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As a platform for creating smart contracts, Confideal could create a new level of confidence for ICOs, a rapidly growing source of fund raising for startups.
While ICOs are expanding, having raised more than a billion dollars for startups in the past year, according to Inc. Magazine, they represent a new and complex opportunity for many prospective investors.
A smart contract can ensure an investor abides by the requirements an ICO. For example, if a user knows a date by which they need to invest in an ICO to qualify for a first investor discount, a smart contract can automatically send the funds to the ICO wallet by the required time.
Because of the versatility of Confideal smart contracts, these contracts will facilitate transactions in industries where confidentiality, security, economy and ease of use are important.
The ability to automatically initiate and participate in ICOs represents an important Confideal use case.
Confideal provides tools to automatically create, maintain and fulfill contracts using ERC-20 tokens. Once a smart contract is deployed, it is immutable, so all counterparties can be certain the contract will only be fulfilled or broken.
Fulfilling ICO Requirements
A smart contract initiating an ICO can specify the method of listing the ICO’s requirements and of reporting on its progress. If an investor wants to deposit a sum in a smart contract, Confideal allows the investor to send the funds in the manner specified by the ICO.
A smart contract can provide program code to a repository, provide a link to a file stored online, send photo or video content by email, and perform other online tasks related to the ICO.
The terms of the smart contract are established prior to the investment transaction. The fulfillment of the contract is ensured by the software code without human intervention.
All transactions on the Confideal platform are made with cryptocurrencies, removing payment restrictions.
Specifying the communication method is important in an ICO contract should issues arise that might require arbitration, in which case an arbiter will examine the communication among the parties in the channels that were listed in the contract.
Confideal ICO Coming Soon
Confideal’s own ICO will begin Nov. 2, 2017. Funds raised will be used for product development, maintenance, operations, marketing, customer development, legal fees and a reserve fund.
The total CDL token supply will be capped at 100 million units or less, depending on the distribution of bonus tokens during the ICO. Only redeemed tokens will be in circulation. There will be no release of new tokens after the ICO.
Bonuses for the purchase of CDL tokens during the ICO will be 25% for zero to 5% of tokens sold, 12% bonus for 6% to 26%, 8% bonus for 27% to 42%, 5% bonus for 43% to 56%, and 3% bonus for 57% to 69%.
Most CDL tokens will be created during the ICO. One thousand CDL tokens will be equivalent to one Ether.
Other Tokens Accepted
Confideal will buy CDL tokens in exchange for ERC20 tokens of other projects (Bancor, Aragon, BAT, Gnosis etc.), provided the amount of those tokens is enough to conduct the exchange. Other projects’ tokens will be accumulated when a contract is paid for in one of those tokens on the Confideal platform.
Buying CDL will be possible during the ICO or later on the online cryptocurrency exchanges.
The tokens will be stored by Confideal in order to guarantee the option of exchange. This way, should a CDL holder wish to get rid of their stake, they will be granted an option to exchange them for a different RC20 token. The token holder will be able to exchange CDL tokens and get 1 CDL to 1.5 ERC20 token.
For more information visit the website.
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