Date: February 4th, 2019
Following discussions with our key strategic partners, current and potential stakeholders, we have decided to terminate the Sharedrop as of Monday 2/04/19 at midnight UTC. This decision has been made so that prospective partners can evaluate the WBI token. This is currently impossible with the uncertain future circulation due to the ongoing Sharedrop. Any tokens that have not been taken up in the Sharedrop will be burned in order to establish a fixed base circulation of WBI.
Not only does the Sharedrop pose a problem for strategic partnerships currently being negotiated, but it also presents the same issue to our customers wishing to deploy applications on the network. Under our Resource Model, the WBI token is directly linked to network resources. Therefore the uncertainty around resources allocated per WBI token caused by the Sharedrop is contradictory to our general business model.
We have multiple developments and initiatives to launch on the network which as it stands cannot be deployed for technical, fundamental and financial reasons due to the Sharedrop. As an example, our Resource Model itself, which deals with resource allocation to applications and leasing and lending for WBI holders generally, and provides the foundation stone for the network economy, cannot be launched until the Sharedrop is finished.
The EOS community has had ample time to evaluate WORBLI and its model. The Sharedrop current take-up was 80% completed within 2 weeks of launch and the rate has declined steadily thereafter. In that regard, we do not consider there to be further genuine interest, which supports our decision to terminate the strategy.
We have to balance the needs of our stakeholders, our current and future partners, and those that have put their faith in us to deliver our business model, with the declining interest of a cohort with nothing at stake. The latter are presenting risks to the former, which are now unacceptable.
The Sharedrop termination additionally allows the WORBLI Foundation to continue negotiations to structure key long term partnerships including:
- Sophisticated financial infrastructure supporting digital-to-fiat transactions
- Network and resource optimisation for enhanced transaction speed and security
- A joint venture to secure an exclusive pipeline of business development opportunities for the WORBLI network.
Commercial confidentiality prevents further details being released at this point, although we do expect to release more information over the coming weeks on these partnerships as they progress.
-Domenic Thomas, WORBLI CEO
Additional Information:
- Any Sharedrop claims that are in process by the Sharedrop deadline will have up to 72 hours to finalize their claim, without exception.
- This includes a verified AML/KYC process and linking the EOS main net account to the user’s Worbli account.
- By midnight UTC on Thursday, February 7th, 2019 all sharedrop claims will be stopped and no further claims can be made.
- A token burn of the remaining allocated sharedrop tokens will occur on March, 1st 2019
- Users who have successfully claimed their sharedrop prior to the deadline will also receive the remaining 30% of tokens by Saturday, February 9th, 2019 before Midnight UTC.
- Q: Can we still claim multiple EOS accounts for the sharedrop?
A: Unfortunately we are no longer allowing multiple account claims. - Q: What happens if my account is currently held up in the KYC process?
A: You must complete the process by the Thursday deadline or you cannot claim the sharedrop. - Q: In your last “Sharedrop Update” you released different timelines, are these now invalid?
A: Yes, please disregard anything from the “Sharedrop Update 1/27/19”, due to the new circumstances we have amended our Sharedrop policy, all new dates are listed above. - Q: Who are the new partnerships and what do they entail?
A: Due to confidentiality obligations, we cannot reveal any more information at this time.
To learn more about WORBLI, visit www.worbli.io
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