Good stories are made of good characters, Great stories are what we live for.
ICO might appear as a fancy word to folks just getting into the cryptocurrency space.
An ICO or “Initial Coin Offering can be likened to an IPO. An ICO is a fundraising mechanism that trades future cryptocurrencies in exchange for more popular, accepted cryptocurrencies of liquid backing like Bitcoin and Ethereum. The new token/cryptocurrency can be sold and traded cryptocurrency exchange platforms.
Companies who embrace the ICO model ignore the traditional approach of pitching angel investors to make equity investments and instead, develop blockchain-like products and beckon to the crypto community to become early backers by crowdsourcing the purchase in exchange for utility tokens.
ICO’s became popular in 2013 and it quickly became an effective tool for the funding of crypto projects. Today, ICO’s have revolutionized not only the currency market; but the entire financial system.
BRIEF HISTORY OF INITIAL COIN OFFERING
Brock Pierce, an early Bitcoin investor, and entrepreneur is known as a pioneer in the ICO space when he invested in Mastercoin in 2013– The first ICO.
A utility token is what early backers get when they invest in the pre-sale stage of an ICO. Rather than the conventional equity or ownership in the company running the ICO, Utility tokens are given or awarded.
The Ether token is a well-known example of a utility token. The Ether token is a by-product of the Ethereum computing platform.
Most ICO’s are developed on the Ethereum blockchain platform. The costs accrued from using the Ethereum network blockchain-based transactions are paid in Ether and called “Gas” by insiders and developers alike.
SUCCESSFUL ICO STORIES
Everyone loves a happy ending and we shall regale you with some of our favorite tales of triumph in the ICO space – in no particular order.
- Basic Attention Token –
The Basic Attention token allows its users to access various advertising-related services. It held its ICO which generated an astounding $35 million in less than a minute. The BAT token runs on a browser named Brave – which was designed to provide a safer and better environment for users and advertisers.
Game Credits is known as the first mobile gaming store to accept a digital currency. Game Credits held an ICO that raised over $50 million in 30 days. 50% of the funds raised for The MGO tokens was directed towards marketing. Investors will enjoy unrestricted access to the Mobile Gaming market.
- TEZOS –
Tezos launched her ICO in July 2017 and has been able to raise over $150 million dollars till date.
- Aragon –
Aragon takes a radical approach towards decentralizing the creation and maintenance of companies. Aragon held its early 2017 and finished the sale May 18, raising over $25 million in less than an hour.
- Restart Energy Democracy ICO –
Restart Energy is an established Romanian energy and gas supplier (the only energy retail franchise in the EU), that is currently preparing for its crypto-token pre-sale and ICO – to fund her Restart Energy Democracy (RED) project, featuring the MegaWatt (MWAT) token. The tagline for the ICO project is “the first crypto token backed by real energy” – since it holds electricity like a virtual battery, starting with 0.11 kWh, and up to 1 MWh.
There are no blinding figures as of yet but the ground work covered by the Restart Energy Democracy ICO team is impressive and we believe they deserve a seat at the table.