When we launched the UTEMIS Token ICO on January 8th we saw how it was building momentum. We then hosted the first ever Firesale on an ICO; and then, halfway through the pre-ICO period. We had to pause and restart the ICO on February 15th.
So, what happened?
Inexperience happened. In the UTEMIS Team we all have extensive experience in business, so creating the B2B platform, talking to customers, and launching the business is something that we have done before. But for all of us it is our first time conducting an ICO.
UTEMIS is a Token that is very specialized in B2B e-commerce transactions. While adjusting its parameters we made two mistakes, the first one is not setting a fixed amount of decimals. The second one is accidentally removing the ‘transfer’ function of the Token.
As a result, current UTS Token holders now see the amount of Tokens they own distorted by decimals and, those that have tried, have noticed that they can’t send the Token anywhere, the Token is “stuck” in their wallets.
How we solved this: we couldn’t continue sending faulty Tokens. It would only make the problem bigger. So we decided to stop the ICO. Create a new Token with the same name and symbol and compensate all our previous ICO participants.
On that latter point, to apologize and to make amends for what happened we are giving every previous ICO participant a 100 percent bonus on their previous purchase, so if you own 1,000,000 UTS you will receive 2,000,000 UTS in the coming weeks.
What happens with the previous Tokens? Once everyone has received the new tokens we will delete the smart contract of the previous ICO and the faulty Tokens will disappear from your wallet. You don’t have to do anything, we will arrange that for you.
On a different note, let us use this experience to explain what the UTEMIS Team is about, so you get to know us better:
We made a mistake, and in the future we will make more mistakes – everyone does!
What we can promise is that every time that we make a mistake we will be there to correct it.
Every time we make a mistake we will apologize and make amends. And we won’t make the same mistake again.
We will move on and continue being relentless at building the best and the leading B2B e-commerce platform in Latin America & the USA.