Dallas, Texas – (Newsfile Corp. – January 15, 2021) – Alternet Systems, Inc. (OTC Pink: ALYI) today announced an update from its financial partner RevoltTOKEN, released by RevoltTOKEN CEO Henryk Dabrowski. The update is included in its entirety below:
Henryk Dabrowski, CEO of RevoltTOKEN
Let me start with a quick refresher on RevoltTOKEN. RevoltTOKEN was founded specifically to finance the ALYI ecosystem for electric mobility.
ALYI is building an ecosystem for electromobility to include experts from the electric vehicle industry in a continuous continuum for the design and production of electromobility. The ecosystem was designed to initiate an initial product launch of electric vehicles, specifically an electric motorcycle, and an annual electromobility symposium with an electric vehicle anchor race designed to motivate the participation of electric vehicle industry professionals.
The ALYI ecosystem for electric mobility is further defined by its concentration in Africa, where per capita transport is low. The first market launch of electric motorcycles is to target the existing market for motorcycle taxis (boda). Delivery vehicles are a second destination for electric vehicles. The electric vehicle racing event in Africa aims to transfer the know-how of the electric vehicle industry from around the world to the African electric vehicle market.
RevoltTOKEN is intended to enable entry into the ALYI electric vehicle network.
RevoltTOKEN was set up in the Ethereum blockchain. In other words, RevoltTOKEN is an Ethereum token.
We designed RevoltTOKEN as a “utility” token that can be redeemed in components of the ALYI ecosystem for electric vehicles. This includes, for example, the purchase of an ALYI Revolt electric motorcycle or participation in one of ALYI’s annual electric vehicle symposia and electric vehicle racing events, participation in emission credits that result from ALYi’s electric mobility ecosystem. ALYI has a long-term plan to digitize its stocks in the future. In connection with this goal, we plan to include an option to redeem RevoltTOKENs in digital ALYI shares.
The story goes on
While we have the technological aspects of RevoltTOKEN under control, our main role in preparing an ICO is to address the regulatory environment for cryptocurrencies.
The first exchange was launched in the 1500s. The first cryptocurrency was introduced in 2009. When structuring regulations that are supposed to make trading in stocks fair and legal, one can literally fall back on centuries of experience. Nowadays, general exchange rules are widely recognized around the world. When it comes to crypto assets, attitudes and opinions are a bit more chaotic. We try to carefully control the chaos.
Our regulatory approach was to set up a domicile for RevoltTOKEN in a small country that had given priority to developing a regulated market for crypto assets. Our goal was to license or register RevoltTOKEN in this small market and then, once it is established in one market, start licensing or registration in additional markets.
We researched and assessed a number of potential primary residences, including Malta and Estonia. We chose Bermuda. Like Estonia and Malta, Bermuda had made developing a crypto asset market a priority.
We weren’t surprised that our registration process for RevoltTOKEN in Bermuda took quite a long time. We were excited last week when we received the notification that our registration was complete. We were then informed that our application was not accepted.
At the beginning of my career, a mentor said to me: “Work only starts when someone says ‘no’.” The idea of overcoming the “no” stuck with me, and I consider the Bermuda “no” to be an important milestone on RevoltTOKEN’s path to its ICO.
In an environment where rules and regulations are chaotic and new, I argue that a “no” is ultimately better than a yes. A “no” gives us specific criteria that we need to address. We can rely on the correctness of our eventual license or registration even more securely if we answer a “No” and overcome this if we simply receive a yes in response to our original application. A “no” is a learning opportunity.
Not only are we responding to Bermuda’s response, we are also reviewing other previously examined small domiciles and rethinking the US as the original domicile.
Although we hesitate to cut our regulatory teeth on crypto assets in the US regulatory environment, we have always planned to enter the US market at some point. To this end, we recently set up a US presence to prepare for our future market entry.
While the Bermudan response may have an impact on the ICO timeline, we are confident that it will improve the overall soundness of RevoltTOKEN. Working closely with ALYI to provide the necessary funding ahead of the planned ICO, we are also confident that the potential impact on the ICO schedule will not jeopardize ALYI’s current prospects for the business plan.
In the meantime, we continue to pull in co-founders interested in getting involved before the RevoltTOKEN ICO launch. Please contact us to learn more about the RevoltTOKEN co-founder program by sending us an email at info@RevoltToken.com.
Further information and information on the latest developments from RevoltTOKEN can be found at www.revolttoken.com.
For more information and information on the latest developments from ALYI, please visit www.alternetsystemsinc.com.
Disclaimer / Safe Harbor: This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company’s current views with respect to future events that involve risks and uncertainties. These risks include, but are not limited to, the expectation that one of the companies named here will generate significant revenue, failure to comply with the schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the effects of competitive prices. Given these uncertainties, the forward-looking events discussed in this press release may not occur.
Alternet Systems, Inc. Contact:
Randell I’ll be back
The source version of this press release can be found at https://www.newsfilecorp.com/release/72153