Updated: Apr 18, 2019
This post is inspired by 5 Critical Factors to Look for Before You Invest in an ICO. How secure is your ICO investment? written by Marina Baslina
After writing my previous post, The Human Side of our Project, I came across this post by Baslina (thanks Baslina for writing a wonderful post) that explains 5 factors anyone should look into prior to making investment in any ICO. I thoroughly enjoyed reading this post and thought why not, exhibit our ICO along these parameters.
1. Team composition
We are an ambitious team of 2 (for now), and actively hunting for our 3rd partner. As much as we possibly could (without getting too ‘much’ on social media, for comfort), Kashif and I are fairly open and present on Website, White paper, Facebook, LinkedIn, Quora, Instagram
Our content theme is ‘to educate’ and ‘create awareness’ about the cryptocurrency and not specifically promoting our project. As I’ve been repeatedly saying across different platforms, our project aims to build a community hence knowledge sharing comes as an integral part of this journey. Excellence is sought, hence community building stays our prime focus.
Theoretically speaking, we have been in crypto world for 9 years by now. Practically speaking it had been 2 years. Let me elaborate. We both did post-graduation in Computer Security & Audit from University of Greenwich, back in 2009, the year BTC was born. One of our subjects was ‘cryptography’ and ever since anything and everything that evolved in this space, had been through under our radar.
2. White paper
I’ve am personally obsessed with reading and writing research papers. Give me 4 research papers on say disruptive innovation, and I’ll write a 5th one by the end of the week, with my own research, views and opinions. So, when it came to writing the white paper for this project, I was thrilled, excited and scared. Of course I wanted to do my best and wasn’t sure if I could. And then it occurred to me, that it doesn’t have to be perfect the first time, as our community will help us improve and evolve it as we progress with the project.
You can read our white paper, here.
3. Community communications
I love social media, and hanging out on social media. Don’t take me as a lonely soul, though. I love the power and liberty social media gives us when you want to connect to your followers- people who believe in you and look up to you. There’s nothing more rewarding to see people appreciate your content and wait for you next post.
As simply as I can, avoiding the hypothetical aspects, this is what I’ve to present.
But first, let me quickly revise what blockchain is. Basically, it is a distributed database containing an ordered list of records linked together through a chain, on blocks. Blocks can be described as sets of individual entities that hold information connected to say financial transactions or medical reports etc.
In case of our platform, this is why blockchain technology is needed. Client “A” (a patient seeking 2nd opinion) wants to transfer an asset (her medical reports) to a client “B” (a consultative healthcare practitioner). On this ‘chain’, asset is verified by sets of nodes (say a computer that takes some inputs, perform some operations on inputs, and creates an output) and ownership of this asset is tagged to the client “A”. The client transfers the asset through a channel to “B” who becomes the new owner of this asset.
All these activities (verification, transfer, and change of ownership) are recorded in a public database for future transactions and references. In cases where there is a malicious activity, nodes that are doing their verification job, can trace the characteristics of the record and sort out the issues. For such systems, there is a need for a database that is secure and immutable.
This platform will be fuelled by MONET (ORB). By fuelled, I mean exchange of value (consultative healthcare).
Needless to say, a patient’s medical diagnostics must be kept secured. The transfer of records must be prompt, and the transfer of tokens (mean to exchange value from A to B) must be quick and cost-effective, and must be immutable. The mode of payment i.e. ORB must be transferred in most cost-effective and prompt manner so that precious lives can be saved. As an example, few days without diagnostics and treatment in the life of a Lymphoma (type of cancer) patient, can cost him, his life.
On to our platform..
Avoiding all the technical details, our platform will be build in Ethereum which is “cryptographically secure, decentralised, tamper-proof network.”
5. Suitable Token Dissemination/distribution/circulation
How many MONET(ORB) have been created: 1,000,000,000
Are they mined or Pre-mined: Pre-mined
Tokens offered during Pre-Crowd Sale: 10,000,000 (any unsold tokens, will be sold over 3 rounds of Crowd Sale)
Pre-Crowd Sale & Crowd Sale: 20,000,000
How many tokens will be locked: 50%
— When: Crowd Sale closes
— Why: a. securing the investment of contributors; b. avoid flooding the market with tokens; c. avoid ‘pumping & dumping’ of tokens
— For how long: 5 years
Number of Private Sale Contributors/Investors: still growing
Tokens reserved for the team (founders + advisors): 15% of total supply
How value will be created for the token:
a. creating a marketplace for MONET (ORB) Token where it will be traded as a native currency;
b. this marketplace is offering a solution for a real-world problem, affecting millions across the globe;
c. price appreciation will be ensured by consistent demand of the token which will be used to hire consultative healthcare practitioners from the world.
Any comment, feedback, improvement suggestions are appreciated. Thanks for reading. If you enjoyed reading this post, please ♥️ & share.. the more, the merrier!
About the Author
I am an entrepreneur, researcher, analyst, crypto-enthusiast & believer. I am also one of the founding members of monetorb.com — a blockchain platform (under-development) connecting patients seeking 2nd opinion on their primary diagnostics with consultative healthcare, across the globe. Like me content? 🙂Follow me on Twitter & Telegram.
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