After overcoming problems we had with our short 0.6% premine when we first started (Stellite), V7 will have officially addressed everything that we initially had set out to finish in our whitepaper and more. Unfortunately following this development, we quickly have run out of funds to continue forward.
Luckily in the past, we were able to push on with the help of a handful of very dedicated and brilliant programmers and designers. But sadly it has been hard to keep up with everything, we’re struggling to pay for seemingly simple things like web servers, build servers, DNS charges, etc. This is disregarding the countless hours of work our team has put forward for the development of the project.
We have tried donations and other schemes, but as soon as the first and second months are over, it inevitably dies out with no one to blame. We would also like to hire freelancers to help us bring more products onto the table (like a mobile wallet), but this is currently not possible for us.
With all of this in mind, we have decided to set aside around 3 years' worth of PoW rewards for the development and progression of the project for the next 5 to 6 years, which is around 3.8B coins.
The majority of these coins will be stored in cold storage with trusted nominees will be selected from the core team. The view keys of associated wallets will be given to the community to assess the movement of the coins.
The coins will be allotted in such a way that incentivizes developers and the community to come up with new and bright ideas and to help implement the ones that we already have, such as a complete ground-up built mobile wallet and new applications that are built upon the Scala blockchain, like a network of storage devices. Any community member will be able to propose an idea and if there is support seen for the said idea they can be allocated funds for working on it with milestones.
We have put in place mechanisms for the community to verify the integrity of these funds. You can check the transactions from our premine wallet by using the following information.