Hello NAUT Community, this is BK!!!
First, I want to thank you all for you patience, support and input during the coin swap. I also want to thank EvilDave (he's actually not evil at all, shhhhhh), Bas and the entire NXT team for their help in executing this swap - without NXT we would not have been able to pull this off. Also a BIG thank you to Lee and Nick at Coinstructors for organizing this entire project.
Now let's move on to a few unanswered questions. In particular, many of you have had question about the coin supply and the gold backing.
Coin Supply
The total coin supply is 16,180,000 but only about 5,300,000 circulate. The remaining ~11 million are being held in the Nautiluscoin Foundation account. The plan for the coins held by the Foundation is to use them for 1) Airdrop 2) Promotion 3) Gold backing. Critically, our plan is not to increase the coin supply by more than 5-10% a year. As a large holder of NAUT I have a vested interest in keeping the supply in check. More importantly, from the beginning my goal has been to create a coin which continuously increases purchasing power.
To be clear, these limits are not set in stone BUT any deviation would only occur if it supported the purchasing power of NAUT.
Gold Backing
All the revenues generated from transactions via the exchange, websites or elsewhere will go directly to the Nautiluscoin Foundation. These revenues will be used to buy gold to back Nautiluscoin. We have set up the Foundation as an entity that will act as the holder and redeemer of the currency for gold. This process is not yet complete, but I expect completion in the near future.
The more Nautiluscoin is used or traded, the more gold we will buy. In this way the purchasing power of Nautiluscoin should continually climb with the amount of gold we buy. Additionally, the value of any digital currency is a function of its network effect or, using Metcalfe's Law, the number of transactions ^2. By encouraging the use of Nautiluscoin we hope to continually increase the size of the NAUT network and by extension be able to buy more gold to support purchasing power.
I am looking forward to the future of NAUT and cannot express enough my gratitude for all your support during this transition.
-BK
I'm usually pretty skeptical about a lot of crypto stuff, NAUT included (even though I've been hodling for a year), but this is a nice, informative and very welcome update - thank you. I and probably many others would still love to see more frequent updates from you directly, but I also understand how shitty this forum can get. Anyway, thanks!