Welcome to the New Beginning: DO & Man+Machine TeamingICO is in progress starting from August 29, 2016. Please visit our site http://www.hongcoin.org/ to find out more about the ICO terms and how to participate. Cryptocurrency can be part of our real life, by being coded into smart devices, and linked to business operations and even social good. However, the DAO's experience, designed as an autonomous organization that was supposed to run investment activities administered by smart contracts, proves to be
"too human" by the most recent acts from community in response to the exploit in its smart contract. Despite the best efforts, it shows that machines are not adaptive enough for the complexity of real world.
Thus, in order to make a successful and viable system, man and machine should well collaborate to best perform the advantages of each, instead of surrendering to each other. Human should do human's work, and machine should do machine's work.
Project HONG is created in this spirit, as a distributed venture capital (VC) platform powered by the blockchain technology. Its goal is to provide an easy way for both crypto-enthusiasts and ordinary people to take part in this emerging new economy and contribute to its mainstream adaptation. In other words, project HONG is everyone’s VC on blockchain. Investors can seed the fund by purchasing HONG tokens (Ħ), which allows them to influence how the fund operates and invests, and earn returns from the invested projects. Using this design,
HONG can reach the highest level of performance with unprecedented levels of security, manageability and transparency. We believe the future cryptocurrency will be fuelling the whole connected society and linking distributed elements together. It is not about vision correct or wrong, it is about near and far. From near to far, we ask for the community to join us to make a new beginning together.
Join our Slack channel to find out more:
http://slack.hongcoin.orgHow HONG operatesHONG introduces a new model: Man + Machine Collaboration. The HONG token holders will vote together to decide how HONG operates. At the same time, there is a professional management team to execute these decisions. The funding and investment activities will be achieved through smart contracts running transparently for everyone on the Ethereum blockchain. HONG is a Distributed Organization (DO) - but not an autonomous one.
The groundwork for the fund is done by a management team, which audits projects and interfaces with the community.
After a project seeking investment has been presented to the HONG community, the HONG token holders need to approve the project with a 20% quorum within a 15-day voting period. In case of approval the management team will proceed to further due diligence, coordinate investment terms and fund allocation. The management team will be selected by the HONG token holders. It earns an annual fee for advising on investments (2% of total funds for each year). HONG token holders also vote to decide whether to change or replace the management team.
More information as to how HONG is designed to operate can be found on our
GitHub wiki page.
What projects is HONG interested inIn HONG’s
whitepaper, there are 3 categories of projects proposed: Future Technologies, Creative Works and Education. We believe that these are the categories where blockchain technology could have the largest beneficial impact on the future of the human society. In general, we are open to any project that could bring real value to the world.
HONG ICO is now openHONG ICO started on August 29, 2016, and will last at most until October 28, 2016, depending the progress of the ICO. Everyone can participate in this “grassroots VC” by executing a smart contract on the Ethereum blockchain which will issue HONG tokens. A tutorial of how to participate in HONG ICO can be found
here.
The HONG smart contract is located at the Ethereum address
0x9Fa8fA61A10Ff892E4EBCeB7f4e0FC684C2ce0a9. You can review the contract’s JSON file
here, the source code and our wiki can be found on
Github.
The ICO pricing will be based on the total number of tokens sold, with 50 million tokens sold at each price tier.
- 1st stage — 1.00 ETH for 100 Hong tokens (total 50M tokens)
- 2nd stage — 1.05 ETH for 100 Hong tokens (total 50M tokens)
- 3rd stage — 1.10 ETH for 100 Hong tokens (total 50M tokens)
- 4th stage — 1.15 ETH for 100 Hong tokens (total 50M tokens)
- 5th stage — 1.20 ETH for 100 Hong tokens (total 50M tokens)
At any point during the ICO, HONG token holders can withdraw their investment and get refunded. During the 3 years’ operation period, the funds cannot be withdrawn, unless HONG token holders vote to “freeze” the entire fund. In the 4th fiscal year of HONG, exit strategies for the projects are executed and HONG token holders can collect returns in proportion to the number of tokens in their possession.
HONG's design teamIsaac Mao -
Visionary, Chief Architect. #Sharism enthusiast, former Board Director of Tor Project
Payne Huang -
Business Director. Experienced in telecommunication, finance, retail business, and now blockchain
William Lau -
Tech Lead. Tech savvy, passionate about the future of cryptocurrency
and a group of technical gurus.
HONG Bounty Scheme ver 1.01. Github issue raising (20 Ħ)
2. Publish blogs/articles for Hong Coin (20 Ħ)
3. Recommend to a community with responses (20 Ħ)
4. Active slack conversations (20 Ħ/week)
5. Retweet
@hongcoins tweet or write tweet about #hongcoin
@hongcoins (5 Ħ)
6. Volunteer to validate above sharing (100 Ħ/week)
Welcome new ideas to help advocate Hong Coin concept and facilitate discussions. Your ideas will be rewarded as well.
More on #bounty channel in our
Slack.
Some LinksOur site:
https://www.hongcoin.orgGithub:
http://github.com/hongcoinWhitepaper(draft):
hereSlack:
http://slack.hongcoin.orgMedium:
@hongcoin Youtube:
Hongcoin Channel Twitter:
@hongcoins
