This week we would like to update you on:
- Off-chain distribution: Progress on the off-chain distribution and upcoming features
- Non-profit legal things: We’re getting a 501(c)3 tax exemption
- Counterparty Board: Robert Ross is up for election as community director on Counterparty board
- Meetups: We attended some meetups and are planning to set some up
- Funds: Our transparency on the way we spend the donation funds
- T-Shirts: We’ve placed our first order for FoldingCoin T-shirts that will be worn by the team. Some will also be put up for sale via the website.
- FLDCVOTE III: You can still vote on if we should put some non-distributed coins up for sale to fund ourselves. The No vote is slightly in the lead.
- Counterparty Panel: Robert will be on the Counterparty Panel this Friday.
- Public Meeting: There will be a new public meeting on April 5, that everybody can attend via Google Hangout and watch via Youtube.
Off Chain Distribution
James and Chad have begun working on the off chain distribution system. This will eliminate the cost of daily distributions, enabling us to grow more rapidly.Here are the following features we now know will be implemented:
- Pay distribution fee in FLDC (instead of BTC): When you wish to withdraw FLDC, we will have an API that captures the current exchange rate for FLDC on Poloniex. Then we will multiply that by 0.00006 BTC (the cost per transaction on the asset distributer) and we will deduct that out of the FLDC you are withdrawing. Then FoldingCoin Inc will immediately sell the FLDC on Poloniex to get the BTC back. Currently this would be around 100 FLDC per withdraw. This way, you don’t need to also have BTC in your account.
- Automatic withdrawel: We will have automated withdraw settings in place so you do not have to do this manually every day. For example: you could set your withdraw daily, weekly, ext. For security you will not be able to withdraw to addresses you have not folded on.
- Donation option: We will have a toggle for the withdraws that will allow Folders to donate X amount of FLDC from their withdraw to the FoldingCoin Inc project. This will be optional but greatly appreciated.
- Free monthly distribution: The way we are designing it, is we will still continue to do manual distributions for everyone at the end of each month if they have not withdrawn their FLDC. This will be good for Folders who don’t earn enough FLDC per month to pay for the BTC is takes to distribute the FLDC each day.
- LTB Distribution: FLDC will accumulate in the addresses that you have verified in your LTB verified BTC wallets. In order to log in to the Off Chain system, you will be required to use an LTB username and verify addresses on your LTB account. This allows us to save money on building a system that can provably verify your BTC wallets, as LTB already has this built. If you do wish to get an LTB account, then you will have to wait until the end of the month in order to receive the FLDC that you have earned.
- Merged Folding Distribution: The first implementation will not allow for the Merged Folding tokens to be in the system, so those will still be distributed by the devs of the respective tokens on the days they wish to distribute. This feature will come after FLDC withdraws have been tested and work properly for the first release.
We are now starting to take the steps in becoming a 501(c)3 organization. We are being assisted by a local Indianapolis BTC accountant and using the services of 501c3.org to get this accomplished. This will be a process, and hopefully we have some good head way by the time the next public FoldingCoin meeting is held.
Counterparty Community Director
Robert is running for 1 of 3 open Community Director spots in the upcoming month. If you hold XCP, your vote will be appreciated to put Robert in this position. Please read more here
Robert has continued to attend multiple Meetups in the Indianapolis area. Also Robert has become an event organizer for the Indy Bitcoin Meetup and will start holding more meetups twice a month to spread the word of BTC, CP, and FLDC. The team also decided that starting a Meetup in Indianapolis directed towards the non profit and medical community would be a great chance to expose to other medical non profits the benefits of FAH and FLDC. More to come from this in the upcoming weeks.
Usage of donation funds
We now have a webpage with a complete breakdown of all the funds we have and use here at FoldingCoin Inc. Check it out for exact timestamped, TX, justifications, and receipt pictures of all the funds we have spent so far that has been generously given to us by you the donors.
The team has started the process of ordering FoldingCoin shirts. We have taken around $300 of the donated 10 BTC (the final price spent will be updated) to purchase 24 T-Shirts and 6 hats. Each of the 6 devs will get 2 T-Shirts and 1 hat and the other 12 T-Shirts will be sold on the website for somewhere between $15-20 (not including shipping) for someone to purchase. Obviously FLDC will be accepted for these shirts. This is not a lot to start with, but with all the money we make off of the 12 T-Shirts (potentially $240) we will use to buy more T-Shirts (and other merchandise) to continuously sell to the public. There is a $50 initial fee we have to pay for the printing company we are using to get the logo updated in their system, but this is a one time cost. Robert is in talks with the owner to accept BTC as well for future orders. The shirts will cost around $7 each to make with ordering 24 at a time, but once we are able to order 48 at a time, the price drops to $5.50 with the current design. The hats are a little more expensive, $8, and we will start creating hats to sell after enough T-Shirts get sold. This will be a slow process to get going, but eventually we would love to make this initial $300 investment in merchandise continue to be put into creating more and more merchandise for sale.
FLDCVOTEIII has 10 days left until it is closed. The vote is very close right now, almost exactly 50-50 percent with NO slightly in the lead. Please get your votes in today
The Counterparty panel FoldingCoin will be a part of is this Friday at 10 pm EDT. The panel will include representatives from FoldingCoin, Storj, Counterparty, The Counterparty Foundation, and Vennd. Please mark your calendars and listen in
The next FoldingCoin Public meeting is on April 5th, at 3:00 pm EDT. Come talk to the FoldingCoin devs live and ask questions or simply listen to the new updates and topics we are discussing. Mark your calendars and listen in