BlockBeats News, February 23rd, Backpack CEO Armani Ferrante posted, “Users who stake Backpack tokens for at least one year will have the opportunity to convert their held tokens into company equity at a fixed ratio — equivalent to a 20% ownership stake in the current company. More practical features will also be launched and shared in the coming weeks, months, and even within a year. As the Backpack community continues to grow, the decentralization of the token will be progressively promoted, introducing new equity arrangements — some of which will be in a centralized form (such as our equity conversion scheme), while others will become more decentralized as the product evolves.
In the long run, I hope that the value represented by this token can surpass what any single company can provide; but in the short term, this is the best way we can currently demonstrate our long-term commitment to users.”
