Dutch non-profit blockchain project Internet of Coins (IoC) has recently announced a new milestone. The project successfully raised more than $1,000,000 through its crowdfunding campaign.
[Note: This is a press release.]
The campaign has helped the project source the required amount of funds without having to rely on the conventional route of venture capital, followed by traditional technology companies. The project focuses on development and implementation of a decentralized, easily accessible digital wallet for various cryptocurrencies and aims to harness blockchain technology to offer financial freedom to all users.
The Internet of Coins team is building a digital wallet infrastructure with the power to connect all blockchains together, making it possible for one wallet to hold different cryptocurrencies. The system uses smart contracts to allow the management of various forms of value.
Following the company’s recent worldwide campaign to raise funds for the development of new technology for decentralized exchange of value, the Dutch SIDN Fund has provided the grant for initial development. The project will continue in cooperation with the Dutch NLnet Foundation and the Commons Conservancy.
The Internet of Coins utilizes a ‘transactional operating system,’ which unifies different value platforms, such as Bitcoin or Ethereum. The IoC crowdfunding campaign guarantees independence through the project’s decentralized donation model. The first month of the crowdfunding campaign saw donations from no less than seven different blockchain platforms and totaling over $300,000.
Internet of Coins’ partnership with NLnet Foundation affords them neutrality, as they wish to remain a nonpartisan actor in the blockchain industry. In the past, NLnet has supported other projects such as the TOR project, WebODF standard, and the No-Script browser plugin.
The IoC team is considered a heavyweight in the blockchain industry, following their presentations in numerous conferences at Amsterdam, Brussels, London, and Kiev. The company recently conducted a live demonstration of the Alpha version of their digital wallet, at the A-Lab in Amsterdam
Internet of Coins Crowdfunding Campaign
The crowdfund proceeds are used to fund the development team and set out bounties.
The NLnet Foundation holds IoC accountable for the appropriation of all funds received over the course of the campaign. All contributions and bounties must be requested for before they are appropriated towards the project expenses. This helps to keep the project’s progression as structured and transparent as possible.
IoC has drawn out a number of project scenarios, based on the outcome of the crowdfunding campaign. All relevant information regarding these different situations can be accessed using the slider bar option on the website’s crowdfunding page.
IoC’s project tokens are called HYBRID tokens and will be made initially on seven different blockchain ecosystems simultaneously, namely Bitcoin (BTC), Ethereum (ETH), CounterParty (XCP), NXT Platform (NXT), New Economy Movement (XEM), Waves Platform (WAVES) and Bitshares(BTS).
Each of the seven different blockchains will be given a maximum of 1,000,000 tokens, of which 900,000 tokens will be given to participants of the project. A maximum of 100000 (one hundred thousand) tokens will be reserved for crowdfunding reward payouts.
As the crowdfunding campaign proceeds, the price per HYBRID token will increase over time. Once the fundraiser is over, tokens will not be subject to inflation other than the moments when HYBRID is expanded to new blockchains.
The crowdfund runs until the 21st of June 2017.
HYBRID price increase schedule
- 21st of March 2017 – campaign opening – USD 1.00
- 28th of March 2017 – checkpoint alpha – USD 1.25
- 9th of May 2017 – checkpoint beta – USD 1.45
- 19th of May 2017 – Checkpoint Charlie – USD 1.65
- 29th of May 2017 – Checkpoint Delta – USD 1.85
- 8th of June 2017 – checkpoint echo – USD 1.925
- 18th of June 2017 – checkpoint foxtrot – USD 2.00
In the event that not all tokens are sold in the crowdsale, the community has opted for a proof-of-burn to ensure the value of HYBRID tokens and protect it from the effects of inflation.
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