As of April 14, 2021
In accordance with our core principles, unFederalReserve© openly and clearly communicates the policies that impact your wellbeing. This policy announcement is being made to act as a point of reference for those that seek clarification on what the unFederalReserve leadership team intends to do with the tokens currently under its control. This is our first attempt at creating an explicit token management policy, and is subject to change based on market conditions, feedback from the community, regulators or other internal or external influences. Any changes will be clearly communicated in advance of implementing such changes to allow eRSDL holders the ability to provide feedback. We intend to act in accordance with this policy in good faith and on a best-effort’s basis. We will maintain this policy as a living, breathing thing, and appreciate the community’s guidance that helped bring this together.
~ Ryan Medlin & Howard Krieger
I. Minting Protocols and Leadership Wallets
The management team cannot mint tokens at its discretion. There is a fixed number of rewards given per block, which cannot be changed by the team as we are not owners of the contract.
This claim can be verified on Etherscan (see links below) and has always been linked on our staking site, showing that we cannot mint new tokens ourselves. This information will remain publicly available, in perpetuity:
We are committed to being transparent around token movements between leadership-held wallets and the security protocols in-place. We have incorporated off-site, high-security cold storage, a robust wallet custody solution, and multi-signature functionality for leadership-controlled wallets.
We will be allocating and moving tokens around the various wallets by April 14, 2021 in the following order. The token counts are rounded and as of April 13, 2021.
After the above, the wallets will be as follows:
Please note: exceptions to the policy will require two or more authorized persons to execute and, as always, will be disclosed in the Discord #transparent-accounting channel.
II. Leadership Wallet Policy
Howard Krieger, Ryan Medlin and Kevin Thompson will:
— Keep 33% of their tokens in unlocked, personal accounts.
— The remaining tokens will be available at the following schedule:
- December 2021 = ⅓ of 67%
- July 2022 = ⅓ of 67%
- December 2022 = ⅓ of 67%
— Never liquidate more than 1% of their tokens in any 24-hour period.
— Will seek internal approval before making any liquidation worth more than $25,000 in a 24-hour period via confirmed email from at least one other member of the leadership team.
III. The Main Developer account will
— Have all transactions publicly recorded in the Discord server chat #transparent-accounting, as has always been the case.
— Lock 80% of its tokens in May 2021*
— Limit unlocking on tokens to 10% per month for the next 9 months (except for transfers needed to meet our strategic objectives).
— At no time have more than 50% of its tokens unlocked, except in cases where needed for strategic objectives as referred to above.
— Require multiple signature approval to transfer.
— Be the source for any Founder Note**, Advisor compensation, general expense*** either directly, or via other operational wallets.
* — barring any exceptional expenses.
** — as of the date of this article the Company has one Founder Note receivable in the amount of $250,000 outstanding to Howard and Ryan. The proceeds of this Note are being used to invest directly into a strategic ally of Residual Token. Details will be the subject of a future update.
*** — we are incurring some large one-time expenses related to retaining financial services, one-time vendor charters, legal costs, etc. These will amount to approximately $200,000.