We are happy to finally be able to share the details surrounding the JINN to IOTA conversion. The JINN tokens will be locked at the fixed value of 0.0063 BTC, the reasoning behind this is that we offer this conversion primarily for those that did not understand what they bought when they bought JINN. This was the value on the time of the sale and thus ensures that absolutely no one lost anything on their purchase of JINN tokens. This is what is important to us. We are extremely grateful for everyone that supported and continue to support both the JINN and IOTA project and hope that this offering will alleviate the concerns tied to the high risk and bumpy timeline of the experimental hardware world!

Status of Jinn:

Like promised here is a general update of the Jinn project. We are still in full development with our team working hard. We finally received the hardware components from manufacturing at the end of October and started testing as soon as we got them. Two engineers have been testing them and the results are both encouraging and frustrating. On one hand the ternary circuits work fine, but on the other the asynchronous is showing a problem. We’re now hard at work to solve this problem and will do another manufacturing run soon. But this is hardware. This means another 3-4 months until we know if the components work or not, there is a good reason on our end to be encouraged by some of the results and subsequent discoveries, but the intricacies are way too complex to explain here, not to mention premature. A full update will come post-IOTA sale. The reason for this is simple: the JINN to IOTA conversion is meant for those who do not want to be in the hardware speculation game.

What is JINN?
There has been a lot of confusion around the JINN assets in the last months, so here is a brief recap:

JINN tokens was sold by Triangle (our company, now renamed) to represent the processor and emulator sales, NOT EQUITY, which will then be paid out through these tokens / need to work out a legal deal in the future, depending on your jurisdiction. Crypto is no longer an unregulated market and we have to oblige the laws which will be relevant. This is still ambiguous due to EU court.

Back to IOTA

If you are unfamiliar with what this completely new kind of crypto is all about head over to www.iotatoken.com to get an introduction.

This is the only official crowdsale of IOTA that there will ever be. This is it, in its entirety. There is absolutely no premine or presale to exclusive and privileged investors of any kind. Everyone is equal and has the same opportunity. So if you want to get ahold of iotas from day 1 and be part of writing a new chapter in crypto and IoT, this is your one chance.


How to swap your JINN for IOTA and collect your iotas


Step 1: Simply deposit your JINN tokens to this address:

NXT-Q4N3-V2QJ-S3GT-FW4Z9



Step 2:

Collect iota via collect.iotatoken.com after the sale ends. We'll require that you send the string from atoi.exe from the same account that you deposited from to prove your ownership.


Offering

999 999 999 iotas is up for sale.
This amount will be distributed between the buyers proportionate to their individual purchase sum. E.G. if your purchase sum make up 5% of the total sum of all purchases, you will get 5% of all the iotas for sale.

Accepted currencies

Bitcoin

JINN tokens locked at a fixed value of 0.0063 BTC per token. Previously we planned to have a limit on only allowing this swap for people who held JINN prior to a certain block, due to popular demand we now retracted this and everyone that holds JINN is free to swap for IOTA!



Duration and schedule

Duration: 27 days.
Date: 25th November at 2 PM UTC - December 21st 11:59 PM UTC.

Schedule

Pioneer 15% more iotas.      

9 days from 25 November - 3 December at 2 PM UTC 


Early adopter 7.5% more iotas       

9 days from 3 December - 12 December at 2 PM UTC


Slightly-less-but-still-very-early adopter      

9 days from 12 December - 21 December at 11.59 PM UTC

Purpose of the crowdsale


Development. The crowdsale funds will be used for further development and finalization of the IOTA software as well as development of the Jinn hardware processor which will strengthen and help bootstrap the network in its growing phase. Additionally funds will be used on marketing efforts to help nurture the growth of the IOTA network and  community.

Prevent hoarding whales from stifling the project. If the tokens had not been sold but instead distributed through a sign-up scheme or mining of some sort, centralization would inevitably arise and usage of sybil type strategies would cheat the system.

Kickstart the ecosystem. As these tokens exist in limited quantity and every single one of them is sold in this exclusive crowdsale, it is imperative that the people who end up with them value their utility and functionality in such a manner that they have an incentive keep them useful and valuable. This is absolutely vital for organic growth of IOTA.


For those looking to buy through Bitcoin: https://bitcointalk.org/index.php?topic=1262688.0

Risk disclaimer: http://188.138.57.93/risk.pdf