21Million Token Holder Update: March 2019
For Immediate Release: London
Dear 21Million Fan
Subject: Progress report
You will have seen the 21Million teaser produced with our partner Bingeable Networks back in August 2018. Notwithstanding a winter of discontent as ALTCoins continue to under perform, now that Wall Street influence the BTC prices, progress has been made albeit much slower than anticipated. A combination of a Bear market, 2018 saw emerging regulation with new definitions that describe a utility token and a security token, a framework, that wasn’t there when we started this
process back in 2016.
You may remember the original premise described in our white paper was to make a TV series, an approach that David changed as he wanted to make a film. He then communicated this premise to you but struggled to deliver a fully developed script and production to our budget.
Our project has now reverted back to the original TV series format.
I have been asked a few times why are we shooting a TV series and not making a feature film? The genesis of the original concept was to democratise film making making the process fairer and more transparent. The white paper and token sale agreement mentioned the terms of the 21M token (21MCoin) that discussed its attributes similar to but not the same as a royalty, whereby rewards and benefits program (fan club) we available, in as far as benefits are linked to the success of content syndication, distribution and any licensing of the TV series, visible success that will ultimately drive the price of the 21M token on exchanges.
The incentive, holding the token for a period of time opened up other benefits and opportunities for token holders, to be involved in production, contributing to scripts and attending shoots, becoming part of the cast and crew.
With benefits paid in 21M tokens from the reserve pool.
21MCoins are directly linked to the direct or indirect syndication and licensing of copyright of the 21Million mini series. 21MCoin holders do not own direct copyright – they own an entitlement to share benefits derived from the syndication and licensing of the mini series that can be paid in 21MCoins.
The token economy was designed to reward 21M token holders for their loyalty, whereby 21M token would increase in value as the TV series was syndicated and licensed, and where loyal 21M token holders are rewarded with further allocation of 21M tokens that can be traded on exchanges. Opening up other benefits such as free subscriptions and access for perpetuity to view 21Million Series 1 content and further series, and/or be part of the production efforts in various capacities.
The token economy was designed to attract the film enthusiast that wanted to be involved and get closer to the action, and see a more open and fairer process of film making, something we will include after the trailer is concluded.
Script & Budget
It has been a long road made harder by the volatility of the crypto markets that has impacted other businesses in our group, but overall we have made progress in each of them. We have always seen this market as a long game given the Blockchain technology is early days, and we believe this technology matters.
The good news is the script for the trailer is completed that follows my story line as the basis, although the script itself is the work of Brian Gilbert, an industry veteran. Script writers are hard to find and very expensive. We were quoted $50k for the trailer by some who wanted another $150k-$250k and share of the production company to write the script for Season 1, and for a well known TV writer would have used up all of our budget at over $500k.
Of course we always understood what we could deliver for the budget, reflecting what was actually raised during the token sale, at the time handled by TokenMarket who follow crypto laws based in Gibraltar (as public record of holders on Ethereum). At all times we have sought to get best value and manage the capital as best we can, given David’s false start changing direction from TV to film.
Of course making a TV series (producing a trailer) is complex and similar to building a Blockchain, just like creating a new consensus that enables scaling. The TV trailer has to stand alone, to introduce what is to come, with a general purpose to sell the 21Million TV Series (Season 1), to both entertain and to create initial interest for investors.
It was inevitable I would re-write from scratch a completely new story line for 21Million, new characters and backstories and a continuous story that covers a 6 or 8 episodes that make up Season 1. This is very different to the original concept that David was working on to make a 2 hour feature film, which is actually harder to finance and distribute. It was also essential to distance the story in terms of IP from David’s original, to create new content. David is of course a free spirit and sees the world and 21Million differently and it was inevitable create differences
It also became very apparent given Amazon and Netflix recent success has been from programming original content. A TV series also makes more sense for the project, given the time to tell and develop a story, but also the networks can make more money from our efforts, as most platform models (Netflix and Bingeable) are subscription based. David was of course anti platform, anti Netflix and Amazon.
It was always in the roadmap that if we didn’t raise the full amount to make Series 1 during the token sale, or enough to make a feature length pilot (approx $1.5m), we would make a trailer, and then do a second raise with the content we had created, like an MVP (minimum viable product) in more traditional tech projects.
As part of the new story line, I created four original trailers and the outline for a teaser scenarios, but I eventually went with Brian’s concept: that sees a young entrepreneurial team successfully win a software development contract, then to be hunted by two unknowns (hench man and hench woman), then to be rescued by a central character from Season 1, a certain Mr Finney.
I was part of creating the story, then read the script and it all made sense.
More on the trailer story in another update…
As you know 21M was delisted from Cryptopia during 2018 as regulation emerged that changed the rules for exchanges to listing tokens, a combination of disclosures, liquidity and the re—definition of the tokens by regulators. Back in 2016 and 2017 tokens were simply not defined specifically as almost all were
launched as Utility or Payment (phat protocol tokens supporting a new Blockchain).
And in many jurisdictions, including the UK did not consider a token to be currency, money or a security. And the FCA have only recently alluded to how tokens will be classified on the back of moves from the SEC and FINRA in Switzerland that created useful frameworks to assist entrepreneurs and projects.
Even now the FCA consider tokens to have one of three roles, and given 21M tokens have been minted as a simple ERC20 allowing peer to peer movement between compatible wallets, with rewards deliver in 21M tokens, that remain within the 21M economy.
Token supply of 21M was engineered at 75m, this was to allow for additional tokens to be allocated to token holders. The smart contract for 21M was not programmed beyond offering this facility. Token holders benefit from the value of the token free floating on an exchange, and 21M will be re-listed in due course, subject to listing laws, that will provide 21M token holders the opportunity to sell and or buy more.
The success of a the trailer, the pilot episode and Season 1 would be reflected in the amount of liquidity, the daily volumes of trades and the token price. Current allocation is 1.9m 21M tokens from the 75m pool. Further supply remains plentiful as a reserve for rewarding token holders, cast, crew and partners.
Once we have product (“trailer”) we have also considered new options to create token Swaps with the Bingeable platform where tokens ”BNGST” delivering further liquidity linking 21M/BNGST to other broader content and for holders additional incentives.
These days an ICO can be considered Seed capital, to be followed by a second round (Series A & B) of funding to support the production of Season 1. Where there are options for traditional debt financing popular in film production financing.
Making TV versus Building a Blockchain
In many ways developing software and making TV content mirror each other, requiring a roadmap (spec/story) and the demonstration of an MVP (trailer) as milestones that are rewarded with additional funding, mirroring traditional fund raising.
The single reason to make 21M, a plot that contains factual content to support a story of the Bitcoin Revolution, and plays out the conspiracy stories of the people behind it. Who is Satoshi Nakamoto?
What were their reasons for creating Bitcoin?
Why a Peer to Peer electronic cash system?
The ultimate wakeup call!
My rationale was always different to David’s who wanted to be a producer and director gaining all the industry plaudits and democratising film making, given Hollywoods reputation. He was obsessed with the Palm D’or and the Cannes scene of trendy filmmakers and cool people. But in fairness to David he had his own vision but it was not mine, and delays in his production approach meant I had to make changes, although I tried to make concessions and at one point was prepared to hand the reins back to David, and not be involved.
My reasons for 21Million are two fold. Firstly I wanted to inform and educate people to drive Blockchain and Crypto agenda and ultimately crypto adoption to create a new Crypto Capital Market, second, to send a message that awakens the people for a dream that you “have been sold a lie”…
The story of the Bitcoin Revolution that plays out the facts as we know it, explores the conspiracy theories as the world of this thing called the Bitcoin Blockchain emerges as a real option for people takes shape… 2018 was a tough year for everyone, and most projects albeit successful ICOs
struggled in so many ways and found they had less capital to deploy. We have done OK by comparison in terms of treasury management and we have sufficient funds to complete our objective which is to make a trailer, and then having demonstrated capability (story) to raise funds for Season 1. And where Bingeable have been helpful with opening discussions for partial funding of the Season 1.
We have a script which means we can sign the production contracts, audition actors and choose a location, to begin.
We have a production budget we can more or less afford. It is time.
Thanks for your attention.
21Million Productions Ltd
21Million Productions Ltd
71-75 Shelton Street,
London, WC2H 9JQ
Children of Satoshi Ltd
71-75 Shelton Street,
London, WC2H 9JQ
All Rights Reserved © 2017, 2018 “The 21Million Project”; “21MillionTV Series”