Beijing-based startup Nebulas has made the decision to postpone the initial coin offering (ICO) team’s token payments. They added an additional seven years to prove their determination for the company’s success, in a rare case of altruism for the lambasted industry.
The ICO team were initially planned to be paid through reserves of the startup’s native NAS token over three years following the offering before they agreed this could take place over the forthcoming decade instead.
Nebulas’s marketing director Becky Lu said that the decision was made so that the team could focus their efforts on the ”technical vision” of the company. She said that the decision was not easy as there were still many risks surrounding the blockchain industry and the future value of NAS, saying ”I think that shows our determination”.
Further to this commitment, a blog post from the company on Medium says it will publish the addresses of the undistributed NAS tokens. These make up 55% of the total number of tokens, with 45.5 million currently in circulation.
With the number of ICOs failing to provide the business that they have promised at a shamefully high level, Nebulas’s commitment stands out and sets a high standard for quality.
Its ICO raised USD 60 million in December last year through sales of NAS. The current NAS market cap stands at approximately USD 54.9 million.
The Nebulas project
The Nebulas white paper describes the project as a “value-based blockchain operating system and search engine” with an objective of finding solutions to three key blockchain issues. These include measuring the value of blockchain applications, creating a prosperous and long-term ecosystem, and continuing the development of an existing blockchain.
It harnesses a measurement system titled the Nebulas Rank, developed to find real values using “liquidity, speed, width, and depth of capital”.
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