August 3, 2021
Since the founding team and the property development team united to build the MyBricks vision, it was clear from the outset that a key part of the project’s success would rely on our ability to champion transparency, openness and a positive attitude towards friction in the business. After the BRICKS token launch, we knew that we would need to put out an official statement from the company that gave our holders and the wider community complete transparency on the distribution of BRICKS to the 15 and the private ICO raise.
To be clear, we have always been completely transparent about the private ICO holdings and have clearly stated this on the website since day one. The team wanted to put out this official statement to provide as much clarity as possible regarding the strong base of holders that we have and their commitment to the project.
The MyBricks Team Commitments, Company Shares & BRICKS Distributions
Firstly, from the inception of MyBricks, the team of fifteen agreed that to reimburse the effort that is to be required to bring the project to fruition, we should all be granted shareholder status in the business. The founding team of five to own 15% of the business each and the property development team of ten to own 2.5% of the business each. How shareholders will extract value from the business in the future is still to be decided.
Secondly, 6% of the total BRICKS supply was distributed to the 15 members of the team as the core incentive to push the project and vision forward. This means that each team member was given 4,000,000 BRICKS each. This was agreed quickly as a reasonable amount of tokens for the amount of effort required to bring this project to life. A contract was signed by all 15 team members to agree that these tokens would not be sold, transferred or swapped in any way. If any of these tokens were to be touched within the agreed period, the person responsible for that wallet would trigger a bad leavers clause, forfeit their equity in the business and be ejected from the company immediately. The whole team was more than happy with this decision.
After recent discussions about the perceived liability of these wallets to the project we decided that it was best to show our commitment to the community by locking these wallets for 2 years. Today, we’re excited to announce that this has been actioned and the team wallets that contained the 4,000,000 BRICKS have been locked via Unicrypt for all to see on our Unicrypt token profile. You will see fifteen wallets that contain exactly 3,746,840 BRICKS as we all took a 6% hit on the transaction tax to action these locks as we believe it more important to show our long term commitment to the community.
The Private ICO Commitments & BRICKS Distributions
A private ICO round was launched by the MyBricks team four weeks before the token presale. This round was presented to ~30 very early investors to verify the concept and a community of ~200 trustworthy professionals in the trades (construction) industry that are also keen forex and crypto traders. This community was the perfect fit for us to share our vision with due to their deep understanding of crypto and property.
So, to clarify, there were approx 250 holders that took part in the private ICO. Some very early stage ICO have a large holding of bricks (up to 14 mil) and these holders are committed to the long term nature of the project and have been vetted by the team.
Every ICO participant has been instructed that if they wish to take profits, to do it sustainably and over long periods of time. It’s natural for some people to want to take some off the table and see some gains but we have 100% trust in our ICO holders to do this responsibly.
As much as this may have a very short term effect on the chart, we see this as a good thing for the long term value of the MyBricks project for the following reasons:
- As early holders sell and new holders come in, this builds more stability into the value of the BRICKS token and provides much needed consolidation making it less risky for new holders in the long run.
- Each transaction has a 6% tax which goes back into the business to fund the project.
- We’re left with a growing amount of new, strong long-term holders.
Unfortunately there have been a very small handful of ICO holders that have not followed these instructions but the vast majority (98%) have stayed true to their word.
There was one specific individual that was part of the very early 30 ICO participants that had a large holding of BRICKS and decided that they wanted to relinquish their allocation for reasons out of our control and not MyBricks project related. This participant has been consistently selling off their allocation of BRICKS in a manner that the team deemed irresponsible and this was understandably creating an issue with the MyBricks community.
Today, we’re happy to announce that an agreement has been made between the company and this individual that the company will buy back their remaining BRICKS allocation at a significant discount from spot price. This exchange has already taken place and this individual has been removed from the community and project. The BRICKS have been allocated to the Holders Property Fund.
Aside from this single individual, the sheer amount of passion and willingness to help drive this project forward from the ICO participants and the community in general has been simply overwhelming and we cannot thank them enough for their continued support.
The MyBricks Project Wallets
As everyone is aware, the funding for the MyBricks project during phase 1 is coming from the 6% tax on all transactions. This 6% is split into three main categories:
- 2% Community and marketing
- 2% Project development
- 2% Team payment
The BRICKS token contract itself has three Safe wallet addresses written into the code. One for each category mentioned above. These Safe addresses can be seen below:
- Community and marketing Safe: 0x066CB9b6F37B542706866452F5504f62D8785Ff1
- Project development Safe: 0x03De1aEF57deC98A47A12a363c1d4D09818e68A1
- Team payment Safe: 0xCEd0428C2f9f20B7A96d5C2E5b146846D7Ff19dc
What is a Safe wallet? A Safe wallet is a smart contract wallet that can receive and send tokens but needs authorisation from multiple other wallet addresses to do so. Our Safe wallets require 3 of the founding team to authorise transactions from these addresses. This adds an extra level of security to these critical project wallets.
To run the business efficiently, we need to make considered withdrawals from the liquidity pool to pay for the MyBricks project and push things forward. It is not possible to connect these Safe wallets to the PancakeSwap exchange to make these considered withdrawals due to their multi-signature requirements for transactions. To resolve this, we have set up secondary wallets for each of the three Safe wallets above. This allows us to transfer BRICKS from the Safes to the secondary wallets that can then be used to make the withdrawals from the PancakeSwap exchange. The secondary wallets are as follows:
- Community and marketing wallet: 0xc2f9517b6b091fAe4772369eA35006E32CA41902
- Project development wallet: 0x7f33ea0c51b5DE897640E8c507ca01D53451fd9c
- Team payment wallet: 0x77831645B030036dcDD86A03d1017439811D2291
I speak on behalf of the full MyBricks team when I say that we are extremely grateful for the support of the community and the project so far, it has been truly overwhelming.
Now that the BRICKS token has been launched successfully, the team’s full focus is on building a real world business in the property space and we’re incredibly excited to share the progress with you over the coming weeks, months and years.
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