Fermat’s endeavors started in 2014 and over the last 2.5 years quite a lot of people have contributed to the project. We consider this phase the early contributor’s phase.
In the beginning of this initial phase there was no vision, no architecture, no design and certainly no tokens. During the first 6 months of the project, while the vision was being forged and the initial architecture defined, contributors accounted their time on a spreadsheetwhich was the base for reimbursing time into tokens.
Right after that, an angel investor was willing to bet on the project, and a valuation of the contributed work was assessed, giving birth to the concept of tokens. $ 200K of seed founding was exchanged for 25% of tokens accounted on a spreadsheet. There was no need for a blockchain yet since only dozen people were involved in the project by that time. This also defined the price of the tokens, $0.29 in May 2015.
With that seed capital, developers were hired who took salaries part in cash and part in tokens. As more value was added to the project, the token price as perceived by the contributors was rising. During a year more than a 50 people contributed, many of them taking only tokens still accounted on the same spreadsheet as compensation.
Later came a second angel round of $ 450K that supported the price at around $4. More people contributed to the project taking a mix of cash and tokens during one more year. The project was growing bigger and the amount of individual contributors, big or small exceeded one hundred. There was a need to start the blockchain and we did so by October 2016. The spreadsheet was used as an input to generate the tokens already issued and distribute them among all the participants. 25% of the tokens distributed were time-locked to 1, 2, 3 and 4 years in the future, in order to keep early contributors invested in the project’s future.
Soon after the distribution the tokens were floating in the open market and new tokens were issued only by mining. In 2017 the Contribution Contract system was implemented and tokens started to be issued also to pay such Contribution Contracts. There are several roadmaps affecting the token issuing. If you are interested in learning about them please check:Contributions Governance System Road-mapMining Governance System Road-map
Thanks to Amadeo Charlé for the editing.
If you are interested in learning more about Fermat, this list might help you:“Fermat, the Internet of People and the Person to Person Economy.” The Internet of People architecture dissected.“Introducing the Graphchain.” The cryptographically secured data structure we use to store profiles and their relationships.“Introducing Redtooth” Like Bluetooth with global range.“The Profile Server.” The cornerstone software of the Internet of people.“The Location Based Network.” The geo-located network that help other services to be geo-localized.
bit about Author,
I am a systems architect who started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago Ilearned about bitcoin and decided I would use the underlying technology to fix the biggest problem we have as humans: “unlimited concentration of power”.