cyber•Fund shifts a focus and is going to launch a Steem-based blockchain for Russian speaking community. We see a tremendous potential in this project that will later allow us to transform cyber•Fund.
During the last several months I tried to engage Russian speakers in using Steem social network, and despite some success I found the task of engaging a broader public quite difficult because of the 3 key reasons:
- From the author's’ perspective. I made an experiment and translated Steem paper to Russian. The paper got 217 votes and 86 comments that is really cool, but earned only $131 as a payout that sucks. Currently the Russian speaking community owns not more than 3% of a Steem network (tokens), despite the fact that Russian is one of the tenth most spoken languages in the world. As a result, an algorithm of quadratic voting leaves no more than 1/900 portion for the payouts to the Russian speaking community. So from the author’s perspective Steem is not attractive.
- From the developers’ perspective it is also not attractive. We as developers have zero motivation to build apps because of incentive structure and a huge hassle of finding a way to pay for the registrations.
- The Russians are used to earn in their national currencies: ruble, hryvnia, tenge, etc. So dollar as a payout currency is not the best option for us.
As a result, we approached Steemit Inc. and got an agreement on the following terms:
- 10% of the GOLOS tokens from the initial 1 month phase will be distributed to the whole Steem community
Updated based on community feedback:
(every account with more than 7 (STEEM + SP) and at least 1 curation action) or (every account with more than 100 (STEEM + SP).
- 10% of the crowdsaled bitcoins will be payed to Steemit Inc for the license. I will explain the rationale for our crowdsale later in a whitepaper.
- Our official PR campaign, site and all communications will be done in Russian as our target audience is Russian speaking public. This is the only official post in English about the details of the deal and the upcoming project.
- cyber•Fund hires a dedicated team of developers for maintaining the forked blockchain in accordance with a core protocol. This dedicated team will also contribute to the original Steem blockchain.
- cyber•Fund reserves 1% of GOLOS tokens for the exchange in case there is going to be a Chinese Steem-based social network.
In exchange Steemit Inc. will support our project in the following ways:
- A code review before the launch
- Overall support across different communication channels
- A receipt of a feedback from the Russian speaking community
This is how we see the distribution of the GOLOS tokens after the first month:
- 60% to the crowdsale. 10% from raised bitcoins goes to Steemit Inc.
- 10% sharedrop to the Steem community as a license payment on VESTS and STEEM in form of GP (Golos Power). Snapshot time is 12:00 GMT 29 September 2016
- 10% to cyber•Fund to finance the Golos launch
- 10% to cyber•Fund to donate users for their registrations and for development
- 7% to the founding team as a reward for the launch
- 3% to the miners in the first month
The crowdsale will be uncapped for the first 24 hours, and then capped at $3M in bitcoins.
We are going to use almost identical emission curves, allocation & supply curves as Steem does.
Subscribe to the official @golos account on Steem to have updates about development of the Russian speaking project. Our team is looking forward to your feedback.
Official site: http://golos.io
Crowdsale start : 15 October 2016
Extended details: To be published in Russian