E4ROW Introducing E4lava
As E4ROW moves out of crowdsale mode and back into productivity mode, the team is prioritizing its next steps. Beyond the upcoming marketing campaign, there have been many great suggestions from the community including spiffing up Uncle Finney’s Poker’s look and UI, creating better and nicer websites, completing and releasing Texas Hold ‘Em, porting to iPhone and Chrome, and more. Several of these will be done in parallel; however, it was unanimous among the development team that a top priority is making E4 tokens more exchange friendly. This will benefit E4ROW investors — both in the short and long term — and it was determined that it’s not a difficult task. So with this post, Team E4ROW is excited to lay out its plan to increase liquidity, and what it will mean for current E4 token-holders.
The first and most holy commandment is that this event will create zero (0, none, zilch, nada) dilution. The only goal of this action is to to increase liquidity, so that people can more easily buy, sell, trade and own these nifty profit-generating tokens. In accordance with the above, Team E4ROW is very excited to announce its plan to release an updated token, called E4lava. Why lava? Lava flows, lava adds liquidity to rock, and lava looks really cool -you get the idea (and they said we needed a marketing department). Here are the key elements of the upcoming E4lava token:
- Each original E4ROW token can be exchanged for 1,000 new E4lava tokens.
- Exactly 1000 E4lava tokens will be minted for each existing E4ROW token. Beyond these, no E4lava tokens will ever be minted, thus there will be zero dilution.
- E4lava tokens will not be sold -they will only be exchanged for original E4ROW tokens. Of course, after E4lava tokens are claimed by their initial owners, they may then be sold, bought and traded thanks to their smaller size and conformance to the ERC20 Token Standard.
- Developer tokens will remain locked for the original 12-month period, per the commitment we made to our investors in the ICO.
- The new token contract will be published on Github, so that it can be reviewed by the community before the contract becomes effective.
- It is anticipated that this switch will take place sometime within the next 3–5 weeks — after reaching the 5000 game Proof-of-Functionality threshold that is required for the original contract to complete. Based on the current rate of game play, this may happen even sooner.
- Once the new E4lava contract is deployed, the original E4 tokens will no longer earn dividends on games played. However, new dividends will immediately begin to accrue on the new E4lava tokens, such that if someone doesn’t exchange their old tokens for a few months, then they will continue to accrue their dividends on the new contract and can redeem them whenever they finally convert. Nobody will lose any dividends regardless of how long they take to convert.
- Dividends will be handled the very same way as the original tokens: 100% of the escrow fee charged on every game played by Uncle Finney’s Poker and all future E4ROW games will be divided proportionally among the token-holders.
The E4ROW team is quite excited about this decision, as we believe that these nimble little profit-generating tokens will spread far and wide on the world’s exchanges, and take us further towards our goal of bringing Ether to the Rest Of the World.
Stay tuned for more updates on E4lava and the other exciting things we have in the works.