During the meetings held with investors, advisors, Exchanges (CEX and DEX) and also thanks to the comments received from holders of our $EASYF token, we have identified several areas for improvement of our project in which we have been working on the last few weeks:
1. Ethereum Blockchain
“Proof of Feedback (PoF) is not viable on the Ethereum network.”
Our “Proof of Feedback” and $EASYF token are agnostic regarding the blockchain we need, but we initially opted for the Ethereum blockchain and issued our token as an ERC20. At that time, gas costs were practically zero, however, nowadays, they are a major friction in the adoption of Defi platforms.
Due to the large rise of gas costs during the last year and the low probability of them decreasing significantly in the near future, we are forced to develop our project in an L2, Sidechain or Rollup. The PoF is going to require a large number of transactions from both the system and its users, so we need them to be as cheap and fast as possible. In addition, the different incentives we are working on for the holders of our token will also require multiple transactions, so, in order that every holder may benefit from them, regardless of the amount of tokens they hold, we need to migrate to another network.
2. Hard Cap
“The Hard Cap is very high.”
The calculation for this Hard Cap was triggered by our objective of being a global service offered at the 194 countries of the world. A raised capital greater than the $400,000 already obtained, would allow us a faster and wider implementation, at a number of countries directly proportional to the amount raised. For this, the estimated investment needed is $350,000/country.
Although we indicate that unsold tokens will be burned, this approach has only been understood by people who have studied our economic model in detail. However, in many cases it has been an obstacle for the proper understanding of our project.
3. Tokenomics of Pre-Mined Tokens
“Questions on pre-mined tokens.”
For example, they have asked us: “Why don’t you have tokens to pay suppliers or new developments?”, “Where do the tokens for the ‘Vesting incentives’ come from?”, “How will the vesting of tokenomics be?”, “Why don’t you have a reserve for liquidity pools & staking incentives?”, “Why doesn’t the team keep any $EASYF token?”, “What do you mean by purchase bonus?” or “What is the price in the different phases of the sale?.
Our tokenomics is based on a strategy proposed in mid-2019. At that time, DeFi was almost not developed. At this time we believe that not incorporating them into our ecosystem would be a mistake that would hinder the proper development of our company.
For all these reasons, we are going to make the following changes:
1. We are going to deploy a new version of our token to the Polygon network, which is something essential for the viability of the “Proof of Feedback”. Polygon is an Ethereum sidechain with very low gas costs..
2. We are restructuring our tokenomics by incorporating DeFi methodologies in order to support the evolution of the token and benefit our holders.
3. We are granting exclusive benefits for the people who have bought our token until 30 November, 2021 by airdropping them an exclusive NFT. Furthermore, the original vesting bonus for our holders will be increased and improved, and it will be done through a staking platform.
4. Change of the listing date because we need time in order to deploy our token to the Polygon network and develop our yield farming platform.
5. Update of the RoadMap with all these changes and inception of the marketing campaign.
We apologize for the listing delay, but we want you to be aware that this restructuring of the project is utterly necessary and we have developed it in a way that benefits every holder while laying a solid base for the future of our $EASYF token. Thanks to the restructuring that we have carried out, the project will be more attractive for Exchanges, investors, Launchpads and Venture Capital. We have started conversations with the latter two and we hope to exponentially accelerate our capital raising process.
We invite you to take a few minutes to read the detailed explanation of every change:
1. Easyfeedback at Polygon
We have decided to make a new version of our token, on the Polygon network (Ethereum sidechain), before getting listed. We have been working on this decision for weeks, deliberating and considering a large number of networks, because this is a key aspect for the future development of the project. The final decision to opt for Polygon is based on its great potential for the future, its liquidity, ecosystem and its low gas costs. Our token on the Ethereum network is, from this moment, discarded. We have already carried out a snapshot of our holders and buyers, so our new $EASYF token on the Polygon network will be sent automatically to everyone who bought our token to this date, with the bonus included. They will be sent to the same address that you provided us when you bought our tokens. The delivery of the tokens will be carried out as soon as we have the contract for the new token on the Polygon network fully created and verified. Polygon is a highly scalable solution for Ethereum, and it is EVM compatible, which means that you will be able to access it with the same address you use for the Ethereum Network, for example through tools like Metamask. Transactions at Polygon are paid with their own token (MATIC) and their cost is around $0.002 per transaction, so with $1 of $MATIC are able to carry out hundreds of transactions. Before sending the $EASYF to the holders, we will create an article explaining how to use this network. In order to ease the integration of our holders on Polygon, we will airdrop $1 of Matic to every holder who has bought $EASYF tokens until today, November 30th. With these funds you will be able to start using the network and perform more than 100 transactions without the necessity of buying MATIC at an Exchange.
We want to emphasize that this change of network is totally necessary for the viability of the “Proof of Feedback” and the proper development of the project. At Ethereum we were heavily constrained, but Polygon brings us a great variety of possibilities for the future. For this reason, this change is totally beneficial for all the parties involved in our project.
We are also restructuring our tokenomics and its vesting in order to improve the evolution of our token and at the same time, benefit our holders:
1. Initial Sale Allocation.
- The total supply is not modified, but the total pre-mined tokens are considerably reduced from 1% (1,791,410,000 EASYF) to 0.2% (358,282,000 EASYF) of the Total Supply.
- The Hard Cap decrease from $67.5 M to $4.5 M. This is the expected necessary amount in order to implement the project in our 12 strategic countries (United Kingdom, Estonia, Germany, France, Italy, Poland, Portugal, Brazil, Turkey, Russia, USA and Australia), plus Spain. The implementation at the rest of the countries, up to the 194 that we indicate in our Whitepaper, will be carried out through the organic growth of our company.
- Allocation of 29.11% of the pre-mined tokens.
- Vesting: 100% unlocked at listing. As planned, the tokens that are not sold, will be burned.
2. Sale Phases
As the concept of Bonus was not easy to understand, we have calculated the prices of the token considering the bonuses, in order to replace the format of $0.05 per token + its corresponding bonus (40%, 30%, 20%, 10% or 5%) by a determined price depending on the sale phase while maintaining the premises. Therefore,we have included the tokens destined to bonuses to the wallet holding the tokens for sale. This does not mean that the price has changed, simply the corresponding bonus is added to the sale price.
Due to strategic reasons, we have decided to divide the sales phases into 5 instead of 3 as before, divided according to the strategic importance of the countries where EasyFeedback is to be implemented:
- Pre-Sale: $300,000. Price: $0.0357 per token (Equivalent to Price: $0,05 plus 40% Bonus). Amount necessary for the implementation in Spain. Phase already finished.
- Phase 1: $700,000. Price: $0.0385 per token (Equivalent to Price: $0,05 plus 30% Bonus). Amount needed for implementation in the first 2 strategic countries.
- Phase 2: $700,000. Price: $0.0417 per token (Equivalent to Price: $0,05 plus 20% Bonus). Amount needed for implementation in the next 2 strategic countries. Current Phase.
- Phase 3: $700,000. Price: $0.0435 per token (Equivalent to Price: $0,05 plus 15% Bonus). Amount needed for implementation in the next 2 strategic countries.
- Phase 4: $700,000. Price: $0.0455per token (Equivalent to Price: $0,05 plus 10% Bonus). Amount needed for implementation in the next 2 strategic countries.
- Phase 5: $1,400,000. Price: $0.0476 per token (Equivalent to Price: $0,05 plus 5% Bonus). Amount needed for implementation in the rest of the strategic countries.
We have decided to stop selling at Phase 1 through our website and start selling at Phase 2 ($0.0417 per token), since the amount remaining from Phase 1 will be allocated to Venture Capital and Launchpads.
However, since many of you have already started the KYC process of this phase, we want to give you some time before implementing this. So, due to this, the phase change will take place on December 20 at 12:00 PM CET, until that moment everyone will still be able to buy at Phase 1 price ($0.0385 per token).
At the same time we announce the sale agreements of Phase 1, which will be announced all at once, we will inmediately change the phase to Phase 3 ($0.0435 per token).
3. Early contributors Bounties
- In order to reward the people who have helped us in the initial stages of the project. This amount has been calculated taking into account that the original allocation of tokens for this purpose was 21,312,680 tokens (5,000,000 from each of the first 3 rounds of the bounties and 6,000.000 for the 4th round, 5,000 from the quiz and 307,680 from the airdrop). Due to the fact that in the new tokenomics the tokens available for sale are 15.26 times lower than in the original tokenomics (1,591,900,000 / 104,300,000), the resulting amount of the tokens results in 1,396,390 $EASYF tokens (21,312,680 / 15.26).
- Allocation of 0.39% of the pre-mined tokens.
- Vesting: 4% unlocked at listing and then 8% monthly thereafter.
4. Marketing incentives
- In order to reward people who help us marketing our project.
- Allocation of 0.45% of the pre-mined tokens.
- Vesting: 5% unlocked at listing and then 2% monthly thereafter.
- In order to reward people who identify and report improvements related to both the design and “Proof of Feedback”, together with a bug bounty program.
- Allocation of 0.84% of pre-mined tokens.
- Vesting: 5% unlocked at listing and then 2% monthly thereafter.
- In order to carry out lotteries, giveaways and other types of events.
- The same percentage of the pre-mined tokens is kept (1.67%).
- Vesting: 5% unlocked at listing and the 2% per month thereafter.
7. Advisors and Team
- In this wallet we included the tokens destined for Advisors and Team. Now we are going to divide it into two different ones, Advisors and Team, keeping the initial allocation of tokens of 63 million $EASYF for them.
- Allocation of 7.54% of pre-mined tokens.
- Vesting: 6 months cliff, then 20% every 6 months.
- Allocation of 10.05% of pre-mined tokens.
- Vesting: 12 months cliff, then 10% every 6 months.
- In order to carry out liquidity programs, staking incentives, provide liquidity, listing at exchanges, payments to providers that develop new functionalities for our “Proof of Feedback” and other medium-long-term strategies that may be needed in the future.
- Allocation of 49.20% of pre-mined tokens.
- Vesting: 0.5% every month (200 months).
9. E-commerce bonus
- The same allocation percentage of the pre-mined tokens is maintained (0.75%).
- Vesting: 5% at listing, 2% per month thereafter.
- The tokens allocated for the referral program of the sale become part of the “Ecosystem”.
Token release schedule
This graph shows the number and breakdown of the EASYF tokens that will be released into circulation on a monthly basis. This is subject to change before listing since the sale tokens not sold will be burned.
All these changes are very beneficial for everyone who has bought $EASYF so far, since we reduce the offer of $EASYF tokens before listing by 1,487,600,000 tokens. Due to this, our market capitalization at listing will be at least 17,05 times lower than before. As a result of this, we reduce the circulating supply at listing so the selling pressure will be exponentially lower, which we consider will impact positively the price of $EASYF tokens.
3. Improvements of the holders benefits
We have implemented two changes in the exclusive advantages for our holders that we were offering to people buying on Pre-Sale and Sale. One of them is an improvement for people who have bought until November 30, 2021, and the other one is for every $EASYF holder.
For holders who bought before November 30:
1. Exclusive services. Transformed into an NFT
Furthermore, we would like to show our gratitude with the people who have purchased our token for their support. Due to this, we will airdrop 1 EASYFEEDBACK NFT to everyone who has purchased $EASYF tokens up to this moment.
These NFTs will grant its holders great advantages and benefits. We are working on a system that will reward them with exclusive advantages in our future services for users: Exclusive discounts on the products of the EasyFeedback store, discounted commissions on both the debit card and withdrawals, and much more. As they will be minted at Polygon, they might be traded on Opensea, the largest marketplace for NFTs.
For every holder:
1. The 5% vesting bonus is increased and will be carried out by staking
We have improved the original vesting bonus system, from this moment we are going to carry it out by staking on smart contracts, which will be a more secure, fair, reliable, efficient and profitable system. Once our token is listed, we will initiate this program, so people holding $EASYF tokens will be given the option of staking them, receiving a very generous APY, considerably higher than the original 5%.
At the moment of staking, each holder will be able to decide how long they want to lock their tokens on the staking platform, so the longer this time frame, the greater the APY they will receive.
Furthermore, this platform could also be used for carry out liquidity incentives if we list our token on decentralized exchanges in the future. By means of this system, holders will get $EASYF continuously and automatically, which would be available to be collected whenever they want
2. 2.5% Bonus per referral code
After finishing the purchase process you will get a referral code. By providing this “referral code” to other people, you will receive an additional bonus of 2.5% on the amount purchased with that code. People who use this code will also get the same bonus (2.5% on the amount purchased with this code). There are no changes here.
These changes have been carried out in order to reward our holders, that have been helping us from the beginning and trust our project for the long-term, which are the vast majority as it can be observed in their answers to these questions: (Survey carried out on October 25, 2021 to every $EASYF holder).
4. Change in listing date
When we launched our ICO, the typical “dynamic” of a project was to end up carrying out an IEO at a CEX (Centralized Exchange) but now there is also the possibility of doing it at a DEX (Decentralized Exchange). During the last few months we have been holding conversations with centralized exchanges that offer the possibility of carrying out IEOs. Due to Non Disclosure agreements, we are not allowed to disclose more details, but we want you to understand that the processes for these types of agreements take very long and depend heavily on the initiative from the exchanges. Due to our network change, we have been forced to dismiss some exchanges that do not support the Polygon network yet, and at the same time, we have started discussions with new exchanges that do support it. At the same time we are also studying decentralized exchanges running on this network, as for example, Sushiswap, Quickswap or Balancer. We have proposals from Tier-2 and Tier-3 exchanges, but none of them are attractive enough for us so far to pay their fees and believe in their success. That is why we are still negotiating, because we want to carry out our listing and our IDO and/or IEO on Tier-1 platforms. In addition, we are working on other methods for obtaining capital and contacts in order to be able to develop our project as successfully as we want it to be. This is why we are right now having conversations with Venture Capital, Launchpads and other organisations..
These reasons, together with the fact that we are developing our brand-new yield farming platform, for both staking and liquidity incentives, which must be ready before listing, have led us to delay our listing.
5. Roadmap and marketing update
With the $400.000 raised so far, we will continue our development plan stated in our Whitepaper (Summarized: new UI and UX of Easyfeedback in Spanish, online store, development of the “Proof of Feedback” and continue improving our products for users and clients). In order to carry out the aforementioned changes, we are going to update our Roadmap:
- December 2021: Website update with the tokenomics and network changes aforementioned.
- December 2021: Development of the new $EASYF Smart Contract on Polygon.
- December 2021: Delivery of every $EASYF tokens already sold to every holder, including Bonuses.
- 2022: Development of our platform for yield farming (staking + liquidity incentives). As mentioned above, we will airdrop $1 of Matic to every holder who has bought $EASYF tokens until today, November 30th. With these funds you will be able to start using the network without needing to buy MATIC in an Exchange.
- Sale phase open until listing: We will continue selling tokens at our website. The tokens sold from now will be sent before getting listed, delivered as follows:
1. If the payment is done by cryptocurrencies, the tokens bought will be delivered within 30 days from the purchase date. E.g., If 1,000 $EASYF are purchased on December 6, they will be sent between December 7 and January 6.
2. If the payment is done by card or bank transfer, they will be delivered within a time-frame of between 31 and 60 days. E.g., If 1,000 $EASYF are purchased on December 6, they will be sent between January 7 and February 6.
- Start of the Marketing & Promotion campaigns
1. Marketing campaign with KOLs (thanks to the incorporation of Aitor San Martin to the team as Chief Growth Officer) promoting the “Proof of Feedback” (PoF) and the inherent idea of our protocol, which is “Feedback-to-earn”. This is our equivalent to the “Game-to-earn” that is succeeding recently, and is the main reason why our buyers purchase our token $EASYF. This can be seen below in Graph, which was extracted from the survey we carried out on October 25, 2021 to every $EASYF holder.
2. Giveaways and competitions for earning $EASYF tokens.
3. We are changing the name of our official telegram group (https://t.me/EasyFeedbackToken), which from now on will be called “EasyFeedback Official Community”.
4. We have created a telegram channel where we will share announcements of the project, you can join it through this link: https://t.me/EasyFeedbackAnnouncements.
If you have any suggestions or doubts, please write to us at [email protected]. Thank you for your support.
The EasyFeedback team.