A Letter to the Sapien Community — June 21st, 2018


Dear Sapiens,

The last week has been an exciting time here at Sapien.

With the unlock of our native token, we have unleashed the SPN utility token for the Sapien tokenized social platform.

Already we have more than 11,600 token holders with access to the Sapien Network and the Staking Smart Contract is live, allowing users to stake their SPN tokens to access rewards, post, comment, and vote on the platform. More than 31,000 SPN has been staked so far for platform access. The reasons to stake can be found here.

As a community, we should all feel extremely proud of the valuable content that we are all generating. We’ve had a sharp spike in the number of user signups and both the quality and quantity of conversation on Sapien. Here are the most recent numbers, updated live on our website:

These are incredible figures for a project flying well under the radar in the blockchain space. While there are many projects out there promising far in the future, Sapien is here and now, delivering to the world. On June 14th, the team released two mobile apps (iOS and Google Play), unlocked our token, deployed our staking contract, and prepared our web app for an influx of traffic.

The entire team at Sapien is working around the clock to ensure that we are actively creating the best possible Web 3.0 social experience possible.

Rob (back) researching Reputation; Aurel (front) monitoring SPN transactions
For the last two weeks, Rob (CPO), Aurel (CTO), and I have been off the grid working out the fundamental technicals that will guide Sapien for many years to come.

We had a productive hack session, the results of which we will be sharing with the community soon.

We aim to revolutionize the space and that does not happen overnight. It takes many months of hard work and research to create a truly viable proposition.

The results of the hack session were profound, and it will be coming out in two papers: The Sapien Network Token Economy and the Purplepaper (The Sapien version of the Yellow Paper).

Those two papers will guide us for years to come as we disrupt the social space and bring blockchain adoption to the mass market.

Lastly, I wanted to personally address some of the concerns people had regarding the market value of the SPN token, which we believe is a flash drop caused from short-term holders and the bounty program. We appreciate each and everyone’s feedback on the subject matter. The difference between the incumbents and Sapien is that users actually have a voice on our platform — and we are listening to what you all have to say.

Yes, we did make a few shortsighted errors in releasing the token without any centralized listing platforms but we chose to stick to our word and unlock the tokens on June 14th as promised. No token sale is perfect, and in hindsight, we should have had longer lockup periods for bounty participants. The reason we were not on any centralized listing sites was because we wanted to tread cautiously in this space, and take calculated risks with the appropriate precautions.

Trust me, I know how other companies operate internationally and we are doing a significantly better at staying proactively compliant in the crypto space, which we believe is best for the Sapien Network and our community in the long-term.

Multiple exchanges have been reaching out to us, which are essential to make Sapien more accessible to the more people and provide options to current token holders. Sapien takes pride in conducting due diligence and validating the KYC / AML process of each platform prior to listing. We are looking to partner only with the best and most compliant listing websites.

With that being said, we are excited to announce the first of many Sapien Listing partners, LAToken. It is very important to make the process of acquiring SPN as easy as possible and we want to see the SPN utility token available to everyone who wants to participate in the Web 3.0 revolution.

Once the token is acquired, there are many benefits to staking SPN in the Sapien Network, which can be read about here: Staking SPN Overview.

Regulations are coming — it’s not a matter of if but when. I am positive that is when Sapien will be a gem among rocks, and we will be proud to share our due diligence, KYC/AML, and code of ethics to establish a new framework to facilitate legitimate blockchain companies who want to disrupt the status quo.

Our job at Sapien is to simply maintain, enhance, and proliferate the Sapien platform. It is you, the token holder, that determines the trajectory of the Sapien Network. Our team does not dictate what qualifies as high quality contributions or what content gets rewarded on the platform. We simply are looking to build the infrastructure and set the wheels in motion.

The journey is just beginning, and there is so much left for all of us to accomplish together. In times like this, it is essential to regroup and consolidate, and think about the core reason why we all came together: to build the best Web 3.0 social experience of the future. The entire team has been motivated by the unlock to come back stronger than ever.

Our vision is unwavering: we are committed to building out a completely decentralized, tokenized network to help users take back control of their social experience.
There will be FUDsters and short-term traders, but those are irrelevant to what we want to accomplish in the world. We all need to stand up together to inspire and motivate others as the Sapien movement spreads all around the world. As always, we appreciate your feedback and constructive criticism.

Thank you for your continued support and we’ll see you on the platform!

— Ankit