MyBit caps token supply at 2.8 million, no additional tokensale.
Hi guys, we’ve got some big news to share with you all today: we’re cancelling phase two of our token sale. After internal reflection here at MyBit and talking with the community, we’re sure that this is the right way to go. We’ll get onto the precise reasons why later in this blog post.
First, a quick recap. As many of you know, we were planning to launch a second token sale in Q2/Q3 of 2018. This would have issued 2.2 million additional tokens (effectively doubling the supply to five million). We planned to use the funds raised to rapidly scale our development and business functions. In the year since we launched, we’ve realised this isn’t the right path.
We’ve always set ambitious targets for the MyBit project and, even without those extra funds, we’re on track to hit them.
For the community, cancelling the token sale means we don’t have to organize a token swap or dilute anyone’s holdings. And we can focus on the core of the MyBit project: the platform.
We have a projected runway through to 2020. If at any point the team needs additional funding, we have access to a reserve of 400,000 MyBit (or 15% of the supply) as set out in our token sale roadmap.
We’re confident that this will more than cover any future funding needs and we don’t expect it’ll be needed until beyond 2020. We have to mention we still hold the right to implement a second tokensale if we choose and issue the extra 2.2 million tokens. We do not think that will ever be necessary.
We hope this clears up any confusion around the token sale. It’s important to all of us at MyBit that we’re totally transparent with the community. This means being honest and responsible. For us, our token sale was about developing the project not raising easy money, as some projects seem to do.
As always, feel free to reach out to us on Slack or social with any questions or thoughts.
Those, who haven’t signed up for the alpha yet you still have time, head-over to the MyBit website now.
Catch you next time!
Team MyBit