We're rolling out our awesome ICO deposit technology to Waves community projects
Monday 21 November 2016
We have signed up our first customer to use our crowdfunding software, allowing us to gain revenues and distribute Incent immediately as our own ICO ends!
The ‘initial coin offering’ has become the de facto way of funding new crypto projects, but questions remain about the reliability of the software used. Now, we are licensing our own ICO technology – offering a turn-key solution for crowdfunding and an immediate use-case for Incent in the process.
‘In setting up the Incent ICO we reviewed a few software applications, largely based on the traditional web app model of running a php application with a MySQL database,' says lead dev Peter Godbolt. 'We were uncomfortable with this stack given its inability to scale without significant investment in sysadmin tasks, and also security issues - it simply didn’t feel right. We determined to use Google Firebase, bringing a higher level of security and scalability, and we also decided to use the bitcoin and Waves blockchains as an open ledger for all investment. Any investor can quickly and easily see the status of their payments via the many publicly available blockchain explorers - a ‘trustless’ system for confirming whether or not you made the latest discount level, or whether your payment arrived as expected. In the case of Waves investors, the security level is even higher, with Incent tokens being issued directly back to the address which sent the funds. We’re excited to be driving best practice in the nascent ICO space, and are pleased to offer our hosted solution to organisations creating Digital Assets on the Waves platform.’
Waves itself will offer additional crowdfunding infrastructure in due course, including the collection of fiat tokens as well as BTC – functionality that will complement and be added to Incent’s ICO deposit technology when it is available. ‘Altogether, there’s a package of very powerful technologies offered by Waves and we’re extremely keen to support and promote that.’
Leveraging Incent’s tech
Not only will Incent provide the technology to crowdfund new projects, but we have also incorporated our own token into the offering. ‘We designed Incent as a token of universal loyalty,’ explains CEO Rob Wilson. ‘We’re already talking to businesses about integrating it into their point-of-sale. Unlike a traditional loyalty scheme, where businesses just create their own points out of thin air and then have to redeem them at their own cost, with Incent they buy token value as they transact off the open market, to a configurable percentage of the purchase amount. That’s good for businesses, because they have no infrastructure costs, reduced sales tax and no forward liability. It’s good for customers, because they have a blockchain-based reward they can spend like real money. And it’s good for investors, because there’s constant buy-pressure on the market from new transactions and merchants.’
Our first ICO customer is Cannabis Revolution, an exciting project focussed on the emerging legal marijuana movement in the United States. ‘We know Incent is a powerful proposition, so we’ve adopted an “eat your own dogfood” approach to show people how it will work. Every time someone invests in the Cannabis Revolution crowdfund, they will receive Incent as an added reward. Investors can do whatever they want with that Incent. Hold it, spend it, sell it, give it away – unlike regular loyalty points, it’s up to them.’
Cannabis Revolution’s ICO starts on 2 December, while Incent’s ends on 30 November – meaning that there will be market demand for Incent almost immediately. Incent will offer the same functionality to other organisations launching assets on the Waves platform. ‘Our ICO clients get great software and their investors get a taste of Incent as reward for their purchase. It’s great for Waves holders, because every new project and transaction means more activity on the Waves network. And it's fantastic for Incent holders because early and enduring demand for the token - which will stimulate the price for Incent on secondary markets from the get-go.'
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