Jamal Hassim

BOLT Tokenomics Report

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Dear BOLT Community,

Updated 17 March 2020

Since the release of last week’s Token Distribution Summary, we have received much feedback from investors, the community and other supporters. We have also seen unprecedented events in the Crypto space, financial markets and the community generally as the world grapples with the challenges of COVID-19. The market turbulence has seen a large quantity of our tokens moved onto exchanges and traded and our community has been especially vocal regarding our treatment of BOLT tokens on Exchange and the Collateral wallet. We have again heard your comments, concerns and criticisms and have further amended our supply figures.

We accept that it is not possible to be transparent with individual accounts on Exchange, so have moved all of the exchange tokens and also the Collateral Wallet tokens into the general circulating supply figures. The following is an updated republishing of the previous report.

Whilst we have been busy building the BOLT Project and business, we should have devoted more time towards providing more detailed information, whether good or not so good. We are attempting to set the situation right by sharing this update. We will do the same regularly moving forward and will do our utmost to regain the trust of the Community in the Project. The Team has been working very hard to bring the Project forward, but we recognize that we need to distribute our efforts more evenly throughout the Project and take better care of the Community as well.

We would also like to inform you that we will be updating our White Paper and Roadmap (to be shared in April) as there have been many positive developments and progress in the Project since the first BOLT White Paper was written. The update shall also incorporate the changes in the overall Token distribution and the forward plans.

The situation with our Token price is not irreparable. The Tokens are important to us and are at the core of the BOLT Project. Our upcoming Projects all require the Tokens as utility. This has been our plan from the onset.

As announced, there will be an AMA today to answer questions from the Community following this update. Please find below our update:

1. Current Token Distribution (updated)

Notes:

(1) Since the previous update, we have aggregated the Exchange tokens, Financing Collateral wallet and general circulating supply. These are Tokens which have been placed out since the onset and have actively been traded recently/currently on exchange or in wallets.

(2) Pegasus wallet is a key driver of Token utility — see more below.

(3) Address: bnb189asqwllf36nmgzhs7560xvqk9lfjktce78hj0

(4) https://explorer.binance.org/asset/BOLT-4C6 — Select type = “Burn”. A further 5 million BOLT ERC-20 Tokens were burnt before migrating to BEP-2 : https://etherscan.io/tx/0xc820607ed950d6fdec8edafa001b8648a261f980efe092d64483d08770e815f6

(5) 1 billion BOLT ERC-20 Tokens were originally minted. 5 million of BOLT ERC-20 Tokens were burnt before migration to BEP-2.

Rationale for Circulating Supply Declaration on CMC

Because of the high number of non-circulating and tightly-held Tokens, we contend that for the purposes of defining the “True” Circulating Supply (i.e. Tokens which are in the active trading pool), only the Tokens in the active wallets be considered. This will be communicated to Token Metric sites such as CMC and CoinGecko.

Regarding the Tokens currently being held in the Pegasus App, these fulfil several roles. Firstly, they are held by community members who are advocates for the project and also share the long-term vision. After only a few months, we have around 15M BOLT Tokens held by the top 100 holders who have stored their Tokens on Pegasus. Secondly, Tokens held in Pegasus are fulfilling the vision for BOLT, which is to add utility and use cases to the BOLT Token.

2. Planned Migration back to ERC20 from BEP2

We are working with a major exchange to start a new listing/exchange for ERC20 BOLT shortly, which will be managed by BOLT. This will give us better control of the Exchange environment and also give us a new source of trading commission revenue. We will have sufficient demand and liquidity as we will have partners that require the BOLT Tokens for utility. We will also be integrating fiat ramps in the new exchange, which will allow for easier transactions of BOLT Tokens with local currencies.

We will continue to use the Zilliqa chain as well to power our adoption of their smart contract system which will in turn underpin the BOLT Partner Portal, scheduled to be released in end-Q2 2020.

3. New Related Developments

The Team requires to get back BOLT Tokens from the Market to be used for utility purposes for a number of Projects that will take place in the latter part of 2020. These include:

  • Hisense as part of its television collaboration with BOLT, TV owners will use the Pegasus wallet and Tokens as part of its loyalty programme in Africa.
  • Tokens are required for the Pegasus — Hisense Public Cloud Project
  • BOLT Stake is in the process of being licensed in India (in negotiations). Tokens will be used as entry fees for participants. The recent deregulation of crypto in India will assist substantially to accelerate this opportunity.

We trust that the information has been useful and will answer any further questions as best as we can.

We have always maintained that the interests of the BOLT Stakeholders come first for us, and we have discharged our duties with this fact always in mind. We have made business decisions based on all the facts and information available to us at that point of time. There hasn’t been an ideal situation, particularly as a growing company, to make perfect decisions. But we will learn and grow from the decisions that we could have made better. It has never been our thought to profit from the Community. Success must come for everyone together. We are not perfect and apologize if we haven’t been more forthcoming with information regarding the Project. We will address this moving forward. We look forward to building back your belief in the BOLT Project. Nothing has changed with how much success we want for it.

Thank you.

Jamal Hassim

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