As we’ve receive numerous advantageous advises and forecast from startup experts and from all our various partners, we have decided to make some strategic changes to the project plans. This change was as a result of the evaluation of the entire cryptocurrency market downtrends, legal complications and prospective community interest. The project aspect to which these modifications will be made are as follows;
The airdrop duration;
The initial duration primarily specified by the foundation to carry out the community airdrop event was 5 months, starting from May till October. But as we have witness so many downtrends in the entire cryptocurrency market and negativity among numerous upholders, and more importantly, to speed up the development process, the airdrop event duration have now been altered and scheduled to run till June 30th instead of the previously planned October 30th. This is also to reflect the constant development agenda crosschecking to make sure the project stands out and avoid any controversy among all our community members and investors alike.
Total Airdrop participants;
In order to be able to carry out the airdrop operation without any errors, complications, further delays and in the fairest and efficient way as possible, we decided to go with the total number of people we can add to the community during the airdrop window (in what ever totals they may end up being, currently 33,000+ users signed up on our website).
This structural change is as a result of ongoing subpoenas in the cryptocurrency realm and also, to protect the interest of our users and the value of Payther in the future.
Halt of the fundraiser;
Having seen how the community has responded to the fundraise in regards to their respective contribution agendas and views about the entire movement, we have come to put the fundraiser to a stop and therefore we will refund all funds that has been contributed by the community back to all contributors and add the allocated fundraise tokens (100,000,000 PYT) to the reserve pool which will be freely distributed to our partners such as users of exchanges we are partnering with, willing investors who wish to donate to the project development and staffs of companies we will be co-working with. Starting from the date of this post, the fundraise page shall be dismissed and we’ll begin procedure on refunding ethers back to their respective owners. We hope the community find a place in their heart to understand the situation we are currently facing and wish for them to continue supporting us throughout the development course.
This changes will take effect immediately and we will make changes to all our documents and papers where necessary. Also, the website will be made to reflect this changes and provide update notification to all our users on our social media pages and blogs. The individual reward for the airdrop still remain as usual, and nothing has changed in how the tokens will be claimed including our KYC policy.
Token reallocation
While the total number of participants is currently lurking at 10% of the expected airdrop slot, the foundation has also managed to make amendments to the entire token distribution economics starting from the airdrop pool which was 300,000,000.
The new economics around this now is to distribute to the total available community members once the airdrop registration window is close (July 30th). Giving that we’ll only manage to gather 10% of our initial target userbase, we’ll airdrop 1000 Tokens each to these participants in our community. The remaining unclaimed tokens shall be distributed as follows;
70% of the remaining unclaimed tokens to the users of all our partnered exchanges and airdrop.
30% will be airdropped to PYT hodlers who hold PYT in their personal ethereum wallets proportionally. This airdrop will be done in monthly phases.
There’s also a significant cut down from the team’s fund which is to strengthen equity and balances in the Payther project ecosystem. For this reason, both the teams, ambassadors and advisors has been merged together in one single allocation which equates to 10% of the total supply. A simple break down of the new token allocation will be represented as;
• 30% used as community airdrop, which is currently ongoing. Every participant will be entitled to 1000 PYT tokens, subjected to checking and KYC.
• 54% is locked up for future development, which will be used to finance the future operation of the platform, offices and infrastructural management and workers incentives.
• 1% used as bounty to encourage our users and supporters to keep contributing to the development of the community and the project such as awareness creation, referral and bounty rewards.
• 10% will be hold back by the Payther Foundation as reserve to develop the platform, pay staffs and any legal and regulatory costs.
Post-Airdrop event;
On finalising the community airdrop distribution process, we will begin;
• negotiating with top exchanges and also we will have all accounts and contracts under the control of the Payther foundation audited for better transparency
• Partnering with top major exchanges to proceed in giving out of the remaining unclaimed tokens to their entire users. With this being decided, majority of the tokens totaling 40% are owned by the community while the Payther Foundation will hold the remaining 10% as reserve to cover the platform development costs and the remaining tokens locked for future uses.
Website: https://Payther.co