Today we would like to inform our community about the latest advances in our company.
We started our publicity activities over a year ago. We have achieved a great deal this year and have come much closer to our goals.
Successful Funding Approval
As announced last week, our application for funding has been approved by the Free State of Bavaria. Our company was officially included in the Bavarian research program. The amount guaranteed to us is a total of 2 million euros, which will help us with our research. The Bavarian Ministry appreciates our highly innovative research approaches, which overall meet all requirements for inclusion in the funding program. The financing does not take place all at once, but over a period of 2 years. From March 1, 2021, our company is entitled to approx. 83,000 euros per month. We can demonstrate that we have to spend most of this amount on our research activities, which is a great financial relief for us. More information can be found here: https://news.yahoo.com/german-crypto-startup-neuromorphic-io-044347907.html.
As we announced earlier, we had already examined over 800 research approaches and results related to our research. You can find more about this here: https://neuromorphic-io.medium.com/neuromorphic-io-monthly-10-1-10-31-2020-9575e498321c. This number has increased to around 1100 in the past few months. We could use these results to advance our research and link new approaches to it. Nevertheless, we have been able to achieve new results month after month and are closer to our goal than ever before. Our engineers will start with the first prototypes of our development in the coming months. We have already developed and successfully tested the first versions of the neuromorphic computing approaches based on the blockchain in simulations. We were thus able to confirm our approach and vision on a theoretical level. However, the implementation in a first prototype will be a bit demanding and present us with new challenges. However, we are sure that our team will carry out this implementation without any problems.
Token Distribution and Circulating Supply
As already announced, we have received a grant of 2 million Euros. Therefore, it is not necessary to obtain additional funds through the sale of NMP tokens. For this reason we will continue to block a large part of our NMP tokens and not release them into the market. As a result, we have set the circulation offer at a total of 3.5 million NMP tokens. This means that only 35 percent of the available NMP tokens can be traded on exchanges. The remaining 6.5 million tokens are publicly blocked on previously defined wallets and cannot be traded. These tokens are distributed as follows: Development & Research (30%) are blocked until June 2022. Partnerships & Operations (20%) are blocked until August 2022. Legal & Patents (10%) are blocked until March 2021. Marketing & Sales (5%) are blocked until October 2021. However, this does not mean that the tokens for this data are released and traded directly. It looks like our decentralized applications (DApp Marketpace and Supplier Network) require more NMP tokens than previously defined and specified. For this reason, we will adjust the distribution of tokens over the course of the year. Further information can be found at: https://neuromorphic.io.
Changes in our company
The year 2020 was very turbulent for our company. We have had many positive events, but our plans have been slowed down due to the Covid19 pandemic. Due to the lockdown in Germany, we had to reduce our attendance times in our Munich office in March and April 2020 and have changed our office to a postal address as a result of the pandemic. We carried out our research activities on the premises of the LMU and partly in the home office. Due to another lockdown, we are currently in the situation again that our office is closed and we had to switch to other locations again. However, our research activities are carried out. We will announce the plans for the next 4 months in our next report.