We are happy to announce Authorship Beta 2.0 is available.
A preview of the v2.0 can be seen at http://authorship.com
During the next days, all authors and books registered on our Beta platform will be migrated to the new 2.0 version. Following the migration, we will switch the platform to run on our main Authorship.com domain since we are approaching our official launch date (June 1st) and our marketing campaigns need to step up.
The new 2.0 version brings a completely new, fully responsive design, a new interface and new features (some yet to be activated gradually).
We also want to update everyone regarding our ATS token exchange listing process and upcoming changes, including a series of token burns.
An important step for the Authorship Token has been the Bancor partnership, which provides a joint token relay – a decentralized liquidity pool of ATS and BNT, enclosed in a Bancor-compliant Smart Token. Through this, any user can buy/sell ATS token immediately with/from ETH or any other token part of the Bancor network, securely and with no need of a third party exchange, fees or waiting times. It also provides traders with a stable platform to buy/sell tokens with no fear of trading bots, P&D groups or loss of funds.
The Bancor exchange widget has been prominently added on our platform main page and will be strongly promoted.
Besides the immediate benefit Bancor brings (liquidity), it also provides a stable environment for the ATS token to prosper. The ATS token is the backbone of the Authorship platform. A healthy, stable token is something not only investors look after but also authors, without whom the platform cannot grow. In order to bring the ATS token to a healthy, growing and stable state, Authorship decided to do a series of token burns starting from mid April, until June 1st, our official launch date. To prove our serious intentions, we’ve recently done a small scale test which we shared to the community.
The test however, proved to us something the community reported to us for months: a token’s performance is only as good as the exchanges it’s running on. The first important exchange to get listed on was HitBTC. Despite a pricey cost, Authorship kept to it’s promises and got listed on what was one of the most wanted exchange at that time. We agreed to a 6 months contract with HitBTC with the option to extend it to 12 months when the expiry time was due. During the 6 months when ATS was listed, we kept receiving complains about the trading, depositing and withdrawal of tokens/funds. Currently, it is assumed there are several millions of ATS tokens stuck on the exchange accounts from users whom deposits/withdrawals never been credited. Despite our attempts on reaching them ourselves as well, we didn’t hear more than the usual “we’ll check on it” (that is when we managed to get a reply back).
The latest increase in withdrawal fees has also made it impossible for small buyers to withdraw their tokens out of the exchange account. On 17th April, our 6 months contract was due to renewal. To our surprise, we’ve been told that we can no longer upgrade the contract for another 12 months, as it was initially offered, that they only want to offer us an “unlimited” listing plan for a whooping ~ $200,000 fee.
Considering the assumed millions of missing ATS tokens, the increased deposit/withdrawal fees, the suspect and mainly unusual trading habits, the pump & dump groups, their usual lack of responsiveness and their newly breach of agreement and $200,000 claim, Authorship decided not to agree with a contract renewal. When and if they wish to delist ATS after 17th April, is at their discretion. We inquired about but they refused to offer us an answer as this time and we’ve been left with a “we’ll let you know”. A series of token burns done through Bancor will be our first move after the assumed delist to stabilize the token to it’s real value.
Authorship can grow as a platform, as a community and as a stable and valuable project, but only if we take good care about the exchanges we’ll get listed on in the future. For this, we have decided to hire the services of a third party company to get listed only on major exchanges, with a good community feedback and reach a listing agreement.
The Bancor partnership was a first step in the right direction and we’ll continue this by making sure that both the upcoming platform but also upcoming exchanges will follow the same direction.