I know we have been quiet on the public front recently, we’ve been working hard behind the scenes, but I’d like to provide you all with a little update on some important current & upcoming
#Earth2 topics around the
#Essence #token & other developments in progress.
#Essence is a little bit different from other
#tokens given the various
#utility options it will provide its holders over time via the
#metaverse platform we're developing. For this reason, most people may end up keeping their
#Essence on the
#Earth2 platform for future opportunities such as the broadcasting system, building, powering, staking, voting, and other planned utility, but the option to withdraw that
#Essence to a personal wallet, into
#web3, completely separate from
#Earth2 in order to store or trade at an external price determined by
#Essence holders, is also no doubt a big deal and important step for our project and platform. As I have mentioned many times in the past,
#web3 is still in its infancy and still emerging. It’s more or less impossible to predict what the next few months look like in this space, let alone the next few years. Governments are still figuring out how it fits into their typical financial frameworks not to mention domestic/global compliance – and to be honest they are faced with many complicated issues they need to find legally binding solutions for. Look at the recent development with UniSwap and the SEC. Irrespective of my personal opinion, this alone has resulted in us now once again being forced to seek further legal advice on potential ramifications of us even setting up an initial swap on a UniSwap DEX, of all places! This is the type of thing we sadly need to expect and be cautious of moving into
#web3, not only due to government legislating but the clear reluctancy of the fiat and banking industry to adopt, or even co-exist, with
#web3. To put your minds at ease, us seeking legal advice will NOT postpone or delay the release of the token, everything is still on schedule, it just means we may not be able to setup the initial swap on UniSwap, it is best to assume this as the case until we update otherwise (we're likely not going to be able to lead on this type of thing, but we will be watching how things unfold closely). Having said this, I believe we can still release the smart contract along with the whole system which will allow Players to withdraw their
#Essence tokens to their wallets, deposit and basically do with the token as they please. Ironically, I believe this is how
#web3 should be functioning, allowing the community and holders of the token to decide when, where and how it's traded instead of projects setting up specifically to pump and dump. Our approach may even open up more opportunities for the community long term to set up their own swapping options without the influence of the actual project itself. I believe long term organic growth that is in line with our development over time is more desirable. I cannot stress enough, we need to be clear that
#Earth2 is providing this option to its Players first & foremost, because Players wanted a place to trade
#Essence as a
#token, externally on
#web3. I don't want to jeopardise the project. For this to work, people need to understand that
#Earth2 is not making any guarantees on its trading price & is not responsible for the trading price of the
#token, this needs to be accepted as a commodity / utility
#token & holders of the
#token have the ability to trade freely in an external environment separate from
#Earth2. So there is no “hey Earth 2” or “hey Shane” – I don’t like the token price, do something!
#Web3 really is a minefield out there and my plan is to approach it with caution while still remaining as compliant as possible, allowing us to continue with our long term goal of building a geolocational
#metaverse. This is one reason we have initially implemented systems that require some levels of manual interaction from our team with regards to token movement, at least to be begin with, so we can ensure all is working as planned before looking at ways to automate. We need to start the journey somewhere, and excitingly that start is right on our doorstep now. Here are a few things to consider & a few other comments to round off this little update: Is the token going to skyrocket in value as soon as it’s released? I don’t know. We are here to build a
#metaverse, not pump a
#token. If people see value in the
#token and what we are building over time, growth should come organically.