According to ethereum’s creator, Vitalik Buterin, investors deserve more control over ICOs. Vitalik is one of pioneer’s of the crypto funding mechanism concept and recently expressed a desire to pair that with a decentralized autonomous organisation in order to give the investors more control over how an ICO happens and where their money goes. And just last night Vitalik made an announcement in which he stated that he, along with gaming start-up The Abyss, are building just that; a new way of selling their tokens.
Konstantin Boyko-Romanovsky, the founder of the project, called traditional ICO’s out for allowing companies and startups to raise large amounts of money with no considerable product or platform. Boyko himself has drawn the short straw with multiple fraudulent ICO’s, so it’s no surprise that he is, personally, very excited about this project.
In a post, Buterin alludes to a process with a two-point mechanism, “Tap” and “Refund”, over which the token holders will have complete autonomy.
It is through the “Tap” feature that each of the token holders collectively decides on an amount to set as a monthly budget of sorts, out of which the team or company require to function. This amount is decided in a smart contract that will hold all the ether coins that were raised.
Based on their performance and ability to work within the stipulated amount, there will be a round of appraisal in which the token holders can decide to increase or decrease the amount based on the previous month’s results.
In the case that the team fails to perform according to the token holders’ expectations or the proposal is taking too much time to fructify into something of use, the token holders can take a vote to stop the process. This is where the “Refund” option kicks in. If the entire body of token holders votes in favour of a “Refund” it absolves them of the smart contract and the remaining coins are proportionally returned to the token holders with respect to their initial investment. For all intents and purposes, the “Refund” option is like the self-destruct button for an ICO.
Boyko-Romanovsky, being true to his developer nature, is tweaking Vitalik’s revolutionary idea for The Abyss’ DAICO. While Buterin spoke only of the “Tap” and “Refund” mechanisms, Boyko-Romanovsky is setting rules to them and tweaking the system to work for The Abyss.
The first one being the “Buffer”.
A buffer provides the token holders a one-time payment option, that increases funds for the product.
Suppose the team has an unusually high expense for a month that the cash flow cannot cater for, they can go to the token holders and proper a buffer vote to the token holders.
The second rule, the Boyko-Romanovsky set is the cap on the amount of increase between months. The token holders cannot increase funds by more than fifty percent from one month’s “Tap” to the next. That is if the first month’s Tap was 50 dollars, the second month’s cannot be more than 100 dollars.
The third rule The Abyss has set is that no vote of the same type can happen within a period of two weeks. So if you’ve voted tap, you have to wait for another two weeks before you can do that again.
The fourth and final rule, so far, that The Abyss has set is that of the number of people it takes to make a vote legitimate, or in crypto terms a quorum. For a vote to be legitimate the second time around, fifty percent to the initial number of token holders have to vote. So if you had 50 votes at least 25 of them need to vote again for their vote to be legitimate again.
It is a revolutionary idea that is getting a lot of public appraisal because of the fact that it is being backed by a market changer like Vitalik Buterin. Everyone is waiting to see how the implementation of this idea is going to be received by the average ICO investor, but I guess all we can do for now is wait and see how much traction it will get when it’s implemented in The Abyss’ upcoming products.
Do you think this will be widely adopted and used as a replacement for how ICO’s have been conducted up until now? Do you think, as an investor, this would make your investment feel safer? Let us know what you think in the comment section below.
Gift Coin wants to make charity and donations more transparent
Gift coin is a platform that enables end-to-end transfer of funds powered by a smart contract. In today’s day and age, there is a lot of mistrust among people with regard to charities and donating. And it is totally warranted because there is no physical proof of where the money is going and if it is actually reaching the place it needs to.
Which is where Gift Coin comes in. Gift Coin is trying to make charities’ account books more transparent by adopting the blockchain, it is also keeping charities honest and holding them up to the milestones they promised using smart contracts.
How Does it Work?
On Gift Coin’s website, users can browse through ongoing or upcoming projects, read about them and choose from them. After which the user can choose to donate in either fiat or crypto which is when a smart contract is created.
The smart contract works in accordance with the milestones chalked out by the project managers and funds are only released when the promised project milestones are reached. In the event that the project tanks, the unreleased money in the smart contract is returned back to the donor.
The use of blockchain is extensive in this project. All payments are done on the blockchain, so there is a clear record of when who and where the money went to. Once the funds are received by the charity, every bit of money spent is spent on the blockchain and hence is accounted for.
Gift Coin boasts of its transparency because of its blockchain and smart-contract use case. And any charity willing to adopt it is going a long way in rebuilding trust and good-faith with its patrons.
The first token offer is set to go live tomorrow, that is the 20th of March, at 9:30 EST. The company is looking to raise somewhere between $2.5 million and $10 million. One billion Gift Coin tokens will be minted at the initial price of $0.10 a token.
There is a lot of mistrust amongst millennials when it comes down to donating money to charities and good causes. According to the company’s white paper, 84% of today’s millennials donate to charity, out of which 38% of them believe that from the money they donate only a small token goes to the actual cause. This sense of mistrust and gap between donating and receiving is what Gift Coin is trying to bridge because the millennials are the donors of the future.
Adopting the blockchain and the use of smart-contracts will give charities a sense of responsibility and accountability for the projects they raise money for, because there will be a document between them and the donor and the donor can pull them up on it if they wish to. The other major feature of the project is the fact that the money, if not spent because of whatever reason, will be returned to the donor.
The only downside of this project is the fact that it will require a lot of charities to start accepting cryptocurrency payments which seems like a while away, a couple of years at least. After the charities, the money needs to reach the people in need as well, who too need to be on the blockchain. This is probably Gift Coin’s biggest challenge and it is going to be interesting to see how they work around it.
Apart from that, however, Gift Coin has the advantage of being the first platform to mix charities, smart contracts and the blockchain, so either way, they are pioneers in their field and it is going to be an interesting couple of months for them.
Crypto currencies aiming to revolutionize a gambling industry.
2017 was a memorable year for crypto world. Bitcoin and other cryptocurrencies seen a significant growth and wider adoption while numerous projects raised millions of dollars in capital via Initial Coin Offerings (ICO). Some call it the future of money, others say it’s a bubble. Whichever it turns out to be in the end, the recent upsurge in Bitcoin’s price and the whole crypto market suggests that it isn’t going anywhere soon…
There is no doubt that we are in times of a present-day Gold Rush and nobody wants to miss out on the extraordinary returns if products hit critical mass and investors get in early. So the question is, which sectors are likely to winners in 2018? Answer: you can ‘t go wrong with gambling. In 2013 just over 50% of all bitcoin transactions were related to gambling. Moreover, since 2014, roughly 3.7 million BTC has been wagered equating to $37 billion USD at the time of writing. The crypto gambling market size is constantly increasing but is only a tip of the iceberg compared to the global online gambling industry. One upcoming ICO is seeking to disrupt the industry by taking a new approach to gambling and offering new opportunities.
ZeroEdge.Bet is a new type of blockchain based online casino whose business model revolves around its cryptocurrency’s value growth rather than the cash flow from casino games like in traditional model. As a result, all casino games at ZeroEdge.Bet are with 0% house edge, meaning players have just as much chance of winning as the house. Casino will also offer a first ever 0% commission sports betting exchange where players can choose to bet on a multitude of different leagues and sports.
The simple feature that makes Zero Edge model work is that all betting on the platform is performed using Zero Edge Casino’s cryptocurrency named ZERO. The supply of ZERO tokens is fixed, so as demand and adoption of ZERO token grows, so does its value (Based on Metcalfe’s Law). Therefore, ZERO token does not only perform certain functions on the platform, but it also presents itself as a viable long-term investment due to its design.
On November 25th, ZeroEdge.Bet had its first official introduction during Blockchain Summit Kyiv 2017. Team was in attendance to shed a light on the current online gambling market and how blockchain and smart contracts can be utilized to create a more sociably responsible, sustainable and efficient gambling environment for both the players and gambling providers.
Zerocoin Pre-ICO is open – 79% discount & low hard cap!
The Pre-ICO is set to start on the 28th of February 2018, closing out on the 15th of March 2018. Pre-ICO bonus are 79% discount with a low hard cap – 1500 eth.
Kind Ads is solving digital advertising’s biggest problem
The advertising business model powers millions of internet businesses. It one form or the other, it allows blogs like ours run our livelihood. However, from a user’s point of view, ads are a nuisance. Kind Ads wants to change that.
The best user experience you can provide will seldom include showing an advertisement and many marketers and advertisers have spent the good part of the last few years in figuring out less intrusive advertisements.
In line with these efforts comes Kind Ads, a project that set its aim on improving the online advertising industry. The project already completed a massive private round of $20 Million and is taking the crypto niche by a storm.
With a tagline like that, we just had to know how this can be achieved.
Launched by the Leadchain Foundation, Kind Ads has created a decentralized protocol on the Ethereum blockchain for advertisers and publishers. The need for the platform arises from the following problems –
At its core, Kind Ads has created a decentralized token economy for advertising which does 2 main things –
Ask any marketer, being able to directly communicate with a prospective customer is the most effective way of selling. However, it is next to impossible to scale this digitally. With their platform, advertisers can do this to an extent, in a safe and transparent environment.
For publishers, especially those running smaller niches, this is a much more effective way of monetizing their subscriber base. The project also claims that through the KIND tokens, ad revenue will be remitted instantly, as opposed to 30 – 45 day lead time.
If Kind Ads can pull this off, this will really create a win-win situation for everyone involved in the ecosystem. But can they?
The team and advisors
CEO and co-founder Saulo Madeiros has a solid advertising background. He is also the co-founder of NPBR International LTDA, a digital marketing agency that currently helps their clients spend over $100,000,000 dollars a year on marketing.
His NPBR International LTDA co-founder, Rafael Mayrink, also joins the Kind Ads team and the technical brain is Jaime Sánchez, who has spent over a decade at Microsoft, building scalable cloud applications.
The biggest green signal for this already competent leadership team lies in the advisory board. Acclaimed digital marketing guru, Neil Patel is their top advisor and highly involved in the project. Anyone in digital marketing has either referenced Neil Patel’s expert blogs and video or has most certainly used his products Crazy Egg, Hello Bar and KISSmetrics.
And as if that’s not enough, the advisory board also has the likes of Saber Aria, CEO of BeyondBlocks, Trevor Koverko, the founder of Polymath, Nadav Dakner owner of a digital marketing firm for Blockchain projects and startups as well as many other huge names in the marketing and publishing industry.
One big thing that’s missing from the current information we had access to is the lack of how they are going to tackle ad blockers. Some publishers do force users to deactivate ad block to access content, so that could be a workaround, but it will be interesting to see if the Kind Ads team has any other approach.
Without even looking at this A+ team and stellar advisory board, Kind Ads is definitely onto something. The digital advertising ecosystem is due for a huge overhaul and there’s a great blockchain use case here to facilitate and scale the single most powerful selling technique – direct selling.
This looks like a solid project at face value and we will be looking to see more updates from their team.
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