FAQ About the Menlo One Token Sale
There have been a few changes in the regulatory landscape regarding blockchain and cryptocurrencies. We’ve been getting asked a lot of the same questions, so we thought we would put together this page answering some Frequently Asked Questions.
Q: Did you offer the ONE™ token as a security?
A: In the opinion of Menlo One and our legal counsel, no our token does not meet the requirements to be considered a security. We consider our ONE™ token a product, not a security. The ONE™ token is a unique piece of software which is a critical component in our software framework (aka platform). The dApps built with our framework cannot function without it. The reason someone would want to purchase our token is to use dApps built with our framework.
Q: What is special about the ONE™ token?
A: The ONE™ token has features which makes transactions easier for users. We believe this improves the User Experience of dApps. We released a software development framework (aka platform) which (among other innovative things) contains examples of leveraging the features of the ONE™ token. The framework is intended only to be “scaffolding” or a “skeleton” for other developers to build dApps which leverage the features of the ONE™ token.
Q: Was the ONE™ token and our framework (aka platform) fully functional when the token was sold?
A: Yes. The ONE™ token itself, which is based on the Ethereum network and roughly following the ERC20 standard (except for our aforementioned improvements) was developed over several months in 2018. Leading IT security company Hosho released a report several months before the sale of the token which states that the token was not just fully functional but also free of bugs or venerabilities (link). The ONE™ token was launched on the Ethereum public blockchain on October 15 (link). A property of being on Ethereum is that the token smart contract code is “immutable” which means it can never be changed.
The moment the sale was complete the ONE™ token was functional with our framework which was developed months before the sale of the token. The first early release of the framework (which is named “Townhall”) was released and operational on an Ethereum testnet in April 2018. (link). An improved version of Townhall which has many improvements including a user interface, a sophisticated caching system, and a demo dApp (which is called Block Overflow) was launched and fully functional by the end of the token sale. (Here is a link to the Block Overflow and Content Node repos).
Below is a video which demonstrates our framework in action.
Q: Is the platform controlled solely my Menlo One, or can anyone contribute to it?
A: Anyone can contribute to Menlo One. All our source code is publicly available on our Github. We hope it makes your dApps easier to build and easier for your users. If you’re working on a project using Menlo, please let our community know in our Telegram or send us an email.
Q: Is Menlo One solely in control of the security of the framework?
A: We have tested the code released by us and we have not found any veritableness. We cannot ensure the security of any any Menlo dApp built by 3rd parties. We are also not in control nor can ensure the safety of other networks utilized by Menlo specifically Ethereum or IPFS. Though we do feel these networks are well tested and some of the most dependable in the blockchain space.
Q: Does Menlo One own or control ownership of intellectual property rights of the framework or ONE™ token.
A: The ONE™ token and Menlo Framework is very proudly an open source project, which is released under an MIT license. The MIT license has absolutely no restriction on hobby or commercial for-profit use and and allows you to use the software for any purpose you might like (more information).
Q: Did you sell token to Americans during your crowd sale?
A: No, we we’re advised by our legal counsel to NOT sell to Americans. We had several measures in place to ensure no Americans we’re able to purchase ONE™ during our crowd sale. This includes blocking all IPs coming from America to our crowd sale landing page, and screening for American government issued IDs though our KYC process. We also directed American IP address to a version of our home page which didn’t advertise our crowd sale. During the crowd sale we made several announcements about this restriction across several channels including this medium post.
Q: Do you report any information to third party websites?
A: No, we do not report information regarding our token metrics, company roster, crowdsale info, or anything else to any third party. There are many websites which offer information on Menlo One such as ICO rating sites, ICO directories, and other sites offering crypto metadata. Some of these sites have some accurate information, but many have either outdated or simply inaccurate information. We don’t make an effort to correct or update any website apart from our own. These are the only web properties we maintain with accurate, up to date information:
- Our Homepage
- Our Twitter where we make major announcements
- Our Medium where we publish content
- Our Telegram, which we mainly use for casual conversation with our community.
If you operate one of these sites and you would like to clarify or update the information you list about Menlo One, please feel free to email us and ask us.
Q: Where is Menlo incorporated?
A: Menlo is incorporated in the Cayman Islands.
Thank you. If you have any questions about our token, our token sale, our technology, or anything else, please reach out to us or ask our community.
