We are pleased to announce our SAFT
Algebraix Data will enable individuals to own and monetize their personal data for the first time. The company’s secure, permission-based ad network will be enabled by blockchain technology and the new ALX cryptocurrency. The network will be powered by the company’s unique, patented Data Algebra technology.
The SAFT involves the issuance of 5 billion ALX Tokens to accredited investors, and comes in advance of a public offering of the tokens to take place in March 2018. The token pre-sale follows the SAFT process established by Algebraix Data’s law firm Cooley LLP.
“Today, it’s just the Internet giants who profit from individuals’ personal data,” said Robin Bloor, the company’s Chief Strategy Officer.
“Our permission-based advertising market will begin an Internet revolution. It will change the way people perceive data, and who owns it and how it should be used. The motto printed on our ALX Tokens is ‘Ego Meum Indicium Habere,’ which is Latin for ‘I own my data.'”
The 5 billion ALX Tokens issued in the SAFT will represent 5 percent of the total number of tokens Algebraix Data will issue. While some of the tokens are earmarked for developers, marketers and others, the company will hold a public offering of the 35 percent of the tokens once transactions are enabled on its network.
Algebraix Data, the inventor of Data Algebra™, has devoted a considerable R&D effort to developing query optimization strategies and techniques and holds a number of patents based on that research effort. This collection of whitepapers describes its approach, and will be added to on a regular basis.
WHAT ARE THE BASIC DETAILS OF THE SAFT
The SAFT is for the pre-sale of the rights to 5,000,000,000 (5 billion) ALX tokens from a total supply of 100,000,000,000 (100 billion) ALX, which will never be increased. The minimum investment is $10,000 (or the equivalent in cryptocurrency). There is no maximum limit.
WHAT DO I OWN WHEN BUYING A SAFT?
The Simple Agreement for Future Tokens (SAFT) is a legal agreement. You can think of it as resembling a forward or futures contract for an amount of ALX tokens: the seller (Algebraix Data) sells the rights to tokens ahead of their release date to a buyer (you); the seller must then build the network that enables their use and deliver the tokens at the Network Launch. Half the number of ALX tokens purchased by SAFT investors will be delivered to them at the Network launch. The remainder will be delivered on the six-month anniversary of the Network Launch. When buying a SAFT, you own the right to receive tokens of the issuer on a future date subject to any limitations that are detailed in the SAFT itself.
WHAT ABOUT HACKERS?
The SAFT applications are being processed by SAFTlaunch.com. Despite the fact that SAFTs are relatively new, SAFTlaunch has already conducted two SAFTs. It has security procedures in place to protect the data and unintended access to its website and has spent considerable time, effort, and money to ensure its website is a safe place to do business. It considers safety to be a core concern and one of its core competencies.
HOW DOES SAFTLAUNCH TRACK THE ISSUER’S USE OF FUNDS?
SAFTlaunch requires issuers to convert all crypto proceeds to the currency they expect to have expenses in. It requires issuers to use an administrator to oversee expenses and spending. Issuers are required to have their own counsel to ensure compliance with any local or specific regulation or tax concerns.
WHAT ABOUT COMPLIANCE AND REGULATIONS?
Regulatory compliance is a key focus both of Algebraix Data and SAFTlaunch. Both companies have employed the top attorneys in the industry to advise our process. SAFTlaunch’s background is in investing, brokerage, security and technology, and it is very familiar with the regulations around securities issuance. It goes above and beyond the legal advice it has received in order to comply with all necessary laws and regulation. For investors, it provides a safe and easy way to pre-invest in ICOs. For issuers, it provides a safe and reliable platform to reach accredited investors.
WHY IS ALGEBRAIX DOING A SAFT RATHER THAN AN ICO?
We have been advised by our lawyers that ICO pre-sales that are carried out before the token’s application is ready are likely to be viewed by the SEC as the unregistered sale of a security. SAFTs eliminate that possibility and limit the pre-sale to that of a futures contract with approved accredited investors in reliance on the safe harbors for private offering exemption. Algebraix will be doing an ICO in March 2018 to coincide with the Network Launch. Those who purchase ALX tokens during the SAFT can expect half the number of ALX tokens purchased by SAFT investors to be delivered at end of March 2018 and half at end of September 2018.