BRIKCOIN private sales investors were previously issued a custom Skycoin based token and were using a unique wallet made just for BRIKCOIN. However, at this stage BRIKCOIN has decided it is best to switch to an Ethereum based ERC 20 token and end its relationship with Shellpay and Skycoin.
This post will outline our strategic reasoning behind the switch.
1. Skycoin based tokens are still not completely decentralized with the masternode for the coin controlled by one party.
We were not comfortable with advertising our decentralization with no real knowledge of when real decentralization would come to Skycoin based tokens. Ethereum is well established and investors are comfortable with its decentralization and consensus mechanism.
2. Using an ERC 20 token will allow for greater adoption and a smaller barrier to entry for investors.
Many of our investors are more conservative mainstream investors making their first foray into cryptocurrency investments. This is why we have a credit/debit card and bank wire investment gateway that facilitates FIAT purchases in GBP/USD/EUR.
Ethereum is a name that is widely known, even outside the cryptocurrency community and we believe it engenders a strong trust from our investors.
Additionally, there are established standards, marketing and financing infrastructure with Ethereum, that allows us to bring down our marketing costs and reach a lot more people while offering more information on the use and practicalities of the ERC 20 token.
3. We have secured funding for our first property project from institutional lenders and no longer need to look for initial funding from China.
Since we have secured forward funding from a panel of Tier 1 institutional lenders, we have reduced our fundraising goal from $50 million to £5 million. This means that we no longer need to look for funding from jurisdictions where we are uncertain of the regulations and have to enter partnerships that would dilute the company.
We had initially partnered with Shellpay to raise money in China but we no longer need funding from the country. Chinese regulations on token sales and cryptocurrencies are uncertain and partners and governments have opaque decision making processes. BRIKCOIN wants to avoid all unnecessary risks and uncertainties to deliver our investors an ironclad business proposal.
4. We want to keep our company as British as possible.
We truly believe that the UK’s affordable housing crisis reaches out to the hearts and minds of the British people and we want to offer the largest stake of this investment opportunity to those closest to the problem. We have had great feedback from our conversations with investors and stakeholders around the country. There is a strong buy consensus to making our company the game-changing success it deserves to be; delivering affordable homes to those people desperately in need and excellent industry leading returns to our investors.
While we wish Shellpay all the luck in the world and are grateful for what we have learnt about China through them, we believe we are in a position where we have to bring this company home and drive growth forward with support from our investors.
We have already swapped out the old Skycoin based BRIKCOIN and those that were involved in the private sale and have registered their account on the dashboard will find their tokens in their accounts.
Thank you all for your involvement in our BRIKCOIN community. Our Pre-Sale, offering token buyers an 11% discount, is open and you can register now at account.brikcoin.net