Whilst preparing for the BitDegree token sale on December 1st, we encountered a number of moral and ethical questions. The largest issue we faced by far was during meetings with ICO crowdsale participants or “whales” who frequently asked whether we would give them an inflated bonus in return for their investment. A “whale” seeks to receive large discounts on a token purchase, but then immediately dumps their tokens in order to make a quick profit.
In line with our values of transparency, honesty, and fairness, we refused to give any bonuses because we know that our economic model is strong enough to see BitDegree succeed without engaging in any malpractices.
BitDegree believes in egalitarian ICO spirit, like the creator of Ethereum himself.
BitDegree is built on the foundations of Hostinger, a well-established web hosting business, which generates millions in real revenue each year. Hostinger is also BitDegree’s main founder and co-partner. This makes BitDegree bootstrapped and profitable. We are proud of this, because it shows we are able to achieve our goal of revolutionizing education without an ICO.
We know that Hostinger’s backing, plus our values of transparency, honesty, and fairness, are what separates from ICOs. These principles will ensure the long and short-term integrity and success of BitDegree as an education provider and brand. Most importantly, taking a fair approach to our token crowdsale creates further value for all BitDegree token holders, and eliminates the incentive to dump the token shortly after purchase.
Here is the BitDegree pledge outlining what you can expect from us and our token crowdsale:
- With Hostinger’s high annual turnover and backing, we know we have the financial resources to ensure that BitDegree will succeed in its mission of revolutionizing education across the world. The funds raised in the token crowdsale will see us quickly meet this objective.
- All unsold BitDegree tokens (BDG) will be put in a reserve fund. These can be used to fund BitDegree’s development in the future should it be needed.
- We have chosen to pursue the token sale model, because it provides us with the resources to implement the BitDegree project to scale and at speed.
- In line with our values of transparency, honesty, and fairness, we pledge to work with crowdsale participants of all sizes under fair, non-discriminatory conditions.
- We have not and will not conduct any private or secret pre-sale. Our token sale is open to you, irrespective of where you are from in the world. We have stated our conditions fairly and publicly: if you purchase BDG during week one of our token sale, you will receive a 15 percent bonus in tokens; week two, a bonus of 10 percent; week three, a bonus of five percent. No discounts will be applied to any BDG bought after this three-week period.
- During our token crowdsale, we have set a soft-cap of 6,250,000 BDG tokens and a hard-cap of 336,600,000 BDG tokens. We believe this inclusive approach will help transform potential buyers into BDG holders. This will lead to the creation of the BitDegree community.
- We want you to be confident in the value of your BDG. As way of providing you with financial peace of mind, BDG’s value has been underwritten by Hostinger. Hostinger promises to accept BDG at their sale price in exchange for the equivalent value in web hosting services. In short, this means that you can be 100 percent sure of your token’s value, because it is backed by Hostinger services. Find out more about this topic here.
- Smart contracts and decentralized blockchain technologies are key to our success. They allow us to align the incentives of learners, content creators, and employers. Decentralization allows us to build an online community which permits students and educators to interact freely without intermediaries, and for both parties to be rewarded with BDG for their efforts. Blockchain also eliminates the need for employers having to use expensive recruitment companies to source top I.T. and tech talent.
- We have done our utmost to be fully compliant with the prevalent and anticipated laws of Lithuania, our country of operation. In November 2017, we received an endorsement from the Bank of Lithuania (Lietuvos Bankas), which is the country’s national bank and supervisory body of financial market participants. The Bank of Lithuania confirmed that our utility token sale model is fully compliant with Lithuanian and European Union law. This achievement makes us one of the very few token sales to have achieved recognition from a national financial institution. Lithuania has been a European member state since 2004, and a eurozone member since 2015. The Bank of Lithuania falls under control of the European Central Bank. Find out more about this topic here.
That is our pledge to you — to be transparent, honest, and fair in everything we do. For us succeed on our mission of revolutionizing education. Be sure to join our token crowdsale on December 1st!
At your service,
The BitDegree Team