VOW Limited
The Formation Of VOW Limited
To transform the concept into reality, a launch vehicle was required.
On 16 July 2020, VOW Limited was incorporated in Jersey under registration number 131911.
The purpose of VOW Limited was intentionally narrow.
- It existed to launch the ecosystem.
- To distribute the VOW token.
- To help establish the initial community.
- To educate participants.
- To build awareness.
- To coordinate the early stages of development.
Importantly, VOW Limited was never intended to become the permanent center of the ecosystem.
This distinction would later become one of the defining characteristics of the project.
Many blockchain projects begin with companies that seek to maintain long-term control.
The vision behind VOW was different.
The company existed to create the ecosystem.
Not to own it.
Not to control it.
Not to become indispensable to it.
Its success would ultimately be measured by the extent to which it became unnecessary.
At the time, this philosophy seemed unusual.
With hindsight, it would become one of the ecosystem's most important principles.
The Role VOW Limited Played
When VOW Limited was incorporated in Jersey on 16 July 2020, the ecosystem did not yet exist.
There was no community.
There was no infrastructure.
There were no voucher currencies.
There were no applications.
There were no liquidity providers.
There was only an idea.
Ideas rarely emerge into existence without some form of organizational structure.
The role of VOW Limited was therefore practical.
- Launch the VOW token.
- Distribute participation.
- Educate participants.
- Support early ecosystem development.
- Bootstrap the network.
That was its purpose.
Nothing more.
Importantly, VOW Limited was never intended to become the permanent center of gravity.
From the beginning, the vision was that the ecosystem should eventually become larger than the organization that launched it.
This philosophy differed from many traditional businesses.
A conventional company seeks to grow its influence and increase dependence upon itself.
The VOW Ecosystem sought the opposite.
Its long-term success depended upon reducing dependence upon VOW Limited.
The ecosystem needed to evolve beyond its creator.
Winding Down
As participation expanded, this began to happen naturally.
Independent communities emerged.
Independent developers began building.
Independent entrepreneurs created businesses.
Independent liquidity providers created markets.
The ecosystem gradually became less reliant upon any single participant.
Including VOW Limited itself.
Today VOW Limited has very minimal assets, holds 0 VOW, and is in the process of winding down. All non-distributed VOW coins were granted by VOW Limited to the VOW Ecosystem Foundation in 2023.
This is not a failure of the vision.
It is evidence of it.
The company fulfilled the role it was created to perform.
The ecosystem continued evolving beyond it.
The bootstrap mechanism became less important as the network itself became more important.
That was always the intended destination.
Important Information
Vow Limited and The VOW Ecosystem Foundation do not provide any investment advice, make any investment recommendations or opine on the merits of any transaction in connection with the VOW token. You are wholly responsible for ensuring that all aspects of the investment in the VOW token are acceptable to you and if in any doubt you should seek appropriate professional advice. Investment in the VOW token may involve special risks that could lead to a loss of all or a substantial portion of such investment. Unless you fully understand and accept the nature of and the potential risks inherent to an investment in the VOW token you should not invest in the VOW token.
Jersey Treatment of Vow Limited (the "issuer")
There are currently no existing capital markets regulations in Jersey specifically governing initial coin offerings ("ICOs") which are a highly speculative form of investment. However, the Jersey Financial Services Commission (the "JFSC") is aware of the desire of ICO promoters to use a Jersey incorporated issuer because of Jersey's reputation as a well-regulated and reputable jurisdiction.
Accordingly, the JFSC has established certain conditions that any issuer of an ICO registered in Jersey is required to satisfy. These are implemented through a consent (a COBO Consent), which any Jersey entity wishing to issue an ICO must obtain.
However, whilst the JFSC has established certain conditions that issuers of ICOs are required to satisfy, it does not regulate or supervise the ICOs or the issuers.
The COBO Consent imposes on the issuer certain requirements which reflect the Guiding Principles, including to:
- acknowledge that ICOs are a "sensitive activity" falling within the JFSC's Sound Business Practice Policy. Accordingly, the issuer must maintain and adopt systems, controls, policies and procedures for the customer take-on, profiling and transaction monitoring at enhanced levels ensuring reporting of suspicions of money-laundering and financing of terrorism activity;
- apply relevant AML/CFT requirements to persons that either purchase tokens from, or sell tokens back to, the issuer of those tokens;
- appoint and maintain a Trust Company Service Provider ("TCSP");
- appoint and maintain a Jersey resident director on the board of the issuer; where the Jersey resident director is a natural person and also a principal person of TCSP appointed by the issuer;
- obtain the JFSC's prior approval to any change to the TCSP appointed by the issuer, the Jersey resident director of the issuer or additional specified counterparties of the issuer as set out in the COBO consent;
- prepare and file annual audited accounts with the Jersey Companies Registry;
- have procedures and processes in place to (i) mitigate and manage the risk of retail investors investing inappropriately in the ICO, and (ii) to ensure retail investors understand the risks involved;
- prepare and submit to the JFSC an Information Memorandum (which may be in the form of a White Paper) which complies with certain content requirements required of a prospectus issued by a company under the Companies (Jersey) Law 1991; and
- ensure that any marketing material (including the information memorandum relating to the ICO) is clear, fair and not misleading.