STRC CONTRACT ADDRESS: 0x46492473755e8df960f8034877f61732d718ce96
GTKT CONTRACT ADDRESS: 0x025abad9e518516fdaafbdcdb9701b37fb7ef0fa
Back to Earth is proud to announce STRC and GTKT have been successfully distributed to all token holders!
Our team worked very hard, and we thank them for their diligence in fixing the enormous mess left by TokenMarket. We found many errors in TokenMarket’s distribution that led to misplaced funds, inaccessible wallets, and massive confusion. These misplaced tokens totaled over $100,000 and required our immediate attention. Now we are proud to say: Problem Solved!
If you need help accessing your tokens, please follow this link for claim instructions: https://b2e.tips/go/tknz4u
We are sorry that this process took as long as it did. TokenMarket attempted to cover up their mistakes and blame you, our customers, for missing funds. They were unwilling to take responsibility and amicably resolving the situation with them proved impossible.
Our team is stronger and more confident in our production than ever, and the developments in the last three months are phenomenal. We will soon announce our PR team, a restructuring of the production company to encourage innovation, strategic partnerships, casting, and more!
We want to thank the community for sticking with us through these trying times for our startup, and look forward to the real work to come.
We made a conscious choice to avoid commenting on the various problems with the original distribution of StarCredit (SRC) and Golden Ticket (GT) tokens until we compiled and researched all the facts and evidence at our disposal. At this point, we have analyzed enough data to be confident in the veracity of the statements contained in our report. Still, we are wary of engaging in speculation based on our investigation because the whole situation is rather bizarre.
Our team is familiar with pratfalls common in web development that would, in most situations, be the root cause of several issues we found. Further analysis, however, revealed a lack of consistency that is more often caused by human error, and fits with TokenMarket’s explanation that bitcoin payments were manually connected to Ethereum addresses.
Much to our chagrin, we will probably never know exactly what happened that ultimately led to the re-issue. The new token distribution is not contingent on an explanation and we already have what we need to repair the damage and continue to focus on project development; Specifically, the ability to automate rapid distribution of new tokens, a list of Ethereum addresses that should not get new tokens, and the tools to verify token claims.
Click through to read our StarCredit (SRC) Distribution Report.
The crowdsale and original distribution suffered from several problems, but the most relevant to anyone who bought SRC amd/or GT during the crowdfund is that TokenMarket did not distribute all the purchased tokens and we only have the vaguest idea who was shortchanged!
Without information linking the Bitcoin payments with the SRC and GT they purchased, we don’t know which token addresses received the wrong amount of tokens. Armed with your payment details (i.e. Bitcoin payment TXID and corresponding Ethereum address) we can tell immediately if you are in the clear or if you are owed more tokens. The more pairs of details we have – even if the payout was correct – the more accurate our linking table is and the more likely we are reconcile the sale once and for all.
Please fill in this short form to help us sort this out.
As we approach distribution day, you might be wondering what you need to do during the reissue. The short answer is: nothing! Just sit back and wait for the STRC and/or GTKT to arrive.
The long answer is:
We have created a form to facilitate collecting critical information, namely the Payment Details: the BTC Transaction ID and the associated Ethereum Address. Why are we asking for this information instead of just analyzing the blockchains? Not all SRC and GT purchased during the crowdfund were distributed to the purchasers, and we don’t know who those people are. On one side we have records of every payment made during the crowdfund, and on the other side we have records of every SRC and GT token issued in mid-May. The majority of transactions on each blockchain can be linked together without requiring proof beyond the numbers. The remaining transactions fall into two categories: payment amount is too common, and complete mystery.
If you received too many SRC or GT they are yours to keep. Details submitted to the linking table form will not be shared outside Back to Earth Productions, LLC and its contracted associates as needed.
Use the following formulas to determine if we need to send you more tokens.
If you believe that you have not received the correct amount of SRC or GT, please forward the email(s) you received from TokenMarket with your Payment Details to email@example.com to start the claim process.
To figure out if you received the correct amount of SRC for your payment, divide the amount of BTC you paid by 0.0001875. The result is the number of SRC tokens that should have been transferred to your account, give or take a few SRC*.
(Note: Transactions in your wallet that are multiples of 50 represent Ref Link Bonuses and should not be factored into the purchase amount.)
To figure out if you received the correct number of GT for your payment, divide the amount of BTC you paid by 0.75 and round down to the nearest integer. The result is the number of GT tokens that should have been transferred to your account. (Note: If you are within a 0.003 margin of error, round up.)
Federico Heller is a co-founder at 3dar, an Argentinian-based production and animation studio, and the official director for the pilot episode of Back to Earth.
Heller has worked at 3dar since 2003 as a director, producer, and visual effects supervisor to hundreds of different projects for TV, advertising, and film. His short film, Uncanny Valley, has won awards at the London Sci-Fi Film Festival, LAIFF, and the Toronto Arthouse Film Festival. It is currently in development as a feature film.
He has most recently worked as Co-Producer and VFX Supervisor to Numb: At the Edge of the End, starring Harvey Keitel and Hayden Christensen, and was VFX Supervisor and Post Production Director in Aliados, a FOX Latin America TV production.
Back to Earth Productions will be partnering with 3dar for all post production needs. 3dar is a collective of creatives, pushing the boundaries of virtual reality, animation, and digital effects. They have worked with companies like Dell, Lay’s, Cartoon Network, Google, Sony, and many more.
We are thrilled to have Federico join our team. You can watch Uncanny Valley below in it’s entirety.
Uncanny Valley, Directed by Federico Heller
Many members of the community are requesting more transparency from the Back to Earth team and more frequent updates regarding project development. While we aim to be as transparent as possible with project developments, we have been hesitant to release certain developments because we are creating a story, and if you give away story elements too soon you ruin the experience!
But I also understand that our project could be better at communicating our developments to the community.
So I’m here to answer some questions, like “Why is token distribution taking so long?” “Why did you sell so much of your bitcoin up front?”, “Where is all that money going?”, and “What’s next?”
Why is token distribution taking so long?
Because it is complicated.
Many people had their tokens sent to the wrong address, and we have to manually hunt them down and get a proper address from them for the reissue. The development is also taking a bit longer than anticipated because we are adding new smart contract functionality that will add to the future value of the Back to Earth experience.
Why did you sell so much bitcoin up front?
We raised 750.57 BTC in our crowdfund. Almost immediately following the crowdfund we liquidated over 643 BTC at a market rate of roughly $1450 per BTC. This totaled about $932,000. Since we sold, bitcoin’s price has moved up significantly… so why did we sell so much?
Because we are a company that is creating a product, not a venture capital firm speculating on the future price of bitcoin. By cashing out when we did we were able to immediately hire No Mimes Media to begin pre-production on the transmedia story, we locked in our award winning director, and we began hiring an enormous team to help us with the process of making our first episode. All told, Back to Earth is currently in collaboration with over 30 artists, technical advisors, and creators.
We were only looking to raise $750,000, and so we saw no point in holding the bitcoin as a means of making more money for the project. Our budget is set. And if we didn’t liquidate the bitcoin then we wouldn’t have been able to get moving on so many aspects of the production.
Where is that money going?
Film production is expensive! While I can’t reveal the costs of production for many reasons, I can tell you that a large portion of the budget has been allocated to film/story production. A good story is ultimately what is going to bring people back. Take a look at our white paper. There we outlined budget categories for our production. We are sticking to that very well so far.
What can we look forward to?
Lots of great things are just beyond the horizon. For one, I’ve been working hard to create an experience for everyone holding STRC after the reissue takes place.
We also have some storyboards coming in from our director that I would love to share with you. I will hopefully get a chance to share them in the coming week.
We are slated for production on August 7-11. We should have the first episode edited and ready by October. While we may not release it immediately, we do intend to release the first module of our transmedia experience around that time.
In November we will be taking our work to the American Film Market in an effort to get more funding through traditional methods. So far, many industry professionals have shown interest for our project.
I have been busy meeting with other business leaders and creators both locally in Albuquerque and in Los Angeles to help establish our company’s presence. Blockchain development is picking up in Albuquerque, and my team is working on positioning Back to Earth to be a company that encourages blockchain innovation in New Mexico.
Creator and Founder of Back to Earth
It’s been nearly three weeks since we discovered the issues in our StarCredits distribution outlined in a recent blog post. In the post we discussed why we have to reissue our tokens in order to make sure that everyone who participated in the crowdfund receives their tokens in a fair manner. While most participants did receive their StarCredits and have been actively using them, some had their StarCredits sent to inaccessible addresses.
After looking further into the problem, we have identified many factors as to why these individuals did not have access to their tokens–in most cases this was by no fault of their own.
Following this development, we parted ways with our StarCredits distributor and began the process of hiring a developer that would be able to take on the byzantine task of reissuing 4.5 million StarCredits tokens. These last few weeks have had us busy analyzing the StarCredits blockchain to determine the best approach to handling the reissue. Since the blockchain industry is still such a small space, there are only a handful of people who are familiar enough with the technology to handle a reissue. Getting in contact with them and picking the right candidate took some time.
While I can announce that we have hired a developer to handle our resissue, we are still unsure as to when the distribution will take place. Obviously, we want to get the new tokens out as soon as possible–even within the next two weeks–but since we are in uncharted waters, we want to go slowly and make sure that we do this right. The last thing we want is to rush this process and then need to do another reissue!
The good news is that the reissue probably won’t affect you.
If you are currently in possession of your SRC and can access them, then you don’t need to worry about the reissue. When the time comes, your wallet will be credited with an equal amount of the new token. We will essentially take a snapshot of the blockchain at a given point in time and will issue tokens to all wallets that are currently in possession of SRC. If you cannot access your tokens and you have not contacted us, now is the time to do so!
Regarding the future of SRC… well, we have to rebrand the SRC ticker.
Since the SRC ticker will already be in use and created for our first distribution, we are going to have to change the ticker. The new token’s ticker will be STRC. The old token in your wallet is StarCredit (SRC). The new token will be StarCredits (STRC).
We found that this disruption was truly a blessing in disguise.
The original SRC token had next to zero smart contract functionality. This was because we believed that most smart contract functions could be created through third party applications. However, as we have gotten further into pre-production, we have begun to find ways that smart contracts can be implemented to add extra functionality which specifically relate to the Back to Earth experience.
Therefore, the STRC token will have more functionality and uses than its predecessor! This will be showcased on the first day of the reissue through a small project I have been working on to reward our supporters. Stick around to learn more!
I’ve been in a lot of meetings the last few weeks, talking with directors, app developers, producers, you name it. We are excited to announce that we have locked in our director, and his work is amazing. We will have a more formal release prepared regarding this in the coming weeks.
So far, a lot of pre-production meetings have centered around our story. When you have a series, an app, an ARG experience, and a graphic novel all in development there is a lot of work that goes into creating the story world and developing the cannon. While most of these meetings are closed door, and I can’t discuss what directions the story is headed, I can say that I get more and more excited about it everyday.
One of the many things that has come up in our discussions with our partners at No Mime’s Media is how we can get blockchain technology to play an integral role in our story. We want to do it in a way that not only shines a light on the possibilities of blockchain, but does so in a way that is educational and exciting. This process takes time but has proven to be very rewarding, and I can’t wait to show off some of the wonderful ideas we are beginning to create.
So far we have slated production of the first episode of Back to Earth on August 7-11, 2017. And we are planning to have a portion of the ARG ready by October. All this in preparation for a larger launch in 2018!
It has come to our attention that over the last few days a number of crowdfund participants were unable to access the StarCredits they paid for. After further discussions with both TokenMarket and our community, we realized that this issue is something that goes deeper than “user error”. Certain participants retain passcodes to their wallets, but simply have not received the correct amount of StarCredits–if any at all.
We were immediately concerned when it was brought to light that this was not about lost seed words. Since we hired TokenMarket to help us correctly distribute StarCredits, we asked them to work with us to deliver the StarCredits to affected participants. Unfortunately, TokenMarket is not interested in compensating affected users for the missing tokens until we pay them for the unfinished crowdfund.
We have offered TokenMarket the option to put their payment in escrow in order to make sure that all parties receive the best outcome and that crowdfund participants aren’t left picking up the bill–but TokenMarket is not willing to use escrow. We find ourselves at a standstill. Distribution will not continue until we pay, and we will not pay until distribution is completed.
As it stands, we would still be more than happy to use escrow. Then no one has to worry about the money and we can all focus on the solution.
However, since plan A was rejected we are moving forward with plan B. The only fair recourse at this point is to reissue StarCredits as a new token with a new name. Everyone who is holding SRC at the point of the new token distribution will receive an equal amount of the new token. Anyone who was affected by the issue in TokenMarket’s software will also receive the new token in the correct amount. The same will go for all Golden Tickets.
It will take us time to sort this out and we are willing to accept whatever help the community wants to offer. We are sorry that this will affect trading for the time being, but our intention was never to make a coin that traders pump and dump. We won’t interfere with the market in any way, just replace tokens 1-to-1 and issue tokens that were sent to the wrong address by the crowdfund software.
This drama comes at a time when Clay Space, Back to Earth’s founder, is in Los Angeles meeting with our partners and working with producers to hire talent for the project, including ARG designers. The project has had a phenomenal reception from industry members we have spoken to, and we hope that we will have good news soon regarding the developments we have made during pre-production.
On April 28th we made history as one of the most successful film and media crowdfunds ever! Not only did we raise 750 BTC (over $1 million at the time of this writing) but we raised it in less than 48 hours! Our team has since been super busy meeting and collaborating with our fantastic partners. Lots of great news to come!
When we first planned a 750 BTC raise, we assumed bitcoin’s price would remain at or near $1,000, so it goes to say that we have a little bit of extra room to work with. This means that the Back to Earth story will be that much more beautiful and amazing.
So what happens now?
Lots and lots of meetings. Production meetings, creative meetings, storyboard meetings, worldbuilding meetings, developer meetings, marketing meetings, meetings with exchanges… the list basically goes on forever.
Quick Rundown of the Back to Earth Crowdfund
The Back to Earth crowdfund started at 12 pm MST on April 26th, and ran until around 10 am MST on April 28th.
During the crowdfund we received 750.57 BTC from over 400 participants.
We received 151.65 of this BTC early from contributors in the Gambit community, with Gambit community founder, Collin, acting as the escrow agent. The community’s role in our crowdfund was invaluable, allowing us to test market concepts and identify the strengths and weaknesses in our message. Above all, having 150+ BTC from the crowdfund’s outset helped to encourage further participation from the rest of the crypto community.
Unlike many crowdfunds currently taking place in the industry, we did not offer early bird rewards for joining our crowdfund in the first hour. We did not give crazy discounts to private donors. Everyone who participated in our crowdfund received tokens at the same rate of .0001875 BTC per SRC.
Everyone who donated more than .75 BTC received a Golden Ticket for each .75 BTC donated. We noticed that many participants didn’t take bitcoin transaction fees into account when donating to our crowdfund and so we received many .749 amounts. We will be crediting all these accounts with a Golden Ticket.
In total we will be giving out 905 Golden Tickets. This pegs each Golden Ticket to a value of 651 SRC per Golden Ticket. This number is found by taking the full pool of 589,450.5 SRC set aside for Golden Ticket holders and dividing it by the current Golden Ticket supply.
We set aside 500,000 SRC for rewards. We created this pool of SRC to help fuel market participation, and they allowed us to create a crowdfund experience that is entirely unique.
Most public crowdfunds are easy to access: you go to the company’s webpage and they have millions of links and announcements pointing you towards their crowdfund. Instead, we wanted to grow community engagement in a more “ARGesque” way. In order for people to get in on our crowdfund, they needed to become a part of our community first.
A few days before the crowdfund opened we distributed a link to our community that gave them access to our crowdfunding page. It was through this link ONLY that the community could participate.
Our marketing became reliant on the community generating their own links and spreading them throughout the community. To incentivize link sharing, we rewarded participants with 50 SRC for every person who they referred.
We are distributing 142,077.95 SRC as rewards!
121,327.95 SRC goes to Collin/The Gambit Community: When we first approached Collin with our crowdfund, we wanted to incentivize him to help us run escrow with his community. As mentioned above, their early entry was a major key to our success. In negotiating the deal, we offered Collin 800 SRC for every 1 BTC he brought in. At the time, we had no idea just how much BTC would be brought in through his services.
20,750 SRC through personal referral links. To see a full breakdown of how much each referral earned, go here.
357,922 SRC remaining.
905 total Golden Tickets distributed.
Of the 357,922 SRC remaining:
89,480.50 SRC Will be burned.
89,480.50 SRC Will be added to the Golden Ticket pool.
175,914 SRC Will be held by Back to Earth for continual development.
3,047 SRC will be delivered to the owner(s) of the .57 BTC transaction received before we could close the crowdfund. After our email confirmation troubles, this will be easier than issuing a refund.
Total SRC supply: 4,410,519.5 SRC
Obviously one of our top priorities is to get SRC added to as many exchanges as possible. We will update the community on any exchange adds through our Twitter and Telegram after the exchanges have added us.
Golden Ticket and SRC Token distribution should take place on Friday, May 12th. More information will be released in the coming days! To read Token Market’s update on the SRC release, go here.
We have already begun the process of budgeting for the various forms of media this project will use. We think that with the right approach we can set Back to Earth Productions up to be a healthy business over many years to come.
A Final Note
It took us over a year before we felt that we were adequately prepared to run our crowdfund. During the process we talked to many major projects and asked them about their experience and marketing techniques. What we found was that many projects spent $30k or more just in marketing their project to the crypto community.
We spent less than $1k.
We are unbelievably thankful for the trust that our community has put into this project, and we are excited to begin the next chapter in the Back to Earth story. We hope that you will join us on that journey.
Also! For a limited time the first episode of our graphic novel has been released for viewing. Check that out on our blog!
Enjoy! Also, get ready for Back to Earth’s ultra-unique crowdfund coming up on April 26th!
In addition to providing strategic counsel to Factom, David is the Managing Director of the DApps Venture Fund, the first fund to invest entirely in open-source, blockchain and token-based projects. He also co-founded and served as Executive Director of BitAngels in 2013, one of the world’s largest angel investment groups. An avid entrepreneur and early adopter of emerging technologies, David has founded several enterprises in industries ranging from software to biotech.
The worldwide entertainment industry is valued at over $1.6 trillion and growing every year. Despite a healthy market, consumer expectations have changed so dramatically that old revenue models have become outdated, forcing production companies to scramble to find value in new markets. In a world where consumers expect someone else to pay for their content, production companies are struggling to find avenues that allow them to monetize the digital age.
In the past, cryptocurrencies have proven to be effective for the purposes of gaming and micro transactions. They are a secure way to give value to a digital asset that can be used to incentivize competition, discussion, and game play. Because blockchain technology can create valuable tokens through the economics of scarcity, and tokens can be transacted to and from other players quickly and verifiably, a cryptographic token is perfect for online value transfers—especially within a story. The nature of the blockchain prevents bad actors from creating unofficial assets to take advantage of players and the story.
Using a cryptographic token allows us to create online content that can engage our audience on multiple levels, while providing value to our production and the network that supports it. Transferring value online can be easy, and Back to Earth is packaging the simplicity of blockchain technology with a mainstream vehicle for its success: entertainment.
Back to Earth is the first production company focused on using storytelling to provide value to a digital asset. No one has ever used the blockchain to immerse users in an alternate reality experience.
Back to Earth will produce media on multiple platforms, including film, mobile apps, social media, books, physical memorabilia, and more. This media will all be connected in telling the Back to Earth story. Underpinning the whole production will be an engaging mystery that can only be solved by interacting with our cryptographic token StarCredits.
Back to Earth will generate revenue through:
1) Token interaction. All tokens used to purchase special content from our online store will be sent to us (Note that all tokens used to interact directly with our story will be destroyed).
2) The sale of special content in USD or SRC on our website, including rare assets, special event sales, extra content, third party advertising, physical memorabilia, etc.
3) The sale of any Back to Earth content to distributors and/or studios.
Crowdfund Parameters and SRC Value
StarCredits will be built on the Ethereum platform. The token supply will be capped at 20,000,000.
The crowdfund campaign for Back to Earth will take place online, and will be raised through Bitcoin and Ethereum transactions.
Our crowdfund will be run differently than most crowdfunds that have taken place in the past, so it is important to highlight these differences and how they will best suit our project: