Being an open-source platform means we’re taking risks. One such risk is the knowledge that someone can take the code and attempt to beat us to main net, which is the situation we now find ourselves. Knowing that we are in a challenging financial situation, a project manager and two developers from the co-op have accepted jobs at a competing blockchain company that is attempting to finish the platform. This new company was founded by a former employee of our VC partner, Reflective Ventures. We wish them the best of luck and look forward to the competition. We consider their move to be an endorsement of our team and technology.

The good news is that core members of the development team, despite receiving offers from the competing platform, have signed on with the co-op. We have the developers, project managers, and drive to reach main net. We’ve had to make tough decisions during this process, including letting go of employees and contractors, selling assets, and seeking bridge loans, but we are committed to finishing what we’ve started. Fortunately, we also have numerous funding opportunities in the works. We are optimistic that the co-op will receive further capital soon.

A cooperative is an experiment, like democracy itself. When RChain was conceived, we were aware that many corporate governance models are not working. It’s too easy to exploit people under such systems, too easy for stakeholders to feel like they are voiceless. We’ve always strived for something better.

Our recent member elections are indicative of this. All the voices in the co-op that wanted to speak were heard. One example of how the community’s voice was heard is the passage of a comprehensive monetary policy, which was proposed, vetted, and refined by the community. Management is fully committed to the policy and has already enacted the first steps. We are diligently working on our communications strategies and are posting regular progress reports on the blog. A VC-driven platform does not offer such opportunities for dialogue.

As we move through this new stage of the cooperative, we remain intent on delivering what we promised on day one: a robust, secure, and stable blockchain platform. The ecosystem we’re building on top of the platform has always been driven by our community, and always will be. The world faces many grave ecological and economic challenges right now. Our mission, since the beginning, has been defined by building a platform where everyone can coordinate better. We are going to deliver this amazing platform where businesses can thrive in a new economy and this platform can be used to help the world meet its 21st-century problems.

Adversity can bring out the best in people. With new board members and by implementing community-driven IoBs, we are indebted to everyone in the cooperative and remain in awe of all the hard work by the membership to bring the RChain promise to fruition. We are also pleased with the team that has formed during this challenging time. With your continued support, we are certain we’ll reach main net and deliver the best blockchain platform in existence.

 

Secure. Scalable. Sustainable

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