With a solid technical plan for our product, we’re now seeking ways to raise funding for developers. Thus, we plan to fork and create an additional 20,000 for a total of 30,000. We may offer them in a private capital raise and perhaps find a way to offer them publicly in the future. Best place to learn about this kind of news is our Discord.
The wrinkle in this reset is the original 10,000 are automatically diluted if we make no changes to the structure. 3.9% would be split over a larger population. One Siafund holder has made a stink and suggested this means we should never add new SPF. His short-sighted view is underpinned by the fact there was no consideration for the units gifted him, yet if we are successful he stands to gain significantly. To demand we never make another change to the emission schedule or payout structure is unreasonable and certainly not precedent-setting.
Further, he raised his issue before we ever made a definitive statement on our plans. We still have time before we need to do the hard fork required to issue the new units and the conversations are ongoing. Previously, we had considered softening the dilution by raising the payout percentage to 10%. The initial 10k would see a minor deduction from the original return. We also gifted the Sia developers 300,000,000 SCP as a bonus and thank you.
Beyond this, we will build it into our corporate charter that this will be the only and last configuration change to the SPF mechanism though as with Sia, a change can be made by the developer at any time even though Sia devs like to suggest the community has a say (hint, they do not). Sia devs can change the schedule to 10 or 15% at any time and there would likely be little if any fallout.
The effect of this change will likely allow our project to get funded as we start in on core development. It will give our developers skin in the game and will incentivize our team and backers for the long run to come. It is a necessary and only mildly controversial move where we worked hard to find the right path for everyone involved. We thank our community for it’s continued support.