In case of btct.co domain expiration I'm saving the current contract.
Company Details / Representative
Samuel Noi - Nominee Director
Labcoin - Proprietary ASIC technology / iTec-Pro Limited
Hong Kong - China
sam.noi@labcoin.com About Labcoin
Reference staff and contacts
Fabrizio Tatti
- Founder and sole owner of iTec-pro Ltd
- Brief CV :
http://cn.linkedin.com/in/fabriziotatti Samuel Noi
- Nominee Director of iTec-Pro Ltd and PR representative for Labcoin.
Howard Wang
- Team Leader at Research Institute of Tsinghua University in Shenzhen
- Master's, Electronic Science and Technology Tsinghua University in Integrated Circuits & Systems
- Bachelor's, Electronic and Information Engineering Beijing University Aeronautics and Astronautics
Michael Sparmann (theSeven)
- Bitcoin expert, contributor for Open-Source FPGA Bitcoin miner
- Generalist software developer, touched most layers from electronics to web development
- Background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc. )
Daniel Larsson (TheSwede75)
- Marketer, member of Bitcointalk, group-buy manager and bitcoin enthusiast. Acting as communications assistant with Labcoin.com in IPO and marketing.
Other project information
Company website url :
http://www.labcoin.comCompany registration:
http://www.linkedin.com/company/itec-pro-limitedhttps://i.imgur.com/qYw7Maf.jpgSecurity bitcointalk.org link:
https://bitcointalk.org/index.php?topic=263445.0Hardware bitcointalk.org link:
https://bitcointalk.org/index.php?topic=241033.0 Stockholder Agreement
Goals
The goal is Labcoin.com is to develop, manufacture and sell crypto currency mining equipment based on ASIC (Application Specific Integrated Circuitry) to the public.
Labcoin.com also intends to when/if possible and profitable use ASIC to mine crypto currency.
To reach that goal labcoin.com has developed and is planning to start starting manufacturing of a first batch of bitcoin miners based on proprietary 130 nm ASIC technology in August 2013.
The development of the 130 nm ASIC has already completed and a first-run of production chips will be started immediately upon success of the IPO.
Development has is also under way for a 65 nm version and the company has already invested $100.000+ in development and preparations for a first run of chip production of 130 nm chips that will be used for prodution of miners for sale to the public.
The goal of this IPO is to allow the company founders to recouperate some of the investment made into development and production of the first batch of chips, and to allow for continued development.
Current project status
The development of the first generation of 130 nm chips have been paid for and all contracts and tests have been made to facilitate a first run of chips upon successful completion of the IPO (see. contract here:
http://labcoin.com/docs/1.jpg http://labcoin.com/docs/2.jpg http://labcoin.com/docs/3.jpeg )
The first run will yeild 1000-1500 chips @ 130nm, 300Mhz, Power 0.8W, 6.5x6.5mm design. With specs of 5 GH at 2.7W/GHash.
With production ordered of the first run of chips, estimated time to possible 'open day' and prototype is 45 DAYS the beginning of August.
Sale and delivery of the first generation of ASIC miners is expected to be shortly after prototype.
Paralell with this tape-out final tests and development of the 65 nm chips is ongoing and current test show that the 65nm 500mhz design will output 450~500MH at 0.7~0.8~1W, showing a great improvement over 130 nm.
The majority of the funds raised in the IPO are intended for first run of 130nm chips and following mass production of chips. Funds from the IPO will also finance development, NRE and prodction of the second generation 65nm ASIC chips and subsequent mining equipment manufacturing.
Shareholder information
The IPO will be announced through Bitcoinforum.org and through the BTCT.CO website several days in advance and labcoin.com and representatives will be available for answering questions regarding the company, financing etc.
Labcoin.com will protects the share holders by agreeing to:
- Not offer any further shares outside of what is stated in the contract over the open market or otherwise once the IPO has been filled.
- Regularly communicate the project financials to share holders in a way that lets share holders evaluate the performance, capital outlay and future of the project.
- Pay regular dividends amounting to a percentual share of ownership in the company on a bi-weekly basis. The dividends paid will consist of between 70-80% all profits while 20-30% of profits will be held as a reinvestment fund for development, marketing and manufacturing. ALL share holders have the right to an equal share of dividends directly based on their ownerhsip.
- Not change the direction or goal of the company without share-holder votes as per the statures of BTCT.CO
General shareholder contract and IPO information
Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered to be non-voting shares. Labcoin does however bind itself to NOT significantly change the direction of the company without share holder input.
The IPO will be considered successful if at least 4.000.000 (4 million) shares are sold in the IPO. If less than 4.000.000 shares are sold within a 'reasonable' timeframe (30 days) the entire IPO will be refunded to share holders (100% of share value).
No more then 7.000.000 shares will be sold in the IPO. And no more shares then 10.000.000 will be created without a vote on btct.co (we do not forsee the need to ever sell more than 10.000.000 shares).
Executive Summary
Excecutive summary
Labcoin started out as a privately funded experiment, managed by iTec-Pro Limited back in September/October 2012, with the aim of exploring the development of novel mining technologies.
In early 2013 development of a 180 nm ASIC chip was started and in late spring this chip design became the foundation for the current development of and production of a highly competative and cost effective 130 nm ASIC chip. This is the chip that the company now has secured production of for it's first ASIC Bitcoin miner product.
ASIC is an acronym that stands for "Application Specific Integrated circuit", and indeed, in our case, the specific application we are interested in, is Bitcoin mining.
The company is running two separate development teams in both Europe and China, enabling the paralell development and production of 130 nm ASIC and the future 65 nm ASIC chips.
Developing a custom integrated circuit is no simple task, requires time, highly skilled, trained team of engineers, and a deep, low-level knowledge of hardware, and Bitcoin mining process.
Currently many companies are attempting at cutting a share of the market but only a few of them actually shipped real hardware (though intermittently) and proved as real competitors.
It is our ultimate future goal to control a "fair share" (approx 10-15% or more) of the Bitcoin network global hashrate, and position us both in the market of IC manufacturing, Bitcoin mining and mining hardware sales, for profit and benefit of the Bitcoin community and network decentralization / security.
Through our strategy, hard work and good communication channels with several foundries, (eased by one of the key team members being a researcher at the `Research Institute of Tsinghua University in Shenzhen`) we believe to possess the right combination of skills, know-how and industry connections for being able to compete successfully in this niche segment, where time-to-market is critical.
The planned IPO, if filled will vitalize Labcoin with between $600.000-$650.000 (at a bitcoin/USD value of between $80-$90) enabling first run and mass production of 130nm chips and miners as well as continued development of 65 nm ASIC technology and miners.
In our mind there is no doubt that the funds raised will enable labcoin to become a power player in ASIC chip production, ASIC Miner sales as well as Bitcoin mining. Enabling Labcoin to thrive as a profitable company for investors and owners old and new.
Business Description
About Labcoin
The goal of the Labcoin project is to develop, manufacture and sell crypto currency mining equipment based on ASIC (Application Specific Integrated Circuitry) to the public.
Labcoin.com also intends to when/if possible and profitable use ASIC to mine crypto currency (Bitcoin primarily) and work towards holding a "fair share" (10-15% or more) of the total hash-rate of the Bitcoin network.
Labcoin is a independent development project founded by iTec-Pro limited in Hong Kong and operates two development and production teams in China as well as in Europe.
Company vision
The vision of Labcoin is to become a major player in the ASIC hardware and bitcoin mining world. Reaching quick profitability and through both development, Chip sales, Bitcoin Miner sales and when profitable Bitcoin mining provide many years of high dividends and returns to its share holders.
A lot of the goals the company strive towards are exemplified through the current bitcoin hardware and mining “market leader” ASICMINER (currently listed on Bitfunder as well as BTCT.CO), who has managed to through hard work, perseverence, development, mining and sales become one of the most profitable companies in cryptocurrency history.
Business goals and objectives
The first goals of Labcoin has already been reached with the successful development and ordering preperations for the first run of 130 nm ASIC chips.
The next step for Labcoin is to order mass production quantities of these chips to build and sell the first version of it's ASIC Bitcoin miner to members of the public.
Further goals include continued sales, and when profitable for share holders Bitcoin mining and the finished development of 65nm ASIC chips, as well as continued sales of the 130 nm chips and miners.
For the future, the goal is to continue developing new generations of ASIC for Bitcoin mining while providing share holders with high dividends and increasing profits as the company matures.
Brief history of the business.
Labcoin started as a privately funded experiment, managed by iTec-Pro Limited back in September/October 2012, with the aim of exploring the development of novel mining technologies.
After reaching a proof of concept in 180 nm ASIC the project took a look at the market, and decided to focus on a more viable 'version 1' of 130 nm chips, and development of a 65 nm version as well.
In June/July of 2013 the 130 nm version of a multi-core chip was finished and all preparations for first-run of chips was made. These are the chips that will be the basis of the companys first version of ASIC Bitcoin miner, all while development of the 65 nm chips continue.
Labcoin is now at a place where capital is needed for first run, volume chip production and manufacturing of ASIC miners using the 130 nm ASIC chip. IPO capital will also fund continued development and production of the second generation of ASIC chips (65 nm).
List of key company principals
Fabrizio Tatti
- Founder and sole owner of iTec-pro Ltd
- Brief CV :
http://cn.linkedin.com/in/fabriziotatti Samuel Noi
- Nominee Director of iTec-Pro Ltd and PR representative for Labcoin.
Howard Wang
- Team Leader at Research Institute of Tsinghua University in Shenzhen
- Master's, Electronic Science and Technology Tsinghua University in Integrated Circuits & Systems
- Bachelor's, Electronic and Information Engineering Beijing University Aeronautics and Astronautics
Michael Sparmann (theSeven)
- Bitcoin expert, contributor for Open-Source FPGA Bitcoin miner
- Generalist software developer, touched most layers from electronics to web development
- Background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc. )
Definition of the Market
Labcoin market definition and outlook
The Bitcoin mining market, and ASIC specifically is still very much in it's infancy. There are to date less then 10 companies world wide (as per our own research) that are involved in the development and production of ASIC chips, ASIC based Bitcoin miners and Bitcoin Mining on a larger scale.
This market of course come with quite a bit of risks as a lot of the factors to success are time to market based and depend on a multitude of factors including but not exclusive to: Chip quality, chip delivery time, PCB manufacturing, Schematics, functionality and software.
The need that Labcoin aims to fill is the need for more serious companies developing, manufacturing and selling ASIC Bitcoin mining equipment to the general public.
The continued development and sales of fast, energy efficient and quick to market Bitcoin mining products is critical not only to the profitability of Bitcoin mining for customers but for the Bitcoin system as a whole.
Labcoins target market is because of the continued good health of the Bitcoin network, mining profitability and crypto currency as a whole very large, and we believe that a well made, well performing and timely produced product will be very successful.
Products and Services
The products and services that Labcoin aim to provide to customers are as follows:
- Production of mass quantities of 130 nm generation 1 ASIC chips (First run production scheduled, NRE costs taken and first batch of chips to be ordered)
- Development and production of Bitcoin Miners, based on the 1st generation ASIC Chips available to customers within 2 months of successful IPO (Component choice made and ordering ready to start)
- Development and production of both 2nd generation ASIC chips and 2nd generation ASIC chip based miners. (Development well under way, and proof of concept for 65 nm shortly to be presented)
- Labcoin also intends to, when profitable for the companys share holders manufacture and run it's own Bitcoin mining operation, with profits from mining operations paid in full as dividend to share holders.
The goal of the mining operation is to while providing profits and dividends, work towards holding a 'fair share' (10-15%) of the total hash rate of the Bitcoin network or more.
Organization and Management
Labcoin project management
Labcoin is managed by a combination of developers, technical staff and company founders with the help of several active bitcoin miners, marketing professionals and crypto currency experts.
Labcoin will also actively seek input and advice from share holders, as we recognize the vast amount of knowledge and technical expertise that is accessible through the bitcoin community at large and the membership base of bitcointalk.org in particular.
The core management team of Labcoin consists of
Fabrizio Tatti
- Founder and sole owner of iTec-pro Ltd
- Brief CV :
http://cn.linkedin.com/in/fabriziotatti Samuel Noi
- Nominee Director of iTec-Pro Ltd and PR representative for Labcoin.
Howard Wang
- Team Leader at Research Institute of Tsinghua University in Shenzhen
- Master's, Electronic Science and Technology Tsinghua University in Integrated Circuits & Systems
- Bachelor's, Electronic and Information Engineering Beijing University Aeronautics and Astronautics
Michael Sparmann (theSeven)
- Bitcoin expert, contributor for Open-Source FPGA Bitcoin miner
- Generalist software developer, touched most layers from electronics to web development
- Background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc. )
Marketing Strategy
Marketing strategy
The marketing strategy of Labcoin is fairly simple. Our products are all based on the real-world usability of chip designs in Bitcoin mining. The worlds largest bitcoin focused forum bitcointalk.org will be our primary marketing channel together with labcoin.com
There are some plans for external marketing through web-based marketing campaigns, but in an initial phase we are very confident that our strong product line will speak for itself and sales will come primarily through word of 'mouth' in the bitcoin community.
A fast, reliable and profitable mining solution with a quick time-to-market is essentially a 'bitcoin printing press' for it's owner and this is what we intend to market, sell and when profitable for our share-holders use ourselves for Bitcoin mining.
Financial Management
Financials
The financial management of Labcoin as a start-up project will be continously updated as the project starts generating expenses and income.
For the near future the project has already privately funded the development of the 1st generation 130nm ASIC chip, all NRE (non reocurring expenses) related to this development, and labcoin is fully prepared for first run of chip production.
The start-up costs until this time are in the neighborhood of $150.000 and have already been paid prior to the IPO.
Labcoin's plan is to use the funds raised through the IPO to both fund development and production of the second generation of 65nm ASIC chips, and to pay for mass production orders of the 1st generation 130nm ASIC chip, as well as all components and hardware neccisary for building the first generation chip into consumer grade ASIC Bitcoin mining equipment.
Since the development costs and NRE has already been paid, volume production of the 1st generation 130nm ASIC chip is projected to be exceptionally profitable.
