Arizn is a new type of crowdfunding platform that will be based on Ethereum blockchain in hopes of creating more transparency and investor confidence in crowdfunding. The company wants to achieve this by utilizing smart contracts and community governance. Arizn has already launched its ICO in hopes of raising $25 million.
The Team Behind Arizn ICO (AALT Token)
The Arizn project was first imagined in 2011. It then became an officially registered company in 2013. Arizn is based out of South Africa and has a presence in nine countries, mostly in southern parts of Africa. The names of its founders are not given on the company website. The site only states that Arizn’s founders were involved in venture capital funding with an emphasis on socio-economic development.
The Arizn website, however, does list eight board members. That list includes Weston Chunda, who is listed as the company’s CEO. His LinkedIn profile describes Chunda has a humanitarian who has helped small villages create sustainable agriculture and in fracture projects throughout southern Africa.
The other seven board members are also natives of South Africa and have specific duties within the company. The Arizn website also lists 12 employees, most of whom are developers. There are also two social media managers and two marketing assistants.
As mentioned, Arizn plans to use blockchain technology and smart contracts to run crowdfunding campaigns. The company is utilizing code called the dApp Wizards that will allow users to create a smart contract that will be submitted to the Ethereum blockchain. This smart contract will then be able to manage all cryptocurrency donations submitted to a campaign while also rewarding contributors by generating an ERC20 alt-coin called AALT (Arizn Alt).
The use of blockchain will also allow Arizn to have community governance on crowdfunding campaigns. Community members will help to rank the campaigns on the Arizn platform so that genuine campaigns can be ranked near the top while campaigns started with bad intentions can be sent to the bottom of the rankings to potential investors don’t waste their time with them.
Arizn believes this kind of community governance will help the transparency of crowdfunding campaigns, solving the accountability issues that sometimes plague crowdfunding platforms. The company also believes it will enhance investor confidence and bring more cryptocurrency investors into the crowdfunding arena. Arizn also promises to be a free-for-life service
Arizn ICO (AALT Token) Details
The Arizn ICO got started on July 26, 2018, with the sale of its AALT (Arizn Alt) token. By the end of July, the company was 16% of the way toward its goal of $25 million. There is a limit of 1.2 billion AALT tokens that will be created. The value of one AALT token is 0.0001 ETH. Anyone participating in the ICO during its first week will receive a 30% bonus. That bonus will decrease by 5% each week until the end of the ICO on September 29, 2018.
It’s tough to argue against the philosophy and goals behind Arizn’s idea. Trust and transparency are common problems with crowdfunding campaigns. Moving things to the blockchain and utilizing smart contracts is one potential way to solve this problem, so Arizn should get credit for its idea and good intentions. Being able to reward contributors with cryptocurrency tokens may also be easier for those running a campaign than sending people tangible items. Again, this is an improvement over how crowdfunding campaigns are currently run.
You also can’t deny that Arizn has the people in place to reach its goals. With eight board members and 12 more staff members listed on its website, Arizn appears to have all of its bases covered. The company also seems to have a firm plan in place, which isn’t surprising since Arizn has been around since 2011.
That being said, there should be some hesitancy in investing in Arizn. For starters, there are already several established crowdfunding platforms, and even if the crypto community comes aboard, Arizn has a lot of catching up to do. They also appear to be a little behind on their fundraising goals early in the ICO. As the bonus decreases each week, it’s unlikely funding will start to pick up. That’s not to say you should invest in Arizn if you believe in the idea. But be aware that this ICO is not a slam-dunk to pay off in the long run.