Hello Steemit! We are CryptoMillionsLotto - a lottery provider that has created a cryptocurrency lottery platform. We have been in the lottery business for quite a while and now run over 30 lottos on behalf of professional soccer clubs and charities in Africa through our AfroMillionsLotto brand.
We are doing an ICO to raise funds, but with a few key distinctions:
- 98% of funds raised will be used to market the platform
- Our token is a security token which has already been approved by the SEC
- None of our team members have received tokens as compensation. Instead, we have provided shares of our company, Ofertas365 which are currently trading at $1.39 on the DCSX
TEAMS SHOULD BE REWARDED ON PERFROMANCE NOT IDEAS
When planning our ICO (or should we say, 'STO') we made a conscious decision to reward staff and team members ('Team') with shares in our parent company rather than with tokens. That way, they were aligned with the business and its long-term performance, and not rewarded just for the sake of being rewarded.
Business had worked this way for a long time, until the new world of ICOs came along!
In this new world, which is innovative, exciting and certainly dynamic, people are rewarded simply for putting their name to a plan. Often, that is exactly what it is ... just a plan. Products haven't been built, customers won or revenue generated; let alone any profits earned. Worse still, others who contribute little to a project but move in the "right circles" are also rewarded for little more than just adding a picture, a social media link and a 'smile' to a business.
This cannot continue.
To be taken seriously, Teams should be incentivised by rewards tied to tangible performance and milestones. It is inconceivable that traditional sources of funding such as venture capital, private equity or hedge funds would entertain someone with a pitch that said, "By the way, we own 20% of the tokens and when our ICO is over we're going to sell out.”
If they wouldn't consider this, why should ICO investors? The ability to cash in life-changing ‘up-front dividends’ undermines the need for the Team to sweat blood, which is critical to the success of any business.
Although today, many Teams defer releasing tokens or place them in escrow, few of these arrangements go beyond one year and seldom are conditioned to real economic results. Those that sell out are free to go with no further vested in interest in the success of the business. It is clear that a Team with no restrictions on its ability to sell tokens is detrimental to investors and a significant cause for concern.
By owning shares and not receiving tokens, Team members have a vested interest in sustainability of the business and are incentivised through dividends and capital appreciation of their stake. A harmonization of mutual interests between the Team and token holders is established on solid foundations.
After all, without the Team, there is no business!
-The CML Team