SourceFurther to our buyback announcement post, we are pleased to report that we have nearly completed our intent to buyback BUILDTEAM tokens. We promised our token holders to give them the opportunity to sell them back to us and have been facilitating this with monthly buyback orders on Hive Engine.

If you did any contracting work for BuildTeam in the past, you would have received compensation in BUILDTEAM tokens, which you could stake on Hive-Engine to receive both Steem and Hive discretionary rewards for the growth of BuildTeam services. The tokens could also be sold on the secondary market, the tokens were never sold to any investors and were always given as rewards for work done.

You may have seen some announcements in the BuidTeam Discord or Telegram channels about some upcoming changes to the twice-monthly distribution cycles that currently occur on the 1st and 16th of each month. This is the date that a discretionary amount of STEEM and HIVE coins are distributed to BUILDTEAM token holders.

This weekend we achieved successful migration of the BUILDTEAM token staking system to Hive Engine as announced in our previous post. This means you can now simply stake your BUILDTEAM tokens on Hive Engine to earn staking rewards from STEEM and HIVE semi-monthly distribution rewards, occurring on the 1st and 16th of each month.

On Saturday, Aug. 22 at 00:30 AM UTC all staked BUILDTEAM tokens on the Bitshares platform will be migrated to Hive Engine. Under the current BUILDTEAM tokenomics model, BUILDTEAM tokens have to be sent to the @buildteamvest Bitshares escrow account with a memo indicating which Steem/Hive account should receive the staking rewards, this is not trustless as you do not own the keys to this escrow account.

BuildTeam had planned to migrate token distribution and staking to steem-engine.com but since the political and network situation on Steem is no longer stable nor favourable, we have taken the decision to expedite the transition to hive-engine.com instead.