Dallas, TX, January 15, 2021 – – Alternet Systems, Inc. (OTC PINK: ALYI) today announced an update from its finance partner RevoltTOKEN published by the RevoltTOKEN CEO Henryk Dabrowski. The update is included in its entirety below:
RevoltTOKEN CEO Henryk Dabrowski:
Let me start with a quick refresher on RevoltTOKEN. RevoltTOKEN was formed for the specific purpose of funding the ALYI electric mobility ecosystem.
ALYI is building an electric mobility ecosystem to engage electric vehicle industry expert participants in a perpetual electric mobility design and production continuum. The ecosystem has been designed to initiate around a first electric vehicle product launch, specifically an electric motorcycle, and an annual electric mobility symposium with an electric vehicle anchor race event intended to motivate the participation of electric vehicle industry expertise.
The ALYI electric mobility ecosystem is further defined by its concentration in Africa where per capita transportation is low. The initial electric motorcycle launch is intended to target the existing motorcycle taxi (boda) market. Delivery vehicles are a second electric vehicle target. The electric vehicle race event in Africa is intended to bring electric vehicle industry expertise from around the world to bear on the African electric vehicle market.
RevoltTOKEN is intended to offer entry into the ALYI electric vehicle network.
RevoltTOKEN has been established on the Ethereum Blockchain. In other words, RevoltTOKEN is an Ethereum Token.
We have designed RevoltTOKEN to be a “utility” token redeemable into components of the ALYI electric vehicle ecosystem to include, for instance, the acquisition of an ALYI Revolt Electric Motorcycle or entrance into one of ALYI’s annual electric vehicle symposium and electric vehicle race events or participation in carbon credits resulting from ALYi’s electric mobility ecosystem. ALYI has a long-term plan to digitize its stock in the future and in conjunction with that objective, we would plan to include an option to redeem RevoltTOKENs into ALYI digital shares.
While we have the technology aspects of RevoltTOKEN under control, our primary task now at hand to prepare for an ICO is to address the cryptocurrency regulatory environment.
The first stock exchange was launched in the 1500s. The first cryptocurrency was launched in 2009. There are literally centuries of experience to draw on when structuring regulations to make the trading of stocks fair and legal. Today, a general set of stock exchange rules are universally accepted around the world. When it comes to crypto assets, attitudes and opinions are a bit more chaotic. We are trying to carefully navigate the chaos.
Our regulatory approach has been to establish a domicile for RevoltTOKEN within a small country that had prioritized the development of a regulated market for crypto assets. Our objective was to license or register RevoltTOKEN within that small market and then, once established within one market, begin to license or register in additional markets.
We explored and evaluated a number of potential initial domiciles to include Malta and Estonia. We decided on Bermuda. Like Estonia and Malta, Bermuda had prioritized the development of a crypto asset market.
We were not surprised to find our registration process for RevoltTOKEN in Bermuda took a fair amount of time. We were excited last week when we received indication that our registration was complete. Then we subsequently were informed that our application was not accepted.
Early on in my career, a mentor said to me, “the work doesn’t’ begin until someone says “no.”” The idea of overcoming the “no” has stuck with me and I consider the Bermuda’s “no” a significant milestone in the advance of RevoltTOKEN toward its ICO.
In an environment where rules and regulations are chaotic and new, I argue that getting a “no” is ultimately better than getting a yes. A “no” gives us specific criteria to address. We can be even more confident in the soundness of our eventual license or registration when we respond to and overcome a “no” then if we simply got a yes in response to our initial application. A “no” is a learning opportunity.
In addition to responding to Bermuda’s response, we are revisiting other previously investigated small domiciles in addition to reconsidering the U.S. as an initial domicile.
While we are hesitant to cut our crypto asset regulatory teeth within the U.S. regulatory environment, we have always planned to eventually enter the U.S. market. Toward that end, we recently established a U.S. presence to prepare for our eventual market entry.
While the Bermuda response may impact the ICO timeline, we are confident it improves the overall solidity of RevoltTOKEN. Working closely with ALYI to provide necessary funding prior to the planned ICO, we are also confident the potential ICO timeline impact does not jeopardize ALYI’s current busines plan outlook.
In the meantime, we continue to entrain co-founding investors interested in participating in advance of the RevoltTOKEN ICO launch. Please contact us to learn more about the RevoltTOKEN cofounding program by emailing us at info@RevoltToken.com.
For more information and to stay up to date on RevoltTOKEN’s latest developments, please visit www.revolttoken.com.
For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact: