Dear Valued ICOO Holders,
As we are aiming to become more compliant with international policies, and the ICO services, rendered by our company have singnificantly decreased in last 6 months, we propose a vote on a new ICOO buyback and distribution policy. The Full Buyback proposal:Buyback & Burn of the ICOO tokens on BTC market.
In the beginning of December 2018 and every beginning of the month from then on, we will calculate 2% of the ICOO token Market Cap in BTC (https://coinmarketcap.com/currencies/ico-openledger/), as we did before. During the first week of each month, we will place an ICOO Buyback order to ICOO/BTC market for the whole amount of BTC.
All bought-back ICOO tokens will be burned.
The price to place an order will be calculated based on the Median Value from the market price in the previous month.
If the order is not closed during the month, it will be cancelled and the remained assets will be put in the new order.
It will work like this:
December:
Suppose the Median Value is 100 ICOO for 1 OPEN.BTC in November. We got 1 OPEN.BTC to be used in the ICOO buyback in December. We’ve put an order on ICOO-OPEN.BTC market in amount 100 ICOO to 1 OPEN.BTC. Only 0.5 OPEN.BTC were spent in that order by next buyback in January.
January:
Median Value is 250 ICOO for 1 OPEN.BTC in December. We have collected 2 OPEN.BTC to be used in ICOO buyback in January. We cancel the previous order and add 0.5 OPEN.BTC to 2 OPEN.BTC and place the new order in the amount of 350 ICOO to 2.5 OPEN.BTC.
VOTING RUNS UNTIL 30.11.2018, 15:00 CET Only current ICOO holders can take part in voting. To ensure an accurate voting procedure, we will take a snapshot of ICOO holders accounts on 09:00 CET, November 1, 2018.
Especially for this voting, we will create a new voting asset – the ICOO.VOTING token, in the amount of ICOO supply shown in the snapshot.
Start of voting – November 1, 2018
On November 1, every ICOO token holder will receive an incoming payment of ICOO.VOTING tokens, matching the amount of ICOO they own according to the snapshot. Tokens will be sent from the account icoo-voting. In the memo field, each recipient will find the conditions of the voting procedure.
In order to express your opinion, you should send the ICOO.VOTING tokens to the following accounts:
- icoo-option1 – if you wish to accept the above-mentioned Full Buyback proposal
- icoo-option2 – if you wish to leave the current procedures in place
Please check your OpenLedger account on November 1 and express your opinion on ICOO’s future!
Do you agree with the Full Buyback proposal?
- YES -> send your ICOO.VOTING tokens to icoo-option1 account
- NO -> send your ICOO.VOTING tokens to icoo-option2 account
On November 30, 2018 15:00 CET we will take the snapshot of the voting options accounts, and make a calculation.
Whichever of the two voting accounts has more tokens will be the winner, and the Full Buyback Proposal will be implemented according to the results of this vote.
Please note: If ICOO.VOTING tokens are not sent to either voting account, they will not be counted. This could be, for example, if tokens are sent to the wrong account, or never sent at all.
For example: If 50 000 ICOO.VOTING tokens were sent to icoo-option1 account and 200 ICOO.VOTING tokens were sent to icoo-option2 account by the end of the voting. The result will be – YES.
The ICOO.VOTING token is only a token that will be used for purpose of this particular Voting proposal. No other use of this token is intended. It will be burned after the voting procedure is finishedAfter the voting procedure all ICOO.VOTING tokens will be burned (including remaining tokens on the accounts – they will be also pulled and burned)
After the voting procedure all ICOO.VOTING tokens will be burned.
All the best,
The OpenLedger DEX Team
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