From Toby Hoenisch, Co-Founder & CEO
It’s been an amazing two months of growth and development with you since the token sale. The product has been our primary focus alongside the community. Things have been moving along nicely as our closed betas for the web app and iOS have been released to a core group of testers. The roadmap is on schedule and we are getting some really good feedback to help us improve and polish the product even further.
During the token sale we promised to allocate part of the remaining tokens for community initiatives to grow the PAY token eco-system. With this blog post we want to outline how we are going to move forward with the outstanding PAY tokens that are currently held in a secure multisig account.
10% assets for TenX will be moved to cold storage
This will be reserved as an asset in the company to bring value to early investors. TenX received over USD 1 million from a range of notable blockchain investors and entrepreneurs, such as Fenbushi Capital. Multisig: 0x185f19B43d818E10a31BE68f445ef8EDCB8AFB83
10% to paid out slowly in conjunction with salaries for the team (we offer anyone in TenX to take part of their salary in PAY tokens)
This will be used by TenX to incentivise founders, employees and the development team. Each TenX founder and employee will receive part of their compensation package in PAY tokens, which will vest over 4 years. Multisig: 0x9097d4d3decf7dabf3eeaa7a7f345211267d6a81
9% academic research on COMIT
This will be used to sponsor academic research, educational materials for developers, as well as promotion of the COMIT network and the sharing of technologies and contributions with open-source communities. Some of the planned activities include:
- Establishing a research lab to focus on COMIT and cooperate with high profile universities
- Creating tutorials and educational materials for COMIT network developers using different blockchains such as Ethereum and Bitcoin
- Cooperating with other open-source communities such as Docker, Linux, Android to integrate COMIT network libraries into existing developer stacks by default
- Organising events and conferences to raise the awareness of the COMIT network technology and facilitate market adoption
- Multisig: 0x5f27126b4d7fef94aa40cc5e4ea5679b90f77b79
10% available for token swaps
We will use this for token/coin swaps of PAY tokens with cryptocurrencies of other blockchain open-source ecosystems. Further details to be announced at a later date. Multisig: 0xfD680Dec4EdE42Be616Bb4074323D81185b22Bd9
10% to grow adoption of PAY tokens and COMIT
This will be used to facilitate the adoption of the PAY tokens and the COMIT network in selected industries such as financial services, supply chain. Additionally it will also be used for our Bug Bounty program here. Multisig: 0x4668F96C5378C9764A611802b550b13D3C8517d8
With the above breakdown, we are going to begin the allocation from Thursday 24th onwards as per our whitepaper from page 36 onwards.
You are a fantastic community and we can’t wait to get the TenX product out to as many of you as possible in the coming weeks and months.
Thanks for all your trust and support!
Toby and the TenX team
If you want to keep up with our latest progress please: