Hi all, were venturing slowly into the ICO world, but we don't want to be like others who list any old shit for a fee, so we thought wed ask for your feed back on our idea as laid out below.
how can we improve it, how can we better protect you and the developers, what would you do diffrent?
This is the draft of our ICO policy
ICO rules
Stage 1
The coin team must provide the wallet source code so we can compile and test it and receive the ICO premine transfer.
The coin team must provide the coin logo for listing. Forum thread, website and block explorer links are preferrable.
ICO ending time should be strictly stated in coin forum thread or other public information source. We will end ICO exactly at stated ending time.
Wallet and its blockchain or asset has to be fully functional at the moment of ICO end as we have to open it for deposits and withdrawals for our traders.
AltEx will set up and control a account for running of the ICO and the deposit and holding of ICO coins and funds gathered for the ICO.
options:
1 - 0% buy wall (15% fee (on successful ICO completion of stage 2) + 0.4 btc prepay (non refundable)) as an option but not 100% with this option!!
2 - 25% buy wall (12.5% fee (on successful ICO completion of stage 2) + 0.3 btc prepay (non refundable))
3 - 50% buy wall (10% fee (on successful ICO completion of stage 2) + 0.2 btc prepay (non refundable))
4 - 75% buy wall (7.5% fee (on successful ICO completion of stage 2) + 0.1 btc prepay (non refundable))
5 - 100% buy wall (5% fee (on successful ICO completion of stage 2))
During ICO Stage 1 there will be no trade fee on ICO coins.
Stage 2
Provided that the ICO is successful, if there were no other conditions declared publicly AltEx will freeze the ICO proceeds for 5 days in order to achieve the
following: verify blockchain & network stability and adherence to the stated ICO/coin parameters.
We will enable the market (at normal trading fee) and withdrawal and deposits of ICO coins.
After the successful completion the above requirements, at the end of the 5 day period, AltEx will hand over control of the funds to the coin developer.
If any network or wallet problems arise during this 5 day trial period, the developers have until the end of this trial period to rectify them.
If problems persist at the end of the 5 day trial period, Altex will refund the investors using the ICO proceeds by placing a 100% buy wall with ICO funds
and consider the ICO failed and cancelled.
Explorer URL should be announced by the end of the 5 day of holding period.
All unsold coins will be burned by AltEx.
Due to recent scams and other negative events, AltEx does not endorse or vouch for coin developers.
There is no way to verify a developer's identity or to prosecute an individual or team that abandons the projects or otherwise does not adhere to the stated ICO/coin terms without
having a substantial legal infrastructure which we can not provide.
All people participating in the ICO should always do there own due diligance on all potential coins, this is not AltEx's responsibility!!