Era of KYC in crypto. Third project that I marked for myself and again KYC...that`s not funny. I guess a lot of people who want to join your crowdsale will think twice...we don`t like KYC! But like Acorn )))
BTW this thread called "ICO ANN..." but
here I see that even Pre sale has still not started...
Sorry Groovsy, believe me when I tell you we hate KYC just as much as you do. Our bank requires KYC and it’s an important step for us to protect ourselves legally and make sure we can actually put the ICO funds into a bank and spend it.
I understand it’s very annoying during the contribution, but I hope it can also demonstrate we are serious and want to protect the company and your contribution.
This is something that has been reinforced by our lawyers in Gibraltar. As ICOs become further established this year more and more will use KYC to ensure they are not putting themselves or customers at risk as regulation is becoming a hot topic and we have already seen companies suffer by not implementing these processes.
Good catch on the ICO ANN. It has been changed to pre-sale =)
Seems one of the promising project of 2018. You are already negotiating with major exchanges?
Thanks for the kind words Toltekayotl, we are currently speaking to a few exchanges, but we haven’t even started our Pre-Sale yet, so it’s still early stages for us in that respect. We’re aiming for quite a large raise and we’re using an ERC-20 token, which should hopefully make listing on exchanges not too difficult
I believe that there should be control over the startup funds. Every startup having received funds from its customers must follow the milestones of its project. I mean the expenditure of funds collected by the crowdfunding
Hi Willoweb, we will institute the option of all-or-nothing-funding, take-what-you-raise and also milestones. This can be decided by the founders themselves, but also remember this will have a large impact on the amount of trustworthiness they demosntrate to the community and their backers.
Yes of course there is always a risk of fraud, but crowdfunding is generally about social trust and project founders convincing their backers of their honest intentions.
Guys what about your main competitors on this field if such exists? I really like your philosophy and approach. Need more time to go through WP. Good luck devs!
There are the established platforms such as Kickstarter and Indiegogo but they can't offer what we can. Our platform will be completely free to use, available in any country and will accept any legal project. We can do this because we are fudning our platform through a token sale supported by the revenue generating mechanisms within the platform such as purchasing support services and the Acron Marketplace. This means we do not need to take a percentage of peoples raises or charge payments fees. Existing platforms are funded in a traditonal way meaning they are beholden to shareholders to deliver returns, hence why they only accept a small number of projects (only the ones that they think are a guarenteed success) and take a share of the raise.
Within the crypto space there are ICO crowdfunding platforms but none in the reward and donation crowdfunding space like us, especially ones that are free and allow any project. We don’t want ICOs, we want the boring traditional projects that DON’T need ICOs. A restaurant doesn’t need a token. Neither does a farm or a traditional tech gadget.
Thanks for the question and enjoy the WP.
What about a large company like kick-starter developing their own token? They might be behind now but large sums of money and manpower could solve that, that said I don't know much about Acorn as a company and how big the team is etc.
They absolutely could, but what prevents them from replicating our model of free, any project and any country crowdfunding is the fact they’ve already been funded by outside equity shareholders. These shareholders expect a return in terms of platform profits, meaning they’d still have to charge fees and only allow projects that generate a reasonable return. They still haven’t crowdfunded their crowdfunding platform.
We can afford to be free and use our revenue generators to keep the platform sustainable only, without generating large profits and draining money from the founders and our ecosystem. The founders of our own company get rewarded by holding the token. 16.66% of tokens will be allocated to the company owners, which are under time-lock for 1 and 2 years and align their interests with those of outside token holders.
Crowdfunding it is really a very good task for platform on blockchain. But if your platform is free, then why do you need it? What will be your income and incentive for development?
Our vision is to be bring greater access to funding to the whole world, including developing countries currently shut out by traditional
platform. Of course there will be ongoing costs associated with running the platform so there are revenue generating mechanisms built into the platform on top of the increasing value of the token itself via the growth of The Acorn Collective ecosystem. This effect is enhanced by the expansive nature of crowdfunding with project founders bringing new users to the platform to back their projects. The mechanisms in place vary from support services to be purchased, paid featured projects and the operations fund established through funds raised in the ICO.
As I understand it will soon begin ICO. I'm interested will be identified as basic requirements passage of KYC?
For our KYC requirements ID and recent proof of address will be required.
Is there any direct benefit for token holders like voting rights, participation in revenue? After all, for example, in a kickstarter, you get only the goods / service, you will have the same?
Our platform will follow in the Kickstarter model in that respect so there won't be and equity or voting right for token holders.
A very big difference in prices between presale and main sale) Many investors take this into mind when analyzing the project. Is there some kind of pre-sale token freeze ?
Hi Departure,
The reason for the large difference in price is because participating in the Pre-Sale would be considered an early contribution that carries more risk because we need those funds immediately to grow awareness and continue MVP development. As such, there are no refunds for Pre-Sale contributors and the 50% discount is intended to reflect that risk, yet still be an attractive proposition for ICO participants.
Seems one of the promising project of 2018. You are already negotiating with major exchanges?
I think that at the current stage of development of the project is still too early to negotiate any exchanges. This should be done towards the end of the ICO
I think it's never too early to negotiate with the exchange. Some projects immediately after the end of ICO fall on the exchange, while others can't get in there for months.
Absolutely, that's why we've begun our conversations now with a view to appearing on exchanges immediately after the ICO.
A very big difference in prices between presale and main sale) Many investors take this into mind when analyzing the project. Is there some kind of pre-sale token freeze ?
Yes, this discount seems to me very large. Frequently a lot of attention is paid to such things when making a decision. Also interesting the question whether the tokens obtained with a significant skippage will be kept. After all, they can immediately appear on the exchange
Sorry what do you mean with skippage? Do you mean discount? No, they won’t be locked so they could still be sold on an exchange immediately. However, the overall tokens in the Pre-Sale (7m tokens) is very low compared to the max cap (90m tokens) should we reach our hard cap. Even if we only reach our funding target at ~50m tokens, it still wouldn’t represent a huge percentage of total supply.
By the way phenomenon of ICO in crypto-currencies shows that people are increasingly inclined to participate in crowdfundinig. A direct link between production (startup) and the end user will reduce the costs of intermediaries. I took part in several companies on Kickstarter - quite successfully for myself)
A great insight, crowdfunding is an ever-growing industry its estimated to reach $90 Billion - $1 Trillion by 2025 according to the World Bank Group, though with the explosion of ICOs this could happen sooner rather than later.
Will the burning of the token, if not all will be sold during ICO? Thanks for the answer.
Hello dev, you forgot to answer this question because it is really important for many investors. Will you burn the unsold tokens or not? and when?
if you burn coins after entering the exchange then this can raise the value tokens
Thanks Coindest definitely an important question, AUruHM had commented on it earlier in the thread but we should have expanded upon it so thanks for the opportunity to do so. If our token sale exceeds the minimum threshold USD 5M, but we do not reach our target of USD 50M in ETH equivalent, we will consider issuing a second tranche of ACO tokens at a later stage. Once we have attained our funding target, we will disable new minting immediately and will never hold another token sale again.
Hi, I have read your White Paper, everything quite clear for me except one point.
How are u going to be profitable? I mean how the project is going to bring the money for founders? Maybe I missed smth, thx in advance for the explanation
Hi Kerandiad, a good question. On top of the the benefit of the growth of The Acorn ecosystem we have several revenue generating mechanisms within the platform including paid for featured projects, The Acorn Marketplace where successfully backed projects can be be sold and support services such as marketing and legal assistance. As well as this we have the operations fund built into a our fund raise allocated to assist operational costs in the medium to long term. This makes for a profitable company that rewards the founders. Within the ICO there is a founder allocation of 20%. This means that whatever the raise is, we will mint a further 20% and allocate those tokens to the founders - these tokens are timelocked at 10% for one year and 10% for two years so the founders have a vested interest to ensure the platform is successful in order to get rewarded.
Just found out yourproject, didn't read the whitepaper yet.
Could you briefly explain what your project is about?
Hi Hitchcock,
In short we are building a crowdfunding platform, think Kickstarter or Indiegogo except ours is completely free to use, accepts any project and is available in any country. The ACO token will be at the centre of the platform and will be used to back projects, pay for support services and can be used in the Acorn Marketplace to buy products or services of successful projects. If you'd like a slightly less brief brief here you can find our one pager and whitepaper at aco.ai
