NEW YORK, NEW YORK AUGUST 10, 2017
Flurbo, a decentralized storage network, announces a fair token crowdsale of the Flurbo cryptocurrency launching on August 14, 2017.
The Flurbo project is forking, maintaining and improving the Filecoin software, in addition to running the Flurbo blockchain-based network as a democratic platform that is truly owned by its participants.
Flurbo offers a decentralized marketplace to share storage space, with a focus on allowing the network to evolve in a manner that represents all community members. This is in stark contrast to Filecoin’s token distribution which relinquishes power to a closed group of privileged early investors, venture capitalists and accredited investors.
The creation of a decentralized storage market is viewed as a game changer in moving cryptocurrencies beyond the realm of speculation and into the realm of real commercial utility. However, many feel there are fundamental and irreconcilable issues with how certain projects have discriminatory and unfair token sale distribution methods.
Flurbo Core Dev, Steven Dryall stated, “Although the filecoin project has the potential to be one of the most disruptive technologies that has come out of the blockchain community, it offers an extremely unfair ICO mechanism that discriminates against the broader crypto community. It offers significantly better sale terms to an elite group of VC’s and Wall Street players. The pricing mechanism is confusing, and only accredited investors can participate. To make things worse, Filecoin as a company will retain for itself double the number of tokens sold in the ICO to the public. This is why we are forking Filecoin and launching Flurbo.”
Unlike the Filecoin token sale terms, Flurbo offers an on chain-voting mechanism, and a treasury, as foundational features of the Flurbo blockchain. These will be included as part of the mainnet launch which is scheduled for Q1 2018. Those who contribute Ether to the project will receive Flurbo ERC20 tokens, which will be immediately transferable at the end of the sale, and exchangeable for Flurbo network tokens once the mainnet launches. Anyone can join and every single participant will receive identical pricing and equal terms.
In addition, shortly after the token sale ends all ether contributed in the sale will be deposited into the Flurbo Refund Contract, an audited Ethereum smart contract which allows any Flurbo ERC20 token holder to instantly receive a full refund for a period of at least 6 months. This will afford all token purchasers the ability to evaluate the progress being made by the team as mainnet launch approaches, and should they desire they can receive a 100% refund of their contribution with a simple transaction. Short version: all Flurbo ERC20 tokens will be instantly exchangeable for the original amount of ether paid in the token sale.
The Flurbo treasury holds 10% of all Flurbo tokens created as a long term endowment. These Flurbos will become accessible at a rate of approximately 3% of the remaining treasury balance per month ensuring a development reserve for the long-term health of the network. Any use of these treasury Flurbos will require a formal proposal and an on-chain vote by the Flurbo token holder community.
Flurbo core dev, Mike Khoroshun says, “With on-chain voting, the treasury, a fair and transparent distribution, and the consumer protection afforded by the refund contract, Flurbo is enabling the core decentralization values of blockchain technology.”
Register for FLURBO token sale updates on the FLURBO mailing list found at https://flurbo.com to stay informed.
“There is a clear disconnect between some philosophies of decentralization and the action of barring non-accredited investors from participating in the Filecoin ICO,” Igor Wolford, core Dev, Flurbo
For more information please contact Team Flurbo at team(at)flurbo(dot)com.