Doing A Token Sale Right is Hard
As my co-founder wrote recently, doing a token sale right is hard.
Doing one designed to create fear of missing out with empty promises and poor structuring is a lot easier.
The process of the Anacoin fund raiser has been quite exhausting for the whole team, who have worked hard to deal with everything from processing the individual bounties to dealing with the issues around smart contracts, when all they wanted to do was execute on the core project.
I would like to thank them for all their hard work here.
Our COO and Kofi Annan fellow Bjørn Ihler gave a powerful TEDx talk recently reminding us all why we must build Ananas, sharing his experience of the Utøya attack when Anders Breivik tried to murder him and his fight against hate since:
We have worked hard to do the Ananas fundraiser right.
We have structured technology that could help fight ideological hate.
We have created a token economy that shares many of the characteristics of the recent phenomenon Crypto Kitties as Anacoins confer membership, status and are designed as scarce digital assets where demand will rise with price, rather than drop (Veblen goods).
Our fundraiser is also one of the first to be potentially tax deductible for UK and US taxpayers, as we highlighted yesterday.
During this process we have raised $212,854.67 in contributions of various types with an average allocation of 50 Anacoins per US dollar, to build on 3 years of research. This is disappointing versus our target of $1,500,000 and puzzling given the positives of this project, from the strong, verifiable team to the significant positive press and executable vision.
As CEO, I have decided to move the focus on to executing our vision now, but to keep the fundraiser open until year end for anyone who wants to participate or have tax relief in the UK or USA. By the end of this week we will have allocated tokens to all that have participated or helped and hopefully will have sorted any outstanding issues communicated to us via Intercom, including lost tokens or wallets.
We will also now activate our other streams of funding, from more grants to private placements of our tax-deductible chapter sponsorships, 50% of the proceeds of which will go to purchasing Anacoins in the open market next year.
We also have significant press in the works, including the story of how US philanthropist and life strategist Tony Robbins backed this project, a feature on the project BBC Radio 4’s Today Programme on Wednesday morning (7 million listeners) and more international press, as well as editorial pieces in major Crypto news sources to re-engage the crypto community.
As it stands, our current plan is to have our official decentralised listing by the turn of the year and a centralised listing once the volume has picked up to justify it given the high costs of centralisation. We would expect volume to pick up markedly once the full platform hopefully launches next summer, but our sponsorship functions will start at the start of January.
The team is growing as word spreads of what we are trying to achieve and we have some great partnerships lined up to help us achieve it.
I would like to thank all our backers and supporters and hope we can build something that makes you all proud.