Hello everyone! I'm pretty at all this blockchain-thing, can anybody explain me what ICO is, and what it's mean?
Oh, hello there! Sure, it's pretty simple actually, an unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign
Oh, i get it. So, your (FOL) Foleum mining crystals it's the same thing?
Basically, yeap. Initial Crystal Offering (ICO) means primary public sale of (FOL) Foleum mining
crystals.
Okay then, i get it. I know about each token representing different platform, which one Foleum will use?
Foleum using Ethereum and (FOL) Foleum mining crystals is an Ethereum security token, representing the
right to profit-sharing from the mining proceeds of the Foleum project.
"Foleum mining crystals is an Ethereum SECURITY" what is "security token" means?
The FOL Crystal (token) is classified as a security under U.S. securities laws
and as a result the ICO will be restricted to certain types of investors in order to
comply with U.S. securities laws.
Certain types will be restricted? That's sounds pretty bad, it's mean that a lot of people can not participate in project, i get it right?
It's spread on “accredited investor”. Here is quote with this:
"Rule 506(c) defines an “accredited investor” as:
• an individual with a net worth of at least $1 million, not including the value of his or her primary residence
• an individual with income exceeding $200,000 in each of the two most recent calendar years or joint income
with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the
current year, or
• a trust with assets of at least $5 million, not formed only to acquire the securities offered, and whose
purchases are directed by a person who meets the legal standard of having sufficient knowledge and experience
in financial and business matters to be capable of evaluating the merits and risks of the prospective investment
• a bank, insurance company, registered investment company, business development company, or small
business investment company
• an employee benefit plan (within the meaning of the U.S. Employee Retirement Income Security Act) if a bank,
insurance company, or registered investment adviser makes the investment decisions, or if the plan has total
assets in excess of $5 million
• a tax exempt charitable organization, corporation or partnership with assets in excess of $5 million
• a director, executive officer, or general partner of the company selling the securities
• an enterprise in which all the equity owners are accredited investors"