Establishing the Initial Coin Exchange as a new global standard is an important step toward holding blockchain and digital currency firms accountable and restoring the reputation of our industry.
SEATTLE (PRWEB) June 07, 2022
Peer Inc., the Web3 social network and blockchain-based metaverse ecosystem for the future of computing, today announces an alternative to the Initial Coin Offering (ICO) called the Initial Coin Exchange (ICX). The ICX provides a framework for an evidence-based fundraising standard for established blockchains and decentralized apps that promotes responsible innovation, global participation, and rapid validation. Peer will lead the way with its launch of the world’s first ICX on June 27, 2022, via its purpose-built platform.
The original Initial Coin Offerings (ICOs), invented by JR Willet in Seattle in 2012, proposed to accelerate fundraising through an exchange of ownership. Willett subsequently led the world’s first ICO in his project called Mastercoin. The ICO underpins the cryptocurrency market to this day.
Tony Tran, Peer’s Founder and CEO and the inventor of the ICX Standard believes it will become a principal tool in seeding the next generation of technology. “ICOs have been wildly successful at bringing more people into the digital currency market and fueled its rise,” said Tran. “Nowadays the ease of setting one up makes it far too easy for countless illicit activities to target the unsuspecting public. Given the Internet’s ubiquity, the blast radius of these activities is virtually unlimited.”
Tran contends that “Democratizing access to innovation at its formative stage is the path to the future. The next era of innovation is so vast that there’s room for everyone to be a part of its success story. The ICX is a validation round that provides an express lane to both capital and global support.”
The ICX Standard aligns with increasing regulatory action surrounding the nascent digital asset market. Earlier this year, U.S. President Joe Biden signed an executive order calling on the government to examine the risks and benefits of cryptocurrencies. It focused on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation. The order calls on federal agencies to take a unified approach to regulation and oversight of digital assets.
“Peer’s Initial Coin Exchange is an answer to the Biden Administration’s call for responsible innovation,” explained Tran. “The ICX will establish a true global standard to help the world qualify and quantify viable projects. It will also serve as a new key performance indicator for innovation and allow other established projects to issue tokens.”
Unlike most ICOs, an ICX is only for blockchain companies that have already completed a functioning product, providing utility to the token from the start. The ICX standard will be only for established companies and decentralized applications (dapps) where the issued digital asset can be utilized in the network from the start, eliminating riskier early-stage projects without working products.
Under this new funding model, a seed round could be followed by an ICX, then series A, B, C, and so on.
What differentiates an ICX from an ICO are three key elements:
1. The launch of a mainnet or working application – Peer launched the main network of its patent-pending blockchain on March 16, 2022.
2. Establishing functional utility – From the moment the token is live, it can be used within a decentralized application or blockchain that is already active and working, giving the token value from current utility instead of potential future utility.
3. Publishing an in-depth “White Paper” that describes any patent-pending or patent-issued IP and explains the utility available from the first sale.
Following Peer’s own launch of the PMC token, two partner projects, Nooncake and Century, will be launching on Peer using the ICX model.
“This is the upgrade for ICOs,” concluded Tran. “Establishing the Initial Coin Exchange as a new global standard is an important step toward holding blockchain and digital currency firms accountable and restoring the reputation of our industry. Today, even legitimate investment opportunities are met with increasing skepticism because of all the negative publicity surrounding crypto scams. The Initial Coin Exchange will distance itself from the past and restore confidence in the crowd-sale platform, drive deeper innovation, and reward responsible developers of this brave new world.”
To sign up for the ICX waitlist, please visit the Peer website.
About Peer Inc.
Peer is the Web3 social network and blockchain-based metaverse ecosystem built for the future of computing. Peer was founded by Tony Tran and is headquartered in Seattle, Washington.
To learn more, please watch Metaverse Rising with Tony Tran and follow us on Twitter @peerpmc.