Eternal Trusts Token Sale FAQ

What were the results of the Eternal Trusts token sale?

The funds that we collected turned out to be lower than the targeted soft cap of $7 million. In order to gauge the opinion of all project stakeholders, we initiated a voting procedure on how the project should continue.

During the voting stage, we were also communicating closely with our advisors, partners and potential adopters of the protocol to come to a measured, strategic decision on how to proceed with the token sale.

After 12 days of voting, the 3d option won in the voting of the token sale participants: it implied that Eternal Trusts should return funds to those who purchased tokens during the main sale, and the refund will be equal to the amount of crypto contributed, for example, if a contributor purchased tokens for 1 ETH, they will get 1 ETH back. If you have contributed to the Eternal Trusts main token sale, you can check the results in your personal cabinet by going to https://eternaltrusts.com/cabinet/poll.

After our own very careful analysis, we agreed with the community that the main sale refund would be the best solution in terms of strategy and business development.

The unsuccessful token sale doesn’t change our goal to build and sell the world's best blockchain solutions for trustees and fiduciaries. Our development is largely open source, so we have incentivized more open source developers and are continuing to bootstrap the project.

Why did you decide to have a vote?

Above all, Eternal Trusts is an open source, transparent, decentralized organization, and we believe that it’s up to the community to govern and decide how such projects should develop. The potential protocol adopters and crypto trust settlors had also been very involved in the strategic decision-making process, so their opinion was very important to us.

How do I know if I am a presale contributor or a main token sale contributor?

It's simple. You are considered a presale investor if you purchased ET tokens before 1st June with the 50% discount. The token sale itself began on June 1st 2018.

How can I log into my dashboard?

Use this link: https://eternaltrusts.com/login

Have all main sale participants been refunded?

Yes, we have made a refund to 100% of the main sale contributors that requested it.

What about refunding the presale contributors?

Our top presale contributors were not agreeing with the refund since their contributions were made at much higher ETH prices during May of 2018. The price of ETH dropped more than 5x times since that time, that's why we didn't make any abrupt decisions and first collected ideas from contributors as to what is optimal for them given current market conditions and organized a vote. Many contributors requested freezing their stakes and multiplying it by X until the next token sale, otherwise it would be just a loss for them. In the end, presale contributors voted not on doing a refund, but rather on doubling their stakes and launching a second round of ICO in the future.

There are also other considerations about refunding the presale contributors. Even though we haven't reached the soft cap, we did reach the presale cap, so it makes legal sense for us to release the tokens sooner or later. Also, consider that presale contributors pay for tokens at a huge discount and they are taking more risk in exchange for that. The valid reason for refunding to main sale contributors first is in the fact that they were buying at no discount, taking no risk and paying more. And keep in mind that, by and large, presale contributors do not commonly receive refunds in case of a failed ICO. That's why we're determined to reboot it in the future or find another approach to fulfill the needs of all our stakeholders.

What will be the date of the new ICO round?

As long as the crypto market stays bearish, the team will be focused on continuing to build a strong business foundation for the new token sale which will begin later. However, there is currently no promises as to WHEN the new ICO will come.

There has been some slow but promising progress in terms of B2B product sales and new partnerships. Despite an increase in traction, we are not planning to rush a new crowdsale at the current moment without a thorough preparation, as some of the community members advise us to do, considering the still negative mood of the crypto market and the need to ensure enough demand for the token and support from our clients and VC investors during the next phase. This is what the CEO and the team are busy with, besides also continuing with the development and sales process.

The new iteration of the crowdsale will be a crucial part of our long-term strategy to scale our innovative solution, and we will determine the most optimal timing for the crowdsale through consulting with our strategic advisors & partners. All the data about token puirchases and bounties is kept safe and will be reused in the end of the new crowdsale. We strongly believe it would be a mistake to rush and start the crowdsale prematurely, hence we kindly ask everyone to abstain from FUD, be patient, and continue supporting the project until the new iteration and beyond that. We will prepare thoroughly so the new ICO lasts a couple minutes until it is oversubscribed, and this can be achieved only if we have impressive traction as a startup. The team is working on that day and night.

Can't you just do an airdrop without organizing a new token sale?

There may be another token-based models that we will consider that could still benefit the presale contributors. It will depend on the market conditions and VC funding. Too early to judge now.

Is the project over?

Definitely not. Even though the ICO didn’t reach the soft cap and we refunded the main sale contributors, at the same time we were participating in a Californian accelerator called Batchery and pitched in Silicon Valley to prepare a traditional VC round. We are proceeding with developing and promoting our software with traditional VCs, angels, partnerships and the US market. Our software is up and running, and we are showing it to clients, negotiating SaaS trades, collecting preorders. One of the Big 4 consulting companies agreed to be our distribution partner, reselling our solution. So everything's going alright for the project, and day by day we're more and more ready to start a new token sale.

I won in the “dream competition” campaign or the airdrop campaign, will I lose my tokens?

Regardless of the outcome of this token sale, we want to continue developing the project and are likely to repeat the token sale in the future when the crypto market would allow for achievement of not only the soft cap, but of the hard cap as well.

We offer those of you who received tokens in the dream contest to “freeze” your stakes in order to be distributed automatically in the new token sale that may happen at a later date. It means that in case of a successful next token sale or token generation event, you will be able to claim your stake in tokens. Please log in to your Eternal Trusts personal account and submit your EOS account name to preserve your stakes until the next token sale.

I participated in the bounty campaign, what should I do?

As you know, the project didn’t reach the softcap. The common practice that we have encountered is that usually the bounty participants of unsuccessful ICOs are left behind with nothing. Paying cash for likes and reposts is obviously not an option. However, we know how much hard work you have already done for the project, and that's why we offered you to "freeze" your stakes to be distributed automatically in the new token sale that will happen at a later date. It means that in case of a successful next token sale or token generation event, we will send you the tokens even if you will not be participating in the next bounty campaign.

Just to remind you, our intention is in selling our software solution, getting traction, positive feedback and re-launching the ICO.

What's the latest update?

Fundraising

At the moment, we have no hard commitments on investments into the potential ICO of Eternal Trusts due to bearish market conditions and the platform architecture, where the utility token is currently not too necessary.

Client acquisition

As you remember, our product makes the need for traditional SPVs and offshore companies within a Trust infrastructure obsolete and thus makes the product a hundred times cheaper than it used to be. We are working hard on approaching customers among traditional trustees and banks. The feedback is great so far among a variety of jurisdictions and we are planning a conference in Singapore in a month, where we will be able to gather a number of potential clients and describe in details how blockchain can strenghten their value proposition towards final cutomers.

Product development

As you remember, our current business model is in building white labelled applications for Trustees based on the existing product and according to specific requests.

Our demo app is ready, operational and is located at https://app.eternaltrusts.com/

Please take a look at the How It Works video: https://youtu.be/GaqHd2hteiw

By all means, we respect your patience and are thankful for it. After having refunded to main sale contributors, the project is always in search of funding and is financially supported by the CEO as the main stakeholder.

We expect positive cash flow from operations within 2 months after which we aim to become cash generative business and proceed with a new ICO or alternative ways of cooperation with presale contributors.

Can you refund my ETH?

If you were a main sale contributor, your ETH should have been already refunded. In a very unlikely case that it hasn't been so, please send a PM to https://t.me/kirillsil with your email and an explanation.

If you are a presale contributor, you need to be patient and wait for the next token sale. There is currently no other options on the table. Asking about when the new ICO will happen will not bring it closer.

When token distribution? When bounty?

Please re-read the FAQ from start to finish.

I read the FAQ, but there are things still unclear for me. Where can I ask questions?

Please head over to https://t.me/eternaltrusts.