Through this notice, BitSong wants to share with its community and all those who follow it, important updates about the next steps and the ICO process.
Due to the fact that we are improving the KYC system, because what we had created long queues, we had to move the deadline of our ICO, to December 8, 2018.
After the week at the Malta Blockchain Summit, in which 3 new Advisors joined BitSong as part of the Team (Giacomo Arcaro, Giovanni Casagrande and J.D. Sabelgo) and after a series of meetings with investors and other advisors, we decided to:
Retouch the quantity of tokens for sale, reducing it to 90,000,000 (ninety million), this means that if, for example, we sell 70 million BTSG, the total supply will be 140 million, divided as follows:
56.6M Public Sale
17 M Reserve Fund
2.3 M Bounty
1.1 M Airdrop
Example with 70 M of tokens sold
70 M Public Sale
28 M Team
21 M Reserve Fund
9.8 M Advisors
7 M Partnership
2.8 M Bounty
1.4 M Airdrop
In addition, we have completely redesigned our website, which will be online within 24 hours from when this update was published, and will contain all the updates and changes we made to the BitSong eco system, including the updated Whitepaper including all the news. We have also completed the graphics of our future application and you can already see it on the new website.
Main changes on the Whitepaper:
- Reduced supply
- Reduced hardcap
- Adoption of the Cosmos Network for the development of our own Blockchain
- Introduction Tendermint Consensus Algorithm
- Introduction PoS (Proof of Stake)
- Minability of the BTSG
As we had already announced for some time, BitSong was not sure whether to continue to develop into Ethereum or not, and after several months of development we also decided to:
- Abandon Ethereum
- Use Tendermint Consensus Algorithm
- Building our Blockchain on Cosmos
This means that as soon as our ICO is terminated, the Token will be distributed under the ETH network, using the ERC 20 model, but as soon as our Blockchain, it will pass the testnet phase and be ready for production, all the BitSong Token Holders, will be able to carry out the SWAP.
We also announce that, on November 21st 2018, a second phase of the Airdrop (the last one) will begin, which will last along with the Bounty campaign, until December 8th 2018, the official closing date of the Public Sale.
As this is also the week of Black Friday, we wanted to take the opportunity to offer you deals with high-level discounts, which will run starting from November 23th until November 26th, 2018.
We thank you for your patience and for the support you are offering and remember that, thanks to YOU, music is changing, AGAIN!
Official Telegram Group: https://t.me/BitSongOfficial