ICO Founders To Delay The Payday For A Decade

Aug 13, 2018 at 09:30 Update Date :Aug 13, 2018 at 09:30 UTC

The Nebulas project made an announcement regarding their rare decision of delaying the payment of founders’ incentives out of blockchain tokens for at least a decade more. The blockchain tech, powered by one of the top 100 cryptocurrencies, NAS, stated that they will voluntarily wait for a decade till they lay their hands on blockchain tokens.

Beijing- based firm raised $60 million in an ICO last year in December for a basic blockchain set up with supplementary features to facilitate increased development and mass adoption. At the time of original allocation, about 20 percent of the initial supply, i.e. 20 million NAS tokens were set aside for the founders to steadily release over the period of three years.

The timelines for the token release are being extended for both the developers and the founders. Gradual distribution of tokens for the developers will take place after a year and the token distribution for the founders will not commence for another good ten years.

The manoeuvre is already being welcomed by a majority of people from the industry. Founder of Messari, Ryan Selkis, in support of the move made by Nebula, said, “The best way to align founder incentives is with vesting schedules – could be time-based, many are starting to do this, or milestone-based.”

“We are conscious that the construction and development of Nebulas still have a long way to go. We need to focus on Nebulas developing, including technology and ecosystem,” said Hitters Xu, one of the founders of Nebula.

The project is headed by Becky Lu who has been echoing the sentiments with regard to their team’s focus on the technical aspect and work on this project to make it successful.

The cryptocurrency industry is constantly changing and has risks waiting around at every corner. The nascent tech is deemed unpredictable by many experts. Lu thinks that the initiative shows their determination as a firm to come forward and take such a decision. For an industry like crypto, where fast cash is the buzzword, taking decisions regarding long-term incentives payment is sure a brand new start.

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