Guardian Circle has released an update acknowledging and apologizing for recent minimal communications. The update explains the delay in the launch of Guardian Circle 3.0, discusses current financial standing, and highlights dApp user statistics.
In the opening statement, Guardian Circle CEO, Mark Jeffrey, acknowledged community feedback for increased communications and said, “we apologize for that, and we’ll do better at that moving forward.” Additionally, Jeffery addressed a six-month delay in the launch of the Guardian Circle 3.0 decentralized application (dApp).
Guardian Circle 3.0 update
Guardian Circle cited two core reasons for its delay in launching 3.0. First, the original GUARD token smart contract had a bug which took two months to rewrite, audit, and reissue. Second, a decision to switch the Guardian Circle 3.0 backend to the Google Google Flutter framework required more time to build than originally anticipated. The change was made to ensure compatibly between both Android and iOS devices.
Despite a six-month delay, Guardian Circle reported progress on the path towards its Guardian Circle 3.0 dApp launch, including 100% competition on the front end of both iOS and Android versions. The application backend is claimed to be nearly complete, and the development team is scaling the wallet backend server code to meet Guardian Circle’s projected needs.
Following the final development, Guardian Circle will “test everything end-to-end” and submit its dApp to Apple and Google Play stores.
Currently, the team estimates a mid-to-late June launch for Guardian Circle 3.0. Jeffrey stated, “we get one chance at this release and a lot is riding on it: it is NOT something we want to rush out before it’s ready.”
The Guardian Circle public token sale concluded in June 2018 and raised an equivalent of US $3.5 million.
Guardian Circle claims it liquidated and spent a total of US $1.2 million in 2018 on legal and accounting expenses, product and professional design work for the app, roadshow for the token sale, and conferences.
To ensure legal compliance, Guardian Circle hired a legal team to establish company information and tax planning. Jeffrey iterates Guardian Circle has “done everything VERY carefully, in terms of legality and compliance, at every step of the way.”
After the US $1.2 million in fees were paid, Guardian Circle had to ensure “the tax implications of converting from crypto to fiat in a Belize corporation,” which is the home of the offshore entity that conducted the public token sale. The remaining US $2.3 million in funds (held in cryptocurrency assets) “quickly became ~$350K before we could get the legal clarity we needed to move it safely,” according to Jeffrey.
Currently, Guardian Circle anticipates a financial runway of 12 months, and an extended timeline of 18 – 24 months if the founders put personal funds into the company.
Today, Guardian Circle reports its has 10,000 active users. A statistic Jeffrey expects to increase as “Guardian Circle 3.0 is designed to be much more viral than 2.0 or 1.0.”
To achieve this level of growth, Guardian Circle hopes to shortly announce the addition of three new individuals who are getting involved with the project. According to Jeffrey, “all three come from a company that has been in the news a lot lately” and are going to assist with consumer adoption.
Lastly, Guardian Circle is conducting “hardware integration conversations” with a variety of safety and security hardware providers. However, Jeffrey was unable to disclose the companies Guardian Circle is in conversation with as “many are waiting to see [Guardian Circle] 3.0 before committing.”
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