What You Can Expect From TranslateMe Moving Forward
TranslateMe is not your average project. Our main goal is for our services to become the preferred, worldwide alternative for translation solutions. The methods used to reach this goal have been made possible by our founder’s belief in the project, as well as the hard work of our passionate and talented team.
With the scope of a project this size, it is necessary to raise funds to scale the work we started back in 2016. To date, the project has been funded by the founders, as well as the voluntary efforts put in by our dedicated team. We have recently entered into a private stage of our token sale. With the state of the current market, the ICO label has taken a turn for the worse and too many projects have abused its ability to raise funds.
As a result, we have been forced to reconsider our fundraising strategy and have had to dynamically adjust our approach. The founders and the team have agreed on an alternative direction to raising funds. Essentially, we will be cancelling our ICO for the purpose of fundraising. We won’t be stopping the project, and our endeavours will continue as planned. The only difference is we are not going to enter funding rounds as most ICO companies do.
Instead, we will open the utility token, TMN, to the market and let the market decide its price and value as we grow. To do this, we need a platform for trading the token. We have selected switcheo.network as our preferred platform. The exchange is completely decentralized and has recently added support for ERC20 tokens. The team behind Switcheo are amazing and are clearly dedicated to making their platform one of the best in the industry. Switcheo will be the only platform where tokens will be available.
Our approach to raising funds
The first 100 million tokens originally allocated to the private sale, will be issued on the exchange for everyone to see. We will open up trade for these tokens at a set price and step the price as supply is bought up.
This stage will allow anyone to purchase the tokens at private sale prices. We have also kept our original ratio with regards to NEO, which was initially based on NEO being 25 USD. This will effectively issue tokens at more than half the target prices of 1 cent USD. The first 10 million tokens will have a set price with a ratio of 1 NEO to 2500 TMN, and will not be changed. After 10mil are sold, we will increase the NEO ratio by 10% at each 10 million sold. The only fluctuating factor is the price of NEO changing the final USD price.
The first 100 million tokens will be the only tokens in circulation until these tokens are off the market and in the hands of community members. Founders and core team tokens are locked and not issued until the project releases a revenue model or once all funding stages are concluded.
All funding will be used to accelerate our development and marketing. The benefits of this approach protects all parties by leaving records of our fundraising open and transparent. We aim to protect our first stage participants by making this information available.
-Listed on Switcheo.network
-Listed maximum of 100 MIL tokens
-Price is locked at 1 NEO / 2500 TMN ( Estimated 0.003 USD )
-No Min or MAX limits
-Founders and Core Team tokens locked
The public sale stage will follow suit in a similar manner, but take place at a point that requires us to release more tokens and only once the market accepts the target price of above 2 cents USD. This will also protect our private participants up to a maximum of 2 cents USD and ensure profit when selling back into a matured market.
Fortunately for us we have already invested time and money in our proof of concept. This means that, regardless of our fundraising progress, the project has sufficient resources to continue. We will only be using the raised funds to accelerate development and marketing campaigns for the project’s growth.
We have also almost completed our MVP, www.telegram.translateme.chat, which is a chat app that translates chats in real time between users in a group, and rewards users for correcting the machine’s translation. Our development team is ready with a French to English model, developed by our amazingly dedicated engineers from open source resources. These are major waypoints for our project and they allow us to test our concept in real time.
We look forward to welcoming you to our exciting project.
Have any questions? Feel free to comment. For more info, check out http://www.translateme.network