How are the 70% FOAM tokens used by the team?


#1

Hello @Ryan_foam

My team has noticed that more than 10M FOAM tokens (from the 70% total allocation managed by the team) have moved from FOAM multisig wallet yesterday and are now part of the circulating supply.

For transparency, it would be good if you can inform the community on how these tokens are used and how you plan to use the 35% reserved for the team in the future.

Thanks you in advance for your transparency towards the community.


#2

Hi @fractalfunds - as per the terms of the FOAM Token sale:

Total Number of FOAM to be Created and Sold

Company is creating 1,000,000,000 FOAM shortly before the Token Sale. The allocation of these FOAM is expected to be as follows:

  1. 30% will be made available for sale in the Token Sale (“Sale FOAM”).

  2. 35% will be allocated for eventual release as user mining rewards from the Foamspace Protocol.

  3. 15% will be allocated to Company’s development team and founders.

  4. 10% will be delivered to advisors, employees, and accredited investors.

  5. 10% will be allocated to the Foamspace Reserve.

Tokens that have been moved are for 4 for company payments and accredited investors from our seed round. At this time, no token plans have been initiated or have been put in place to company founders or employees but if they are put in place it will be with a 3 year release schedule.