I understand this vote is not a negative one, as it aims to integrate CROSS exchange and KOINDEX, increase project options by updating tokens and whitepapers, and greatly expand the benefits to holders. I hope you all understand this.
CROSSTECH will be reborn as a new platform by integrating the products and technologies the CROSS project has created thus far, and the existing system will be built as a UX platform that is easier to understand, more simple, and easier to use.
This Reborn project update is not a compact project, but is the beginning of CROSSTECH's epic voyage.
CROSS TECH has acquired hundreds of thousands of users at CROSS exchange, KOINDEX, and RMT in South Korea, and has more than 30,000 XCR token holders.
CROSSTECH will create unique and exciting content that only CROSSTECH can do as one of the few ICO projects that actually operates a blockchain business with several integrated systems with many users while competing globally.
For a list of services and systems that CROSSTECH will develop in the future, please see our Reborn CROSSTECH services.
We couldn't fully convey our thoughts and necessary information for making a decision, as the CROSSTECH "project momentum" did not reach the token holders.
We regret there being a noticable difference between the team and holders.
As I mentioned in the video, there was a long-term internal development problem up to this point.
I feel I couldn't meet 100% expectations of users as I couldn't immediately launch new products for users and what the market really desired. The difficulties I faced heavily influenced this.
However, no matter how deeply I think about this, I have the know-how of what I have accumulated to realize the vision drawn by the investors, our staff, family, and above all, the CROSSTECH team who will continue to support our vision. With all of them as the driving force, I was able to embark on being Reborn.
I'm really happy to have the courage proceed, solve our past problems, and come up with Reborn's announcement.
I think there will be various difficulties in the future, but I believe the entire team will continue to achieve their goals by leveraging the knowledge within the organization that has been accumulated through global activities.
All the members are excited and enthusiastic about making our global vision drawn by the founding team of CROSSTECH into shape.
We would be grateful if you could support us for the growth of the project in the future.
While there are many suggestions regarding the announcement of Reborn, management will make relevant updates.
In addition, the number of questions with the same answer has increased, so I will answer these in bunches.
In particular, I would like to supplement the topics that have received questions and requests repeatedly, and the misunderstood parts by many people due to lack of information.
Initially, we announced that there would be no swap, but we have revised this to be permanently locked XEX will be "exchanged for Rights token".
This was not mentioned on the voting page but, Tokens with voting rights are XEX, KOIN, XCR, and XCRS (tokens owned by XCR Supernodes).
swap exchange rate 0.001998 → 0.005 has been revised to
The background of the revision will be explained in the [About the XCR Buyback Offer] section below.
There has been a tentative offer to purchase XCR from a private placement fund, but I have refused this offer as we could not agree on the conditions.
However, at the timing of this Reborn, the other party presented conditions that would allow us to make a public offering, so we will take this opportunity to solicit bilateral transactions for the XCR purchase offer.
Private placement funds wishing to purchase will be offered in a public offering amongst current holders, but if there is not enough demand, the purchase will be refused.
* We are not recommending the selling of this XCR buyback offer before listing.
・ The conditions for the XCR buyback is that it will be distributed to users in 12 equal distributions over a period of 1 year starting one year after XCR is listed.
If you would like to sell to a private placement fund, please apply using the form below.
We will respond to each individually.
Form URL: https://reborn.cross.technology/otc/
Application deadline: April 30, 2021 23:59 JST
The conditions for purchase orders from this private placement fund have a great advantage for all XCR holders, so when I informed the large purchaser at the private sale of this management decision, the seller also accepted the conditions, so about 1.3 million dollars will be transacted.
If XCR is bought back, and if it is possible to lock up a considerable proportion of supply of XCR for one year after listing with a 12 disbursement release, the burden on the fund can be significantly reduced and that amount can be returned to new XCR holders who will be swapping their tokens now.
Due to the above circumstances, we have raised the often requested for swap rate to $0.005.
We apologize for the revision after the announcement of the vote, but we appreciate if you can take this into consideration.
This is unchanged ($0.003).
The reasoning behind this rate will be explained in the items of [Supplemental Information] and [Management Policy] below.
Please refer to the following data:
Amount used from Mining Pools
Total expansion of CX community advertising expenses
XEX Rewards to Loyal Users XEX (XEX given to users from the Fund)
Permanently Locked XEX
Premium ∞ XEX
Amount purchased by the fund and collected in Turkey
XEX Private Fund
XEX Circulating Supply (A + B + C - D - E - F - G) is 3,355,354,069.77 - (H)
Maximum amount of XEX subject to this buyback
(H + J) is 3,460,105,922.77 XEX.
* J is the amount that was first collected in the IEO of XCR, which is 104,751,853.00 XEX
The maximum number of XEX (H + J) that can be bought back is 3,460,105,922.77 XEX.
The maximum amount to be swapped for XCR is 3,674,483,960.87 XEX (E + H) with Premium ∞ added.
Rights token The maximum amount of swappable token (D + E + H) is4090258827.97.
[Remarks] Operational holdings will not be applied for the buyback/swap. Private Fund XEX will not be applied towards the buyback as well.
Naturally, we will integrate each platform into ULTOREX and continue our business in the future.
Then, what can we do to continue to give back to long-term holders who will continue to have swapped XCR tokens? There will be a proposal in consideration of this.
There are also
As previously stated in the whitepaper and per the rules, the CX funds have only been used for repurchases to maintain token price and liquidity.
It is the mission of the project to create actual demand for tokens by enriching the products, as that is the major premise to continue forward.
A simple buyback of the underlying use of the fund is only a short-term remediation, and as a result, has not proven to be very successful.
This proposal is also an update of the rules described in the whitepaper, and it is a proposal on the premise the fund itself will continue to generate profits by managing a diversified portfolio with a professional investment fund.
As described above in [Supplemental Information], by using a large amount of Fund assets towards the amount in circulation, the Fund assets will be greatly reduced, that is, the investment resources will be greatly reduced.
In the future, investment profits excluding investment costs (commissions to investment contractors, etc.) will be compounded by incorporating 50% into the resources, and the rest will be bought back from the market after integration, or returned as profits to Rights token holders.
* First of all, please note the redemption deadline for investment profits can vary depending on the investment selection (minimum 1 to 6 months, etc.), so monthly investment profits may vary greatly.
This is not a story ending in a few months to a year, but in terms of buybacks and returns over a long period, we believe significantly reducing investment resources now will greatly impact the benefits to holders who continue to hold for the future.
In order to gain a competitive advantage and due to past contract issues, we cannot disclose the investment destination of the fund, but we will disclose the investment profits on a monthly basis (basically, we cannot announce the timing of buybacks).
In addition, since the same amount of XCR staked is required to receive the profit returns with Rights tokens, it is expected to have a great effect on maintaining and improving the price by limiting the market circulating supply of XCR.
The role of the two tokens, Rights token and XCR, is separated in order to maintain the utility of XCR and to expand the options for increasing the token value, such as listing XCR on other exchanges.
I think it is natural to have varying opinions here.
I'm sure there are some holders who aren't convinced and will give up on the CROSS Project.
based on the idea token holders who remain until the end must be the happiest based on fund usage, we have assembled the contents of our REBORN proposal.
We are proposing the buyback and swap rates based on these principles.
Last but not least, this vote will result in a major model change for the CROSS project, aiming for further significant growth of the project.
The whole team is looking forward to announcing future products and progress. We appreciate it if you could help us out by voting.
Thank you for your cooperation.