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1st Monthly Distribution - A New Pinnacle
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Author Topic: 1st Monthly Distribution - A New Pinnacle  (Read 2308 times)

Yaw

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1st Monthly Distribution - A New Pinnacle
« on: February 08, 2015, 02:06:03 am »

The first distribution of Life to nonprofits, charities and space exploration has arrived upon us. The cut off date for funds to be allocated to nonprofit/charity/space is the 7th of every month, at 7PM (GMT-7). This is also the time that you must purchase LIFE by to qualify for interest (given on the 14th of every month).

So far, it has been very humble beginnings, due to the wallet still being in development and marketing efforts being held off until its launch. In total, 10,462.72 LIFE (7,413.104 NXT worth) has been purchased by 3 different people. 5189.177 NXT (70%) was used to purchase 7308.70 LIFE back on the market. From this:
  • 1046.27 LIFE will go to (RED), Lifeboat Foundation and Habitat for Humanity. 1046.27 LIFE will go to Penny4NASA. This is being held in a separate wallet (NXT-N5PF-X6Q2-YK9E-2AA76) until the respective foundations get back to my emails about receiving their LIFE.
  • 5216.16 LIFE will be distributed equivalently (according to people's stake in the currency) on February 14th.

Future Notes:

Since it costs 1 NXT to buy life on the market and for each transfer to people, in the future these fees will be deducted from the distribution as the ecosystem grows (for instance, if transferring to thousands of people every month, it could become quite costly). This time around I have no problem spending my own 2 cents to distribute without those deductions.

Make sure to buy LIFE by the 7th of March to ensure you qualify for interest on the 14th! :)

EDIT/UPDATE: When emailing Habitat for Humanity, I accidentally told them that I would give them 1046.27 LIFE, when in fact I meant to have that amount split among those 3 nonprofits/charities. In good faith, I will honor that email, and, to be fair, told (RED) and Lifeboat Foundation that'd I'd give them that amount as will. This will come out of my pocket. If anything, I'm happy to help those causes! :)
« Last Edit: February 08, 2015, 07:22:14 am by Yaw »
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