FOR IMMEDIATE RELEASE: Fuel Coin Re-Distribution and Upgrade. DEADLINES APPLY!
As many, if not all have noticed, FuelCoin encountered some recent issues while attempting to fork to decrease block reward so miners could no longer dump large amounts of coins daily and keep the prices low. This hard fork went wrong as many clients were not updated and the network was still connecting to old nodes. We have however, decided on a solution not just for this unfortunate event but also to prevent similar instances from reoccurring at future dates.
What we are going to do is create a brand new coin under a new algorithm but at the same time make sure FuelCoin holders still maintain their appropriate positions by issuing disbursements (More info on this below).
New Coin Specs:
Name: FuelCoin will remain the name
Logo: Will remain the same
Ticker Symbol: FC2
Total Coins: 100,000,000 (100 Million)
Matrix Funding: 45M will go to the Matrix Campaign (just like 50% pre-mine minus coins already distributed from meetings)
Algo: Full Pos
Interest Stake: 2%
Coin Disbursement: 50M will be distributed base on current % market share of holdings of each FuelCoin holder, 5M will remain to be paid out during staking.
We are going to do our best to make sure absolutely no FuelCoin holder endures a loss caused by this change to our network. What we will be doing over the next several days is accepting emails and pm’s on twitter with current holdings of anyone holding FuelCoins as well as wallet addresses in the case that we need to verify any amounts. What we are going to do is then calculate each holders current market share using the approx. total network coins prior to the fork of 4.3 Billion. For example if you own 100,000,000 coins now, our math would simply be: 100M/4.3B= 2.33% and then use that multiple to allocate 2.33% of the new total supply of 100M coins, so in this case approx. 2,333,000 of the new coins would be distributed to this holder. We understand that this is significantly less than current holdings but it is the same percentage of total coins. FuelCoin was initially set to have a total of 8 Billion coins. Now that the total supply is 80x less, the price can start much, much higher than 5-10 satoshi. We pulled all the matrix money that was not sucked up by the initial dumpers (minimal amount) once news of the failed fork was spread so we have over 10btc to add directly to the exchanges when the coin is re-listed under ticker FC2 to support the increased prices we will set.
Why we chose this avenue:
The core value of FuelCoin lies in the Matrix education campaign. With miners constantly dumping on the coin, it is not logical in our opinion, to continue the option of mining FuelCoin. The lowered total supply will also allow for us to set higher prices and attract more outside attention on the exchanges. Lastly, we are developing a more secure coin that will be stabilized and ready for all future expansion plans.
Time Frame and Action:
Our tentative plans are to accept emails and messages with total current holdings and addresses up until this Saturday and disbursements of the new coin will begin Sunday and exchanges will be live next week. This is not set in stone and is dependent on the testing of the new coin and ensuring we receive messages from anyone who wishes to be part of the re-distribution process. We will be tweeting about this regularly to ensure our community is well aware of the steps they need to take. The deadlines to exchange your coins are officially. By Wednesday 8-6-2014. We will continue to offer the exchange of your coins until Sunday 8-31-2014. This should allow enough time for everyone to complete the exchange process. However absolutely NO coin exchanging will be available AFTER the cut off date. Do not delay. We are using every media platform available to make sure everyone holding the old coins is notified.
Please send your total amount of coins in numerical value as well as any associated wallet addresses for verification purposes via the contact us form on this Site, @SembroDevelop, or @FuelCoinNEWS. We expect a large volume of messages so we will not be answering general questions about our decision at this time. Any large news updates will be posted on Twitter and we encourage everyone to make sure they are following BOTH @SembroDevelop and @FuelCoinNEWS.
End press release.
If for any reason you are experiencing problems receiving your exchange please email firstname.lastname@example.org or tweet @altcointoday. We have a very close working relationship with FuelCoin developers and are happy to assist.