2017 was a very successful year in terms of fundraising through token sales. Many projects sold out their tokens almost immediately or at least achieved their fundraising goals easily.
But let’s look at the outcome
It was so easy to raise a lot of money for every kind of project that even criminals became aware of it. People started to create landing pages and raise money without also planning to really build a project. After those people completed their fundraisings, some of them had vanished from the face of the earth and never appeared again. Today, these types of projects are simply called scam projects.
Most people have been afraid of participating in other token sales since that time. We were in the same situation, so we thought a lot about how we could do our best to protect Tixl investors and also to make clear that Tixl is not a scam project.
From our point of view, it is essential for the whole crypto ecosystem that fundraising is still possible and not disreputable. Otherwise, only states and large companies can decide on our future of blockchains and decentralization. Therefore with this article, we would like to inform you about our efforts in providing a trustful setting for potential Tixl investors:
The Tixl project is founded as gGmbH. A “gGmbH” is the German term for non-profit limited liability company. Why did we choose this form of organization?
1. Purpose of use
The company’s purpose is stated at the time of incorporation. The funds collected through the sale of the token must solely be used for this purpose.
2. No Profit Distribution
The purpose of use also includes that there may not be any profit distribution to shareholders.
3. Non-Profit Status is Checked at the Time of Incorporation
Before the company is officially registered, the tax office already checks whether the criteria for a non-profit company are fulfilled.
4. Expenses are Checked by the Tax Office
Tixl gGmbH will be audited more or less regularly by the German tax office. Particular attention will also be paid to whether all expenditure is compatible with non-profit status.
5. Company According to German Case Law
Tixl gGmbH is a company registered in Germany. We have deliberately decided not to found the company in another country such as Zug in Switzerland or Lichtenstein. Germany is known for its regulatory framework. This made the legal preparation quite time-consuming, but we see long-term advantages in it.
Github Commit Messages in Discord
To give you an idea that we’ve already started development, all commit messages are automatically published through integration into our Discord team. You can join our discord team here.
Of course, commit messages are no guarantee that the corresponding changes have actually been made. Therefore, we decided to make the first Github repository public already now: tixl-consensus
Communication & Transparency
We always try to answer you as soon as possible on the different channels (Telegram, Discord, Bitcointalk, Twitter, Reddit). As Germans, we are quite conservative. We want to inform you about decisions and what happened instead of hyping the Tixl project with any rumors. For example, we never wrote about Binance before we published our listing proposal for Binance DEX.
The next important step to further strengthen trust is the first public version of the prototype. Here we do not communicate a fixed timeline but will publish it as soon as it meets our quality requirements for the first version.
We have done our best to distinguish Tixl from scam projects and to create as much trust as possible for our investors. However, an investment in the project involves a number of risks, which we discuss in the Whitepaper and the General Terms and Conditions.