Community Fund Proposal: BlockGrain - Automating the grain supply chain with NEM


#41

Yes from me :wink: great project!


#42

I want to bring attention to the potential problems I mentioned above are already starting to become apparent with the recent crash in the market.

This proposal was posted 9 days ago when the price per XEM was around $1.60, this would mean the 800,000 XEM requested had a value of around $1.3million.

The current price per XEM is around $.79, hitting as low as $.69 in the last 48 hours. This would mean the project would now have $632,000 and $552,000 respectively.

I imagine this shortfall could cause significant issues. Of course the market may pick back up but it also may crash further, and it could take a significant period for it to recover.

It looks like this proposal may pass anyway but before I cast my vote I am hoping to receive a reply from BlockGrain on how a 50%+ reduction on the fiat value of the XEM received would affect the project?

Will there be delays caused by waiting for the market to pick up before liquidating XEM?

Will you still be able to pay developers and other staff the same amount in XEM or would it require more XEM to be liquidated to meet the fiat value of their salary? Could this cause problems down the road (due to now having less XEM than expected) if the market does not pick up?

Thank you.


#43

Thanks for your support.

Thank you Zachamo.

Hi Ben, sorry for the delay in our response. We have been very busy over the last few days. I think you raise a valid point about market volatility, but this is the volatility we are all exposed to by being part of the blockchain/crypto environment. We accept that prices will go up and down. However, if at some point they fell to such a level (and did not bounce back) that our milestones became unreachable, we would talk to the NEM Foundation and the broader Community to explore ways to overcome this. Our business does have existing funding, so a drop in the XEM price would not risk the viability of our business, only the speed at which we could reach our milestones.


#44

Thanks for the reply. If a drop in the XEM price will cause delays it is good to know you are anticipating this possibility rather than being oblivious to it.

BlockGrain mentioned the possibility of an ICO down the line.

A few people were concerned regarding the possibility of an ICO but I don’t really see it as an issue. The NEM community is not receiving any tokens from BlockGrain (as far as I am aware) so they don’t really have anything to lose from BlockGrain running an ICO. If anything additional funds for BlockGrain would be a benefit for the NEM platform and it would give NEMbers an opportunity to invest.

I the downside could be that the funding you have proposed now would not be sufficient and the success of BlockGrain is hinged on X amount of additional funds being received from an ICO.

If BlockGrain does run an ICO maybe you could look at a % of the tokens being distributed to XEM holders, as well as being available for everyone else in the standard way. Or alternatively a % could go to the NEM Foundation. Either one would benefit the NEM community.

I am also interested in what BlockGrain would do if the price per XEM increased by a factor of 10, 20, 30. BlockGrain could invest heavily in the Phase 5 - Social Responsibility program with the excess funds, it would be comforting to know NEM community funds are going to helping those who needs it.

Overall it looks like a really good project.


#45

3 Days left until the end of the poll.


Intermediary results
~3.01% POI already voted (required 3%). Minimum quorum threshold reached!

Voting details:


#46

Would there be a way to donate directly to agricultural workers? I’ve been thinking blockchain will let consumers tip directly to the person who bent over and cared for the food they eat. This is one dream I have always had for nem as a usecase.


#47

Congratulations to the BlockGrain stuff!

I hope to hear news from you soon.


#48

:tada: On behalf of everyone at BlockGrain, we would like to extend a huge thank you to everyone who supported us! We have now reached over 3% POI for our YES vote.

The NEM Community has been amazing! We also really appreciate the assistance from some of the key NEM Community members including, Jason, Nelson, King Cole, Trikar, Klim, Greg, Kirill, Dan, Alex, CryptoBeliever, Patrick, Nikhil, Shin, Graeme, Bill and many more… :grinning:


#49

Congrats Blockgrain! Just squeezed in a vote earlier today, best of luck going forward!


#50

Thanks for your support mr.robot!


#51

Congratulations! I’m really happy that this passed :slight_smile:


#52

Voted yes. Of course.


#53

.good job


#54

Best of luck with the project


#55

Please keep us updated, I used to unload trucks that loaded ships with 40k tonne of grain (yeah I got sacked after 6 months but that’s not the point).
I find it interesting.
I wish you all the best in this venture.
Cheers


#56

Stock market is a bit volatile at present too mate.
I throw one idea against another and just picked up 1400xem at .50USD.
I dunno, call me a fool yet to a layman like me I like to see the work done.
Nem will survive while there is doers behind it.


#57

There’re few additional aspects of minimal viable product I would like to share. Though to keep my karmic slate clean I would share a link to this tips https://lvivity.com/minimum-viable-product. Otherwise, it would be a poor rewrite


#58

Hello NEM Community!

We hope everyone is doing well and is persevering through what has been a difficult time with the markets.

To provide everyone with an update, BlockGrain has been working hard to deliver and test our full-release (v2.0) product and we are expecting a soft-launch in Q2 2018, with an official launch date in Q3 2018.

We also want to provide everyone with an update on our Community Fund Proposal. In January, we were totally overwhelmed by the level of support and excitement from the NEM Community and were encouraged by the strong YES vote on our poll. Our original NEM Community Fund proposal was for 800,000 XEMs. When we announced our Community Fund Proposal, XEMs were trading at $1.72 USD each – meaning our total funding proposal was for approximately $1.38M USD.

Unfortunately, 2018 has not been kind to crypto markets and at the time of writing this, XEMs are currently trading at around $0.28 USD – meaning our funding proposal is now valued at approximately $225,000 USD.
At the time we launched our funding proposal, we mentioned that BlockGrain has operated to date on private investment. However (like any start-up), to expand and grow our business over time, we will need to raise capital. This will be particularly important as we look to launch our product and expand across Australia and to new markets as well.

Unfortunately, we will need considerably more than the current value of our NEM Community Fund proposal to do this. Therefore, BlockGrain has made the difficult decision not to accept XEMs from the NEM Community Fund and instead launch a BlockGrain Token Sale to raise capital. At the time we launched our proposal, BlockGrain made the commitment that should we undertake a Token Sale, then we will not ‘double dip’ and also access Community Funds.

We would like to stress that BlockGrain has NOT accepted or spent any XEMs from the NEM Community Fund. As such, we are happy for any funds that may have been reserved for BlockGrain to be returned to the Community Fund pool, to allow access for other upcoming NEM projects.

Our decision to launch a Token Sale does not change BlockGrain’s interest in the NEM blockchain, or the very exciting technologies on NEM’s horizon. We are continuing to evaluate technologies for our product and NEM is certainly part of that exploration. However, we will not be using XEMs from the NEM Community Fund to finance that development.

We have built a great relationship with the NEM Team and the NEM Community and will continue to grow these relationships into the future.

Kind regards,
The BlockGrain Team


Blockgrain is now using eth?
#59

Why do you do ICO with ERC 20 token?
http://www.blockgrain.com.au/wp-content/uploads/2018/03/Token-Sale-Agreement_signed.pdf