Dear Flits community..
Kindly note that the registration form for the Flits Fund (SIN) is now officially closed. The necessary calculations for reimbursement have too been performed, and we are therefore pleased to now provide further clarity with regards to the actual reimbursement process.
- The ‘lost’ SIN considered for the calculations was based on collateral previously ‘burned’, as opposed to considering the remaining rewards which would have been accrued. After weighing everything up, it was felt that this was a better approach overall.
- Payments will be conducted in FLS. This is based on its estimated value in US$ - at the moment the payment is made (with a minimum value of $0.90 = 1 FLS).
- The reimbursement process will commence in February 2021. It will then take place twice per month (on the 7th and 21st where possible).
- The process will likely take approximately 6 (six) months to be completed (though this is by no means a guarantee of such).
- The amount allocated to the process is US$15000, which will be distributed to those who qualify for the program (based on the amount of lost SIN per block 550 000 – at a rate of 50%).
Note: Only those who had SIN masternodes within the Flits app (at the above mentioned block) are included in this reimbursement program. I.e. those who effectively ‘lost’ SIN. Anyone else who may have registered and who do not fall into this category, as a result do not qualify. Any SIN remaining in Flits app wallets should carefully be sent to an external wallet.