Adel is a technology incubator for blockchain companies. Find out everything you need to know about the unique new incubator today in our review.
What is Adel?
Adel is a technology incubator created by Czech entrepreneurs. Adel was established with the goal of delivering a resilient ecosystem for its community. That community includes companies who are building off blockchain technology.
The reason for Adel is simple: plenty of companies (particularly in the fintech space) can use blockchain technology to build new platforms and services. However, many of these companies do not have the resources to create their own blockchain platform. Adel wants to solve that problem.
Adel announced a month-long crowdfunding exercise on March 1, 2017 through an initial coin offering (ICO). Today, you can find the platform online at AdelPhoi.io.
Today, the company is moving forward with its goal of “developing, supporting and funding innovative start-ups using blockchain technology and based on the Nxt community platform”. Community members will vote on projects through the platform, then share in the rewards.
How Does Adel Work?
Adel chose the Nxt community platform due to its proven track record. The platform provides a number of features that benefit a community-based ecosystem – like the one represented by Adel.
Nxt provides blockchain to Adel through Blockchain-as-a-Service (BaaS). In 2017, Nxt will release Ardor, a version of the blockchain with extended features that Adel plans to utilize for its project portfolio.
Who Is Part of the Adel Community?
Today, the Adel community consists of individuals, entrepreneurs, and companies who participated in the initial public offering.
Members of that group include stakeholders, registered community members, an international team of staff, a Project Review Committee, and Adel’s Board with its three co-founders.
Benefits of Adel’s Incubator
What’s the advantage of working within the Adel incubator instead of a more traditional fundraising path – like say, angel investments and venture capital funding?
Adel advertises itself as creating an “ecosystem of innovative projects”. Within that ecosystem, members can mentor, improve, and participate in business plans.
The key advantage over traditional venture capital funding and angel investments is that Adel is a decentralized alternative.
How Does Adel Make Decisions?
Adel’s decisions are made by stakeholders and members.
All stakeholders who invest more than 1 BTC will be invited to the Adel community. Within that community, stakeholders will become members and have full voting power based on the amount they contributed to the ICO.
This is where the decentralized nature of Adel comes into play. Here’s how Adel co-founder Gabriel Dusil explained it in a recent interview with Forbes:
“As a community member they can discuss projects on the community’s Forum Module and view the status of projects on the Projects Module. In addition, any community member has the option to solicit their expertise as a staff member in any project. In a sense, community members have ‘first right of refusal’ to work in a project. If the expertise cannot be sourced within the community, then external expertise will be recruited.”
How Does Adel Approve an Idea?
Community members can submit ideas to Adel. After they submit an idea, they become an “Innovator”. The responsibility of an Innovator is to prepare a business plan of each idea then submit it to the Adel Board.
The Adel Board then acts as the community’s curator. They make sure each project complies with ethical, legal, and regulatory guidelines.
After approval, the proposal is sent to the Project Review Committee. Together with the Innovator, the Project Review Committee improves upon the idea.
After all this process, Adel will “green light” a business plan, then send that plan to a community for discussion. The project proceeds forward as a Community Innovator Project only if it has been agreed by a majority of the community.
If the majority of the community doesn’t approve, then there will be a second voting process to see if there are enough votes for a select minority. If there’s a sufficient minority group, then the project becomes categorized as a “Group Innovator Project”.
To diversify the types of projects, Adel has its own R&D team. This team will propose projects to the community, then follow the same process as mentioned above, pushing its project through the various steps of approval until it becomes either a Community Innovator Project or a Group Innovator Project.
What is the Adelphoi Cryptocurrency?
Adel’s ecosystem revolves around the Adelphoi cryptocurrency. Adelphoi is the cryptocurrency token used by the Adel community. It’s through this cryptocurrency that the platform is self-regulated, self-sustained, and maintains its own economic system.
The Adelphoi cryptocurrency is based on Nxt’s decentralized blockchain (the one we mentioned up above as being offered through BaaS, or blockchain as a service).
Adel plans to release 100 million Adelphoi across three rounds of initial coin offerings (ICOs). The first series took place in March 2017, when 33,333,333 Adelphoi were released onto the market.
The market will set the price of Adelphoi based on the Bitcoin contributions from stakeholders. To boost the value of the currency, Adel has an incentive plan. Early contributors will receive a bonus amount of Adelphoi, for example. In other words, if you invested in March, you have a higher stake and voting power within the community.
The more Adelphoi you have, the more voting power you have in the Adel community. However, the real rewards come from successful projects: successful ventures will be developed and issued as rewards to Adel’s stakeholders.
An investment of 0.03 BTC is required to become an Adel stakeholder. Investing 1 BTC gets you community membership from the first ICO. Rewards scale up from there.
Stay tuned for more information about Adel as the platform continues to grow. As the company progresses through its three rounds of ICOs, we’ll learn more about the possible fintech innovations created through the company’s unique crowdsourcing system.