This document details the digital assets policy and mechanisms put into place for all issued AMPs.
HyperSpace is committed to utter and complete transparency in all its dealings. All transactions originating from HyperSpace wallets are logged here.
We would like to offer our sincere gratitude to the awesome guys at the Omni Foundation for assisting us in crafting these policies and for acting as external trustees and reviewers.
The entire amount of issued AMPs, two billion (2,000,000,000) in total, was generated by Craig Sellars, Founder of Omni Foundation and CTO of Bitfinex.
Craig acted as trustee for all initial AMP transactions, under a multi-sig solution during which he allocated them to different wallets. Craig continues to act as a trustee and evaluator for some of these wallets, as described below.
Craig will oversee AMP use and ascertain that it is done according to the following bylaws:
HyperSpace policy dictates that the company will only ever release and use AMPs as a means for acquiring more platform users, incentivizing participation, driving growth, and facilitating network effects. Distributed into specific wallets (detailed below), AMPs will be given out as part of referral programs, as rewards for skilled platform use, and as part of Creator and Curator Programs encouraging high-value users to migrate to the platform and use it as their main venue.
HyperSpace’s success is predicated on the entire content ecosystem getting used to and adopting the ideas we espouse, putting the value created within the attention economy in the hands of those responsible for it – via the flow of AMPs. For this to happen and a replacement of the exploitative models prevalent today to be successfully implemented, nearly every internet user will need access to AMPs.
As per the digital assets policy, the large amount of AMPs HyperSpace holds will be used to seed the new marketplace and forming economy. The vast majority of AMPs will be distributed responsibly, in ever-increasing amounts as the network matures and grows.
AMP Wallet Distribution
The following wallets will require direct authorization from Craig Sellars, as well as his participation to create transactions and release AMPs:
- Crowdsale Wallet. Used for the 2015 and 2016 crowd sales. The Omni Foundation reviewed our records and confirmed that AMPs were sent only, to sale participants, in direct proportion to the funds submitted. Coins in these wallets that were not sold were burned:
2015 Crowdsale Burning | 2016 Crowdsale Burning
- Future Crowdsale Wallet. This wallet is used to continue financing the project, through public offerings or agreements with private investors. It has only been used twice for the 2015 and 2016 crowdsales to date There are no plans to use it again any time soon.
- User Reward Wallet. This wallet was sealed before our platform went live, at which point it started being used to reward users who registered to the network, supplying them with an initial amount of AMPs to use for Amplification purposes only.
- Content Creator Reward Wallet. This wallet was sealed before our platform went live, at which point content creators could begin registering for the Creator Program. AMPs are only sent to accounts associated with platform creators and only for use within the platform itself.
- Bounty Wallet. Used to compensate people for assisting in the development and growth of the Synereo network. All bounties given are tracked here.
AMPs were originally divided into the following wallets as such:
- 18.5% were placed in the 2015 Crowdsale Wallet. Unsold AMPs were burned:
- 11.5% were placed in the Bounty Wallet and were awarded to contributors and developers.
- 10% were placed in the User Reward Wallet and were awarded to users as they join the network and invite others, contribute to its growth.
- 7.5% were placed in the Content Creator Wallet and were awarded to content creators who operate on the network.
- 10% were placed in the Founder Reward Wallet and were awarded to HyperSpace’s founders, after being vested over a period of 30 months.
- 42.5% were placed in the Future Funding Wallet. We aimed to have two more funding rounds, spaced 1-1.5 years apart, each providing the necessary funds for the next leg of the project’s development. Following the second funding round of 2016, we currently do not anticipate having to raise more funds throughout 2017-2019.
The User Reward Wallet and Content Creator Wallet may only distribute the allotted rewards in a staggered manner, over a period of three or more months. This assures that rewards will not be quickly liquidated, increasing the chances of them being used in the HyperSpace platform and contributing to the AMP economy.
Generation of new AMPs
As part of the Proof of Social Contribution (PoSC) mechanism, up to 5% more AMPs will be generated each year (note that this is lower than the year after year growth in both user numbers and market value for social networks over the past 15 years). AMP generation will depend on the approval and co-signature of Craig. As per the policy, this mechanism will only come into operation once the network is live.
All Bitcoins received during the 2015 Crowdsale were kept in a multi-sig wallet, generated by Armory Lockbox on offline and/or air-gapped machines. Transactions cannot be generated unless 3 out of 5 keys are used to sign it.
This protects the funds received from any one point of failure, whether by theft, the loss of a key, or the inability of one holder to access the wallet.
Three of the keys are held by HyperSpace’s founders.
Current Wallet Status:
2015 and 2016 Crowdsale AMPs have been distributed to all wallets.
Intermediary wallets now exist to facilitate quicker response to bounty allocations and investor transactions. These wallets are: