This past few weeks we’ve have been very silent and for that, we’re truly sorry. It has been a difficult decision for us, but we have finally come to the conclusion that is best if we don’t pursue Hearthy’s ICO, at least for the moment, the Hearthy ICO is indefinitely delayed. We plan to switch to traditional VC to complete the project funding since some great VCs are showing interest on the project and we think is more wise solution, as at this stage these VCs don't see the ICO as positive or even compatible, at least for now.
The context regarding ICOs is changing very fast, and we don’t feel with enough confidence to launch a project. We believe most of the ICO companies of today will face huge problems in the future thus making the management of the company extremely difficult. Mainly because:
- Crypto crash/market correction: If BTC crashes, even in a case of big correction, all the altcoins will follow. Exchange platforms will stop trading the worst coins, and our coin could became untradeable, or unliquid, killing the project.
- Legal issues: almost all jurisdictions are starting to fix their attention on ICOs. A significant quantity of ICOs have not well driven legally. That will make most projects impossible to manage in the midterm.
- Marketing budget: Launching an ICO is extremely expensive now, wasting $300K on marketing, just to raise more money is something a real entrepreneur wouldn’t do naturally, at least on seed stage.
- Lack of actual post-ICO Governance: There is actually no real post-ICO governance in any project so far and a lot of other ICO’s are having increased difficulties around this matter, managin community after ICO is absurdly time-spending, making all startups to have between 1 and 3 CMs.
We have decided to postpone the ICO indefinitely. The project will pursue its course but we won’t have to spend time in community (telegram, facebook, forum), marketing etc.. we will focus on deliver the product, talk with clients/partners and create the vision.
We are doing a full refund of the ETH that was sent to us following the pre-sale, all contributors will receive all the ETH they sent us in less than 48h.(with a 2x in 30 days BTW).
In case the ICO finally launches over time bounty people and presale contributors will receive a compensation if they want to enter again.
We deeply regret the inconvenience that we might have cause some of them and are truly thankful for the confidence that they have putted on us.
The Hearthy Team.