Bounty CrowdCoinage ICO
CrowdCoinage ICO FAQ
What is an ICO?
An ICO (Initial Coin Offering) is like an IPO (Initial Public Offering), but it will be organized in the cryptocurrency economy. During an IPO in the traditional economy, a number of shares will be made available on a public stock exchange in some country. An ICO is the process of allowing anyone from anywhere in the world to buy the company’s tokens. These tokens can be like shares and tradable on cryptocurrency exchanges, but also may have some predetermined uniqe properties based on their related smart contracts.
Why Ethereum’s blockchain is being used for the ICO?
Of all the blockchains that allow apps to be developed based on smart contracts, Ethereum’s usage has been steadily on the rise and it is the most popular of them all. Ethereum also has the most widely supported token standard, ERC20, which has been accepted by most of the exchange platforms.
ERC20 tokens are also a perfect match with our OS. These tokens are highly configurable by smart contracts. Both tokens and smart contracts will be the central part of the service that we will be offering.
What is the ERC20 standard?
The token itself is of a minor practical use and would not hold its value for long if it does not have any functionality required to interact with other applications or other tokens via the Ethereum blockchain. The methods that need to be implemented are for example related to transfers, a total supply and a balance on an address. The standard was developed to ensure that these basic interaction methods would be duly implemented. The advantage of Ethereum is that all well-known exchanges are accepting these types of tokens allowing the support for custom tokens to be implemented in our OS.
Why a token contract is needed on Ethereum?
A token contract is basically a map of Ethereum account addresses and their balances. The balance can be called token. The contract describes the logic needed to ensure that the balances always match the actions that have been completed by token owners. The methods include for example querying the total number of tokens or defining how to send tokens from one address to another.
How does CrowdCoinage generate value for investors?
The support for innovative smart contracts allows ICO campaign initiators to set up clear steps for their project that would lower the amount of risk perceived by investors. The raised funds will not be released for the upcoming step until investors decide that founders have performed well enough and matched the requirements for the next step. The control of the raised funds will remain with investors. This will be a clear motivator for founders to do their best and along with their success the value of the start-up’s own tokens will grow.
How do you ensure the safety of contributions by investors?
CrowdCoinage does not store any private keys related to investors’ addresses while their contributions are being made. Only investors’ public addresses will be required to check balances. This ensures that investors’ funds cannot be stolen.
Does CrowdCoinage accept any other cryptocurrencies besides Ether?
CrowdCoinage will also accept Bitcoin, Bitcoin Cash, Ripple, Litecoin . Later on, when any founder group can launch their ICO campaign by using our OS, we also accept our own CCOS as a payment option.
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