Thank you for investing in us during our ICO, It has been a turbulent quarter for cryptocurrencies all across the board. However, our ship is still upright and steady going through the storm.
Our team is still very hard at work. Ensuring that we keep up with our road map and hence have achieved the following from 24th Jan 2018 till now;
1. We have completed electrical infrastructures to support up to 6.75 MegaWatts of electricity for mining. This is equivalent to about 5000 rigs of 6 to 8 GPUs each.
2. We have completed the first phase of infrastructure to house our mining equipment.
3. We have began and are in development phase for our own exchange. License is pending approval from Japan, due to strict regulations.
Outlook & Further Developments
These are the things we aim to achieve in the following quarter from 15th May 2018 onwards;
1. Increase our mining capacity by 15% to 20%.
2. Develop and market our own crypto exchange, VeraExchange. Profits from this exchange will also be shared in the following quarter’s dividends.
3. Develop a CRM for our Veritium holders to better facilitate dividend payouts.
4. Due to popular demand, we would begin hosting services.
TOKEN ISSUANCE & STRUCTURE
This portion is to clarify why and how many tokens are created.
During our total ICO, we have sold slightly over 10,496,000 VRTM.
However, this does not include bounties and team distribution.
Yobit’s Listing & Investbox
a further 1,000,000 tokens were created to be placed in Yobit’s investbox as a means of promotion as well as “Proof-of-Stake”.
Our Investbox is for one year and we have an obligation to keep it running for at least 3 months.
However, the Invest box has been closed permanently as the tokens have been fully redeemed.
Another 1,000,000 for liquidity was created to be placed in Yobit.
This brings our total to 12.5million VRTM.
Team & Bounty Distribution
3.125 million VRTM will be created for team distribution, bounties and promotional services.
Thus far, only 2.625 Million tokens have been minted. With a further 525,000 to be created later on in the quarter.
In light of recent of recent events regarding our price on the exchange,
we have decided to create a form of reserves which would belong to the company itself.
This reserves will allow the company as a whole(which includes every single investor and our team) to ensure that our token price is not manipulated by certain groups of investors that hold a high percentage of VRTM or any current/future exchanges that might have to hold a certain amount of VRTM for liquidity.
Thus far, 2 million VRTM are set for the reserve fund so far, this number might or might not change correlates to any future requirements by exchanges or further needs for funding or manipulation suppression.
This brings us to the amount at 17.625 Million tokens.
Market Capitalization & Valuation
Team’s issuance and the reserves WILL NOT BE eligible for dividends. Therefore, it would not matter in terms of diluting dividends.
We all seek the increase of market capitalization. For without it, the future of the company would be bleak.
We have plans at various stages to build our ecosystem, all in which would provide better profitability and thus higher dividends, at the same time diversify our risk. However, imagine this, if you can purchase VRTM at 2 cents, then receive 2 cents for dividends. It would be almost risk free! But the company and the initial ICO investors will suffer as the company’s fair value is not reflected. Thus we are unable to further expand nor grow in terms of valuation.
Veritium is a security token which means we might in the future have a stock split or token consolidation. This won’t be done anytime soon. However, it is good to note that this is a possibility as we move forward.
Ultimately this is for the interest of the company and our investors.
Plans for our Exchange & Marketplace
Following our first dividend pay-out,
We would be developing our own exchange, VERAEXCHANGE, which would feature;
1. Crypto to Fiat Exchange (JPY, THB, SGD)
2. Leveraging. We would be offering futures contracts on Bitcoin and Ethereum. To enable this, we would be working closely with certain financial institutions and hedge funds in Japan & Singapore.
3. Crypto to Crypto Exchanges (but of course!)
Our Marketplace would be developed throughout the 2nd and 3rd quarter.
Our marketplace would feature for starters, travel industry. In which Cryptocurrencies can be accepted as payments for flights, hotels and car rentals.
All of these portions of our ecosystem will bring forth greater dividends for our Veritium Token Holders throughout the fiscal year.
We believe in growing the company one step at a time and to thread wisely through the choppy markets of crypto. We are looking forward to achieving what we have laid out in our plans and will be continuing to strive to achieve even more.
Based on the amount we raised during our ICO and our road map, we are slightly further ahead based on our achievements thus far.
We deleted the team photos due to security reasons in which we have heard much of being robbed or even kidnapped.
Moving forward we would like to thank everyone for their faith in us and we will continue to work towards becoming one of the pioneers in terms of being a security token.
If you have any questions, do feel free to join our telegram group
Thank you for your time.
Veritas Mining CEO