TEC Closed, the Plan for Going Forward, and Optional Refund

  • There is a one week period ending 19:00 UTC 21 December 2016 during which TEC participants may choose whether to receive a refund or leave the funds on deposit in the TEC to receive a distribution of Ark tokens.

    This period starts immediately. The TEC site now includes options to either receive Ark tokens or a refund.

    The refunds will be issued at the end of the refund period, and the final distribution of Ark is determined with the bonuses applied, based on the minimum target of 2K BTC being met exactly. The difference between the 2K target and the actual amount raised after refunds are complete will be treated as a deposit of that amount of BTC with no bonus applied, and its resulting distribution held by Ark for future crowdfunds, development, bounties, and participation in the ARK project, and possibly employee compensation at an exchange rate no lower than the highest exchange rate made by anyone during the TEC.

    At mainnet launch, the distribution of Ark tokens will be made as originally planned, no later than 1 February 2017. Bounties will also be distributed after mainnet launches.

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