Update on tokensale, product and buyback for early contributors
Greetings to everyone!
I’m excited to share progress on the Fluence network and other updates regarding the upcoming tokensale.
The state of tokensale
As you know, we had planned tokensale for March 2018, but several important things happened during these months and we have made a decision to shift the sale further. Most of these things are good news, though!
Here’s the rationale behind our decision:
- We are convinced that it would be beneficial for the project and its investors to have the sale when we are ready, or more specific, when the product is ready: we have the solid code base, developer community around it, partnerships, PR and marketing platform lined up.
- Despite some heated discussions in the chat we feel that community we currently have is absolutely awesome and most of you are here because you are genuinely interested in the product we’re building and believe in us as a team. We are confident that you share our vision for the strong product firsthand.
- The state of the market has a strong impact on the sale. Being in crypto long enough we are convinced that a strong sale is only possible when the market is strong.
What this means in detail
For the strong sale, a number of factors have to align: right state of the market, solid technology (test-net or main-net), an all-star team of advisors & partners, great promotion and, a most recent addition to the list, top VC funds.
To strengthen all these components we are taking the following actions:
- Powering up product development: we have created a dedicated research team to deal with the known and unknown unknowns and we are going to hire more top-tier developers with specific skills to help us deliver the crucial parts of the technology.
- Push the marketing efforts. You may have noticed that most of our marketing activities are long term: we spend a lot of time communicating with potential partners, raising awareness through conferences and meetups, working with the media.
- Invite more developers to the community and make it technology centric. For what good is the tool, if there’s nobody to use it?
- We plan to relocate parts of our development efforts to Berlin so that we can tap into the vast crypto knowledge and experience that is already available there.
The team has already made significant progress on the code base (more details below). The awareness about the project grows as we pitch ourselves less and get invited more (I’d never imagine to be a keynote speaker for the Oracle event)!
Key people inside the community start to recognize us as a technology project and experts in the field.
Our community grows (wow, over two thousand now 🎉) and we continue to attract people while not using any sketchy or expensive promotions or bounties.
We have rolled out the private test-net and are in the process of making things more stable and secure for the public test-net.
Yes, the development takes more time than we would like. However, this is pretty common in the software industry. For research projects (such as Fluence) the situation is even more complicated because engineers have to deal with lots of things simultaneously and learn in the process.
Here is our progress:
We had a chance to present our product in Dallas, San Francisco, Ho Chi Minh, Hong Kong, Singapore, Seoul, Berlin and Amsterdam; discuss our technology at Codefest, Zero Knowledge Summit and Oracle meetup. We had lots of meeting with industry leaders, VCs and potential partners.
Our advisory board now includes experts from Snapchat, Microsoft, Storj and 1kx Capital who bring expertise in building decentralized networks, crypto capital and research.
Ok, but when is the ICO?
Tokensale will happen, but not until the factors I’ve mentioned have been dealt with. Current configuration is planned as follows:
- The tokensale will happen after we make sure the product is mature enough and has all the required infrastructure around it (partnerships, promotion and marketing aligned). Presumably, Q4 2018.
- The token price for the tokensale is estimated to be $0.62 per FLU. This is 40% higher than was designed initially ($0.44). This also means that early contributors receive higher bonuses.
- In total, we expect to raise $22.5M during all sale rounds for 50% of all tokens.
- Please consider that these terms are estimates — i.e. they are not final and might be subject to change based on the market conditions or other considerations.
To power up product development and have enough resources for all the activities planned we are negotiating an intermediate private round with a few selected VCs. Expect good news here really soon. We will share more information about that when it’s completed and signed on both sides.
Buyback option for the Pre-ICO contributors
We understand that some of our early contributors cannot wait until the tokensale. We are sorry to cause you inconvenience and offer a buyback as an option.
You can receive back all ETH you contributed to the Fluence Pre-ICO in August 2017.
How to get a buyback in ETH:
- Fill this application form
- We will reach out to you and provide further instructions
- These instructions will need to be completed within a week, so we could send Ether back to your address
Please read these terms carefully:
- We only can do a buyback if you have an access to the address that participated in the sale.
- We can only do full buybacks, partial buybacks will not be accepted.
- The application period is 2 weeks until May 26th. Please be careful, we can’t guarantee the buyback if your application is submitted after that date.
At Fluence we are building really amazing technology which can significantly improve the user experience of many decentralized applications and unlock possibilities to create new decentralized services. I realize it’s not the easy road for you — neither it is for us, and we value your support that makes this happen 🙏