now first 2 weeks Ether sales have ended, Over 50 million ETH Once sold, it plans to soon enter into a transaction to use the funds to repay the loan and begin the process of setting up a development hub and expanding its staff. We have committed to being very transparent about how we use our funds, and that is a promise we will keep. For this we have already Purpose of Use of Proceeds chart and roadmap To demonstrate how we will use BTC. We recently followed up with the community. Cool infographic from CoinTelegraph We use information we publish. We would now like to reveal some additional information about the nature of the first withdrawal transaction.
The intention is to withdraw 4150 BTC from us. Exodus address Within the next 48 hours. If needed, you have the right to withdraw up to 850 more BTC before the end of the 42-day sale period, but at this point, any remaining BTC in your address will likely remain unspent until the sale ends. Of this amount, 2650 BTC will be distributed to pay the loan for advance costs. Individuals who provide loans to the project will be repaid directly in BTC. “We” will not sell any portion of these 2650 BTC directly on exchanges. However, individuals can choose to independently convert the BTC they receive to fiat after their death. Individuals can also receive repayment in ether. In these cases we will not send you BTC and will post any additional ETH sold in this way once all redemptions have been processed. (This is like sending BTC to an individual and having the recipient send it. It goes right back to the Exodus). The remaining 1500 BTC will be transferred to a wallet managed by our development department, DHV, and will be used to build sites and start hiring developers in Berlin and Amsterdam. Some of this amount can be converted to EUR, GBP or CHF (e.g. to pay rent) and the rest is held in BTC.
The following spreadsheet provides a rough breakdown of how arrears and prepayment costs are ultimately distributed.
https://docs.google.com/a/ethereum.org/spreadsheets/d/1yqymLKNf9tIbArjYrKhEf-IvNmgA6FfvhjnqH_nO_ao/edit#gid=0
The largest category is salaries for core developers, web developers and individuals including art, communications, branding and business development, while the largest expense is legal expenses. 111,000 (including a deposit of $16,500, which is theoretically refundable and must be paid in advance by February 2015) and other categories can be viewed directly through the chart. The biggest change going forward is that spending is now much more focused on paying for development costs. Our intention is to have development centers in Berlin and Amsterdam and smaller locations in Toronto and London for communications, marketing and branding. The extent of our presence in San Francisco/Silicon Valley and other regions has not yet been determined and will be based on a cost-benefit analysis.
Also note that the distribution of donations is quasi-public. Although the names of all individuals are not published (everyone is free to voluntarily disclose their part, and the owners of the largest works can be inferred in part from public information), the percentages can be found at: https://docs.google.com/spreadsheets/d/1GS9pzSdMx9lK0XGSKEDr_aoi02riq3MPRyvEntVUm68/edit#gid=0. Going forward, we plan to continue to maintain and strengthen our commitment to transparency, disclosing details about how funds are used and how projects are progressing. If you are interested, please follow our blog public blockchain.