Tough Lessons and Dumb Contracts
Life in a startup is never easy and the last few months have been some of the toughest that the members of the team have ever experienced.
Crypto-currency has led to incredible technology, technology that we hope will help drive the creation of the Ananas platform to help bridge ideological divides and align disparate communities.
However, it is still a sector in its infancy and we have had to learn some hard lessons on the way. Thankfully, none of these have been to the detriment of our supporters and the project, unlike the various bugs and hacks on wallets that have led to the loss of hundreds of millions of dollars this year alone from projects launched by some of the founders of Ethereum itself.
We suspended our original sale in Ethereum once we received feedback from the community that a smart contract solution was necessary. We had been wary of this as smart contracts are still immature and subject to hacking, leading us to speak to a huge range of experts and organisations to work to best practices.
However, we still did not believe this secure enough despite undertaking a third party audit and undertaking a range of unit tests and so reached out to the incredibly experienced team at Chainstarter for a secure and safe distribution mechanism.
A smarter solution than smart contracts
The solution that Chainstarter has implemented uses off-chain logic to monitor incoming purchases in Ethereum or any of the 135 fiat currencies that we accept via debit or credit card, from Dinars to Kwacha.
Once payment clears, Anacoins are automatically sent to the specified Ethereum account (please make sure it is ERC-20 compliant!) and can be tracked via the token contract that will be deployed today, the 20th of November, 2017 and displayed on the www.anacoin.io website, the only site for our fundraiser and Anacoin information.
This provides transparency, automation and the ability to protect against potential attacks, a smarter solution than smart contracts.
The fundraiser resumes
With this system in place and tested, we are pleased to announce that our fundraiser will resume today, the 20th of November at 9:00 pm BST and will run for two weeks, closing at 11:59 pm BST on Monday, 4th December 2017.
Full details will be on the www.anacoin.io website at that time onwards.
Anacoins will be allocated at a rate of 50 Anacoins per US dollar ($) contributed using Ethereum or any one of 135 currencies by card.
As we have streamlined the system there will be no referral or early purchaser bonuses at this time, just one flat rate.
If you would like to contribute with Bitcoin or Bitcoin Cash, please contact us on email@example.com.
UK tax payers may also be able to receive tax relief on any contribute, please contact us on the above address to find out more details.
Anacoin availability, allocation and use
75 million Anacoins will be available in the public sale at $0.02 each, for a total of $1.5 million. In line with the original plan, a further 75 million Anacoins are being placed with key private institutions at the same price.
33 million Anacoins have been allocated to prior funders at an average contribution of $0.02, in line with the public sale. 11% of these coins will be distributed this week and the remainder over the next 25 months in line with advisors tokens (18m total).
All prior contributors in Ethereum will have their allocations calculated at the current ETH price of $350/ETH, 17,500 ANAT/ETH or their original ETH price at conversion, whichever is higher.
20 million Anacoins have been allocated for the bounty, prior referral campaign and sale. If you have any queries on these please email firstname.lastname@example.org or check stakes in the spreadsheet linked her here.
Assuming the sale is successful the total circulating market cap of Anacoin at the end of the sale will be ~175 million coins, or $3.5 million.
All funds will be used for the mission of the charity to build the Ananas platform per UK charity law. The Ananas Foundation will also be receiving additional grants, donations and funding from other sources given the importance of our mission.
Anacoins will be able to be used shortly after the sale end date for sponsorship purposes and will have full utility next summer when the Ananas Data Platform is scheduled to launch.
In other news
We are delighted to welcome renowned peace activist, speaker and technologist Bjørn Ihler to the Ananas team. Bjørn is one of the world’s leading experts in peace through communication and technology having dedicated his life to fighting ideological hate through dialogue and information. Bjørn is a Kofi Annan fellow and regularly appears in international press. He is a speaker in prominent conferences, having spoken at Web Summit, Wired and Reuters in the last few weeks alone.
The Ananas team continues to grow and if you, or anyone you know are interested in joining or helping with our mission, please do email us on email@example.com
After pausing to ensure the safest sale possible we now look forward to accelerating once more. Please follow us on twitter: https://twitter.com/ANA_Anacoin/ and our Blog: https://medium.com/ananas-blog or Telegram: https://t.me/ana_anacoin to keep a track of the exciting news over the coming weeks.
I would like to personally thank all of you for your support and patience and hope that we can deliver a platform that can make a real difference.