Funding Update: 75% of Milestones Met Jan 27, 2016 17:35:49 GMT
Post by Glavos on Jan 27, 2016 17:35:49 GMT
The remaining funds (25%) of the last milestone (advertising platform) are still held in a 2 of 3 multi-sig wallet with keys held by Koinify, GetGems and Adam Krellenstein (arbitrator) — we’re working hard on completing this last milestone.
50% of the total bitcoins were converted to dollars on March 2015 and held by Circle with contractual obligation to release the funds only upon Adam’s approval. This was done to hedge against the bitcoin volatility (bitcoin price fell to 152$ on January 14, 2015) in order to be able to plan a budget for the company.
We have been asked why we did not make the announcement of reaching these milestones and receiving the money earlier, and the honest truth is that we are concentrating on executing many different things, which is also the reason we didn’t push for the funds to be released earlier, even after the milestones were completed some time ago.
Summary of published milestone details
“We have built a full-featured web interface at Web.GetGems.org which allows our GetGems users the comfort of using our fintech-chat application from their desktop or laptop computer. We based our code on Telegram’s codebase and we designed our code’s architecture to support continuous upgrades. This means our web interface is always synced with the latest Telegram version and offers our users advanced chat features.
“We redesigned GetGems Web from the ground up, to suit our colour scheme for a cross-device unified user experience. We added a new GetGems bar that shows the user his current Gems balance and refreshes after every transaction.
“We have enabled 3 different types of transactions: P2P payment of GEMS, P2P with user selection for in-group payments and a fixed-tip transaction. Each transaction type was designed to suit the context of the web interface, making the experience of transferring GEMS easy and intuitive. We built a 128bit authentication process which happens in the background and is thus seamless to the user. The user’s device identifier and Telegram identifier is encrypted and sent to an authentication server we built. The authentication server utilizes Telegram’s Bot API to ensure secure login.