(TL;DR) – The team and I have always been open to constructive feedback, and will continue to use the voice of the community to help steer the development roadmap. After returning from my recent trip to New York, the team and I have been intensively discussing how to act on the feedback, so that we’re remaining true to our community-led principles.
Tomorrow we’ll be revealing some adjustments, via a press release here on our blog. Read the full update below.
One thing’s for sure…
It’s been an incredibly busy year so far for both me and the team at Debitum.
I see many ICO investors see new tokens come to market, roll their eyes, and think it’s another attempt at “over-night” success from a small team equipped with nothing more than an idea and a White Paper.
I get it, really I do – it’s easy to think that from the outside-looking-in.
But having started, ran, and grown traditional businesses over the last 10 years, I can tell you first-hand that preparing for a truly successful ICO takes months and months of hard work, careful planning, and is not dissimilar to the strain of getting a traditional business off the ground.
If you’ve been following along on the Debitum Telegram channel, you will have seen me and my co-founders doing everything from travelling to meet with potential contributors, pitching the value proposition, working with the development team – right down to video interviews, Facebook Live Streams, and replying to community questions at 04:00 in the morning!
During the last few months alone, the team’s been actively participating in various Blockchain and Fin-tech events all over the world. To name a few of the countries we’ve been raising awareness and getting critical feedback for Debitum in:
I’ve personally just returned from a trip to New York (USA), and Paris (France).
I’ve participated in several blockchain and crowdsale related events, as well as the Debitum Network meet-up in New York.
During my travels, one of the most valuable activities has been sitting down face-to-face with elite blockchain investors and community members to gain critical feedback on the Debitum project.
The team and I have always been open to constructive feedback, and will continue to use the voice of the community to help steer the development roadmap. Our ultimate goal still remains for Debitum Network to become completely decentralised and self-sufficient.
That said, I’d like to share some of the direct feedback I’ve had over the last few weeks – which in my opinion, and I’m sure you’ll agree – simply cannot be ignored:
Potential contributors currently understand the ICO hard-cap to be set at 200,000 ETH.
Despite this amount having been carefully calculated and explained by our CFO, it’s been suggested by many thought leaders to use a staged approach, not just for the product development, but also for the Token Sale itself.
Essentially, it could make more sense to set a lower hard-cap.
It’s the end of the year! The ICO model doesn’t work anymore, right?
Wrong! You know as well as I do, that couldn’t be further from the truth.
That said, many of the blockchain advisors we’ve spoken too believe that right now is not a great time for any company to be offering a new token to the market.
Reasons stated include:
We’ve actually had great feedback from the community around Debitum’s hybrid solution.
As you know, it’s not yet possible to waltz down to your local supermarket and pay for your groceries in Bitcoin. I wish I could. Really, I do. But we’re not there yet.
People familiar with the small business financing world seem to understand the necessity for businesses to operate with fiat currencies (at least over the next couple of years) – in-fact, the hybrid solution is something I see them get most excited about.
However, we’ve received many suggestions for Debitum Network to allow the use of cryptocurrencies to provide the initial investments into business loans on the ecosystem.
This is something we’ve been making great progress with, as previously explained in this interview with Donatas. And, although we’ve already begun announcing the partners that we’re legally able to, there are many global service companies that for corporate legislative reasons, we’re just not able to announce.
Therefore potential contributors are anxious to know who these companies are so they can be sure there’ll be enough traction in the market, enough service providers, borrowers, and investors.
I strongly believe that in early stage unregulated spaces such as Crowdsales, it’s up to the founders to ensure transparency and reason within the project, which is why we’ll be making a big announcement tomorrow (Wednesday 22nd November).
Since returning to Vilnius from New York 2 days ago, myself and the other co-founders have been in a room intensively discussing how to act on the feedback, so that we’re remaining true to our community-led principles.
I’m truly excited by some of the adjustments we’ve agreed, and I’m thankful for the continued support of our advisers and active community members for continuing to support our vision of bringing decentralisation to the small business financing world.
Tomorrow we’ll be revealing those changes, via a press release here on our blog.
Thanks for reading.
Co-Founder / Debitum Network