You're conducting an ICO in order to earn funds for the project, yet are withholding 34% of the total coin supply as a form of 'pre-mine', why is this?
Your infographic states it is 18% for the team and 16% for bounties etc. (Although I do note your somewhat dishonest use of the assertion that 66% are to be "distributed to the Public Contributors", when you really mean 'sold to the public'). So if the team and other expenses are to be paid by this 'pre-mine', what are the ICO funds you collect to be used for?
Hi cryptodevil, thanks for bringing this up.
16% Partnerships:This portion of tokens will be used to promote Enjin Coin directly to gamers and game developers over the next few years. We have a multi-stage coin adoption strategy for the gaming market:
- The community level (guilds, clans, websites, forums)
- Game servers - with plugins for popular games (beginning with Minecraft and Unturned)
- Indie game developers
- Larger game developers
For each of these four stages, we'll need to use some of the partnership tokens as incentives.
In the short term, for the first two aspects, we are partnering with a selection of gaming communities who will implement Enjin Coin features and rewards into their servers & websites. We've already received hundreds of partnership applications to review. These partners will receive a larger amount of coins monthly with the goal of creating interesting gameplay or rewards with them.
We're also going to distribute small amounts of coins to 30,000 existing gaming communities (the most active ones on the Enjin network).
18% Team/Advisors:This includes our core team and advisors, and others that have been instrumental in the ongoing project, they work in the background and we haven't mentioned them in the whitepaper. This is to incentivize the original team to put in their absolute best for more than a salary going forward. Many of us here are working 10-12 hour days and weekends because we believe in this project's future. Each team member should have a personal stake in our success.
Crowdsale funds:The Funding Allocation section in the whitepaper lays out how the crowdsale funds will be used. A large portion (50%) is going towards development and this involves hiring and expanding our development team so we can move much faster. The Enjin social network is a complex project and needs an 8 person team full-time to run it. We are looking to increase - possibly double - our existing team to be able to devote energy towards Enjin Coin development. We may need to work on custom game plugins & game developer partnerships, which in our experience takes up a large amount of development time. World-class devs and staff don't come cheap and if we were to hire 6 additional developers and other supporting staff we're looking at an increased spend of $1m+ USD per year in salaries alone, not to mention a lot of additional costs involved.
We are also working with Vanbex Group for consulting and assistance with Enjin Coin over the next few months. Part of the crowdsale funds are paying the cost of working with Vanbex. Their team effectively doubles our marketing and development power leading up to the crowdsale.
Also, you list this young lady: Lilia Pritchard, as a team member and marketing and social media expert, yes?
Trouble is, whenever I do a search for her with the term 'enjin' I don't get any results other than your ICO page and a website listing a 'Lilia Pritchard' as an English language teacher.
Actually, even when I do a simple search on "Lilia Pritchard" I'm only getting 62 results, none of them leading anywhere useful.
Where would I find examples of Ms Pritchard's social media chops?
Lilia has been with us since launch in 2009, but she prefers to work in the background. She has managed and edited many of our articles, sales, partnerships, and Enjin social media accounts over the years. She also does a lot of the tireless, thankless operations work that keeps the company running smoothly.
