Substratum Network Statement
Dear friends, as part of the Substratum Network project development team, we must inform you that our project is actually dead. Of course, you noticed that we have stopped deploying updates on Github, our Twitter has gone quiet, and there has been a lot of negativity around the project recently. You probably read various articles about our founder, who left the project in a bad way, and that we ran out of funding, although it should have been enough for a long time.
We understand that we did not meet the expectations of our investors and the community, all those people who believed in us and our idea.
Since the delisting of our token from the Binance exchange, its rate has fallen, development has stopped, and those who represented our project in the public field have disappeared, abstracted from the public or switched to other projects.
And yet we have found a solution to save our investors from complete failure, which so often began to happen with other crypto projects, especially now, at this difficult time for business.
We have entered into an agreement with the new exchange iQuantXchange to swap the SUB token for the new token of this exchange. We negotiated the swap rate for a long time, the negotiations were difficult and probably lasted longer than they should have, but in the end we came to a consensus.
iQuantXchange entered the cryptocurrency market in 2017 with its first product. The last year was not easy for them either, and now, with an updated management team, partly consisting of European and US specialists and a strong team of developers from China, they are entering the market again with an unusual scheme for the primary distribution of their new IQX token.
What is unusual is that they plan to primary distribute their token by swapping it for tokens of once promising, but now fading projects that have no future. This is a great opportunity for many holders to save their investments. We were lucky to be the first, and we are grateful to the management of the iQuantXchahge for this opportunity to not only save the funds of our investors, but also earn money in the future. There is no doubt that with such an unusual and advanced model of distribution of the IQX token, it will not only be liquid after the start of trading on the exchange, but also is an excellent asset for long-term investment.
We, the developers of the Substratum Network project, the part of the team apologize and hope that this way out of the situation will bring you positive emotions, which are so much lacking today for all of us. At the same time, we must say that it is very unpleasant to apologize for someone else's mistakes. Those who should have done this have abandoned the project long ago.
The swapping of the SUB token for the IQX token will take place on the updated site of the iQuantXchange: https://iquant.exchange. To do this, you need to register on it and go through the standard KYC process (as soon as it starts working). Just follow the instructions on the iQuantXchange website to successfully complete the swapping.
To learn more about the upcoming swap, as well as to learn about other tokens that may later participate in the swapping for the IQX token, please visit the official group of the exchange in Telegram: https://t.me/iQuantX.
We understand that many of you have questions, and we will try to answer the most popular ones now:
Q: Why is there no team on the Substratum site? Who is currently involved in the project?
People who were at the origin of the project, were public representatives, are now engaged in other projects, our office has been closed for a long time (about a year ago), and employees, including us, have been dismissed. It is very strange that none of the public ‘faces’ of the project has dared to make a statement about stopping development. You can see for yourself on Twitter and other resources what exactly Justin Tabb, Abram Cookson, Jason Burns and other people who publicly appeared as the creators of the project are currently doing. Unfortunately, you won't find any mention of the Substratum Network there. No one is currently working on the project.
Q: Where did the money collected from the ICO go and why was such a huge amount not enough for the development of the project?
In short: we don't know. There is a statement from Justin Tabb on the Internet about this, but it sounds extremely unconvincing. We think that the money was spent on other needs by the project organizers or simply stolen. We have no direct evidence.
Q: Who is the owner of the SUB certificate?
Obviously, it's Justin Tabb, but again, we don't know for sure.
Q: Who writes this statement if the founders left the project long ago?
We are part of the development team that were hired to work on the Substratum Network after the ICO. We were all fired a year ago. We do not give our names because we do not want to take responsibility for everything that happens with this project.
Q: What will happen next with the SUB token?
The same as with other projects that ran out of money and stopped development. The token's liquidity on the remaining exchanges has fallen to almost zero. Token holders can't sell it, there is no volume, and the token is almost worthless. The remaining exchanges gradually delist such tokens if they see that the project is dead. Most likely, in a few months, SUB will be removed from all exchanges.
Q: Why is it being swapped? Why does someone need it?
Thus, the iQuantXchange distributes its token, a kind of ICO presale, the more holders of their new IQX token, the more people will subsequently come to their exchange and trade there. Of those who want to simply sell the token, there will be those who want to trade on this exchange. Competitive struggle on mutually beneficial terms. The exchange saves our token, in fact - this is the last opportunity to exit SUB before it is removed from all exchanges.
Q: Why did iQuantExchange choose SUB? Will they swap other tokens?
We were lucky to be the first, since the Substratum Network is not a scam project initially, we have a powerful community, many SUB token holders, and it is obvious that we are a real project, and not a cover for exit scam immediately after the ICO. We don't know about the exchange's plans, but there will definitely be other projects whose tokens will be swapped. How many of them there will be depends on how willing holders will be to swap their token to the exchange's token and how many IQX holders there will be in the end. The exchange has its own plan for distributing the token and they follow it.
Q: Can I trust the iQuantExchange? What guarantees do they give?
In the current situation, we (SUB holders) have no choice. It is difficult to trust today in the cryptocurrency market, but this project seems to us to be a good (and only) opportunity to save assets by transferring them from an illiquid token to a promising token. The team of the exchange is partially familiar to us personally from previous presentations at conferences, so we can say with a certain degree of confidence that this project is not scam.
Q: When will the swap take place? When will I get new IQX tokens?
Now the exchange's website has a countdown enabled, and when it expires, a site with a detailed description of the project, team and personal account page will be available. This is the first stage, and the second stage, depending on the success of the first stage, will either include an additional stage of distribution of the IQX token through ICO (or IEO), or immediately launch the exchange trading itself. The first stage (the token swap stage) may take a month or more, depending on how many IQX tokens can be distributed among different users. Since we were lucky to be the first token, you can swap SUB and get IQX at the end of May, when the site will start working and the first stage will begin.
Q: When will I be able to sell IQX?
As mentioned above, the first stage may take 1-2 months, then, if there is an ICO or IEO, it may take about a month, and only after that the exchange itself will work and you will be able to sell your IQX. In other words, you will need to store your tokens in your wallets (or in your personal account on the website) for 3-4 months from the moment of swapping. During this time, SUB may already be removed from the remaining exchanges.
Q: I bought SUB tokens recently at a low price, what will happen to the SUB price during the swapping and after it? I don't want to change it to IQX, I just wanted to make money by selling SUB more expensive than I bought it.
We do not know, the market is unpredictable, but most likely, the price of SUB will rise before and during the swapping, as speculators who trade on the news will join the process, as well as those who see an obvious benefit from purchasing the IQX token at an early stage. After the exchange is complete, the SUB price will fall, possibly much lower than the current level. This often happens during the swapping of any other tokens.
Q: What are the benefits of acquiring an IQX early on?
The iQuantXchange has not yet published a White Paper, but from what we know, the IQX token, if released on the ICO (or IEO), will be priced much higher than the current SUB price. At the moment, the price of SUB is about 0.003$. IQX will be placed at a price exactly above 0.1$, and will be traded in the future on the exchange at least at the same level, or even higher. The exchange will be interested in high liquidity and increasing the price of its token, it will be possible to burn a certain amount of tokens and other steps to increase the price of the asset. These calculations are very approximate, but you can easily see a huge difference of more than 30 times between these assets.
Q: What is the swap rate of SUB to IQX?
This has been the subject of lengthy negotiations between us and the exchange. We managed to agree on the exchange rate:
1 IQX = 5 SUB
The exchange compromised us, as this is the first token that is involved in the swapping for IQX. Initially, the exchange's offer was 1 IQX = 20 SUB, which was also a very favorable offer, but we managed to justify a more favorable rate. We very much hope that our community will appreciate our efforts, the negotiations on this issue have been very exhausting.
Q: Is IQX an ERC-20 token? How do I store it? Why is there no information about it anywhere?
Yes, this is an ERC-20 token, and you can store it in any Ethereum wallet. This is a new token of a new project. it takes time for information about the token to be published on sites such as etherscan.io, coinmarketcap.com and others. But soon info about IQX will definitely appear there.
Q: What if the SUB contract owner issues more tokens and tries to swap them for IQX?
First, by agreement with the exchange, no one from the list of founders of the project will be allowed to swapping.
Secondly, the amount of IQX that can be obtained per account is limited to a maximum of 200,000 IQX tokens (1,000,000 SUB).
Third, the exchange has committed to monitor the status of wallets with a large amount of tokens and the main SUB contract.
Thank you for your patience and good luck in future investments.
Yours faithfully, Substratum Network Dev Team