So an ICO giving AMP a 6.5 million USD market cap if you only count the 18% sold. And thats just the first round?
The technology we're using has been in development for 4.5 years and has already received $3.2M in investment
. If you compare it to the junk being peddled on these forums nowadays it indeed looks extreme, but if you explore the actual offering, you'll see that it's quite modest and leaves A LOT of room to grow.
Synereo is going to host the crowdsale themselves ? Did I miss something ?
What's the reason it's not going through a trusted third party like Koinify ? Milestones, accountability, transparency... all that jazz.
We are, with the Omni Foundation in the position of reviewers. See the full details here: https://docs.google.com/document/d/1zLBm8OHt5-81flihJ6iSKEm0WbRa6FL0mJ5ivBN34Po
Synereo is raising the funds which would allow us to reach our first milestone, which is to release a first social networking application on top of our existing technology. Unlike Ethereum, MaidSafe, Factom and the like, we are only selling a small portion of available AMPs instead of attempting to raise as much as possible
. We have selected the numbers you see in the original post carefully, based on a business plan taking into account the timelines and expenses getting us to this first milestone.
Our accounts are going to be completely transparent throughout the sale and beyond. The details can be found in our announcement on our blog.http://blog.synereo.com/2015/03/18/crowdsale/
Third party evaluatorsThird party evaluators
Wallets holding AMPs designed to be released at a later date will be locked such that an outside evaluator has to certify that the
conditions for their release has been met. AMPs locked in that manner include:
- AMPs used to reward users who migrate to Synereo.
- AMPs awarded to content creators.
- AMPs kept for future funding rounds. These AMPs can only be released if and when we do another crowdsale or when accepting
The generation of AMPs as part of the Proof of Social Contribution (PoSC) mechanism, capped at 5% per year, will also require
certification by this third party.
See our Asset Policies document
for more details.Multi-signature mechanism
All Bitcoins received during the crowdsale will be kept in a multi-sig wallet, generated by Armory Lockbox on offline and/or
air-gapped machines. Transactions cannot be generated unless 3 out of 5 keys are used to sign it. This protects the funds received
from any one point of failure, whether theft, the loss of a key, or the inability of one holder to access the wallet.
Some of the keys will be given to external third parties. See our Asset Policies document
for more details.