UPDATE ON FARAD DAO

Dear FARAD Holders,

As previously announced, we proposed for the FARAD program to move in the direction of a Decentralized Autonomous Organisation (DAO), whereby FARAD token holders will vote to decide the future direction of the program.

The ban by China government on all crypto exchanges and all crypto-related activities in China has resulted in an exciting route for FARAD.

To elaborate on the previous announcement, a decentralized autonomous organization (DAO), is an organization that is run through rules encoded as computer programs called smart contracts.

A DAO's financial transaction record and program rules are maintained on the blockchain. DAO is not something new within the crypto community and has been practiced by various organizations through hard fork such as Dash and Bitcoin Gold, among others.

Ethereum co-founder, Vitalik Buterin, proposed that after a DAO was launched, it might be organized to run without human managerial interactivity.

This means FARAD token holders will decide the direction of the program. DAO aims to create open platforms where individuals control their identities and their personal data.

As we are now progressing with the Farad DAO procedure, while we have to halt all future buyback programs, the committee will be assisting in the process of returning all the tokens submitted in the second FARAD token buyback to the tokens’ existing wallets to ensure they will be able to participate in the DAO program.

The committee will then redeem the tokens from FARAD. The returning of the tokens will be done in batches in the next 30 days.

In pursuant of DAO, we have launched a repository for DAO at https://github.com/orgs/FaradDAO/ for FARAD token holders to contribute their proposals for DAO.

Here, everyone will have a chance to have a voice on the direction of the DAO and the future of the program to ensure maximum results.

Rest assured that the committee has been working extensively and will continue to do so to bring in new business ventures that would benefit the new DAO token holders and discussions are underway.

Continuous updates will be posted on farad.energy on DAO and we will be in touch real soon.

FARAD DAO COMMITTEE

Following our previous announcement of setting up a committee to create FARAD a truly autonomous community, we are pleased to announce the establishment of the FARAD DAO (Decentralized Autonomous Organizatioan) Strategic Planning Committee.

The five strong committee members were chosen based on their previous involvement with the partnering company including their grassroots ties to the Farad community directly. 

The following are members who were appointed to serve on this committee:

Rodrigo – Committee Chairman

Rodrigo has been an active lawyer for more than 10 years, having creating and managing several companies in South America. Living in the Middle East since 2016, his specialty lies in international, contractual and financial law.

Fityan – Committee Member

Fityan is a Chartered Accountant (CA) with a demonstrated history of working in financial services industry while based in Australia. Skilled in risk management and project management to drive change in regulated environment. He has strong business development professional with ACCA.

Abdel – Committee Member

Abdel is an accomplished professional with over 20 years of comprehensive large-scale sales, management and running of companies experience in diversified technology industries in Qatar. Strong background in technology sales operations and management with an outstanding history of managing major accounts, divisions and projects from initial conception, through development and implementation.

Zhong – Committee Member

Masters of International Marketing Specialist and entrepreneur with experience in Social media management, events management, and market research. Passionate about the Fintech business. Built a successful online tech export company using social media promotions. Experience working in China, Hungary, and the U.S.

Ismael – Committee Member

A highly hands-on individual and a creative thinker with 18 years combined experience in management, corporate and marketing communications, crisis management, media and social media relations, employee communications, branding, CSR and event management in Indonesia.

Hisham – Technical Advisor

Hisham has been in the IT sector since 1996, currently focusing on the myriad of Blockchain and Distributed Ledger Technology, and their use in solving the Enterprise use cases. He has been involved in Blockchain development since 2013, including creating a few blockchains based on Bitcoin, Bytecoin and Monero base codes that are still in use today.

Future Updates

Stay updated by visiting https://farad.energy. There will be a number of opportunities to provide input and feedback during FARAD DAO Strategic Planning process which will be announced in due time.

We appreciate the FARAD Community’s patience on this matter as we plan the most ideal mechanism in implementing the DAO system to minimize any possible issues that may arise in future. The team is currently researching legal and ethical methods to bring Farad`s market appreciation to the levels the token deserves.