In essence, Iconic will consist of a blockchain powered, crowdfunding ecosystem wherein investors can identify promising investments and be offered the security instruments they desire. This should allow the market to mature and grow much faster than it currently is, as investing and purchasing digital assets is somewhat complex currently.
Iconic desires to take blockchain technologies to the next level, moving beyond where it is currently to a space with a strong community and the tools necessary to stabilize and popularize the industry. Iconic has three major features that work together to create the ecosystem. Environment, Trading, and Assurance.
The Iconic Environment is where the main function of the business takes place, promotion of ICO’s, communication with customers and offerings of tokens. The concept for an open, transparent marketplace where ratings and debates are public record should entice those launching new products to focus on products and presentations that will be picked up by the market and be successful. This should curve the market towards offers that consist of more guarantees or safety features like audits and escrow services.
The Iconic Trading module allows for the buying and selling of digital assets after the initial ICO period. This adds liquidity to the Iconic ecosystem, which should further garner interest from both investors and businesses. This secondary market will be built both for dedicated investors and for the occasional investor, with a user interface designed to draw in those who are less educated or familiar with the market and educate them while bringing them back again and again. Dedicated traders will find a UI that is built to scale from the dabbler to those who are devoted to the market.
Iconic Assurance is a module designed to rein in the wildness of the market, to help it mature and expand by providing systems that increase consumer confidence and reduce problems such as mismanagement or misinformation. Assurance is comprised of three primary functions: escrow, audit, and arbitration. Escrow provides a third party verification service that holds offerers accountable for the promises they’ve made prior to them receiving funds. Audits are a tried-and-true method of confirming that a company or business is operating as it has stated that it is. Arbitration will set Iconic as the justice system within this ecosystem. When conflicts between investors and businesses occur, Iconic’s arbitration will act quickly and justly to see that the conflict is brought to a satisfactory close.
Iconic ICO Details
- Token: NIC
- Total Supply: 500 Million Tokens
- Soft Cap: 185 ETH
- Hard Cap: 14,100 ETH
- Token Price at ICO: 1 ETH = 30,310 NIC
- Pre-ICO: 2/9/2018 – 2/21/2018
- ICO: 5/1/2018 – 5/31/2018
- Pre-ICO – 35% Bonus
- Day 1-3 – 20% Bonus
- Day 4-10 – 10% Bonus
- Day 11-20 – 5% Bonus
- Day 21-30 – 0% Bonus
Iconic is an attempt to build an entire ecosystem within the ICO space and while this is ambitious, bordering on audacious, Iconic seems to have a solid understanding of the challenges ahead and of the path they’ll need to walk to find success. Investing in a system like this, one that intends to build not simply a new process or product, but an entirely new method of operating, can provide tremendous returns, as the upside of such a massive disruption can great huge amounts of value for the disruptor and investors.
It’s reassuring to see that Iconic intends on investing heavily in expansion and in their employees. Successful expansion is going to be the key to success for Iconic, as either a dearth of investors or of offerings will make it very hard to succeed. Luckily, if they can get either of these categories jump started, through bounty programs, bonuses, discounts or customer acquisition drives, the market should pull in the other category. A surplus of great offers is going to attract investors and a surplus of investors is going to attract offers.
The focus beyond simply the ICO is also gratifying, as it indicates a long term view that is likely to lead towards success. With secondary markets after ICOs covered, it should attract and keep engaged traders and investors, to then draw in more businesses. ICOs can be very boom and bust, whereby the ICO period is short and then users might be driven away from the platform. Allowing and encouraging users to stay engaged is a very clever twist in this ecosystem.
The final portion, Iconic Assurance, is also very interesting. While escrows are not new to most ICO investors, the design to implement them regularly and with a consistent system could really help the space as a whole, as more timid investors may feel more confident in investing in ICOs. More investors are a great thing, not just for the platform, but for the market and economy as a whole. Introducing a consistent and centralized auditing program is likewise great for the ICO space, helping it mature into a space much more like the stock trading most users are familiar with. Eliminating the opaqueness of internal workings of ICO offerers is a great way to grow the market and keep users interested in and engaged in the platform.
The final function of Assurance really compliments the rest of the ecosystem. Very few systems have built in arbitration and allowing for conflict resolution outside of the traditional legal system could be a huge boon to the market overall. Arbitration can move much faster than traditional legal proceedings, have a much lower barrier to entry which should allow for better outcomes for investors, and can understand the unique aspects of the market that the greater legal system hasn’t caught up to yet. There is risk here, of course, if the system strays too far from being just, being either too investor or too company focused, but this appears to be well considered by Iconic and understood as a challenge to be handled.