The Nimiq team has published a “Transparency Report”, providing insight into the use of funds that were raised earlier in 2017, as well as details on the token control and distribution.
The effort emphasizes a sense of openness and confidence among the team. Community manager Ricardo Barquero says: “We think it is vital to show that funds are mindfully diversified and used responsibly. We hope that taking the step to share details of project spending and assets is reassuring for the growing Nimiq community, and might even inspire other actors in the blockchain space to follow suit. Nimiq is a healthy, evolving ecosystem, and we wanted to show that this was true financially, as well as technically.”
Highlights of the report include size and categories of spending, as well as distribution and vesting of the underlying ‘NIM’ currency. As of July 2018, the project controlled a total of $12.32m in (non-NIM) assets, which included diversification of funds into fiat, Bitcoin, Ether and real estate. Total funds spent to date were roughly $4.6m. The full report also also comments on the burn rate. Notably, the equivalent USD value of ETH raised at the end of the fund raiser ($12.8m) is only around $0.5m more than current assets.
The transparency report provides rare insight into the workings of a blockchain start-up, granting unusual views into the financial position of a project in the space. With the failure rate of 2017 Token related fundraising events quoted in some media outlets as high as 90%, it is a reassuring sign that not at last from a financial standpoint some projects have been managed and controlled more responsibly than others.
The full report is available online: https://medium.com/nimiq-network/transparency-report-74d4d89933fe
DISCLAIMER: Due to varying exchange rates and ongoing accounting, numbers are approximations. The financial information referenced in this report has not been audited internally or externally by a chartered accountant or similar accounting professional. Nimiq has performed these duties and prepared the information in good faith. Nimiq cannot certify or attest to the complete accuracy or validity of the information presented herein until such records have been audited and certified by a financial professional. None of the statements must be viewed as an endorsement or recommendation for Nimiq, any cryptocurrency, or investment product. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the creators or participants to buy or sell any securities or other financial instruments or provide any investment advice or service..
For further information contact Ricardo Barquero, Community Manager.
Nimiq is the blockchain designed for simplicity. Built in Javascript, and with Nano clients that synchronise in seconds, Nimiq is the first blockchain that is fully browser-based and installation-free. Crafted by a team of security researchers and expert developers, the mainnet launched on April 14th 2018. For more information please visit nimiq.com.
