China Announcements & ICO Progress
This post will consist of the ICO progress, the new announcements out of China, and addressing some questions regarding future plans of the company that are often asked.
The crowdsale for SCL has been going extremely well. At the time of writing we have raised approximately 20,400 ETH and growing by the minute. A majority of this is still locked under smart contract until the finalization of the ICO on the 15th of this month. We have been slowly liquidating pre-ICO funds as we require it to continue marketing for the ongoing ICO, along with company expenses such as expanding the team.
The news out of China was a shock to the entire industry. After further investigation it seems as if it may benefit both cryptocurrencies and blockchain projects, such as ours. As we’re all aware of, there are many ICOs attempting to raise money for projects that will never see the light of day. Their greedy CEOs take a majority of funds and leave the company to fail. It seems as if China have created a temporary ban while they introduce steps to regulate and make the industry a safer place for both contributors/investors and companies, so that the industry and blockchain projects can flourish. China took care of business fast and clean, along with publicly stating that they support blockchain technology and projects. Cracking down on ICOs for a better future for the industry may be the solution in this case, but only time will tell. The announcements should impose no changes to our ICO or project.
Many have been asking if we are going to be liquidating all Ether once the ICO is complete. The answer is no, we will only be liquidating ETH as the company requires funds. We are considering a 30/70 split, meaning that 30% of all ETH will be liquidated a few weeks after the ICO finishing, and the remaining 70% kept and liquidated slowly over the years. The liquidated 30% will be held in a bank account that the company controls. This secures the future of our business so that if the market were to ever crash, we could still operate for years to come. These numbers are just speculation at the moment and will be confirmed once the ICO is complete and we know the exact amount of ETH raised.
Some users are asking — “What’s stopping you from taking the money and abandoning the project?”. Simple really, we operate within Australia. There are extremely strict rules here and if they are not followed closely, then harsh penalties are applied. This project has been in development for over 3 years, and we want to see it succeed. We have enough funding to get through many years of development with no source of revenue, so we’re here to stay! We have the communities best interest in mind, and always will. As we always state — no major features or functionality will ever be added to the platform without first going through the community. We want to make sure that we’re creating a social network for the people — not another social network that is controlled by a large corporation with strict regulations and no freedom of speech.
We hope this clears things up in many areas. If you have any questions we’ll be answering everything within the responses section below — or feel free to join our Slack and Telegram channels.
