6/Governance
Token Holders can make an impact.
Project Governance
The team spearheading the tokens is the same team which leads the company. In other words, the same team answers to both groups of stakeholders.
The common platforms where token holders can interact with the team would be on Telegram, Twitter and YouTube AMAs (Ask Me Anything) sessions. Depending on the country of penetration, special platforms such as LINE may be used.
On a bi-weekly basis, AMAs (Ask Me Anything) sessions can be held as long as it is requested.
On a weekly basis, the CEO (Japhet) may also give a snapshot update (Similar to what Charles Hoskinson does for the Cardano community)
Token Treasury Governance
Multi-signatory arrangement
Currently, all supply of $FRAC (including the Token Treasury) sit in the Parcel application (https://v3.parcel.money/)
The Parcel application sits in Gnosis Safe which is a smart-contract driven wallet, that enables multi-signatory unlocking of tokens. There will be a minimum of 3 signatures needed among the core team in order to unlock the $FRAC that is part of the Token Treasury.
Transparent transactions
Since all token transfers take place on-chain from wallet to wallet, investors can check the respective block explorers at any moment of time to verify up-to-date token holdings in any wallet.
Origin wallet address URL Link: https://bscscan.com/address/0xe10F99F7A1b0cC1f94a99F48F2F921E15474D72A)
Treasury Policy
As mentioned, the $FRAC in the treasury is only reserved for use for the following functions: - Asset Owners' Incentive - Staking Rewards - Strategic Partnerships - Foundation With clear use of the tokens in place, these policies would serve to safeguard against any wrongful or unjustified usage of $FRAC.
Governance Committee
A special committee will be formed to oversee the control and safeguarding of all tokens. This committee will serve to ensure the use of the tokens are as dictated in the "Treasury Policy" portion of this page.
Use of Proceeds
Frac Sdn. Bhd. will utilize the funds raised as per the Table of Use of Proceeds under 5/Token Saleand will also not make any changes to the utilisation of proceeds post the issuance of the digital tokens or any changes that affect the token holder’s rights, unless prior approval of the token holders representing 75% of the total amount of tokens held by all token holders present and voting has been obtained.
Material Changes
Where a material change occurs affecting the TCF (Token CrowdFunding), the TCF project, or the issuer, Frac Sdn. Bhd. will immediately upon knowing or becomes aware of the event, inform the pitchIN Team of such change for purposes of announcement on the pitchIN TCF platform.
Conflict of Interest
If there are transactions or activities which may amount to a conflict of interest with $FRAC investors, these transactions or activities, will be made known from Frac Sdn. Bhd., to the pitchIN Team for the purposes of announcing on the pitchIN TCF platform.
In addition to the above requirement, post issuance of $FRAC, Frac Sdn. Bhd. will notify the pitchIN Team of any sale, transfer or assignment involving five (5) per centum or more shareholding in Frac Sdn. Bhd, for the purposes of announcing on the pitchIN TCF platform.
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