With the initial fortnight of the ether sale concluded, and over 50 million ETH sold, we plan to initiate a transaction shortly to start utilizing the funds for loan repayments and initiate the establishment of our development hubs as well as expand our team. We are committed to maintaining a high level of transparency about our expenditures, and we pledge to uphold this commitment; thus far, we have published an Intended Use of Revenue chart along with a roadmap detailing our planned BTC expenditures. Recently, the community has also created an impressive infographic on CoinTelegraph using the data we have provided. We are now set to disclose further information regarding the specifics of our initial withdrawal transaction.
Our goal is to withdraw 4150 BTC from our exodus address within the upcoming 48 hours. We maintain the right to withdraw an additional 850 BTC if necessary before the closure of the 42-day sale period, although it seems likely that the remaining BTC in the account will stay untouched until the sale concludes. Out of this total, 2650 BTC will be allocated for repaying previous loans. Contributors who provided loans to the project will receive their repayment in BTC directly; “we” will not be liquidating any part of this 2650 BTC on exchanges, although individuals may opt to convert the BTC they receive to fiat afterwards. Individuals can also elect to receive repayment in ether; in such cases, we will simply not remit the BTC, and after processing all repayments, we will disclose the total ETH sold in this manner (note that this is equivalent to issuing individuals their BTC and allowing them to send it right back into the exodus). The remaining 1500 BTC will be designated to a wallet managed by ĐΞV, our development division, and will be utilized to set up our offices in Berlin and Amsterdam and commence hiring developers; a portion of this sum may be converted into EUR, GBP, or CHF (for instance, to cover rent), while the rest will be retained as BTC.
The following spreadsheet presents a preliminary categorization of how the backpay and future expenses are planned to be allocated.
https://docs.google.com/a/ethereum.org/spreadsheets/d/1yqymLKNf9tIbArjYrKhEf-IvNmgA6FfvhjnqH_nO_ao/edit#gid=0
The most substantial category represents compensation for personnel, which covers core developers, web developers, as well as art, communications, branding, and business development; among these expenses, the highest is legal fees at 296,000followedbyrentat296,000 followed by rent at 111,000 (including a $16,500 security deposit considered theoretically refundable and pre-payment until Feb 2015), with other categories visible in the chart. Moving forward, the primary adjustment is that expenditures will significantly prioritize development funding. We aim to establish our development centers in Berlin and Amsterdam, with a smaller footprint in Toronto and London to handle communications, marketing, and branding; the scale of our engagement in San Francisco/Silicon Valley and potentially other sites remains to be assessed based on cost-benefit evaluation.
Moreover, be aware that the distribution of the endowment is somewhat public; while the names of all individuals are not disclosed (though anyone can voluntarily reveal their own share, and the identities of the largest stakeholders can be partially deduced from public records), the percentage allocations are accessible at https://docs.google.com/spreadsheets/d/1GS9pzSdMx9lK0XGSKEDr_aoi02riq3MPRyvEntVUm68/edit#gid=0. Looking ahead, we aim to maintain and enhance our transparency commitment, providing updates on fund expenditures and project advancements; if interested, feel free to follow our blog and the public blockchain.