Transparency Report

The Winding Tree community and team has clearly signalled that there is need for more transparency over what happened since 2017 at Winding Tree.

That is why we aim to write a transparency report and give a detailed explanation of what has been happening over the past few years (with ICO funds, legal entities, funding of external parties etc.). As we aim to start operating as a DAO, trust is one of the most important components, this report should provide any details that the team and community deems necessary.

The report will shed light from the ICO in 2017 all the way to 2021 and include a short vision statement on where we are going with the new projects that are running as well as how we aim to operate with more transparency from now on.


  1. Discourse discussion (7 days)
    1. Before we start writing the report we want to collect your ideas on what sections the report should include, so please go to the discussion, we’ll try to keep collecting points as the report gets written.
  2. Review of submissions (3 days)
    1. Review of submitted questions: request additional clarification of submitters to explain better.
  3. Writing Transparency Report (21 days)
    1. Main content: should cover all submitted questions but not address specific individual questions. It should be an overall overview of Winding Tree’s activities.
    2. Appendix: should include references to sections in main content that addresses individual questions
    3. Minimum benchmark is the EF 2021 Transparency Report
  4. Publish Transparency Report (1 day)
    1. PDF format distributed in Discord & Discourse
  5. Host Q&A session (1 hour) on Zoom where anyone can ask questions (and later on publish on Youtube) (3 days)


@moanhyi & @vsomsen : Facilitators of process & communication

@kvakes & @Prawt : Writers of content Transparency Report

@luca : Discourse hero


Step 1: June 28, 2022

Step 2: July 1, 2022

Step 3: July 22, 2022

Step 4: July 23, 2022

Step 5: July 26, 2022

Discourse submission criteria

This keeps overview and provides structure

  • Enter main question or concern in max. 2 sentences (e.g. what is the future outlook of Winding Tree?)
  • Theme (e.g. strategy/communication/future/ICO/Simard)
  • Further elaboration of the main question or concern
  • Supporting resources
  • Some detail and information on where ICO funds were spent. Also declaring what funds are remaining.
  • Information relating to any funds sent to simard or any external entity, or loans WT have been in receipt of. If there are loans outstanding, then info around age of debt, what payment plans are in place and why the loan was made in the first instance.
  • full independently audited financial statements

Taking the above screenshots and article into account, how close were WT to meeting these objectives.
What were funds from MVM contract released for and how much remains?
Regarding the fund for external projects building on WT… how much was given to start ups and who?

Not sure of the prevalence of that article @NTL. Reading that report, it suggests that 11,114 ETH + 5,164 ETH was raised, however according to on-chain data from the crowdsale contract a total of 15238.5624178953 ETH was raised. I don’t know if there was an additional ‘1000 ETH’ or so raised, but I can’t see where these tokens would have been minted from.

For a CSV dump of the on-chain crowd sale data, see here.

The MVM contract that is referenced, can be found here on etherscan, and for movement of the collateral, it can be seen here that these funds were moved after the expiry of the MVM mechanism to the old WT multisig here.

  1. Please explain the conflict of Interest between Winding Tree and Simard and why questions on this are not answered by the founders
    1.1. Please clearly indicate if there was/is any compensation to Simard employees and indicate the amount. Are Simard employees receiving salary from the Winding Tree foundation?
    1.2. Give once and for all a clear and official statement - not ignoring the question
    1.3. Explain how Winding Tree employees can work for Simard and what kind of compensation they will receive from Consulting Services, Payment Processing etc? Why the founding team has other incentives than the ICO investors and so a lack of interest in bringing value to the token?
    1.4. Provide an independent audit report of financial statements (audit company to voted on in snapshot)
    1.5. Indicate FTE (full time equivalent) & HC (Headcount) figures 2017-2022 including total staff cost 2017-2022

  2. Transition to a DAO
    2.1. Why is the founding team not willing to hand over all remaining ICO funds to a treasury? Based on DAO votes there would still be compensation for the work done.
    2.2. As community votes and concerns are mostly ignored it would be good if the transparency report has a separate chapter what’s the understanding of a winding tree DAO. Right now it seems like a nice buzzword but in the end founders will anyway do what they want

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