DCORP Update

Posted by The Bullex team on Sep 8, 2019 6:30:56 PM
The Bullex team

Dear DCORP community,

Unfortunately, running DCORP has turned out to be more difficult than expected. Creating a successful cryptocurrency business in the incumbent legal, financial and regulatory landscape is a tough thing to do in itself. However, if you yourself have an organisational structure based on blockchain technology, this makes things even harder. Legally and technologically, DCORP has operated at the outer edges of innovation and tried to push the edges of what is possible. Sometimes this has put us in a situation where the things that we wanted to do were technically possible, but practically impossible. In other situations we found ourselves trapped between you, our investors, and other parties that we were working with.
In hindsight, there are things that we would have done differently if we could do them over again. To say it more bluntly, at times we made the wrong decision. However, at those times we did what we thought would be the best for DCORP as a whole.

The summation of all that has happened has forced us and you to make a few tough decisions in the past few weeks. As mentioned earlier, we are in a situation where there are no funds left in DCORP B.V. and Bullex NL B.V. to keep discussing for much longer, and where there were few acceptable alternatives on what to do with the VC smart contract funds. Therefore, we have asked you to vote on a poll for the two most reasonable paths forward as we saw them. The outcome of this poll was to dissolve DCORP and distribute the VC funds. We understand that you are disappointed by the outcome of this poll, and about the outcome of the DCORP project in general. We are sorry that we could not make DCORP the success that everyone had hoped for.
However, we now have to accept the outcome of the poll and deal with it the best we can. While many of you might like to see us proceed, we would put ourselves, the legal entities related to DCORP and possibly also your funds, at risk if we would go against the outcome of this poll.

Therefore, we are now at a point in time where the focus should be on dissolving this project and distributing the VC funds in a professional manner. With the purpose of ending this project in a fair and professional manner in mind, there are a few things that we would like to clarify:

  • Since Bullex will stop, the remaining tokens from the token challenge will not be distributed for the token challenge. The tokens are currently in possession of DCORP B.V.. Since the directors of DCORP B.V. are obliged to act in the bests interests of DCORP B.V., and since it is in the best interest of DCORP B.V. (and also DCORP as a whole) to dissolve, these tokens will be used to vote ‘yes’ on the ongoing proposal on the blockchain. However, these tokens will not be used to claim any Ether.
  • The intellectual property legally belongs to DCORP B.V. and not to the token holders. However, we understand that some of you (as individuals or as a group) might be interested in using it. Therefore, DCORP B.V. is willing and able to grant a license to those token holders (as individuals or as a group) that organize themselves legally.
  • After letting all the events and experiences subside for some time, some DCORP team members MIGHT decide to give the creation of a cryptocurrency exchange or a cryptocurrency store another shot. Every team member will have to decide for themselves if they are willing to spend more time and resources on such an endeavour. IF there is a team willing to start up such an endeavour and work on this actively, this will be privately funded by those team members and DCORP community members that are (still) interested will be given the chance to participate. However, due to what we have learned and experienced over the last few years, this would have to be in a more traditional manner. An example of this would be that we start a new BV in which DCORP community members can join. This would allow us to venture in a more traditional manner and with less complications.

    Whether or not the team decides to start a new venture, DCORP members that organize themselves legally and which request the intellectual property are of course also able to start their own cryptocurrency exchange or cryptocurrency store. If the DCORP team members decide to start a new project, you are free to join! If you want to do it yourselves, you are free to do so!

Sincerely,

The DCORP team

Topics: proposal