Das33 Update on STORC
Remarks from Michael Mathias, CEO, DasCoin
January 15, 2019
In my most recent letter to the Das community, I spoke about the reporting protocol we will follow for the STORC project on Das33. The plan is to report results of installations by Greenstorc during the previous quarter exactly 7 days after the end of each quarter. Secondly, those results will be published to the blockchain and premiums will be distributed exactly 14 days after the end of each quarter. There are two types of premiums in the STORC project: Quarterly Premiums, in which €0.01 is transferred for each token held each quarter and Bonus Premiums, in which €0.01 is transferred for each token held for every new megawatt of capacity installed by Greenstorc in a quarter.
It’s very important that everyone in the Das community understands that the STORC project has only finished the first phase of its crowdsourcing process. Until the STORC project attracts resources that surpass the €3 million threshold, the project is not assured of being officially completed. Therefore, until the project is completed, all pledged resources are being held by a 3rd party escrow foundation (Key Trust Foundation). As stated in the STORC White Paper, the €3 million threshold must be met before the STORC tokens will be issued, otherwise, the pledged resources will be returned to the digital wallets of the supporters who pledged them.
The STORC project got off to an excellent start in September, completing the Pre-Sale round in less than 60 hours and attracting €1.5 million in DASC from over 1,500 supporters. Since then, the general malaise of the cryptocurrency market seems to have been a factor, as the current round (which is also set to conclude at €1.5 million) has so far attracted €450,000 in digital assets.
Given that the STORC tokens have not yet been issued, it was decided that Quarterly Premiums will not be transferred. However, to honor the seminal achievement of the 25 kilowatts of installed capacity during the past quarter, it was decided that the Bonus Premiums will be distributed. Consequently, a total of 45,045.04504 DASC was transferred to the appropriate digital wallets of the 1,531 supporters of the Pre-Sale on January 14th. Since all of the pledged resources for the STORC project remain in escrow, DasNet Trust, the New Zealand-based trust set up to support the long-term maintenance of the Das ecosystem, provided the required DasCoin for the Bonus Premiums. Also, as promised, the results of Greenstorc for the 4th quarter of 2018 were published to the Das Blockchain on January 14th in Block #12042785.
Finally, I want to take this opportunity to encourage everyone in the Das community to learn more about the STORC project. This is a project that makes our community extremely unique – there has never been a project organized around a premium token. It is truly the world’s first! Everyone in our community should understand what the premium token is and why it’s such a ground-breaking concept. Everyone should also familiarize itself with the merits of Greenstorc and learn why their geothermal technology has so much potential. If we want to revolutionize this industry, we each need support true innovation. STORC represents exactly that – it is a truly innovative project that offers tremendous potential. So let’s work together to complete the current round of this exciting project!
Das33 is a vetted ICO platform that uses blockchain technology to tokenize smart contracts in an immutable digital format. Das33 offers early-stage companies the ability to access the resources needed to grow their enterprises without having to dilute existing equity or incur costly debt. The platform introduces a unique digital token format, called “premium tokens,” that enables a company to pay a pre-defined premium to token holders based on the company’s achievement of a key performance indicator (KPI). The platform also provides a more effective way for token holders to participate in the potential growth opportunities of these companies – and without sacrificing access to immediate market liquidity.
Greenstorc – Power from Heat
Greenstorc aims to bring affordable, green energy to communities throughout the world through a disruptive renewable energy solution that is available 24/7, can be installed almost anywhere on earth, and can provide power to 500 million people that have no access to electricity today. Just imagine a 24-hour supply of zero emissions energy from shallow ground beneath your feet, pretty much anywhere in the world, using modular and scalable technology – no batteries required.
The Das33 vetted ICO platform offers additional features:
Selective process ensures that only
quality projects are presented
Assessment Committee: reviews the business viability of each project Escrowed Premiums: value held in escrow to guarantee premiums Milestone Releases: companies must achieve milestones to access funds
Tokens based on KPIs; systematic buy-back of tokens by issuers
All Das33 projects are presented to the Das ecosystem community, representing over 150,000 accounts in over 150 countries.
In addition to community promotion, each Das33 project is actively promoted in a variety of outside media and PR channels
How does it work?
New units, called “premium tokens,” are digitally created and issued on the DasCoin blockchain. Once a company is selected to create a token on the platform, it will determine the number of tokens to be offered. Each token represents the potential for future value based on the company’s level of achievement of the designated KPI. Each token is essentially a smart contract: a pre-defined premium (e.g., €0.01) will be paid to every token holder for every KPI milestone achieved (e.g., every €1 million in gross sales made by the company). To acquire these tokens, interested parties must exchange correlative value in the form of cryptographic currency (such as Bitcoin, Ethereum or DasCoin) on the DasExchange, an exchange accessible through the DasWallet. Tokens are initially distributed through a crowd sale on the platform. Once the crowd sale is completed, the tokens are released and can be actively exchanged on the DasExchange.
How does a company get selected for the Das33 vetted ICO platform?
Companies must successfully complete the platform’s rigorous evaluation process to be selected for the world's first vetted ICO platform. The process starts with the submission of an application along with the application fee of €2,500 (which can be paid in Bitcoin, Ethereum or DasCoin). All applications are reviewed and rated by internal staff. Highly-rated applications are then matched to an Advisor, who works directly with the company on preparing the token offering. Once the offering is deemed to be ready by the Advisor (including team, website, business plan, and video), it is submitted for review to the Assessment Committee, which is comprised of five seasoned business professionals from a variety of industry backgrounds. Only after being favorably evaluated by a simple majority of the Assessment Committee will the prospective project be presented on the Das33 vetted ICO platform.
What are “premium tokens”?
Premium tokens are a new variety of blockchain-based digital tokens. They are considered neither utility tokens nor security tokens. (Utility tokens perform a function within a system, while security tokens derive value from an underlying asset, such as company equity.) Instead, premium tokens obligate the issuing company to pay a pre-defined premium to the token holder based on the company’s achievement of a designated Key Performance Indicator (KPI). The token’s KPI is defined by the issuing company, and must be easily verifiable by the token holder. The token represents a promise to pay a premium by the issuing company based on its achievement of the stated KPI – it does not represent any underlying asset (such as company equity, dividends or debt) and it does not perform a function within a blockchain-based system. Essentially, the premium token represents a smart contract: the issuing company will pay a premium to the token holder based on its achievement of a stated KPI. The payment of the premium will be made on the DasCoin Blockchain using its native cryptocurrency (DasCoin) on agreed upon time increments (e.g., monthly, quarterly).
Types of Tokens
|Category||Type of Token||Also Known As||Value Basis||Value Driver|
|Native||Network Tokens||Payment Tokens,|
|Security Tokens||Equity Tokens||Asset||Dilution|
What is the role of the
The platform acts as a mediator between the offering companies and the token holders, performing a variety of functions, including helping to frame the parameters of the offerings, monitoring the progress towards the achievement of milestones, and enforcing mutually agreed-upon control measures.