Dnote made announcment on ICCO here?! Long time he is offline.
ICCO Terms and answers to some questions by dNote on Ryver today (
https://digitalnote.ryver.com):
"1. HitBTC will open new market called XDN-ICCO
2. Any user will be able to fund his XDN-ICCO hitbtc address with DigitalNote. This is called Initial Crowdfunding stage. One week is a duration of IC stage.
XDN-ICCO wallet will be open only for deposit for one week.
After one week deposits to XDN-ICCO wallet will be closed.
After that users shares will be calculated.
Imagine 1000 users will fund XDN-ICCO wallet with 1000 XDN in total, like every person will send 1 XDN. Single user share = 1/1000 in that case.
After one week the second stage will be started.
The new XDN-ICCO sale market will be open at HitBTC with a fixed 320000XDN lots and fixed prices, 0.5->0.6->0.7BTC.
CO stage will have a max. duration of 4 weeks. If all XDN-ICCO funds will be sold earlier, ICCO will be closed.
After that the amount of sold XDN will be calculated and participants will get BTC according to their share.
In case there will be unsold XDN participants will have XDN refund as well as BTC reward, according to their share.
1. There will be several wallets to ensure funds security. 2. There will be cold wallets to ensure funds security 3. Cold wallets will be controlled by XDN team. Since HitBTC don't need to have XDN on hot wallets because there will be no withdrawals from XDN-ICCO wallets before ICCO ends. Also I want to admit - HitBTC is an exchange with high reputation and big trading volumes.
You can treat ICCO as a "Great coins redistribution" for easy understanding."