SINOVATE (SIN) provides transparency across business and development-related activities to its community. This includes financial updates, where all monthly expenditures incurred are provided. This policy will be implemented on a continuous basis forever. Please stay at home, follow the rules, and most importantly stay safe.
Please see the distribution details for March 2021 below:
Breakdown of Treasury
Treasury funds fee from every mined block: 10%
Marketing: 25 %
Exchange Listing: 25 %
Development: 50 %
Expenditures
Core Developers, Web Developer, Backend Developers, Insight and Nodejs Developers, Telegram Community Managers, Discord Community Managers, Twitter Administrator, Reddit Administrator, Bitcointalk Administrator, Medium Writers, Campaign Manager, Marketing Team, Content Creators, Art Director;
Team: 3500K SIN
Marketing (Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):1000K SIN
DeFi Bridge Development: 900K SIN
Expenditures in March 2021: 5.4 million SIN
Below is a breakdown of total expenditures thus far:
Total Expenditures until February 2021: 198,234,000 million SIN
Expenditures in March 2021: 5.4 million SIN
Total Lifetime Expenditures: 203,634,000 million SIN
Development Funds Wallet: 143,874,784.77440938 million SIN until 21/11/2020
New Treasury Wallet: 29,222 million SIN
As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 173.096 million SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, leading to technical issues associated with the private key. Also, as the private key was from the old SIN codebase, the Development Funds Wallet will shortly become obsolete.
Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed a total of 30.538 million SIN, for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.
All previous Financial Statements are available via the SINOVATE Blog page.
Join us and stay tuned for all forthcoming updates via our website and social media platforms:
Website Discord . Telegram . Bitcointalk . Twitter . Facebook .Linkedin. Team.YouTube.Reddit.Instagram.
Author: Amit Kaushal
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