Dear Cloud 2.0 Community,
The year 2020 is now drawing to a close. It has been a difficult and trying year for both the Cloud 2.0 Team and the whole Community. As we head into 2021, we are all believing and hoping for a much better and prosperous season.
At this point we would like to give a comprehensive update on our current progress, and expectations for the coming year.
1. The v1.0 Wallet
As everyone will be aware, the v1.0 Wallet is currently at an interim update stage until the fully secured new version is completed and released. We are planning on having a First Quarter 2021 rollout for this new revamped v1.0 Wallet. This release will be the first major step out of the old Cloud 1.0 system into the new Cloud 2.0 ecosystem, which will be completely independent from the former 1.0 system. The new v1.0 Wallet will also be configured for integration into the new v2.0 Wallet ecosystem, with new independent security features fully under the new umbrella of Cloud 2.0.
2. The v2.0 Wallet
As has previously been mentioned in former announcements, the v2.0 Wallet is the solution Cloud 2.0 Company has prepared to continue the project forward while company funds have been frozen on exchanges due to the lodging of complaints and lawsuits.
The v2.0 Wallet is specifically designed to independently generate funds which will enable v1.0 Wallet members to resume conversions without the necessity of more investments or capital injection.
We are pleased to announce that progress with the v2.0 Wallet is going very well, and we are on course for the tentative goal of a First Quarter 2021 release.
Due to the nature of the v2.0 Wallet's fund generation technology, upon its release there will be CTO conversion limits put in place in keeping with the amount of profit initially accumulated. As profit generation increases step by step, CTO conversion limits will be adjusted continually. We ask our members to be aware that the new v2.0 ecosystem is not the same as the previous old system where unlimited CTO conversions were possible. It will take time to grow back to such a stage, so we ask our community to have realistic expectations in the initial release stages of the v2.0 Wallet.
3. Bitkkah PrePaid Card
We are happy to see that more and more members have applied for the free Bitkkah back-office accounts, and quite a number of members have already applied for the card.
We encourage all our members to complete the first stage of setting up the free backoffice account as soon as possible from within the "CloudPrepaid" section of the app or from www.bitkkahasia.com/services.
It should also be noted that each member's Bitkkah Card is linked to a fully authenticated, detached and personally dedicated sub-bank account.
Lawsuits and Litigation
As all our members will be aware, due to several incidents last year Cloud company funds were frozen on exchanges due to complaints and lawsuits initiated by certain leaders and members. These actions have led to a complicated series of international litigations which need to be dealt with step by step in various jurisdictions. These events have consumed much time and resources, and have caused delay in progress of the development of the new ecosystem.
While all charges have been dropped in some cases, litigation is still in progress in other areas, so this legal process will inevitably still take some considerable time. It is the practice of cryptocurrency exchanges to keep funds frozen until all litigation is settled. Only then will these funds be released, and then a new withdrawal process can be initiated for leavers. We are aware that the refund addresses of many leavers may have already changed, so when the time eventually comes when funds are unfrozen and withdrawals can be processed, these problems will be taken into account.
4. Covid19 Challenges
Covid19 is still on the rampage in many countries, and without question this has caused many delays and issues for the Cloud 2.0 team to deal with in the development of the new system. We are hoping that development can continue forwards at the current rate for the projected release, but we must all be prepared for the unexpected.
We kindly ask that all our members continue to wait patiently as we continue to move the project ahead despite all these challenges that the team has faced. We are working as hard has possible to bring Cloud 2.0 back as quickly as possible, and we thank you for your patience and support. Any delays that may arise due to these difficulties will be dealt with as best as practically possible.
Please stay tuned for more updates soon as the new wallets are preparing for release and startup.
Cloud 2.0 Team