TurboStake to TRBO swap is complete. Now the real work begins

trbo (26)in #trbo • 5 years ago (edited)

The swap is complete, the numbers are tallied and we are ready to move in with full focus on the new TRBO. The swap was even more successful than we ever hoped - in total we have swapped and burned 80%+ of the old TurboStake coin supply, and with the Cryptopia fund we have swapped the equivalent of 90% of the 500bn supply we started out with.

Community support for the swap and beyond has been nothing short of outstanding. The New TRBO chain is now up and running with already 70+ masternodes set up across personal VPS servers, Stakecube, Trittium, Pecunia and more to come.

Here’s a brief snapshot of what happened for the swap:

The equivalent of 500,000,000,000 (bn) old TurboStake was initially mined on a new TRBO chain, 1,845,200,000 new TRBO.
We swapped 403,235,428,035 TurboStake to 1,487,953,609 new TRBO, 81% of supply, with the old TurboStake sent to a Burn address
We allocated the equivalent of 48,000,000,000 TurboStake to the Cryptopia swap fund*, which equates to 177,121,771 new TRBO
The above should leave us with 176,703,449 new TRBO, not swapped or allocated to the Cryptopia swap fund.

However, by utilising the swap site we were able to identify some large wallet holders on the old TurboStake chain. We engaged them in discussion and about TRBO’s future, stability, distribution, community etc. All were engaged with with TRBO’s future and willing to be flexible to do what is best for the coin and community. They agreed to a reduced swap rate to reduce their % holding, which allowed us to secure additional funds equivalent of 104bn old TurboStake or 385,608,856 new TRBO.

That leaves us in the position of actually having 562,312,305 new TRBO available after the swap has been completed.

Here is how we propose dealing with this final available balance:

BURN – we will burn the equivalent of 15% of the initial new TRBO supply, 276,780,000 thus reducing the initial circulating supply to 1,568,420,000 and the maximum supply to 9,723,220,000.
Expenses – swap expenses/fees, servers, domains, developers – we will allocate 10,000,000 TRBO as contribution to out of pocket expenses already incurred by the team and 12,000,000 towards future out of pocket expenses over the coming 24 months (allocated as incurred).
Community Earndrop Fund ** – while we may still have giveaways and competitions, we also want to develop an Earndrop scheme whereby the community can earn TRBO in return for supporting via social media and other tasks. We’ll allocate 48,000,000 to this fund (2,000,000 per month over 24 months).
Team Remuneration Fund – although the TRBO team has worked countless hours over the last 12 months for no direct return, we’d like to ensure that the current and future team remains motivated to work as hard as ever to make TRBO a success. We’ll therefore allocate 48,000,000 to this fund to be paid monthly over the next 24 months (not a set amount given we hope the team will expand in future so the amount monthly will expand accordingly)
Development fund – for exchange listings, marketing, developers, contractors as required – we’ve never had the luxury of a development fund beyond the small fund generated by kind community donations, which in itself has already proved useful (enabling us to list an Instant Node on Trittium for example). This fund will be transparently used and never in a way that damages TRBO’s value (eg never sold directly onto the market). This fund will be the remainder after the above, which is 167,532,305 TRBO.

We’ve put a lot of thought into the allocations of the swap remainder and have tried to be fully transparent while structuring the funds in a way that secures a long and fruitful future for TRBO.

All of the above wallets will be marked in the Explorer and we’ll publish a monthly summary of any outgoings from each.

*Cryptopia fund – will be held in a securely stored offline/cold wallet. Should funds be released by Cryptopia before September 30th 2019 we will work with any holders to swap their funds, the remainder of any unclaimed TRBO being burned after one further month by October 30th 2019. If Cryptopia has not released funds by September 30th 2019 the entire wallet will be burned.

** Earndrop fund – we’re excited by this one and will release more details soon, the first Earndrop period will begin in July 2019 and there will be 2,000,000 up for grabs by the community across Discord, Telegram and Twitter (plus in time, Facebook and Reddit and any other social channels).

In other news:

The Bitcointalk ANN is being finalised, as is the Lightpaper (an initial Whitepaper to be developed upon). Both should be released in the coming week or two.
Block 20k approaches! Those of you staking your TRBO or having set up a Masternode will know that the rewards are very low at the moment. At block 20k the proper intended rewards schedule kicks in .. and it will be adjusted every 100k blocks or so (every 4-5 months).
We’ll shortly be announcing a ‘design a TRBO tshirt’ competition – the main prize being that your shirt gets printed and sent to you to wear AND be available for anyone to buy on trbo.cc using TRBO as payment! We’ll also allocate the equivalent of $50 worth of TRBO to the winner, $20 to second and $10 to third place.