"answer":"<p>Blockstack PBC moved from the R&D phase to the infrastructure building phase in 2017 (upon closing of the Series A equity investment). Blockstack PBC successfully completed the launch of the Stacks blockchain in Q4 2018, <a href='https://blog.blockstack.org/blockstack-unlocks-25-million-in-funding/' target='_blank'>meeting Milestone 1</a>.</p> <p>Since Q4 2018, we’ve been in the developer traction phase. The number of independent applications built on the network increased from 17 to 46 in Q4 2018, from 46 to 86 in Q1 2019, and from 86 to 165 by the time of our SEC offering qualification in July 2019.</p> <p>The Blockstack network has 115,780 registered user accounts as of July 2019 and Blockstack PBC plans to start focusing on user acquisition as we move from the developer traction phase to user engagement phase.</p>"
},
{
"question":"How were tokens distributed to early investors?",
"category":"tokens",
"question":"How were tokens distributed to early investors?",
"answer":"<p>Accredited Investors and funds in the 2017 Reg D token offering purchased tokens at a $0.12 price. Blockstack PBC raised $47.5M in this offering.</p> <p>Holders of Blockstack’s Series A convertible preferred stock—who had invested a total of $5.1 million as of late 2016 and funded Blockstack’s early growth and development before the decision to create a token, or the drafting or publication of any white papers—were also provided an opportunity to purchase tokens at a nominal price per token before the 2017 Reg D offering. This opportunity to participate at a nominal price was given in return for their early support and in proportion to their equity ownership, and it was based on their reasonable expectation as early investors that they would receive tokens if Blockstack ever decided to create a digital token.</p> <p>These tokens are subject to a three-year time lock, commencing upon the introduction of the genesis block to the Blockstack network in November 2018. The tokens for founders and employees are also subject to a three-year time lock starting November 2018.</p> <p>Further, affiliates of Blockstack PBC including Union Square Ventures, Muneeb Ali, and Ryan Shea — three of the largest holders of Stacks tokens — have additional restrictions on selling tokens on the open markets.</p>"