I am a junior developer (pretty much fresh out of school) and just received an offer from a friend of a friend who runs a startup (which is about a year old). I don't really understand the terms of the offer because they deal with cryptocurrency (they're a startup that works with cryptocurrency) and shares. I was hoping someone here could explain the terms to me:
From the email :
gFire (Cryptocurrency): 100000
Cash and Shares would be issued alternately in increments of 250 contingent on completing milestones.
This project must be done within 6 weeks with an additional 2 weeks for testing and revision. We are open to negotiation, however if you are fine with this we would draft up a formal contract for you to sign.
I don't know how shares or cryptocurrency works, and $500 for the full 8 weeks seems really low so I wonder if the shares/cryptocurrency make up for the low pay or if he meant it was $500 paid biweekly or something.
What I am confused on.
- Cash: Is that $500 overall for the 6 weeks or does he mean that it is $500 each week or biweekly?
- Shares: 1000 shares out of what total number of shares? What percentage of the company is this?
- How much money is that amount of cryptocurrency worth in real dollars?