KICKICO, a protocol built on Ethereum for more transparent ICO and crowdfunding, has published a whitepaper addressing many problem areas within funding campaigns. KICKICO platform is now in a trial phase. The launch is scheduled for September 2017, according to the company’s press release.
Although, the notion of crowdfunding has been in general use for about ten years, Initial Coin Offerings (ICOs) are now gaining popularity among startups working with blockchain technologies as a way to raise equity in cryptocurrency. There are still many risks in fundraising in cryptocurrencies connected with insufficient regulation and poor protection of investors against fraud committed by dishonest founders.
Besides, the overwhelming majority of information about ICO campaigns is in English, which is inconvenient for multiple tech companies around the globe who are not native English speakers.
KICKICO’s white paper summarizes the company’s efforts to address these problems of campaign fraud for ICOs, crowdfunding, and crowdinvesting and to break the language barrier by making information more accessible. KICKICO manages to use smart contracts in order to add layers of security and automation to campaigns by developing the platform on the Ethereum blockchain.
KICKICO will release KickCoins, its own currency tradable on exchanges that will only be issued in exchange for Ethereum and other cryptocurrency. This kind of backing will protect the value of KickCoins from devaluation.
The KICKICO platform is easy to navigate, with the option to localize campaigns by authors. KICKICO has compatibility in most common languages, so individuals can back campaigns from all around the world.
There are three types of campaigns offered for pre-ICO/ICO, crowdfunding and crowdinvesting: All-Or-Nothing or Safe. The campaigns function similar to Kickstarter – the campaign set a target amount and they will not receive funds until they reach that amount within a given time frame. Exception applies to safe campaigns that 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.