OpenLedger, supported by Danish cryptocurrency exchange CCEDK, is extending its “Initial Coin Offering OpenLedger,” (ICOO) in an effort to host more ICOs on the platform.
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OpenLedger ‘ICOO’ Aims to Improve ICO Success Rates
The ICOO is a token-based service, in which people can trade ICOO tokens for presale tokens of new blockchain projects. OpenLedger began a crowdfund for the ICOO tokens on May 20, 2016, which is set to last for 42 days.
By offering “a single point for ICOs where investors can by ICO tokens of their choice,” OpenLedger aims to increase the success rate of cryptocurrency projects trying to raise funds through an ICO. The platform says that their new program will save ICO participants “a lot of time while making sure they do not miss out on any of the ICOs.”
ICOO token holders will get “special privileges and discounts in addition to any possible future dividends from their ICOO token holdings.”
With easier access to ICOs, as well as incentives for participating in its ICOO program, OpenLedger believes people will be more willing to invest in emerging cryptocurrency projects.
CCEDK CEO Ronny Boesing emphasizes the desire to help new projects, saying that “The long-term goals for OpenLedger and CCEDK is (sic) to be an incubator for tech start-ups, a hub for existing businesses to transition to blockchain-based infrastructure as well as a portal for investors to find these businesses.”
During the crowdsale, people can buy the ICOO tokens with bitcoin or any other currency supported by CCEDK or OpenLedger. The company says that all payments received will be converted to bitcoin to prevent loss of value.
CCEDK and OpenLedger say that they plan to use crowdsale funds to “buy into new ICOs,” as well as allowing investors to “trade tokens representing upcoming ICOs even before they are launched.”
The funds raised through the total ICOO crowdsale will be utilized the following way:
- 10% to OBITS asset to be used for buying back / burn on July 2nd
- 5% Implementation of future OPEN assets on OpenLedger initially introduced as a prelaunch ICO
- 5% to BTSR for Advertising (buying back BTSR to be used for advertising of DC) ICOO backed by advertising
- 5% to OBITS reserved for Blogging rewards (buying back OBITS reserved BloggersClub rewards) ICOO is backed by Bloggers’ Club
- 25% Governance/Reward token for DigixDAO (DGD) ICOO backed by gold DAO token
- 20% Reserve buffer to buy into ICO’s ICOO backed by any new crypto prelaunched on OpenLedger
- 30% to CCEDK Team for project work ICOO backed by value added development
OpenLedger also has a plan for the profits made by ICOO after “the first wave of token generation”:
- CCEDK will control 40% of the ICOO profits, which will be used for its operations, administration, advertising and other expenses while the remaining 60% will be distributed in a pre-defined fashion.
- Out of the 60% of profits, 20% of designated revenues is used as buyback and consequently burned. The buyback is performed in BTC on the OpenLedger ICOO _OPEN.BTC market.
- 65% of designated revenues will be used for buyback of ICOO tokens and burned
- 10% to OBITS bought back from OBITS market reserved in fund for Blogging rewards
- 5% to BTSR bought back from BTSR market for Advertising
- 0.13% interest from DGD as quarterly payouts in DGX and added as a reserve to ICOO value (25% of total ICOO value is in DGD).
- 60% of ICOO yearly profits will be used for the monthly buyback
Images courtesy of OpenLedger.
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