Token buyback — Quarterly Update

Updated: 13, November 2018

November 2018 update

We announced that we bought back CGC from the market, over the course of October, beginning 5th. October 2018.

• Amount for buyback: USD 10,000
• Tokens transferred: 500,000 CGC
• Address transferred to: 0x5139b5852aA4Dc6CAEDE6aF1544584dB3b89Db74

Circulating tokens

Current circulating tokens: http://bit.ly/2PKn4lA (click on “Total Circulating Currency”, and then “Show current circulating token”)

July 2018 buyback

As mentioned, the blog — http://bit.ly/2MOgFqV — we announced that we have bought back of CGC from the market, over the course of July.

Results:

• Amount for buyback: USD 10,000
• Tokens bought back: 49,273 CGC

Recap of token buyback

As mentioned in our Whitepaper, we will do a quarterly buyback of tokens from the market, and the amount allocated for the buyback will be announced before the buyback is conducted.

The aim of the buyback is a means to return value to our token purchasers, while reducing the circulating tokens. We will continue the buyback till such time that the total dollar amount raised during the token sale is returned, which implies that we are reasonably confident that over the long term, the value of our token will increase. As the token buyback is expected to be from the profits of the company, there maybe quarters where the profits are not there.

The tokens bought back will be transferred to a wallet every quarter, and they will be burnt once every year. Token holders can verify that the bought back tokens have been transferred to the wallet address.

Token address for bought back tokens: 0x5139b5852aA4Dc6CAEDE6aF1544584dB3b89Db74

Future updates

We will keep updating this blog every quarter