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ESCROW DETAILS:There has been some confusing around our escrow process of the ICO funds and I wanted to expand on the process we are using, and our reasoning behind it.We are using a traditional accounting company, Welch LLP(founded in 1918), and has a wealth of experience with providing these types of financial services.The process we mutually decided on with Welch to manage the funds, at this stage, is to leverage the security provided by a hardware wallet (Ledger Nano S) and secure the device and backups at separate locations, with the requirement of a representative of Welch to access them and process transactions.The monthly draw down of the ICO funds will then be transferred to Branche companies wallet(s) (i.e. hot wallets and cold wallets) and allocated by David Ewart our CFO and sent primarily to our company’s Shake Visa cards, using the Branche app as the feature sets come online throughout the development process.Branche as a company embraces the concept of ‘eating your own dogfood’, which was original popularized by an accidental private conversation being posted publicly (Steve Yegge original post, worth reading: https://plus.google.com/+RipRowan/posts/eVeouesvaVX). The concept when broken down is a very simple test of your value prop, i.e. if I won’t use my own product, why would anyone else?That is what I have done, since Shake launched their alpha, I have been using the funds transfer in the same manner our user base will, by storing value in crypto-assets for short time periods and then transfer the bulk of the value to Shake, then using the Shake Visa card to pay for my daily living, as well as the company expenses.This takes us back to Welch and during this time period we will be helping them update their internal processes to support Blockchain based companies that are working mostly with digital assets. One of the big reason we selected Welch LLP and Welch Group for our accounting and CFO needs, is they were incredibly enthusiastic towards our value proposition and already had in house expertise with one of their employees that worked out the taxes on his own crypto-assets.While our setup is different than most companies, it is a reflection of our own belief on helping to bridge the gap between the traditional financial, and legal, professionals with the optimization potential of Blockchain technologies to their industries.Welch LLP is a company that has, and continues, to step boldly into the future while at the same time staying true to their own core value of bringing insightful analysis and expert opinions to businesses big and small.I hope that clarifies the process we are engaging in, and in the long term regardless of the ICO we need a top-tier accounting firm to make sure we are getting the best value for our customers.Welch LLP are absolutely in that category and it has been a pleasure working with them.Regards,John From
It is already active and ongoing, and we do apologize for not getting the communication out here before hand. That was a mistake on my part, and is why we have extended the +15% token bonus until December 18th and depending on feedback from the community we might do a fire sale at the end of of the contract. However if we do a last 48 hours sale, we will double the bonus for all existing deposits, i.e. if you buy in now and we do run a sale of +15% again, your bonus would double to +30% if you buy in before the 18th of December. This is the big reason to NOT send directly from an exchange hot wallet, we can and will fix it for people that end up doing it by mistake, it just makes life a lot easier if you do it from a private key you directly control.Something else I am realizing we haven't communicated well is that you can secure the +15% bonus with a deposit of any amount of Ethereum right now, and then any time during before the contract closes if you make deposits using *the same ethereum address* ALL your deposits from that deposit get the bonus.You have sometime to review us, lock-in the bonus with 1 eth deposit and then take some time to research us before committing to a larger deposit. We are very committed to running a Fair ICO and our contract is designed with this in mind.Also the 600,000 tokens were an estimate based on reaching the ICO cap of 250,000 ETH when it was at $15USD, the formula for token generation is here, https://keepingstock.net/the-branche-ico-token-sale-is-live-c2dc38ada595#.2tudboq0p( [ETH/USD] / [BLT/USD] * [DEPOSIT]) * [BONUS] = TOTAL BLTs CREATEDie. ($8.35/$5 * 1) = 1.67 BLT for each ETH exchange ratePlus the 15% bonus, 1.67 * 15% = 2.088335 BLT per ETHThis also makes your Ethereum deposits safe with us, that if the value goes up or down you will not be penalized for it.I'll update the main post with more details on lock-in the bonus and caveat to use the same Ethereum wallet address each time to increase your position and get the bonus for your total deposits.Regards,John From
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