YGGDRASH AMA Summary and Additional Information

Greetings from YGGDRASH Team.

Kindly find the summary of the AMA held last Saturday on June 16th, 2018 at below. Any details apart from the AMA session will be announced in the future. The team will pursue diligently to recompense for the support and interest given to YGGDRASH project.

Exchange Listing

1. Timeline on Exchange Listing

Due to a rumor flowing on about investigation on project that openly discusses exchange listing, listing timeline, and expected token list price, the team is taking extra precautions. Therefore, any specific details on the regarding will not be disclosed at the moment. Please, refer to the information that we have provided during the AMA session. YGGDRASH Team will officially announce the listing dates, once it is fixed with the exchanges.

2. Will YEED list on multiple exchanges? Will it happen around the same time?

YGGDRASH team is currently working to list YEED on more than just one exchange. The team is working hard to get listed on the top 10 exchanges. As mentioned above, any specifics on exchange listing schedule related matters cannot be disclosed due to potential risk.

3. What is the expected token listing price?

The token price cannot be determined by YGGDRASH Team. The price will be set accordingly to the supply and demand at the time of listing.

4. Will the unlock incident have any effect on exchange listing?

Currently, there is no specific changes in regards to the exchange listing. The team is working hard so this incident does not interfere with exchange listing.

5. Will token unlock process along with the first exchange listing? When will it process?

Yes, as it was notified, the token unlock schedule will proceed according to the exchange listing. Once again we apologize that we are not able to disclose any specifics regarding exchange listings.

Token Unlock Incident

6. YGGDRASH seems to have a similar bug that another ICO project was experiencing. Why was only YGGDRASH’s issue became highlighted?

It is difficult to assess YGGDRASH’s issue in regards to the similar bug that reportedly shown up on another ICO project. In case of a similar bug, the difference would be that the mentioned project’s tokens were already unlocked and available for trading before it got locked by random individuals, while YGGDRASH’s tokens were unlocked unexpectedly after waiting for the right time to be unlocked.

Furthermore, as stated in the last announcement, anyone could have unlocked the YEED tokens at the time of the incident, and to prevent the risk of further damage, the team could not announce anything until the finalization of definite countermeasures for the issue. To openly announce the bug without proper countermeasures, there was a high risk of secondary damage. Therefore, it was determined by the team that all possible countermeasures had to be processed before making any announcement. Once again, we apologize sincerely for the delayed communication.

7. With the initiation of hard fork, will the existing YEED tokens be exchanged with the new tokens?

Yes, YGGDRASH Team will move forward with the idea of hard fork, and all volumes, including the volume on exchanges, will be exchanged with new tokens.

8. As mentioned by CEO, there weren’t any comments regarding the exchanges. Are they aware of the incident?

There haven’t been any comments from the exchanges regarding this incident. We cannot confirm the current subject.

9. Is the contract bug fixed?

The fundamental issue on the token unlock has not been resolved yet, and it was identified to be an issue that cannot be fixed through editing. Therefore, the team is considering many aspects and looking to prepare the best possible plan. Currently, the following two countermeasures are in place for the token unlock.

1) Force-lock all tokens to restrict all transactions of YEED.

2) Running a macro-program to immediately lock tokens that are being unlocked.

*Further transaction of YGGDRASH tokens are restricted until it is officially unlocked by the team. Until further notice, please keep the tokens at their current wallets.

10. After you made an announcement about the bug, the price of the volume released at the exchange dropped. What are your opinions on the opinion that even with airdrop, there would not be any marketing effects acquired because it is a token that lost its value?

YGGDRASH Team is seeking for solutions with the considerations on various aspects. When hard fork is initiated, new tokens will be issued, and the team will execute a proper marketing strategy and development to increase token value. Moreover, if listed on a right timing with these executions, the team highly believes that the token and project will be shown to the public with a reputable branding. YGGDRASH Team appreciates your dedicated support and interest for the future of YGGDRASH project and the community.

11. Why did the unlock incident occur?

There was an undetected bug in the smart contract from the initial development stage. Structurally, the function of the bug was set in a way that anyone could unlock the token. We will open the contract development file for the transparency of the project and the incident.

12. What is the reason behind not unlocking the token already?

The original roadmap was revised due to unexpected measures before, and the team is determined to proceed as much as possible without purposely revising the existing plan. In align with the previous announcement, the token unlock will be scheduled with the first exchange listing.

13. Changes and Actions

1) Force-lock all token volumes before official listing

2) Refund Process

• Existing Process : Refund can only proceed after following YEED token retrieve process. Out of the retrieved volume, partial will be used for marketing, and rest to be burned.
• Updated Process : Immediate refund to all refund candidates without retrieving the YEED token. Already retrieved volume will be combined with partial Team Volume to be utilized as airdrop allocation as a courtesy to our supporters. Total of 150 Million YEED will be used as airdrop allocation.

14. Where did the unlocked token volume flow into decentralized exchanges, how will YGGDRASH act upon it?

These tokens are from the participants that have already passed the KYC/AML process of Pre-ICO allocation. The exact token volumes released are continuously being assessed.

As of June 20th (YEED) :

• Total ICO Supply : 1,875,056,381
• Total Transferred Tokens (includes refund) : 119,331,035
• Refunded Tokens : 59,831,017
• Transferred Tokens (Total Transferred Tokens — Refunded Tokens) : 59,500,018

15. Why was it difficult to act quickly?

Unfortunately, the time of the incident overlapped with the Ethereum miner pool’s distribution(gas war), and the transactions were not confirmed for a long time to allow quick assessment and countermeasures. Upon the identification of bug on the smart contract, the team discussed the direction of countermeasures for the bug, and prioritized the emergency measures and process for refund volumes(reviewed legal aspect). After force-locking 100% of the tokens as a part of the emergency measures, the team had to confirm on the measures to be working properly in order to able to announce about the incident.

16. What will happen to the token on decentralized exchanges (Hotbit, Bilaxy, IDEX)?

With hard fork, YEED volumes being traded on the exchanges will be swapped to new YEED tokens with the cooperation of the exchanges. Further details will be announced.

17. What policy will you offer for the trust-loss issue concerning roadmap previsions, and token unlocks?

We will take additional measures to ensure this type of incident won’t happen again. To minimize the bug, the team will request a third party specialist for code audit. YGGDRASH Team believes that the best hands-on policy for the participants is to create a good environment for price increase through continuous and visible marketing. The team is preparing marketing collaborations and working to recruit experts on the subject.

Regarding Operation

18. How many members are on your team at the moment?

As of the moment, there are 16 members on the team.

19. Can the team disclose how you will be utilizing the raised funds, and how you will manage the funds?

The team has been in deep consideration to determine what would be most transparent to disclose details in regards to YGGDRASH operation, since the beginning of the ICO. Currently, the team is in close communication with a global accounting firm, and it is a firm belief of the team that the operation must be transparent to the public.

20. Refunds

We cannot disclose openly about a refund due to its sensitivity. Please, e-mail info@yggdrash.io for any inquiries regarding refunds, and incompleted KYC/AML.

21. Are the current partnerships well-known companies to the public?

Initially disclosed partnerships will consist of strategic partners. However, brand awareness is a highly subjective matter to be determined by the team. YGGDRASH Team is proceeding in several different ways to actually hold a working collaboration with these partners that would create positive results for the community, rather than some partnerships onboard only for the name-value without further cooperation. Please, feel free to introduce companies that may share the same vision and meaning as YGGDRASH project.

22. Are there any other coins besides Bitcoin and Ethereum that the team is trading or investing in?

No there is none at the moment.

23. When will the Development Team member be updated?

It has been updated last Monday on June 18th. The update is available for a view at yggdrash.io.

Airdrop

24. What will happen to those who moved their YEED tokens to another wallet?

At the moment, the team is reassessing the details regarding the airdrop, taking the voices from the community. YGGDRASH Team will share the details regarding airdrop on a separate note.

Marketing

25. When will partnerships be announced?

The partnership announcement was originally planned to be released to the public after the KYC/AML completion. Now that KYC/AML is completed, the team will announce the partnerships, which consist of institutional investors from worldwide, in the next few days.

26. How will the team run marketing to bring in new supporters for YGGDRASH project?

As an update, the team recruited a marketing professional to join in early July, a specialized community marketing (infographics, Youtube, etc.) is in progress to increase the interest of the public. Plus, the team is constantly recruiting business partners (unable to open publicly at the moment), and more. YGGDRASH Team is in preparation to spice up marketing with a firm goal to list on reputable exchanges & new supporters & create a healthy environment for token price establishment.

Development

27. Will there be regular technical development reports for the easy view of current development status?

The team will reinforce the aspect in regards to communication to the public. For now, a weekly update may be difficult to establish due to YGGDRASH Development Team’s sprint cycle (3–4weeks), but the team will brainstorm an idea to improve status update.

Business Expansion

28. There was a mention of the acquisition of partnerships. Which industries are YGGDRASH Team focusing to collaborate with? Which industries is the team seeking to collaborate with?

The team is open to partnerships in all aspects. It cannot be perfectly defined in regards to the potential partners that the team would like to acquire as a priority, nevertheless, it is highly preferred to interact with the companies that really want to build a business on a blockchain platform. YGGDRASH Team is communicating with companies in finance, logistics, and etc. The team is open to meet and interact with as many companies as possible, as the team’s interest is not limited to a specific industry.

29. Will the current technology being developed patented?

At this moment, it is not under consideration, because it is believed that the blockchain itself is an open-source for the public. Nevertheless, Business Models for the dApps are in consideration for a patent.

Further Inquiries

30. I transferred YEED tokens from a private wallet to hard wallet. Is it ok to keep tokens there?

Yes, that is fine. If hard fork is initiated, you may proceed to swap for the new tokens.

31. It seems as though the team is not taking much responsibility. Does the team care for the current market pricing?

One of the most highly thought of factors is market price of YEED tokens, which led to the idea of keeping the tokens locked until the first exchange listing. The confidence that the team owned was the basis of the strict KYC/AML policy to maximize the probability of getting on to highly reputable exchanges. However, as previously mentioned, the ratio of token volumes on the decentralized exchanges are quite minuscule looking at the total number of token supply. YGGDRASH Team is aware of the current situation, and the team will internally discuss the matter to find the best solution to proceed.

32. How will YGGDRASH protect participants?

The team possesses all transaction data related to all YGGDRASH tokens, and it is constantly being maintained. There is no excuse to this incident that YGGDRASH Team was unable to identify this bug before the incident, and to fix this issue, the team will cooperate with a blockchain security company (such as Quant Stamp), and a general security company (such as Ahn Lab, etc.) along with YGGDRASH Team’s security experts to establish a contract code with strengthening security.

33. Any positive news that can be revealed for the investors?

• Refunds completed in advance (process complete) : all legal reviews complete
• Airdrop 1.5% of total tokens (details will follow) : 1% (refund volume) + 0.5% (team volume)
• Exchange listings
• Collaboration with a renowned global accounting firm : for the clarity of operation and management of the funds
• At hard fork, the coding for the new smart contract will be audited by a third party company

Thank you

YGGDRASH Team