As you may or may not be aware, the FARAD Program recently underwent upper management personnel changes and concluded its partnership with program manager, Virtue Fintech.
These events are the direct result of cryptocurrency regulations put in place by the China government.
In January 2018, China government banned all crypto exchanges and all crypto-related activities in China.
As the FARAD manufacturing facility is located in China, this decision directly has impacted our business model and consequently had an adverse effect on our ability to carry on the FARAD programme as initially envisioned.
During the past couple of months, our management team has been travelling and engaging regulatory and political contacts in China to find a solution whereby we can continue our program.
This has been the reason for the delay while we were looking for a direction for the program.
Unfortunately despite our best efforts, we do not see a viable path forward until the manufacturing facility in China is able to resume production in partnership with FARAD Program.
After a long thought and discussion with the stakeholders, we have therefore decided to propose the FARAD program to be a DAO (Decentralised Autonomous Organisation), whereby FARAD token holders will vote to decide the future direction of the programme.
We regret that we have been forced to take this course of action but believe this is the only viable way.
The FARAD team is in the midst of identifying resources to transition the program to the DAO.
We are also in the midst of setting up a committee to make FARAD a truly autonomous community.
Every FARAD holder will have a voice on what can be done to improve FARAD from the perspective of the ecosystem, marketplace and value.
Do stay tune on farad.energy on how the community can participate in DAO and be part of FARAD’s future.