In July of 2017 we announced our concept for a free & fair internet to the world. Through overwhelming response we were able to raise enough money to fund over two years of development on a world changing product.
We have made some great strides in that time including being able to deliver censorship free content into notoriously censored areas of the world like China, Iran, and Russia. Recently we have even received reports that out of the approved list of VPN’s within China that only 9 actually worked but when Substratum was tested it worked as good or better than the other 9 VPN’s that were successfully tested even though Substratum is not currently an approved VPN in China.
We have regularly delivered product updates, the most recent being Release Candidate 3 which was delivered last Friday, September 6 2019, to a testing community who has helped validate the product works and is very close to a full production release. In fact currently only a handful of development cards remain between here and production including the release card.
All of these things are extremely encouraging news for the future of the product and the company as the next step after initial production release is adding in options to make the product more commercially viable. These include integration with banking and credit card services to make the purchase and use of $SUB tokens fully automated so basic users without an understanding for digital assets can still get the benefit of the product simply by funding their account while more advanced users can fund directly with cryptocurrency to make use of the consuming services of the network.
Upon integration of systems like this capturing a portion of the VPN market, which is forecast to be 27.1B USD in 2020, should be a real probability as other players solutions cannot function with increasing censorship efforts by countries like China.
As with all businesses if the time from initial funding to post-revenue is too long things get challenging. Two years after our ICO the company has exhausted, through employment and operational expense, the initial ICO fund but is continuing on with additional private funding. Due to the nature of private funding we have been advised to consolidate expenses until we are post-revenue by migrating the Ohio location to Tennessee where we have additional space. All members of the Ohio location have been offered the opportunity to transition to Tennessee and some are going through the exploration process of that with the Tennessee team.
In the short term, we have reduced staff in the Ohio location to satisfy our private fund by about 40% and will continue with that staff until the release of the production product and will then begin the transition to Tennessee where the next steps will be taken to achieve a status of post-revenue and continue to profitability and gaining market share.
Stay tuned for additional updates as we move forward of making the free and fair internet of tomorrow through the power of the decentralized web.