We have decided to cancel the scheduled TMX token sale. The decision was not an easy one for us to make, but after careful consideration, we felt it was the right one. We understand some of you maybe disappointed, but hopefully after reading this article you will appreciate the rationale behind our decision and see that it is not all bad news! Read on!
There are are number of key drivers which lead us to this decision. Firstly, the legal and regulatory landscape is looking very uncertain for ICOs at this time. We felt that running an ICO would expose us to potential risks which would deviate our focus from our core pillars - technology and innovation. Alot of ICOs have been in the media for all the wrong reasons recently, exerting additional pressure on the cryptocurrency community and increasing volatility.
Furthermore, the number of ICOs failing has also very very high. And last but not least, we simply lacked the marketing muscle to get our project noticed. We are purely self-funded at this early stage, which means we got enough cash in the bank to keep working on the product but we don’t have a spare $250,000 to throw at a marketing campaign. So we have been trying to grow organically over the last few months but unfortunately we didn’t hit critical mass on our mailing list and socials to proceed with the token sale at this time.
The Trademindx artificial intelligence crypto project continues! We have been busy moving from prototype to MVP (Minimum Viable Product), breaking up the code into logical micro-services that can scale when they are run in the cloud environment. We have backloaded all news and market data that we need. Yea… we went way back to 2013 when Bitcoin first started to appear on newly formed exchanges! Ah the nostalgia!
We have also been testing alternative artificial intelligence models and comparing them to our default MaxEnt implementation. Further details on the technical work will be published later, so stay tuned.
Overall, the artificial intelligence platform is starting to really take shape and we look forward to sharing more in the coming weeks.
But What About the TMX Token?
It’s not all doom and gloom! We still have a number of options open for the TMX token. We could always run a token sale at a later date, we could just airdrop TMX tokens to our loyal supporters and bootstrap the economy that way or we could simply scrap the TMX token altogether. On balance, the most likely outcome will be that we will airdrop TMX tokens without a crowd sale, but that will largely depend on how our community grows organically in the coming months.
Rest assured, we are continuing on with the Trademindx project and will release further details as they become available.
We will be updating the site to reflect these changes next week.
If you have any questions, then hit us up on Twitter.