On January 7th, the Safeguard Token project announced it will not commence with its public token sale. The Safeguard Protocol sought to be a “blockchain-based framework for artificial intelligence software that aims to predict and prevent workplace accidents.”
Safeguard B.V is a Netherland based company that has had its Safeguard application on the market since 2015. It claims to “help companies create safer work environments by implementing a full-spectrum, tech-driven approach to safety management, facilitating the intersection between IoT technology and mobile devices.” Companies such as Ingram Micro, BAM, and the Johan Cruyff Arena are cited as clients.
The Safeguard Token project planned to convert the existing Safeguard platform into an “entirely open-source ecosystem,” with the SGT token providing access to the protocol and incentivizing code contributions. The Safeguard Token website stated that the solution would combine “Machine Learning and data input sources to predict various types of workplace accidents and hazardous situations.”
The pre-sale round for the SGT token sale took place on June 11th, 2018. In the first day of its sale, Safeguard raised 4,900 NEO but was unable to reach its desired funding target of €750,000.
Since its pre-sale, Safeguard has been participating in Startupbootcamp’s acceleration program, “Smart City & IoT,” through which it has been able to build relationships with “a broad range of VC and Angel investors.” Safeguard claims that these interactions have been successful enough for it to “pursue a new path in our mission of making workplaces safer” and has opted to cancel its token sale.
Refunding Token Sale Participants
Safeguard will refund NEO to the participants who contributed to the SGT pre-sale. Investors will need to apply for a refund before Thursday, January 31st, 2019. Safeguard will keep the funds of any investors who do not apply for a refund before this date.
SGT token sale participants can apply for their refund at the following link:
https://safeguardapp.typeform.com/to/AJElnX
Further, those who participated in the Safeguard bounty program will receive no rewards in the form of SGT tokens, as the token will not be launched.
The full announcement can be found at the below link:
https://medium.com/safeguardtoken/the-end-of-the-safeguard-token-340520a04334
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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