After reaching the hard cap during the pre-sale, we have asked our contributors to vote, and today we are ready to announce the results of the poll.
In the course of our pre-sale, not everyone who was enthusiastic about Oracles POA Network had a chance to participate. We also did not get to test the cross-chain tokensale, the first token sale of its kind, where contributions would be collected one Ethereum network and native tokens would be automatically issued on Oracles POA Network.
As things evolved very quickly over the last two months, some of our allocations to partnerships and advisorship (not more than 1% of the total token supply) remained unfilled. We saw two options for these allocations:
- Keep the tokens in the Partner Allocation for further partnerships.
- Allocate these tokens to smaller supporters via a cross-chain crowdsale mechanism.
The second option would mean that, instead of giving 1% of tokens to one beneficiary, we would enable a few hundred people to participate in a significant event for the whole blockchain industry, the first cross-chain crowdsale. The impact of it would be the following:
- Demo of technology: we would test the bridge in the practical setting and effectively perform the biggest atomic swap;
- NO EFFECT on the total token supply: the offer would keep the total token supply and total market cap (defined as total token supply multiplied by the token price) intact.
The pre-sale contributors decided to "Keep the tokens in the Partner Allocation for further partnerships”. At 11:59pm, November 21st, here is how the contributors expressed the votes:
As we stand by the decision of our contributors, we will keep the 1% of tokens for future partnerships. We also certainly do not intend to leave cross-chain token sale mechanism untested. We are fortunate to already see how other teams use our POA model for industry-specific projects. Hence, the opportunities to orchestrate such token sale for other projects may arise in the nearest future.
We are grateful for all the passionate discussions that highlighted the pros and cons of various decisions.
The most popular point in support of keeping the tokens for future partnership allocations was the long-term vision of how it can potentially benefit the project. And the most popular argument against it was the fact that, instead of potentially few hundreds of new token holders, one individual or entity will receive them.
For the cross-chain crowdsale option, the highlighted pro was the desire to try out new technology. And we will definitely find a way to demo that in the near future. The most mentioned con was the distrust to changing of the token sale terms. While we certainly understand the concerns about the project getting additional funds, the proposal would not have increased the total token supply or market cap.
As the saying goes, “Discussion is always better than argument. Because argument is to find out who is right. Discussion is to find out what is right.”
We are looking forward to building Oracles POA Network ecosystem and appreciate your support. This is just the beginning.
Oracles Network Team