BitSong Mainnet Update & Statements

Hello everyone, we are here today to give you a periodic update regarding the progress of the Mainnet 15 days after its launch and to keep you up to date with the latest news in BitSong.

15 days after the launch of the Mainnet, the network has reached about 240 thousand blocks and 3300 transactions carried out, with 57 validators constantly active.
We remind you that onchain token transfers are not enabled yet, but the proposal is in the voting period until the 14th of April 2021, so if at the end of the votation the majority has voted “YES”, the transfers will consequently be enabled.

We enormously thank the Validators once again, as with very little notice they were able to launch a Blockchain without the slightest problem or delay, so we are honored to be able to count on such a professional, experienced and dedicated set of partners.

Everything is going as hoped and at the moment we have not had to face any unexpected events.
We would also like to specify that since the launch of bitsong-1, the creators of this ecosystem have simply become a core team that works to constantly improve and help its growth and our goal for the next few years is to continue developing it up to an adequate level of decentralization. We do not have any open nodes on the network, but we will carry out a delegation program, for which we will also release the specifications.

Basically our next goal is to create new teams, this does not mean that we will hire an indefinite number of employees or contractors, but sponsoring new teams for the conception, development, creation or release of the various components useful to the ecosystem, such as wallet, media server, explorer, player and many others.
We will shortly publish the specifications for the creation of these new teams, work and evaluation parameters, as well as the budget available for the various sections.

Another very important topic that we want to address in this statement is that of the delegations and tokens available for such operation.
Currently, the core team of BitSong holds approximately 40 million btsg, which represent approximately 23 million tokens dedicated to the team and approximately 17 million for the reserve fund.
50% of the 40M will be delegated to all validators currently present and active, so this week we will release documentation with the delegations that we are going to do immediately, as well as documentation relating to the delegations that we will allocate using the remaining 50%, i.e. the 2nd slice of 20M of the total 40M.

Of the two accounts held by bitsong, following the latest releases performed, the team wallet contains: 20,955,750btsg of which 2,095,575btsg are available immediately while 2,095,575btsg in about 365 days from the launch of the mainnet and to always repeat the unlock of the same amount every 180 days for eight consecutive times up to the 5 years of vesting that the tokens belonging to this wallet have.

As for the reserve fund, 17,463,128btsg of which are free from any vesting 174,631btsg, 1,920,944btsg will be free from vesting after 365 days from the launch of the mainnet, then the same amount being unlocked every 180 days for another 8 consecutive times up to the 5 years of vesting that the tokens belonging to this wallet have.

In the next few days (1/2 weeks) we will also release a detailed Roadmap for each product we are developing, and it will be released along with the new website which is under final retouches.
Furthermore, the new version of the whitepaper is under an intense update session and we will undertake to release it within a few weeks, in such a way as to allow everyone to read both in technical and less technical words, everything that the BitSong Ecosystem represents.

That said, we hope that the update has been to your liking, while if you are bitsong-1 Validators stay tuned as the first massive delegations campaign is about to begin.

Regards

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A Blockchain Ecosystem to Empower the Music Industry (https://bitsong.io)