Bubbled.io (CEO Andre Voisin ) – ICO Transparency Document
Thanks to Andre for providing this information so quickly. The only addition I have made is that the hard cap is $12 million.
Company: www.bubbled.io ( for white paper etc please refer to their site )
- How many years has this company been live? Incorporated September 7th 2017 (Company number: 10950676)
- How much money has the company raised before? None
- How much money are your raising via the ICO – We are launching a crowdsale to sell a minimum of £850k worth of the BBL cryptocurrency ( hard cap $12 million ). The platform mvp has been built so we are selling the BBL token which will enable the users to buy virtual space as described on our website. We have taken the steps to build the product first as stage 1 of our value proposition is enabling the purchase of virtual space.
- Which country is the company registered in? United Kingdom
- What is the citizenship of the founding teams? Please supply names and citizenship.
Andre Voisin – British, Marc Bohm – German, Nik Ho – New Zealander
- Has legal council been sort on whether this will be deemed a Security by the country of registration of the company? Can we see a letter to state this? https://www.bubbled.io/disclaimer/
- Has legal council been sort on whether this will be deemed a Security by the country of citizenship of each of the founding team? Can we see a letter to state this? https://www.bubbled.io/disclaimer/
- If you received investment before but could not get a product market fit why do they think you will get product market fit with more money? n/a
- Is this ICO just an easy way to raise more easy capital as you could not raise more venture capital money? No, we also have an open seed round for shares in the operating company of dapps, Branded and cLand. Our TGE is the first time that the tokens are made available to members of the public which is key to achieving a decentralised solution. To prevent the centralisation of virtual space ownership in the upcoming trillion dollar market of AR, ensuring that all individuals can participate is key to ensure a solution that fits into web 3.0.
- How much runway do you have left before you run out of money? 4 months
- If you have venture capital funding before are they participating in the Token sale and buying Tokens at the full price? How many tokens are they buying? If they are not buying why not? n/a
- How many Tokens are previous investors being given? n/a
- How are company shares and Tokens to be distributed among founding team? Can you share the names of every person who has signed the documents to agree to the ICO happening? ICO – Initial Coin Offerings are for coins. Coin is the term used for blockchains or protocols. ITO – Initial Token Offering or TGE – Token Generation Event is the term used for dapps (Decentralised Applications) which are apps built on the platform of a Coin i.e. Ethereum is a coin, Bubbled is a dapp that uses the Ethereum protocol to govern the utility features of its cryptocurrency BBL. Utility functions are the rules that have been programmed into the smart contract and control features of the cryptocurrency i.e. one of BBL’s functions is to transmit information to be appended to the Ethereum blockchain and indexed in bigchainDB.
There are 19,895 shares available (Full Voting Rights) at £25.13 for 10.65% of the operating company which would give a vote power of 16.43%. There is also 10m BBL tokens set aside for seed round participants who receive a % based on investment amount; however these are from company reserves and are frozen for 3 months post TGE and subject to a 24 month vest schedule, all managed by smart contract.
- Who was and is on your board now? (A Type Full Voting) Andre Voisin (B Type Non-Voting) Marc Bohm, Timothy Wilson, NiK Ho, Gareth Greenidge, Mark Grob
- If there has been a change on the board, who changed, when and why? n/a
- Do you have any board members who are not management but external to the company? No
- Are these board members incentivised based on the price of the Tokens or via some other mechanism? What are the incentivizes? Company shares
- What lock ins are in place for all coin holders, so as to not allow anyone to to become rich without any value being added to the world? The tokens held by team members/advisers are frozen for 3 months post TGE and subject to a 3 year vest
- Has the founding team changed in anyway in the past 24 months, ( ie anyone resigned or been fired from the team ), if so who and why? New starters, no leavers
- Do the founders have any involvement in any other Token companies, if so which ones, what is your role and why are you involved? Are these Tokens in anyway a conflict to your own Tokens? n/a
- Do any of the founding team hold any other Tokens? If so which ones and why? Are these Tokens in anyway a conflict to your own Tokens? We are all holders of various crypto’s but none that conflict with what we are building. We want to explore usage of some with our own offering, ICX and nCash for example.
- Do any of the founding team have any involvement in helping raising finances for other Tokens? If so which ones and why? Are these Tokens in anyway a conflict to your own Tokens? No
- If you have helped,or are helping other Tokens to raise finance do you need regulatory approval to do so in the country you live in, the country you are a citizen in, the country the ICO is registered in? n/a
- What will money raised in the ICO be used for? Achieving targets set out in roadmap and taxable revenue for operating company https://storage.googleapis.com/bubbled-whitepaper/Bubbled_Case_TGE_shortened_2017.pdf
- What are the deliverables of the project? Can we see the project plan? https://docs.google.com/spreadsheets/d/1EekX3gp6efoQQgjGsvvLaICmSOTo7zHijJwq_LTuAYk/edit?usp=sharing
- What controls are in place to prevent misuse of the money raised via the ICO? Can we see any documents? We are selling a product, so crowdsale not crowdfund. Our seed round for the operating company is open for sophisticated investors who want to invest, they can email us at [email protected]
- What data will you produce to your community and when? Not sure what you mean by data – however our land registration tool will be accessible during the pre-sale and main crowdsale where users can pre-register land parcels they want to purchase once they receive their tokens.
- What criteria do you believe the project should be deemed a failure? Although we are selling a product we are still adhering to the rules regarding soft cap/hard cap – so not reaching our soft cap would deem the crowdsale a failure; but not the project.
- If the project is deemed a failure what are the process’s to return the funds to anyone? If we don’t reach our soft cap we refund all participants.
- DistrictOx have already started to offer complete transparency on what they are doing as a company, salaries etc and making the data public on how money is being spent (district0x.io/transparency/). Will you do this? If not why not? This is the right approach to take for companies that are crowdfunding to raise funds to build what they are saying they plan to build. Our model is different – we have built the initial mvp which will be made available to participants as soon as we send their tokens to their MEW for them to start buying virtual land. The revenue from this initial product sale, we hope to utilise to deliver the rest of the business case. Investors in the operating company can request budget spend etc.
- Blockstack, a $50,000,000 backed ICO with many established players investing and advising has created a Token sale mechanics where Tokens are released depending upon deliverables of the project. blockstack.com/distribution.p Are you going to do the same? If not why not? n/a
- Aragon has a transparency model and each quarter produces reports ( https://blog.aragon.one/why-transparency-matters-d6f9e6e10985 ). Are you going to do the same? If not why not? n/a