Updated: RFC 0061 — Safe Network Token Distribution

[joshuef]

@DavidMc0

Thanks - great work Jim

This is key. Tough fucking job sorting this one out, and @JimCollinson has really been trying to get something we can come together on and go forwards with. And aye, it feels like he’s done it (to me at least ).

Good job @JimCollinson

[Josh]

Agreed, I no longer wanted to comment here but the problem with feedback is those that are happy tend to do so less.
So I’ll add a big thumbs up LGTM, close on this and lets move on!

[wydileie]

I appreciate the work done to alleviate concerns from the community. I think this RFC is great and hope we can all move forward together.

[neo]

@JimCollinson Just in case this was buried in my trying to clarify and say which alternative seems best to me. In my opinion this is a good solution and

Great work in a difficult topic/RFC, my hat off to you for not losing your cool and being professional in light of all the opinions, emotional and calculating.

If I ever meet up with you again I will buy you a beer or spirits again and again.

I’m with you @Nigel - looking forward to Monday and this wrapped up.

[Dimitar]

@JimCollinson

One massive token you can wear. MINT THAT COIN!

Is this the Safe beast you’re talking about?

Great job, by the way! Thanks for the effort Jim!

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Privacy. Security. Freedom

[digipl]

Thank you. Very wise changes. Today the SAFE project is much safer.

[Southside]

In Bulgaria, Medallion wears you…

OR its just your way of telling the world you are just a big snowflake

[VaCrunch]

@JimCollinson

Each company share of Maidsafe.net Limited will entitles the bearer to 105.8221941 SNT, resulting in shareholders being allocated 214,748,365 SNT.

Is this also true for the Bank-to-the-Future investors who wish to convert their shares to SNT? I thought the original declaration was that each BTTF share could be converted to 105 SNT but I read elsewhere that it was 115 SNT. If BTTF SNT is not included in this total, where will those SNT come from and what will be the conversion rate - 105 SNT or 115 per share?

[digipl]

MaidSafe rebuilding secure decentralised internet with BnkToTheFuture equity fundraising

Yes that’s correct: The number of safecoin set aside for shareholders (5%) = 2 ^ 32 = 4294967296 * 0.05 = 214,748,365. Number of shares in MaidSafe.net issued = 2,028,316. Therefore each shareholder will receive 105 safecoins per share. When safecoin is launched and we are in a position to do this, we would run the process in conjunction with BnkToTheFuture as participants in that round hold shares in the SPV as opposed to MaidSafe direct. That is really just a administrative thing though. As …

[neo]

The shares held by the bank to the future investment is in a special entity company (SPV), not Maidsafe. The special entity company owns the Maidsafe shares.

So the special entity company gets the 105 for each of its shares in Maidsafe.

What the ratio of shares in the special entity company compared with shares in Maidsafe I do not remember.

@nicklambert

When safecoin is launched and we are in a position to do this, we would run the process in conjunction with BnkToTheFuture as participants in that round hold shares in the SPV as opposed to MaidSafe direct. That is really just a administrative thing though.

@nicklambert

It’s 6.25%, Melvin. I have been warned to only answer questions related to the investment within the BF website

So 6.25% of Maidsafe shares were made available to the SPV. I remember that the investment was not enough to have the full 6.25% sold to the SPV.

Those who have access to BTTF should be able to read the breakdown of SPV shares to Maidsafe shares quantities. And what the promise of allocation of SNT per SPV share.

[jlpell]

@neo

If the shareholders feel they are losing due to ~10.5% (increase from 10%) is being given out then to relieve their perception of loss then just increase their allocation by the same amount. While not accurate and true to white paper, it does relieve a perceived loss by the very people who made the project possible. (without them there is no project to start with)

That is where the ~5.25% comes from.

Honest quibbles over the 0.25% is like spoilt children complaining their brother got an extra penny.

None of what you say here makes any sense. The fully diluted percentage of their holding is the only thing that matters to an investor. Initial ratios at genesis mean nothing here. The shareholders were promised 5% of 2³² tokens. All Maidsafe has to do is keep this promise. End of story.

[jlpell]

@neo

The resource pool though apart from the 100K$ was for work done after launch

Are you sure? The whitepaper clearly stated that 5% of 2^32 would go to the core development team for prelaunch efforts. Subtracting the overmint from this amount is the most rational approach to fix the error/technical glitch from 2014 since a) the responsibility for the overmint is with the core team, and b) the core team was the first to obtain and sell the overmint quantity. The simplest view is that the overmint represented an advance to the core team on their promised 5% of 2^32 SNT.

[VaCrunch]

@neo

The shares held by the bank to the future investment is in a special entity company (SPV), not Maidsafe. The special entity company owns the Maidsafe shares.

So the special entity company gets the 105 for each of its shares in Maidsafe.

That’s kind of confusing. At the time of the BTTF sale we were told that if we chose not to hold on to the BTTF shares when the network is launched we could convert them to SNT at 105 per share. Pray tell how will the process be conducted when the time comes, going through BTTF, Maidsafe or some other route? I hope we don’t have to deal with BTTF because they have become like a fortress guarded 24/7 by onerous re-verification procedures that one would normally have to go through to enter Fort Knox. I cannot even log into their home page anymore. I have tried to re-verify but so far, no luck. This is what I get:

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Identity Could Not Be Confirmed

Parts of your identity document could not be verified by our admin team.

Please submit following information again:

• Thank you for submitting your verification. Unfortunately, we are unable to accept the document you submitted as it did not meet the requirements to be considered certified. Certified proof of address - the original copy of the document must be certified by a suitable certifier, for example, a lawyer, accountant, notary public, member of the judiciary, embassy official, director or manager of an authorized credit or financial institution, or serving police officer. Please ensure the document contains the following: – Your name – Your address – The date of issue (within the last 90 days) – The name and contact details of the issuing company or agency – A certified statement by the certifier with: a) their name b) contact details c) date of signing d) occupation and registration/ license number (if applicable) e) along with a signed statement stating that they have witnessed the original document and certify it to be a true copy of the original. The document must be in Roman Lettering, or a certified English translation should be uploaded in addition to the original document.

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This leaves me a little concerned about the viability of recovering those SNT that were promised. To be clear, I already verified my account at the time of the BTTF/Maidsafe sale but now, for some reason, cannot even access my account without jumping through impenetrable hoops, it seems.

[Dimitar]

I can confirm that it is practically impossible to get verified if you are from outside of English speaking countries … We may count the purchase of these shares as a donation.

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Privacy. Security. Freedom

[digipl]

Unacceptable. Participants in the BTTF/Maidsafe are entitled to be refunded according to the stipulated conditions.
In the case of impediments from BTTF, Maidsafe should try to find a solution to ensure that these rights are respected.

[neo]

@VaCrunch

That’s kind of confusing. At the time of the BTTF sale we were told that if we chose not to hold on to the BTTF shares when the network is launched we could convert them to SNT at 105 per share.

That would have to mean that ratio of SPV shares to Maidsafe shares is 1:1. Sounds like it has to be written into the SPV company documents.

This is something that Maidsafe will have to sort through before or on launch as there will be a number of people asking.

BTTF sounds like they are not being helpful and that is not good.

@digipl

Maidsafe should try to find a solution to ensure that these rights are respected.

If the SPV (or BTTF) will not cooperate then it may be difficult for them to do so

[TylerAbeoJordan]

Guessing there isn’t a way to transfer these shares outside of BTTF centralized market?

[JimCollinson]

And that’s a wrap!

Happy to see this one merged.

Onwards!

[Southside]

Well done and thank you to @JimCollinson for his tenacity here.
Thank you also to the comunity in general for thrashing this to death, allowing every viewpoint to be heard and for coming to a consensus without unnecessary rancour, given that there were quite widely diverging opinions on several aspects.

[DeusNexus]

Yes amazing work and good that everyone had their say. These are one of the most difficult community subjects so it’s a big relief that it’s merged. Thank you for all the work! And everyone for asking great questions so nothing has been overlooked!