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    Shadow Era's Avatar
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    Shadow Tokens

    We're pleased to announce full details of the Shadow Token sale, starting August 1st!

    Please see http://www.shadowera.com/tokens/

    The whitepaper has been released at http://shadowtoken.io/shadowtoken_whitepaper.pdf (best if you download it to read)

    Any questions or comments here are welcome as we get closer to the sale.


    INFORMATION FOR TOKEN HOLDERS:

    Portal for managing tokens: http://www.shadowera.com/showthread....arter-Backers)

    Specifics of Daily SC reward: http://www.shadowera.com/showthread....-Token-Holders
    Last edited by Gondorian; 08-12-2017 at 02:12 AM.

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    Senior Member Bluejet24's Avatar
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    Quote Originally Posted by Kyle View Post
    We're pleased to announce full details of the Shadow Token sale, starting August 1st!

    Please see http://www.shadowera.com/tokens/

    Any questions or comments here are welcome as we get closer to the sale.
    Will you be providing more detailed financials of the company?
    IGN: TJ BlueJet24

    Founder of Team Juggernauts

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    Quote Originally Posted by Bluejet24 View Post
    Will you be providing more detailed financials of the company?
    +1

    Not going to get my investment without significantly more detail. Off the top of my head:
    - total revenue, and breakdown
    - total costs, again broken down by development, servers, advertising, salaries, others
    - assets and liabilities (lots of unfulfilled kickstarted things)
    - state of development of all the outstanding features
    - current staff and obligations to them (see costs)
    - business plan

    Plus, importantly, where the $500k actually goes. What's to stop Kyle running off with it?

    How will the transfer of ownership actually work? It says the tokens are not actually a share on the game, so looks like Kyle keeps that!

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    Junior Member TyrionLannister0's Avatar
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    Quote Originally Posted by trevorJacobs View Post
    +1
    How will the transfer of ownership actually work? It says the tokens are not actually a share on the game, so looks like Kyle keeps that!
    "Each token represents a share of ownership of the game Shadow Era, the digital assets and physical card inventory. There are 10,000,000 tokens in total. Besides being publicly tradable, players get many benefits and rewards from being token holders. However, digital tokens are not shares in a company nor are they financial securities. Never risk more than you're willing to lose." -- from the token website

    i don't understand this. Is this contradicting itself?

    P.S. Not trying to stir up trouble, i just want to understand
    House Lannister
    "Hear Me Roar!"

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    I think we need to see something like a constitution - what are the rules that we are asking to buy into?

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    These are some good questions, I'll explain briefly but more details will be coming.

    "Shadow Era" consists of the digital game generating revenue, the intellectual property, and physcial card inventory. Wulven is a company that owns Shadow Era, and Kyle is the sole owner of Wulven. So Kyle is selling Shadow Era "to the players" instead of to a 3d party company. It's a sale without any liabilities or obligations beyond basic fixed server costs to keep it running. What will happen is that a new trust company will be formed, Shadow Era will be transferred to that new company, and future income will all go to that new company's bank accounts and be controlled by the paid board of directors. For a good example of how this is done you can see the open source Wesnoth project.

    As for financial details, a complete report is coming in about a week that will go into details probably never before publicly revealed for any live game. But it's important to understand the Key Performance Indicators (KPI) and how revenue is generated and the past performance. The board needs all the information available in order to make decisions about how to move forward.

    The breakdown of the token sale is given on the website. Yes, the 60% token sale money will go into my pocket to pay off substantial debts and earn a proper deferred income. This is an exit sale for me, and not an IPO for a startup.

    Hope that makes sense!

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    Lead Developer / Designer Gondorian's Avatar
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    Quote Originally Posted by Kyle View Post
    These are some good questions, I'll explain briefly but more details will be coming.

    "Shadow Era" consists of the digital game generating revenue, the intellectual property, and physcial card inventory. Wulven is a company that owns Shadow Era, and Kyle is the sole owner of Wulven. So Kyle is selling Shadow Era "to the players" instead of to a 3d party company. It's a sale without any liabilities or obligations beyond basic fixed server costs to keep it running. What will happen is that a new trust company will be formed, Shadow Era will be transferred to that new company, and future income will all go to that new company's bank accounts and be controlled by the paid board of directors. For a good example of how this is done you can see the open source Wesnoth project.

    As for financial details, a complete report is coming in about a week that will go into details probably never before publicly revealed for any live game. But it's important to understand the Key Performance Indicators (KPI) and how revenue is generated and the past performance. The board needs all the information available in order to make decisions about how to move forward.

    The breakdown of the token sale is given on the website. Yes, the 60% token sale money will go into my pocket to pay off substantial debts and earn a proper deferred income. This is an exit sale for me, and not an IPO for a startup.

    Hope that makes sense!
    Good stuff! Worth reading a couple of times.

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    Quote Originally Posted by Gondorian View Post
    Good stuff! Worth reading a couple of times.
    Indeed - and it raises a lot of questions as well!
    - What is the 12% of tokens (representing $60k) for "operations" actually for? if the game has good revenue, do we need this? Who will hold these?
    - Who will hold the 23% ($115k) for developers? Is that also Kyle? And Gondorian? Others?
    - I think it's saying that any remaining liabilities (e.g. staff pay) will remain with Wulven - i think we need to see exactly what the split is - what are you actually selling? I hope this is in the finances available "in about a week"
    - Who owns the new trust company (in financial terms, who is the Beneficial Owner)? It's not the players, as a ST is not a share in anything - it's more like a voting right
    - The token site says the game has a revenue of $2.7m ... but not per year, rather (presumably) since inception - i.e. 6.5 years ago. This is an average of $450k per year ... but what has this been spent on? Again, would need to see this in the finances
    - What is the salary of each position? Difficult to motivate people to apply/stick at it without this being known! "It's up to the board" is not quite enough, as we should be able to work out at least the total pot of money available for salaries
    - Lots of "constitutional" questions: How will decisions be made? What if there's a deadlock? What involvement will Kyle still have? What happens to any assets should the new trust go broke? How can directors be appointed / fired / disciplined? Who will have access to the accounts? What happens if $500k of tokens are not sold? Do you just keep the money anyway? Can you create more tokens?

    I really want to be able to support the game, but this just feels so opaque. I recognise that more info is to follow soon ("in about a week") - hopefully this will answer the questions, but i just don't think many people will feel comfortable investing anything remotely serious with this level of info.

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    There were some good detailed questions so I'll try to answer them all.

    Q. Why including the "physical" part of the project (honestly i think is what makes/made this project NOT heathy)
    A. The physical cards have already been paid for and are profitable. People that play it enjoy it, and it's a high quality product. There is still a huge inventory but lacking the manpower to sell it, promote it, organize physical tournaments, etc. The tokens might just be a great way to incentivize physical promoters to help the physical game take off.

    Q. What is the 12% of tokens (representing $60k) for "operations" actually for? if the game has good revenue, do we need this? Who will hold these?
    A. These tokens are held in the main Shadow Era Waves account to pay for community positions such as Board of Directors, community leaders etc

    Q. Who will hold the 23% ($115k) for developers? Is that also Kyle? And Gondorian? Others?
    A. It is legacy costs given to developers including me and Gondorian yes. It's kept in reserve in the hands of developers and not for public sale.

    Q. I think it's saying that any remaining liabilities (e.g. staff pay) will remain with Wulven - i think we need to see exactly what the split is - what are you actually selling? I hope this is in the finances available "in about a week"
    A. The sale of Shadow Era comes with no staff or debt liabilities, besides me keeping it running and doing server maintenance for free.

    Q. Who owns the new trust company (in financial terms, who is the Beneficial Owner)? It's not the players, as a ST is not a share in anything - it's more like a voting right
    A. The trust company does not own the assets it's entrusted with ("Shadow Era"), but it's operated by the board of directors with positions such as Treasurer etc other than myself.

    Q. The token site says the game has a revenue of $2.7m ... but not per year, rather (presumably) since inception - i.e. 6.5 years ago. This is an average of $450k per year ... but what has this been spent on? Again, would need to see this in the finances
    A. Details of previous spending is largely irrelevant. I wish it was spent on my private yacht and villa, but such was not the case. The sale is for the digital and physical assets of Shadow Era, not an operating company with employees.

    Q. What is the salary of each position? Difficult to motivate people to apply/stick at it without this being known! "It's up to the board" is not quite enough, as we should be able to work out at least the total pot of money available for salaries
    A. I don't think any position these days advertises the salaries, it's up to the experience, hours available, etc of each candidate. And not really up to me to decide in any case. I will hire the board members and we'll discuss from there.

    Q. Lots of "constitutional" questions: How will decisions be made? What if there's a deadlock? What involvement will Kyle still have? What happens to any assets should the new trust go broke? How can directors be appointed / fired / disciplined? Who will have access to the accounts?
    A. I'll likely still be involved for awhile due to legacy, support and maintenance requirements, but no longer be a bottleneck for the active development. Other questions are things the board members should work out.

    Q. What happens if $500k of tokens are not sold? Do you just keep the money anyway? Can you create more tokens?
    A. Only 60% of the tokens are being sold. I will be happy to keep my unsold tokens. New tokens can't be created.

    Q. I really want to be able to support the game, but this just feels so opaque. I recognize that more info is to follow soon ("in about a week") - hopefully this will answer the questions, but i just don't think many people will feel comfortable investing anything remotely serious with this level of info.
    A. The tokens are two-fold: a reward system for players and an investment in itself. Many players will be enticed by the long-term rewards and it will be designed that way. If you're a player that's thinking of spending money, it will be worth it in the long run to buy the tokens. Shadow Era is a highly rated and long-lived game, and with new management it can really live up to its potential.

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    Thanks Kyle - very helpful!

    A couple of follow-up questions if i may:

    Quote Originally Posted by Kyle View Post
    Q. Who owns the new trust company (in financial terms, who is the Beneficial Owner)? It's not the players, as a ST is not a share in anything - it's more like a voting right
    A. The trust company does not own the assets it's entrusted with ("Shadow Era"), but it's operated by the board of directors with positions such as Treasurer etc other than myself.
    This doesn't answer the question - i understand what the Trust will own, and who it is operated by, but my question was who owns the Trust?

    Quote Originally Posted by Kyle View Post
    Q. The token site says the game has a revenue of $2.7m ... but not per year, rather (presumably) since inception - i.e. 6.5 years ago. This is an average of $450k per year ... but what has this been spent on? Again, would need to see this in the finances
    A. Details of previous spending is largely irrelevant. I wish it was spent on my private yacht and villa, but such was not the case. The sale is for the digital and physical assets of Shadow Era, not an operating company with employees.
    Details of the previous/current finances are hardly irrelevant! If running the game historically has incurred high costs (whatever these might be!) we, and hte future directors, would want to know. I've no idea what the costs of running a digital TCG are, so hard to understand the viability of the company (and hence judge its investment potential) without these data.

    Quote Originally Posted by Kyle View Post
    Q. What happens if $500k of tokens are not sold? Do you just keep the money anyway? Can you create more tokens?
    A. Only 60% of the tokens are being sold. I will be happy to keep my unsold tokens. New tokens can't be created.
    Ok - so what if some of the $300k of tokens remain unsold? Does this sale go ahead, only to those who have purchased Tokens? And in this case, what's the minimum sale volume you need for the exit sale? Or is it like Kickstarter where you have to cross the threshold before any money changes hands?

    Thanks for your answers so far! Looking forward to the financial info at the weekend

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