A New Chapter for SALPay Tokens — October Update
There are many questions ranging from the token community but before I jump into those, I would like to address the communication of the SALPay project over the past months.
As most are probably aware, Salarium and SALPay have been very lax in our efforts to communicate with the community. I assure you, however, that it is not done out of ill intent. We have focused primarily on executing our sales and product vision. To address this, we have been looking for senior marketing leadership since the start of the year to help spearhead our efforts for the overall group and the token community as well.
Unfortunately, I was unable to fulfill my commitment to the community to provide regular status updates on the project and communicate properly our delays in the initial project roadmap. I completely understand the level of frustration those in the community have experienced at this lack of proper communication, and I sincerely apologize for that.
To put everyone’s mind at ease, we wish to inform you that the SALPay token project is still very much alive and well, and we are still hard at work on securing our exchange licensing in the Philippines.
We are also proud to announce that after extensive searches, we have been able to make several key hires in the past 4 months to Salarium and SALPay, including our Head of Product, Head of Sales, VP of Engineering, and Chief Marketing Officer. This is not to mention the recruitment of 2 dozen or so additional employees to work on all essential areas, including 6 Developers, 6 members of the Product team, 5 Customer Support staff, and 4 Marketing professionals. This marks the start of a new chapter for us and will result in much better interaction with our token community.
Salarium is quickly becoming the payroll brand of choice in the Philippines and has acquired hundreds of new customers this year. This is a vital part of the ecosystem as these companies are the first clients of the SALPay token exchange network, and the more payroll customers we acquire, the more volume we’ll generate.
With our new marketing team created, we will be communicating more regularly and frequently with the community. We are also in the process of revamping the website, YouTube channels and other social media platforms to serve you better, so you may see some changes in the near future.
Overall, this will take us in a new direction and change our approach to communication. We ask our community to follow and see the development in the coming weeks and months.
Now, to answer some of the questions from the community:
1. Updates on the roadmap? The roadmap on the website is completely out of sync.
Yes, the website is not reflecting the accurate output, which is precisely why we are working on an updated version to be announced soon and published on our new ICO site.
2. Updates on licenses? Which licenses are required to operate? Why is it taking so long?
We are still working on it and following up with the central bank regularly. We require a Virtual Currency Exchange license. The delay is mainly due to the large influx of new applications at the start of 2018, which completely changed the timelines originally given to us by the central bank. The latest exchanges receiving their licenses all applied before Salarium in 2017. The positive note is that the BSP are awarding licenses and have not made any indication that SALPay would not receive one. It is just a standard part of the bureaucratic process.
3. What is the reason behind the disappearance of some videos on the Salarium YouTube channel?
We are in the process of re-organizing our social channels and content. We will be setting up a dedicated Crypto channel for all ICO, Blockchain and crypto related content.
4. Are you planning to revamp up the ICO website?
Yes, the revamp of the site is a long time coming and is now a priority of our new CMO. He only started 2 weeks ago so just give him a couple weeks to get his feet wet.
5. Are you waiting to acquire a license and Salpay 3.0 release for token Buyback to take place?
Yes, we are waiting for our license to initiate buying tokens for our remittance clients. However, we are not reliant on the release of SALPay 3.0 to start this but once it’s rolled out in the wallet as well, it would certainly increase the volume of remittance.
6. News on the v3.0 wallet? Will it include SAL and ERC-20 token integration? Timeframe before launch? Will it be available for non-SalPay payroll users?
The new 3.0 wallet is under development and should have an initial release early next year. This will enable anyone in the Philippines to download and use SALPay. Afterwards, we will release the ERC-20 wallet integration. We will release more details via the roadmap.
7. News on the SalPay exchange? Any timeframe for launch?
We are unable to give a timeframe as of yet since this is heavily reliant on the exchange license. We are, however, already in contact with other license holders in the Philippines and are trying to work out a listing of SAL on those exchanges, which would give us the ability to start remitting for our clients.
8. Clarification on the burn and the total supply in CMC?
There have been many questions regarding the burn of Salarium so I hope this clarifies it.
First, I would like to point out that we did not build the smart contract ourselves as we hired a reputable company from within the industry to do it in our stead. While we have many engineers, some had been working with the blockchain for only 3–4 months, and we wanted to consult those with expertise in the field.
Our smart contract is verified on EtherScan and all of this can be validated from the public blockchain.
Some ICO projects wrote their contract to self-update the total supply and circulating supply after they had initiated a burn. We did not. We actually did not anticipate missing the hard cap so did not place this in the contract. Once the contract was already published, we didn’t want to issue a new one and re-issue tokens.
We burned our tokens by sending the designated amount of SALPay Tokens to a self-destructing burner contract. This method is recommended by Ethereum co-founder Jeff Wilcke.
If you refer to our previous sale post, we had designated 42,945,110.83 SAL to be burned. The plan was to burn 34,356,088.67 on Feb 2, 2018, and another 8,589,022.17 on Jan 1, 2019, when the tokens become available from the contract. However, there was a mistake in our contract and the tokens that were supposed to be released on Jan 1, 2019, may be stuck in the contract for 10,000 years instead of 1.
Therefore we opted to burn 22,937,810 SAL on Apr 5, 2018 (TXHash: 0x99d754dead633a7d04d6e0b197a382bfca108983e6378f7fbaeba2892487bf58)
On Jan 1, 2019 we will burn 7,300.83 and consider the other 20,000,000 SAL permanently burned. If they should be retrievable from the contract sooner than the 10,000 years we will send them to a self-destructing contract to burn them. This can be viewed and monitored from the contract address: 0x41486C3dF736A67c038F3cD01Bb7610a6d944044).
While this is not the cleanest way and the way some other ICOs had accomplished it in the past, this is all verifiable on Etherscan and by viewing the wallets.
I look forward to hearing from the community in the future, and I am open to discussing these matters at length or providing any clarifications as needed.
Judah
