Update Week 34

 

One of our presale contributors mentioned that the risk of presale contributors vs the delayed ICO and the bonus tier of 50% is a change of terms pre contributors signed up for.

Here’s a quick statement by our CFO Philip Hendry & Team regarding that misunderstanding.

Dear All,

Thank you for your trust and early contribution to SocialX presale.

From SocialX Management, we would like to assure all contributors on our commitment to hold a successful ICO. SocialX is still committed to our Pre-Sale Bonus Scheme and has full intent to deliver.

The postponement of current SocialX’s ICO is solely for the benefit of our company and contributors. It allows SocialX to obtain more commitments from key players in ICO market while increasing our Advertising effort to reach larger Audience and Community along with establishing the first alpha version of SocialX.

A successful ICO will result in higher value of SOCX token which will directly increase the value of your contributions.

We appreciate your patience and support to cooperate with us during this period.

Sincerely yours,
SocialX Management

Spending of SocialX Pte. Ltd. per 29.08.17

We will list the detailed spending again once we do further transaction from our Multi Sig Wallet a quick side node: if ETH will continue to grow like this we will soon be at the 60’000 USD again this means if we all believe in Ethereum as we do along other Blockchains and Ecosystems like NEO we will do as much as possible to convert as less as possible into FIAT to cover expenses which are not being compensated in crypto. On the 6th we will also have the meeting with our bank in Singapore where the bank account will officially be opened and potential ways will be discussed if we find a feasible way to pay for FIAT expenses without converting from ETH to FIAT.

Business Update

See all listed updates below during our ICO preperation.

Advisors:
We recently parted ways with Connor who we decided would be the perfect fit to guide our ICO – while working together the team decided it has different views on the value creation for SocialX. The Compensation for Connor was sent from the management directly to Connor – so this will not be reflected in the use of presale funds as we thought this is the fairest solution for all our early contributors.

Development:
We are hard working on converting the complete technical architecture from the writing board of Theodor our CTO into an easy understandable form for our whitepaper version 0.3 which will be published soon.

We created our Github for the public audience. All other Sourcecode is still managed in Bitbucket and we will decide from time to time which components we will also list at Github.

Marketing:
We will soon update a overview of our planned marketing spending for the pre ICO within the next weekly updates. Along with this we will also try to engage with a top performing marketing agency with a proven track record to help us generate further buzz during the hot phase of our ICO. But please be assured that we will use our funds wisely and only engage people we really think can be a value add to SocialX.

Business Development:
We are currently in the process engaging native speaking advisors in China, Russia and Indonesia for maximum exposure during our upcoming ICO. And we are also negotiating with other platforms and blockchain technology startups to work together in the future for certain aspects and components of SocialX. As we have to invest our resources wisely at this time.

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