KICKICO, a protocol built on Ethereum for more transparent ICO and crowdfunding, released a whitepaper that pledges to solve many catastrophic issues within funding campaigns. KICKICO developers are testing the platform, which will launch for the public in September 2017.
The typical notion of crowdfunding – the raising of funds through the power of many – has been around for about ten years as pertains to fiat (government-backed) currency, but Initial Coin Offerings (ICOs) are becoming increasingly popular among startups working with blockchain technologies as a way to raise equity in cryptocurrency.
Despite the recent spike in adaptation, fundraising in cryptocurrencies is still uncharted territory and there are risks associated with little regulation. For example, there is little to protect investors against fraud committed by dishonest founders. Another issue is the fact that information about ICO campaigns is mostly in English, effectively marginalizing the vast majority of tech companies around the globe who are not native English speakers.
KICKICO’s white paper details the company’s efforts to solve issues of campaign fraud for ICOs, crowdfunding, and crowdinvesting as well as break the language barrier by making information more accessible. By building KICKICO on the Ethereum blockchain, the company is able to use smart contracts to add layers of security and automation to campaigns.
Campaign backers will receive KickCoins, KICKICO’s own currency that is tradable on exchanges, which will grow overtime and protect against bad actors. KickCoins are only issued in exchange for Ethereum and other cryptocurrency; this form of backing ensures that the value of KickCoins will not easily depreciate.
When KICKICO launches in September, fiat money will be accepted as well. As more campaigns join the KICKONOMY, the more KickCoins will appreciate in value. The platform is easy to navigate, and campaigns can be localized by authors. KICKICO has compatibility in most common languages, so individuals can back campaigns from all around the world.
KICKICO offers three types of campaigns for pre-ICO/ICO, crowdfunding and crowdinvesting: All-Or-Nothing or Safe. All-Or-Nothing campaigns function similar to Kickstarter, where a target amount of funding is set, and the campaigns will not receive funds if they don’t reach that amount within a given time frame. Safe campaigns will receive their funds even if they have not reached the target amount. In both of these types of campaigns, if the author cancels the campaign before the end date, the backers get refunded.
To learn more about KICKICO, read the whitepaper HERE.
KICKICO is a single, unified platform for cryptocurrency crowdfunding, solving current issues with fraud and inaccessibility, providing users with a convenient, up-to-date platform for Initial Coin Offerings and crowdfunding campaigns.