 3 hijackers out of the cockpit and avoid the plane from crashing, preventing casualties among existing clients and shareholders.
To contribute, simply send Ether to the address posted on https://www.otonomos.com. Note that the site is being re-hosted as we speak but will be back online soon. Meantime just contact us on Telegram.
Our fight is your fight! Together, we can come up with a new flight path for a new Otonomos and restore our original mission of building a decentralised organisation with legal recognition, in which governance and voting is “smart-contractified” and fairness and shareholder participation hard-coded.
Join the Otonomos.com Telegram channel to contribute to our cause and share ideas or questions.
Thank you for your support.