Friend Network ICO update
We are closing in on the deadline date for closing our ongoing Initial Contribution Offering process.
As may be obvious to most onlookers, currently the crypto markets are challenging, and ICOs are having a hard time reaching their funding goals. The Friend Network ICO is experiencing the same turmoil. Although we may not have embarked upon the most elaborate and expensive marketing campaign compared to some, we consider our effort strong and focused. With the current and prevailing market situation, people have understandably been hesitant to support our project in full, like so many other projects.
But Friend has been able to accelerate based on an equity seed round we carried out in Friend Software Corp in June. This fuels the conventional part of the project and has enabled us to continue without our development team losing its momentum.
We are working hard on delivering our promise both in our commercial as well as open source projects. We are increasingly gaining customers who will use Friend to break free from the shackles of Big Tech.
We have been doing amazing work with our partners on positioning the company to expand internationally. This is important work to ensure we can “defend” our open source strategy and ensure that our main goal, to deliver an Autonomous, Decentralized Friend Network as described in the Whitepaper, is successful.
Our next steps
We will peg the FRND token to a USD value of $0.006 and recalculate all investments done since the start of our PreSale in January 2018, based on the USD exchange rate at time of investment.
We will spend some time revising the Whitepaper and adjust the roadmap and ambition level accordingly. It will be the same Mission, Vision and aims, but in a more stripped down version.
– We still believe we shall be able to achieve the mission and vision.
We believe we will be able to achieve most of our goals, but will use best judgement and reduce and/or reallocate some of the budget items such as Air Drop for best possible effect for the project.
As soon as this work is done, we will notify all and update the Whitepaper accordingly.
The current public sale Smart Contract will stop as planned on 21 December, the contract will allow contributors that have sent ETH to this contract to reclaim their ETH shortly after. We will create a new smart contract with new Soft- and Hard Cap as well as the pegging to USD implemented.