Dear all ICO backers and the wider Augmentors community,
You have made it possible for us to realise our dream of developing Augmentors, a ground-breaking AR game. Over the last few weeks, we’ve received a few requests from the community to re-evaluate the economies of Databits. Thank you for reaching out with all your comments and concerns; we’ve taken them all into consideration.
We said during the ICO, we would retain 30,000,000 Databits for use by the company during development of the game. After the ICO, and after the feedback received from our backers, we considered and debated whether the current agreement is in the the best interests of our most important stakeholder, our backers.
After studying several options to determine the best way of adjusting the Databits allocation so as to ensure that all stakeholders are correctly incentivised, this is our final decision on Databit allocation:
- 1. As described during the ICO, we will burn all unsold Databits from the 70,000,000 allocated for the ICO. During the ICO, we sold 15,217,819 DTB and thus, the remaining 54 782 181 Databits will be burnt.
- 2. The company will reduce our Databit holding to 30% of total Databits in circulation and not the previously advertised 30,000,000 Databits. Thus, the company will retain 6,521,922 Databits.
- 3. This means that the total number of unburnt Databits will be 15 217 819 (from Backers) and 6 521 922 (from the Company) or 21,739,741 Databits and the total number of Databits to be burnt will be 78,260,259 Databits.1
We believe that this action will protect the interests of our community and that stakeholders’ interests are aligned. Backers will now control 70% of the market cap of Databits. Furthermore, as a company, we are confident that we can execute the development, marketing and launch of the game using the ICO funds and remaining 6,521,922 DTB.1
In terms of process, all outstanding Databits earned during the ICO will be distributed prior to the 1st of April, as indicated in the terms and conditions. The bounty campaign Databits will be distributed over a 3-month interval starting on the 1st of April. Lastly, once all Databits have been successfully distributed, the outstanding Databits will be burnt. An update with more details will be released closer to the time.
Thank you once again for all the support you have shown us. We look forward to sharing an update on the progress of Alpha’s development soon.1These numbers are currently undergoing a final internal audit and may adjust slightly; however, the principle of burning the unsold Databits down to a 30% ratio will not change. A final update will be posted as soon as the numbers are verified.