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Now that The first two weeks The Ether sale process has ended, and Over 50 million ETH It has been sold, and we intend to do a deal soon to begin using the funds to repay loans and begin the process of setting up our development centers and expanding our staff. We have pledged to be very transparent about how we spend the money, and that is a commitment we intend to keep; To this end, we have already released a Intended use of revenue Chart and road map To show how we intend to spend BTC. More recently, the community has followed Great chart on CoinTelegraph Using the information we have published. Now, we intend to publish some additional information about the nature of our first withdrawal transaction.
The intention is to withdraw 4150 BTC from our site Displacement address Within the next 48 hours. We reserve the right to withdraw up to an additional 850 BTC if necessary before the end of the 42-day sale period, but at this point it is likely that the remainder of the BTC in the address will remain unused until the sale ends. Of this amount, 2,650 bitcoins will be distributed to pay loans for previous expenses. Individuals who contributed to the project’s loans will receive repayment in Bitcoin directly; “We” will not sell any portion of the 2,650 BTC on exchanges ourselves, although individuals may choose to independently convert the BTC they receive into fiat currencies after the fact. Individuals also have the option of taking payment in ether; In these cases, we will not simply send BTC, and once all payments have been processed, we will post all additional ETH sold this way (note that this is equivalent to individuals sending their own BTC and allowing recipients to send it). Returns directly to checkout). The remaining 1,500 BTC will be sent to a wallet controlled by ĐΞV, our development arm, and will be used to set up our sites in Berlin and Amsterdam and start hiring developers; Some of this amount may be converted into Euros, British Pounds or Swiss Francs (e.g. to pay for rent), and the rest will be kept as BTC.
The following spreadsheet provides a rough breakdown of how late-payment and post-payment expenses ultimately distribute.
https://docs.google.com/a/ethereum.org/spreadsheets/d/1yqymLKNf9tIbArjYrKhEf-IvNmgA6FfvhjnqH_nO_ao/edit#gid=0
The largest category is payment to individuals, covering core developers, web developers, art, communications, branding and business development, and among the largest expenses are legal expenses in 111,000 (including a deposit of $16,500 which is theoretically refundable and prepaid until February 2015) and other denominations you can see for yourself by looking at the chart. Going forward, the fundamental change is that expenditures will now focus more on paying for development costs. Our goal is to have development centers in Berlin and Amsterdam, with a smaller presence in Toronto and London to cover communications, marketing and branding; Our footprint in San Francisco/Silicon Valley and possibly other locations remains to be determined and will be based on a cost-benefit analysis.
In addition, it should be noted that the distribution of the endowment is almost universal; Although the names of all individuals are not published (although each person is free to voluntarily disclose their portion, and owners of larger lots can be partially inferred from public information), percentages are available to view at https://docs.google.com/spreadsheets/d/1GS9pzSdMx9lK0XGSKEDr_aoi02riq3MPRyvEntVUm68/edit#gid=0. In the future, we intend to continue to support and enhance our commitment to transparency, releasing details on how funds will be spent and project progress; If you are interested, feel free to follow our blog and Public blockchain.
