Weekly Development update 4 and burning Tokens

Updates on the business side of things:

1. We’ve partnered with Pundi X, the leading payment solution provider in Indonesia to enable payment in Wand Tokens, two months after the Token sale. The details are yet to be finalized, but this would serve to increase the liquidity of the Wand Tokens.
2. We’ve partnered with a leading waste management solutions provider in Bangalore to enable the first ever issuance of a system similar to Carbon credits to over 10 large corporate offices in Bangalore. This is the first of it’s kind project, and serves to enable the real world applications of the WandX platform. The transactions for these credits would happen off-chain, but a bundle of transactions would be relayed on-chain for which Wand Tokens would be required. This is a 3 month project. Further details will be updated next month.

Architecture of the WandX platform.

Updates on the business model: After speaking to quite a few people in both the crypto and non-crypto world, we’ve realized that to truly increase adoption of the platform, we would need users from a non-crypto world as well. Hence we’ve come up with two strategies to do this. First, we’ve built our current infrastructure on APIs, hence enabling any fiat-crypto exchange to offer any ERC20 Tokens that is not a security to it’s users. The second was to look at the real world applications of the platform, and specifically applications where current illiquid assets can be tokenized to enable them to get a more concrete value attached to them. This is where our second partnership comes in handy. The first partnership helps us to later enable actual payments in any tokens through an equivalent of a Debit card.

Further usage of the Wand Tokens.

Updates on the Token side:

1. We’ve decided to burn the remaining Wand Tokens unsold in the Token sale. This would be done differently from the regular burn methods. Here is how it would work: Currently the Token sale is for 55million Wand and 20million Wand is kept with the founders, advisors, and for a seasonal Token offering after 3 months. This is a ratio of (75–55)/75 = 0.26. This ratio will remain the same irrespective of how many Tokens are sold. If 40million Wand are sold, then 0.26*40 = 10.4million Wand will be with the Founders and Advisors, and the remaining 24.6million Wand will be burnt.
2. The Token sale date is going to be extended to December 5th. This is to enable investors who want to invest in Fiat to enter the Token sale. We have got a group of investors who are willing to put in fiat currency, but we will include them in the Token sale once they convert to ETH.
3. The Token sale bonus structure has accordingly changed as shown here.

Updates on the technical front:

1. We’re targeting a November 30th release of the WandX mainnet platform. Development is on in full swing.
2. We’re working on including our Split vault algorithm in the first release as well.
3. We’re cleaning up our APIs to enable integration with one large fiat-crypto exchange. More on that soon.