After spending most of today consulting with members of the HYPER community, and other members of this forum who have kindly offered their advice, this is what's going to happen within the next 1-3 days regarding premine transparency:
1.
500 000 HYPER of the premine will be given to a trusted member of bitcointalk to hold in escrow for at least 1 month, or until the community trusts me to manage the fund. It can be held for longer than a month if the community agrees. This is the the fund for the core HYPER space MMO development. The escrow will have to approve any deductions from the principal of this fund. Deductions will only take place to fund the MMO development and pay people who are contributing. The wallet will be opened daily so coins can compound increasing the value of the fund.
2.
Two other funds will be set up and managed by myself: 1 (ONE) fund for HYPER marketing, and 1 (ONE) fund for MMO outreach purposes and bounties for getting developers to develop plugins so HYPER can be integrated into existing gameworlds etc. Again this fund will stake daily and any deductions from the principal will be shown and explained.
Fund activity for all 3 funds will be
entirely transparent via the HYPER blockchain.
The community will be able to see the balances of these funds at any time.
The remaining HYPER will be used for general bounties,
until HYPER has reached the market cap I am gunning for (a very high one). When enough bounties have been paid, these bounty funds will be rolled over into one of the other funds.
This will all take place within 1-3 days. I'm waiting to hear back from a few hero members here regarding management of the 500 000 principal.
3. An IPO is still being considered to raise BTC for the Market Stabilization fund, if this does go ahead the market fund will be
BTC only, there is no point dedicating HYPER to the Market Fund, and selling HYPER on the exchange right now as this will only lower the price. If the IPO and fund go ahead, then the BTC will be used to hold HYPER value stable and increase the price on the exchanges. HYPER which is purchased as a result of the funds activity will be rolled over into one of the other funds for staking, until HYPER exchange rate and volume can absorb strategic selling of small amounts to increase BTC in the fund for more market making. Until this is possible the HYPER purchased will be kept in one of the other funds so it can stake with those coins. Of course,
if we do go ahead this the IPO will take place through a trusted member.
To clear up any misunderstanding: the Market Stabilization Fund was always only going to be established after HYPER PoW stage is over.
Thanks guys, I will be providing further updates over the next few days as we move forward, all of these initiatives (
except the IPO - it is still being decided by myself and other members of the community if the IPO is a good idea), will launch within the next 1-3 days.
More updates on the
fun stuff - the space based MMO we're working on soon.