There’s something revolutionary happening in the world of remittance and it’s definitely involving Blockchain. At World Blockchain Summit, held in Dubai 24–25th of October, Telegraf.Money messenger and DEBIT Coin (DBC) crypto-currency, CEO and Co-founder of this project, Kent Kristensen, made a speech that had a great interest from the savvy participants and investors alike.
Telegraf.Money ICO is the first ICO in the world held in a form of an interactive auction.
At the moment more then 800 participants have already participated in this ICO, they submitted their orders for more than 1.8 million USD. The sales statistics are tracked in real time on the DebitCoin.io website.
The goal of the Auction is to get the best prices and conditions for every player involved.
The major difference between this method of distribution of tokens from others is that the prices for tokens are set by the participants themselves in the bidding process, by issuing limited bids for the purchase. After accepting bids, the minimum cut-off price is determined, according to which all successful bids receive tokens at the lowest prices. Bidders can also apply for a purchase at the weighted average price of the auction.
Pre-payment of orders during the auction is not required, it is enough to have the necessary funds in your wallet BTC / ETH. After accepting applications, participants are given 24 hours to pay for tokens, in addition, there is an opportunity to refuse paying during this period, having weighed all the pros and cons.
Under the terms of the Auction, if a participant has applied at a price higher than the minimum set, he will receive proportionally more DebitCoins (DBC) than in the bid, since the calculation is based on the minimum cut-off price.
All the participants that bought tokens within the first 30 days from the start of ICO have the opportunity to convert their tokens purchased at the Auction after 90 days with a coefficient of 1.1 in dollar equivalent, by withdrawing funds to one of the attached VISA / MasterCard cards.
Recently Ethereum creator Vitalik Buterin and and his co-author Jason Teutsch, the founder of blockchain verification project TrueBit published a 15-page white paper, outline a different kind of ICO that they call an “interactive coin offering.” http://fortune.com/2017/09/27/ethereum-ico-vitalik-buterin/
The authors’ proposal would allow ICO investors to do something which has so far not been possible in token sales: cancel their purchase. The ability to withdraw offers in an ICO should help ensure that the law of supply and demand plays a healthy role in the process. That’s where the “interactive” component comes in, the authors write: “Potential buyers may enter and exit the crowdsale based on behaviors of other buyers, and in doing so tend the valuation towards a market equilibrium.”
End of the First Auction will be on 29.10.17.
