The cryptocurrency world is filled with interesting and exciting projects. ICONOMI is one of those platforms that want to make it easier for novice users to get involved in the Ethereum ecosystem. By letting customers purse Ether with Euro directly, ICONOMI can low the barrier to entry in the Ethereum world.
Understanding What ICONOMI Has To Offer
A lot of people may assume ICONOMI is just another exchange platform with a focus on Ethereum. While that is part of the team’s agenda, they want to provide a much bigger service. The company lets users purchase Ether with Euro, and prioritizes speed and efficiency at all times. Right now, the majority of exchanges uses a cumbersome deposit process, which puts off some cryptocurrency newcomers.
At the same time, ICONOMI has a strong focus on security. Cryptocurrency exchanges have been hacked throughout the years, with Bitfinex being the most recent example. ICONOMI will use 2FA and password verification for every single transaction taking place on the platform. In doing so, the company wants to ensure customer funds are secure at all times.
What makes exchange platforms stand or fall is the convenience factor. Depositing and withdrawing funds has to be quick and easy, for both novice and veteran cryptocurrency users. ICONOMI will let users cash out their account balances through SEPA transfers at any time. Moreover, they will not charge a withdrawal fee for doing so, which is a welcome bonus.
Growing the cryptocurrency ecosystem is a matter of providing financial inclusion. Traditional Bitcoin and Ethereum exchanges create a barrier to entry, as the processes associated with creating an account and using the platform is somewhat inconvenient. In general, it takes too long between signing up and being eligible to trade funds. This is partially caused by using slow deposit methods, which make take several business days to complete.
ICONOMI does things very differently in this regard. Users will buy and sell Ether at fixed prices, by always providing the actual exchange rate. Customers will receive Ether instantly, as transfers only require 12 network confirmations to be completed. There is also a transaction log to provide an overview of all previous transactions.
Funding The Project Through An ICO
As one would come to expect, creating such an Ethereum exchange platform costs a lot of time, money, and effort. Although ICONOMI is a project led by the Cashila development team, there is a need for additional sources of funding. This is why the team decided to host an Initial Coin offering, allowing cryptocurrency users from all over the world to be a part of making this project a success.
It is safe to say the ICONOMI ICO is quite a success so far. Over US$5m has been invested already, collected from over 1,900 different investors. With nine days left to go, it is possible this round of funding will exceed the US$10m mark. Investors receive ICN tokens in exchange for their contribution, which represent an ownership stake in the company.
To be more precise, the 100 million ICN tokens that have been created represent a 100% take in the company. This means the developers will not own a larger take of ICONOMI than the number of tokens they received for their own contribution. A great way to deal with things, and a sign of how business can be done in a transparent way.
But there is more as a lot of different currencies are accepted as part of this ICO. Most projects would only accept Bitcoin and Ethereum, but the ICONOMI team went one step further. They also accept US Dollars, Euros, and LISK. This diversified effort is paying off already, as ever currency is well-represented on the chart. It is interesting to note over 1 million has been pledged to this campaign in EUR currency which is quite a big amount. In fact, this translates to over 20% of the funding so far occurring through fiat currency.
People who are looking to invest in ICONOMI will be pleased to hear the company is fully licensed. Cashila, who is in charge of developing the platform, is registered as a small payment institution. They have obtained licensing from the Czech national bank, and are fully compliant with existing EU regulation.
The funds raised during this ICO will be used for different purposes. Development will take up 62% of all money raised, followed by operations at 25%. There will also be a focus on legal matters. Marketing is of less importance for now, although 4% of the total ICO budget can still represent a lot of money once the campaign is over.With nine days left for the ICO campaign, things are looking very good for ICONOMI right now.