It’s been a busy few weeks here at Grid+. On November 11th, our public token sale ended finishing the sale of GRID tokens. To all those who purchased, thank you!

We thought it would be helpful to give a brief overview of where we are with regards to funding, development, and operations. We’re especially excited by the work we’ve accomplished that will set our direction into the new year, and we’d like to share that as well.

Funding

Below are the current holdings of the company. To date we have spent zero of these funds, but we will begin to utilize them as we complete the spinning out process from ConsenSys.

94,070.8 ether

570.5 bitcoin

$125,000

At the time of writing, this amounts to ~$38.5m, which is ample to implement our roadmap. The plan is to sell only enough crypto to cover a six month run rate at any given point in time.

Unsold Tokens

A popular topic of discussion in our slack (now telegram!) has been regarding what we will do with unsold tokens. We are working with our legal team to reach a conclusion on where to put the unsold tokens from the sale and the tokens held in treasury for marketing and customer acquisition (90m). At this time, Grid+ has no plans to sell GRID tokens ever again. Furthermore, we have no plans to spend any significant number from the latter basket — as our business strategy has evolved since the initial allocation was made. The current options are:

Burn them

Lock them up for 1–2 years

Other options not yet considered

For the unsold tokens (~50m) we have the legal approval to lock them up, so we will do that soon (for 2 years). This will give us more time to approach a more permanent strategy. As of today, the unsold tokens remain in the sale contract. The treasury tokens require additional analysis, but we will continue to work on a strategy for those as well.

Development

Our high level technology strategy is to stand on the shoulders of those who have come before, while adding our strategic special sauce to the mix. We have begun diligently reviewing offerings from a number of firms who provide specialty software to electricity retailers. These solutions are modular, so our plan is to use their stack for pieces where blockchain doesn’t make sense (e.g. upstream interfacing with wholesalers) and implement our modules where appropriate.

In parallel, we have begun to define the initial version of the agent API. This will be logic that runs in the secure computing environment and will affect how third party applications interact with the device’s keys. The first version of this API is fully mapped out and we are starting to implement it in the form of a low level module that will interact with the secure signing firmware. In a similar vein, we have identified a board to utilize and are mapping out the firmware for it. We will provide updates via our blog as development continues. The technology is really exciting and we’re looking forward to sharing!

Austin Meeting

From Nov 20–22, we met as a team in Austin to discuss our roadmap and interview candidates for open positions. This was an extremely fruitful working session and has solidified upcoming milestones in our timeline. We will have more information on product developments in the coming months — let’s just say we are excited about what our agent device will become and what we can bring to the energy space.

The Near Future

In summary, we are on track to implement our designs for the future of energy. We will be heads-down in the coming months and will continue give the community updates on our progress. We are still targeting both the first version of the agent device and the launch of an energy provider in Texas in 2018.

For all our fans in the U.S, Happy Thanksgiving to you and your families!