Legacy Seed Crowdsale: Our Budget and expenses
First of all, on openness:
Legacy as a platform depends deeply on having a trustful and open communication with our community. This is essential for the self-amending Incentivisation Platform to work in the way we planned.
So this article details (as much as we can) how we plan on using the seed-stage crowdsale funds:
Above is a rough budget allocation for our product development, versions 1.0–3.0.
For the initial phase of development we are looking to raise between 100k and 350k USD in our seed round.
These funds should suffice until our (potential) main crowdsale when we will be looking to raise a max cap of €11.000.000.¹ Our main crowdsale also has two stretch goals intended for developing product versions 1–3 depending on the amount raised.¹
First of all, we need to build an engaged community — this is important for several reasons;
- We need the community to help us successfully finish the Seed round and the main crowdsale.
- For testing and using our product.
- More importantly, building a strong community of users is a must for Legacy v3.0 Future. As explained in our whitepaper, transitioning to a much more decentralized model is one of our top long-term targets. We expect to give the community a central role regarding governance, development and even revenue model.
So community is essential in the Legacy Project.
That is why the lion’s share of our seed funds will be directed to community building — to communicate about updates, product and future services. To do this, we’ll need additional hands on deck. That’s why we plan on hiring people and contracting a marketing agency to help us promote the project. Most of the 40% of the HR budget will attributed to marketing efforts as well.
Additional manpower will also be used for translations to Spanish, French, Chinese and Korean, which have already begun, to spread the word of Legacy to these prospective markets.
Our service deals with personal property ownership transfer, that’s why there are a lot of legal aspects to take into consideration. Good advice in this area is consequently crucial. Plus, every entrepreneurial project bears with it a good deal of legal fees, especially when it comes to a crowdsale. It is in our interest to have a crowdsale that is fully compliant with current french regulation as well as with the recommendations and best-practices promoted by the community.
In particular, we’ll require supporters to undergo identity verification (KYC). This way, we expect to avoid any possible issue that might compromise the success of our project. Even though meeting with regulation requirements involves significant legal expenses, we decided to work with one of the best law firms with experience in crypto in France. By the way, as you may have already noticed, we’ve decided to go off the beaten path of crowdsales and do ours right here in Toulouse, France, where we are incorporated.
This has always been our main priority and it still is. The Seed stage crowdsale funds will permit us, especially our tech team, to concentrate on developing the service and the technology. While the project gained significant momentum over the last weeks, the existing team could not focus on development as much as we would like to. Apart from development, Legacy’s technology involves several hot-topics in the blockchain field. Users’ privacy, anonymity and long-term storage are subjects that are constantly evolving and must be studied carefully. So it is important to keep our tech team updated on the state of the art.
Communicating and expressing what we are building to our community and validating it by them is crucial in this process. A startup should never deploy a product without metrics that prove the idea will execute and this is our method of validation by our early adopters.
- Our crowdsale objectifs might very well change and are only draft numbers.
- For more information on this subject, read our white paper and our Business Overview.