InoCoin: The Blockchain Alternative to Kickstarter
“InoCoin has created a decentralized platform used for crowdfunding.”
By Block Society
InoCoin is a decentralized crowdfunding platform that allows users to send and request funding. Users can request to have their idea posted on InoCoin in order to receive funding from investors. The money raised is tax free, a stark contrast to fiat based crowdfunding websites like GoFundMe.
Users can vote for which projects they want the platform to support by liking and boosting them and the platform uses a grading system to determine which projects will be funded.
InoCoin is used to complete transactions on the platform as an ERC-20 utility token. The platform did not hold an ICO, instead having a private coin offering although InoCoin can be bought on a variety of exchanges.
Only 20% of ICO in circulation were made available to contributors. 49% of ICO will be held in a reserve account for at least one year, while 30% will be used to fund projects.
“The money raised is tax free, a stark contrast to fiat based crowdfunding websites like GoFundMe.”
The value of INO is directly linked to the success of startups the platform funds. Each investor is entitled to a percentage of profits if the startup succeeds and the minimum investment is 1 INO, making it easy for small and first time investors to participate. Additionally, the platform does not censor or limit what types of startups can apply for funding, allowing projects that are unable to use
Kickstarter or GoFundMe a means to receive startup funding.
The platform created the InoPay app, which allows users to make and receive payments from their smartphone and manage their INO wallet. The platform plans to continue quarterly platform updates and funded its first project last year. However, InoCoin has released few updates since August 2018 and has not announced any major plans for the future.
InoCoin. Whitepaper. https://inocoin.eu/wp.pdf.