Dear token holders!
1. Token cost.
As I said earlier, the real token value will reflect demand for our product and will be re-formed by the platform audience, but not by speculations and in fact by fraudulent actions of the Yobit exchange and our unsuccessful partners that are token holders. Due to the lack of unified legislative regulation in this area in the European Union, we could not apply to government agencies for protection of our rights. In addition, I dare say that the market situation has also seriously changed since the beginning of the last year https://twitter.com/charliebilello/status/1071382900497678336?s=21
I ask you to at least take it into account when you are falling upon us with criticism.
2. This year, we have experienced several stressful situations that would well lead us to collapse and bankruptcy.
Fortunately, it did not happen and is not planned in the future. Moreover, we had to rethought many things and understand the technologies, the goals set and the current market situation in more detail. Despite loss of trust, we continue to work on the products and the project. Like many companies in this market, we faced with dramatic and severe recession and with general negative in the cryptocurrency market. This summer, one of the key project financial partners stopped working with us. It was due to decision of the consortium directors to finish the company operations in the crypto market. For us, it caused very painful and serious reduction in the project development budget. In this regard, we were forced to reduce staff, leaving in the team only the best developers, marketing consultant and directors of two key departments. However, we continue to find resources to continue our work. We believe in business that we are the third year of our life in.
3. Difficulties with the crypto industry regulation.
The market where our project works has always seemed very closed and not public. The reason is anonymity. A user from any country with sufficient financial resources and a modern VR gadget can use cryptocurrency to acquire the desired content in the best and modern quality (except the content prohibited in the whole world) absolutely anonymously and safely. Our company is registered in the Czech Republic, and it seems that this country will adhere to the European Union opinion to introduce mandatory procedure for verifying users of cryptocurrency in the very near future. We are unable to ignore national legislation, thus our product and the ERC20 token loses one of its key advantages and a significant portion of its potential audience. Implementing in our platform the Ethereum blockchain, smart contracts and a payment system using tokens, we lose anonymity and ease of settlements that are the main thing for our user. Additionally, it is worth to note that, in this case, there is no question of any decentralization of the platform operation. The main thing is that we have thoroughly realized this problem now and found a solution for the future.
4. Technological error and ways to solve it.
When writing smart contracts that should regulate relationships of all parties in the platform (user, service, content provider), we met serious difficulties that led us to conclude that the Ethereum network does not fit our project and does not help to solve almost any of the tasks that are in front of our products. Let me explain in more detail:
In March of the last year, we began to implement smart contracts and payment system based on Ethereum blockchain, demonstrated the product alpha version, and came soon and finally to understand that Ethereum strongly resembles to Scientology: it is some kind of “religion” with many obscure terms related by incomprehensible stupid actions. Such a hodgepodge is usually made for an audience that does not understand what they are talking about, but they have heard a lot about their “smart” creator and believe unconditionally in something they do not understand. Sometimes, it is not necessary to know about the creator too. Many people believe blindly in something they don’t understand and consider it a kind of great theory since they don’t understand it. But if you try to understand Ethereum, you’ll see that many things in it are invented to solve useless tasks (at least in our project) that can be solved more easily and efficiently without blockchain, and there is absolutely no sense to use blockchain for them. Even time has already shown that Ethereum is useless for the things it was invented. So far, there is no one successfully operating product that would be used by a mass audience or by corporations. Can someone argue the opposite? Then, please provide your examples in this chat. And the existed solutions depend on the decision of a particular site / company / person and are subject to censorship. For example, how can a smart contract find out that something was happened? Ethereum developers say that it will take data from the certain source.
But this is a lie. Any source can be hacked, its owner may be a liar, and the same source will look different in many countries due to censorship, and therefore it is impossible to check the authenticity using consensus. But Ethereum fans still blindly believe that they stand at the origin of the revolution. Or the Ethereum developers say that if something happens, the smart contract developer will sign the command himself using his key. But there is no decentralization even here – the developer can sign a deceitful command, his key can be stolen from him, and a hacker will sign the command for him, or he can be forced to sign the command, etc. As a result of serious immersion into this blockchain network technology, we came to understand that all of it was already in our business — a usual database with authorization and a usual website under somebody control. And all of it solves the same problems with much better efficiency so there is no sense to use Ethereum. And for all of it you have to pay with “gas”. Ethereum is a scam where effectiveness of bitcoin and blockchain is dragged in by Buterin, who realized once that bitcoin success had apparently bypassed him and it was necessary at least to make something not to feel himself defective. And his manner of quickly speaking incoherent things, chaotically running around with his eyes during a conversation — all these signs confirm that he simply has some problem with his head.
This disappointment, the technology we believed in, led us to the decision to launch our own coin (do not to confuse it with the token ERC 20). In this regard, and in order to optimize the advertising budget for launch of our products and services in the platform, we intend to shift the timeline for the project start taking into account these technological updates.
I share your feelings and thank you for your support. Special thanks to the partners and fans of our project with whom, over the past year, I have been able to meet personally and keep business and constructive dialogue.
In the first decade of February, we will publish an updated roadmap, explain in more detail how to solve the problems arisen and outline the prospects for the project development in 2019.