2 year vesting period... ie: you can withdraw early for a fraction of your cut.. if you want to sell after 6 months you get 25%... if you wait for a year you get 50%... etc.
80% BTSX*NOTE* BTSX will remain liquid...just renamed to BTS.
There is no way to possibly estimate the relative value of all systems and each of us has a different estimate on the viability of each project and their respective growth curves. In light of so many variables I wanted to go with a simple solution. Market caps are not available for VOTE or AGS and BTSX/PTS price has been so volatile that the market doesn't have an honest valuation.
So I hope this proposal gets it "close enough" the advantages we get by combining out weigh any estimation errors.
What does each party get out of the deal?
1) No more dilution for mining for an instant gain of ~20% over 2 years
2) A stake in all PAST DAC ideas as well as future... this compensates for getting 3% less than the 10% min of all DACs
3) A vastly higher chance of success for a comparatively lower percent of ownership.
1) Gradual Liquidity
2) Otherwise the same as PTS
1) Support of the main development team and better liquidity
DNS: network effect of more general user base brought in by VOTE
1) No competition for BitUSD
2) Combined network effect
3) Marketing support from Adam / VOTE
4) Long term funding and support plan
5) Dilution at a slower rate than Bitcoin
This said we are working with Eddie and Cob to use BTS as the backend of their music service and I am going to recommend any future merger with them be funded via electing Eddie and Cob as delegates to buy out NOTE holders from their fund raiser over time.
We are going to lower asset creation fees for user issued assets.
BTSX will be renamed to BTS
Snapshot for PTS / AGS will be Nov 5th...
Merger to be complete by end of November.
We seem to have over 83% support from forum members with 130 votes cast and huge support from the marketing team, the development team, and just about everyone.
We will be creating a DevShares chain that will have all experimental updates and have regular release schedules with new "hard fork" features once every 3 months and eventually every 6 months. Details on the DevShares are still unclear. DevShares will hard fork frequently and not be suitable for accumulation of capital.. it may have down time, be hacked, etc... but we will maintain it as a testing ground for all features and for 3rd party developers. Unlike Bitcoin Testnet, DevShares are designed to have economic value of their own and the chain will not "reset ownership". It will therefore also support BitUSD.. but far less liquid.
Future dilution will have a hard coded limit of 10% per year and will be allocated to delegates that campaign and get approval for their pay. This 10% limit may be raised via a hard fork with shareholder approval. Our new "social consensus" will be that "majority shareholders rule" and everything else is subject to change.
Nothing is perfect, I am sure we will lose some people as a result of this change. But my goal is that we can have the funding and flexibility to take on the mainstream with our product offerings of BitUSD / etc.
This is a semi-final proposal that will be adopted and implemented unless someone has a VERY compelling argument. The market needs certainty and I hope to get it settled ASAP.