Rowan Energy Important announcements
Rowan Energy Important announcements. Your action may be required.
Due to recent government legislative changes taking effect soon a number of updates to Rowan Energy are occurring and you may be required to take action.
First, some positive news.
Despite the UK and Scotland moving into tighter Covid19 lockdown restrictions we have confirmed installs are still ok to go ahead and we will be proceeding as planned with our partner Ecocute.
Agreements are being finalized this week for them to begin the sale of the Rowan miner.
We also have a new senior member joining Rowan shortly, in the role of Chief Technical Officer. The agreement is being finalized currently and once it has been fully signed we will make a formal announcement.
Vault and staking.
We have been advised by legal that the Vault and Staking programs will not suitable within new legislature once it comes into effect from 10th January.
This is due to the custodial nature of these solutions where we hold the tokens/value on your behalf.
As such from 10th January we will be closing both services but will be replacing them with a new non-custodial staking solution from that date.
In this new service, any tokens you hold in your official Rowan wallet will automatically earn interest without any minimum terms, withdrawal rules etc.
Details of this service are to be announced over the next couple of days.
As such the vault is unlocking as at 17:00 GMT 6th Jan 2021, and staking will be unlocking at 17:00 GMT 8th Jan 2021.
You will need to remove your RWN from these services and to your main Rowan wallet by midnight GMT on 9th Jan 2021 or you risk losing them, though we will try to return any left at that point to their originating wallet.
Again this is purely due to the change in legislation in the UK and to prevent us from being in breach of any when it comes into effect.
Unfortunately, it is likely that in order to allow the early release we will require a token mine to fulfill these obligations, followed by a token purchase and burn process.
This is due to the vault releasing much earlier than planned and, with the RWN token at a low price, we require a higher volume than anticipated.
Please note, our goal is to require as few RWN to be mined & subsequently bought back for the burn as possible, so we will be taking steps during this process to reduce this figure.
To resolve this issue we will mine the excess RWN as required for those people withdrawing from the vault.
Once the service is closed and we know exactly the amount mined we will confirm the details of a token burn process, where each Rowan miner sold over the coming months will include a fixed portion of the sale reserved to purchase RWN from the market and burn those tokens until the original hard cap is achieved.
Just to be 100% clear, it was in no way our intention to do this process, but with the changes and in order to stay on the right side of the new laws we have no other option.
We are doing everything possible to reduce the number required to be mined and return the hard cap to the current amount as quickly as possible after.
Finally, a positive piece of news for RWN holders
We have made some changes to the operation of the REC certificates mined as part of the Rowan mining process.
Rather than have this as a 2 part token, mined with one part acting as a payment for the tokenized certificates, we have decided to utilize the existing RWN token as the means of payment for the certificates.
This means that home solar owners will ONLY mine the certificates (the product) and RWN will act as the payment mechanism.
As a result, any business purchasing the certificates will be transacting in RWN, not in a separate currency.
This approach helps minimize confusion and ensures that RWN is a more valuable commodity, as now it connects both payment loops in the Rowan ecosystem.
Please stay tuned for more details on the new staking program as they are announced, but for now please remove your tokens from staking and the vault as they become available.
