Adbank Update From CEO Jon Gillham

The purpose of this post is to provide a quick update and address questions that have popped up recently from within the community.

Highlights:

• Token distribution successful — Many thanks to the team and to all participants. We were pleased to hear several comment that Adbank was “smoothest ICO they have ever participated in!”
• Listing on KuCoin — Getting listed within 2 weeks of the originally scheduled ICO completion is a huge accomplishment.
• New hires for the dev team completed — We are moving full speed ahead to accelerate platform creation (more detailed update to come).
• Several strategic partnerships underway — Announcements coming soon! Stay tuned.
• New advisors — We have on-boarded some exciting new advisors to help us as we move into the next phase of the Adbank roadmap.
• 5 acquisition discussions ongoing — We are getting closer to making our first ad network acquisition with several very interesting prospects. This will be a major milestone in our roadmap!

Frequently Asked Questions

We are moving fast and are squarely focused on our #1 priority: driving volume of ADB tokens through our own and acquired ad tech platforms. This is the primary focus right now.

There are a handful of questions that have come in and we want to make sure they are all addressed in an easy to reference location.

Why couldn’t Canada and the US participate in the ICO?

We did not allow Canadian, US or a handful of other countries to participate in the ICO due to securities laws. This was enforced with Canadian and US citizens seeing a different website with no link to the ICO sales pages, the ICO pages being blocked from the selected countries and requiring full KYC with passport (each submission was manually reviewed).

What is your circulating supply?

With some changes we previously discussed, the circulating supply is 469,000,000 ADB. CoinMarketCap & our website are getting updated with this information.

Team & Reserve Lockup

The team and reserve tokens are locked up for 3yrs with 6 month cliffs. You can follow the main token distribution wallet here it still includes tokens that belong to some participants who have not provided a wallet for distribution.

• You can monitor here

How did we hit hard cap but not sell all 510m tokens?

• Bonuses — Because of the bonus rounds it means you can hit the hard cap and still have tokens left. For example, if an ICO is holding to the amount of ETH raised and had a 20% bonus in the first day and 100% sold out or the same ICO didn’t sell any in the first 24hrs and sold out during the 0% bonus stage the amount of ETH raised would be the same but the tokens sold would be different.
• Refunds — Due to our very strict KYC process and manual review we had thousands of KYC submissions to complete. Some of whom we had to reject for a variety of reasons so we refunded the ETH and still have those unsold tokens.

Instead of refunding why didn’t we oversell or re-open?

• Why not oversell? Generally this not a good experience for customers of any business (see the many airline examples!) It would also open us up to doing something that is different then we said.
• Why not re-open? This would introduce two major problems… 1 second chance offers is a common scam and if the team launches a legit second chance offer it makes it easier for the scammers to trick people 2. It would have delayed people receiving their tokens since we would have re-opened and then processed the KYC. For those 2 reasons we chose not to re-open.

Why are you doing an Airdrop instead of burning tokens?

Our whitepaper mentioned the company would retain any unsold tokens but we have decided that instead of holding or burning the tokens we will airdrop them to wallets that currently hold ADB tokens at the 1 month and 7 month mark.

We believe this rewards token holders and continues to keep incentives aligned for the long term. We want to continue to demonstrate with our actions that we have the best interest of token holders in mind.

In addition, our calculations showed that 1 billion tokens was ideal for a token-based advertising ecosystem. It’s important that we avoid a situation where 1 ad costs less than the smallest divisible number of a token.

Team LinkedIn Profiles

This was a weird question/accusation that came up! Somehow people thought my LinkedIn profile was 2 weeks old. It isn’t…not sure what else I can say!

Are developers dumping tokens?

This rumour is also a weird one! No developers have received tokens. Some contractors received tokens for things like the video shoot or work done during the ICO but no one that wrote a line of code has received any tokens (yet — pending the team lockup).

Where is your GitHub?

See link below — lots of movement on public beta and enterprise is ramping up.

Adbank GitHub: https://github.com/AdBank

Are your advisors legit?

This was another question that came up as a result of some rumours that’s easy to address. We have a signed advisor agreement with every advisor we have on our board. There are some we have leveraged more than others.

A screenshot surfaced from a private discussion someone had with Richard Baker (IP/patent advisor) saying he had only consulted for an hour for Adbank. We did not have a law firm retained at the time and sought out his advice, shortly after we began working with our existing law firm.

There’s definitely cases where some advisors get under leveraged and that’s on us but there is not a single instance of an advisor that does not have a signed agreement and has not been consulted. We weren’t just building an advisor board for the ICO but for the long term success of the project so some were used more heavily during the ICO and some will be pulled on more moving forward.

We are very proud of our advisor board and they have played an instrumental role to Adbank’s success thus far.

Telegram Banning Rules

There are only a few reasons why people are banned from the Adbank Telegram chat. This will be updated as new forms of abuse to the community are revealed:

• Spam of any form won’t be tolerated (includes links to other groups, promotion of any kind)
• No A-Hole Policy — If you are offensive to other members of the community or the team, you will be removed.
• Tough questions are welcome when asked respectfully!
• Excessive FUD = asking a question, getting an answer and continuing to hammer endlessly on the point just because you don’t like the answer to the frustration of the community.