From the discord:
"All fees will go back to @Developers @Community Managers @Advisors @Moderators @Jr. Moderators @Official Partners for their superb job at helping out the community and this entire project! None of this could happen without them!
Special thanks to @Contributors as well! Don’t forget you will be receive your 1000 REEF mined from my own equipment!" I'm assuming these are the 500 REEF per block that they take from the official pool, but not from the rest of the blockchain.
So be aware that some of the supportive posts may be paid for. This was a horrible launch and I wish the best to anyone that mined a little while it was profitable.
We did not pay for anyone. @Contributors BUILT SEEDNODES for REEFCOIN! Please don't spread fake news...
If there will be no pre-minerals and other means to raise funds in the development of the project, then how is the team keeping up financially? Are there any companies sponsoring REEFCoin?
Question: What will 10% Found Reward Goes to?
Answer:
Much like Zcash takes 20% / BWK takes 10% / ZenCash 8.5% - these are all founder's fees. Also on a side note, a similar project call Veggiecoin (Blockchain to save animals) has a 20% founders reward! REEFCOIN's 10% of Block Reward will go towards Development Funds. A break down of which will include: funds to continue develop the project, legal fees, exchange listing fees, and as well as coral reef charities. All the fees and funds will be fully transparent. We will be implementing a voting system into our wallet as well so the community can vote on where donations will be going each month.
When you are interacting with the REEFCOIN Blockchain, wether it is mining / staking / masternode or trading on the exchange or simply sending REEFCOIN, you are generating a fund to help further development and as well as various coral reefs restoration foundations.
The beauty of this is, if REEFCOIN doesn't live up to its promises - the community will steer away. This is majorly different than premine and MN presale because devs/ founder can just dump their premine and money from MN presale and run away. 10% founder fee is gradual. We need constant funding to make the project thrive.
Please keep in mind that this is a life long passion project for me. I LOVE the REEFS and CRYPTO. Before this I used to have a coral farm in my basement selling as a vendor/store. This project was created on the grounds for passion, transparency, trust and decentralization. For all transparency and decentralization purposes a voting system on the wallet will be developed so people can choose the charities funds will be going to.