Friends and supporters of Hypernet,
Thank you for your continued enthusiasm for our project. We appreciate the community’s strong interest in our token sale and whitelisting procedures. As you know, we continue to work hard to turn Hypernet into a success and keep you, the community, up to date as we progress. The HyperToken is very important to us; it represents the method to unlock the next wave of peer-to-peer, in-network analytics. Ensuring that we launch the tokens when they will see maximum adoption and utility is our top priority.
We know you are all waiting to receive news about the specific dates of Hypernet’s public token sale. However, after listening to the community, partner input, and thoughtful reflection, we have determined that in the current environment, it is not beneficial for the community, nor for the adoption of the protocol, to initiate a public token sale or whitelist at this time.
While we had contemplated having our token sale this month, we will proactively postpone this date. Although we legally cannot guarantee that we will have a public token sale, this is our intention at this time. It is important to carry out a token sale as soon as it is in the best interest of the protocol and its stakeholders, and this decision is made with the interests of everyone in our community in mind.
That being said, we greatly appreciate the support leading up to this announcement, and would like to provide you with some information that we believe you will find helpful and interesting. Please read below to see select details on our token metrics, KYC overview, and plans regarding how to begin using Hypernet and acquiring HyperToken.
Long Term Focus of Hypernet: We believe delaying our sale is another example of Hypernet’s desire to make decisions in the long-term interest of the protocol and token holders. Other examples of this long-term focus include:
1. We have been selective with token purchasers to date.
Only 4% of applicants have been granted allocations in the private sale. We oversubscribed our softcap, while purposefully leaving room for the community. Although there have been many more requests for allocations than we could accommodate, Hypernet has a strict due diligence and KYC process, and even stricter internal criteria for choosing strategic purchasers.
2. The private sale had very long lock-ups, indicating intrinsic support from purchasers.
Our goal was to design a structure that was fair and transparent. As a result, we determined that priced tiers would be best.
Our private sale had a tiered pricing format which had an inverse correlation between price per token and the length of lock-up (refer to table below). The long lock-up for private sale purchasers points to the fact that their interests are aligned with the long-term vision of Hypernet, and the ecosystem we are working to create.
3. We are focused on building strong corporate foundations.
Hypernet has been working closely with the law firm of choice for some of the largest technology companies in the world to ensure that we are in an optimal position to thrive in complex and rapidly developing regulatory environments. This will always be foundational for Hypernet, as we think regulation will be a large barrier to success for many otherwise promising projects.
4. Token metrics are fair and balanced (lockups for all in the private sale, in order to be fair to all).
All that said, we are happy to release a selection of our token metrics below and give you a sense of where things are at.
– TOKEN METRICS –
Total tokens: 100 million tokens
Team lock-up: 4 year lockup with 1 year cliff, then linear release
While the date and terms of our public token sale are yet to be released, we can at least share some details of the sale’s structure, and items to have in mind when considering how we think about whitelisting and KYC:
It’s important to know in advance that our sale process will be more rigorous than what you are perhaps used to. Our long-term vision requires that great attention is paid to regulatory compliance. With this, our token sale process cannot be fully automated, as it is with some other projects. Our jurisdictional compliance officers must manually approve each successful application — a process which can take up to a week. Only purchasers who meet our due diligence and regulatory criteria may participate in the sale. Here are our suggestions on a couple documents you might want to prepare in advance:
1. A clear image of your driver’s license or passport.
2. A certified copy of a recent utility bill showing your name and address.
However, everyone will have the opportunity to participate in the Hypernet Lobby where you can earn uptime rewards. The Lobby is where computers are held on standby while waiting to be matched with a job. While they are waiting, they are rewarded with an amount of HyperToken just for being available on the network. The Lobby will slowly be opened to participants alongside the token sale. The first participants in the Lobby will have the easiest time earning HyperToken, and there will be a system to determine who will be the first people to participate in the Lobby. The details of this system will be released closer to the token sale and launch of the Lobby.
We would like to reiterate our appreciation for your support, and also that we are confident that holding off on the token sale will be of benefit to everyone involved. The core of Hypernet though, our technology, product, and business development continue at full speed. Look out for announcements soon regarding lobby participation, partnerships, app downloads, and more!
Thank you, and please visit t.me/hypernetwork to see the latest updates as they are released.
-Ivan Ravlich, Founder of Hypernet
Palo Alto, CA