ASTRCoin is a new, proprietary cryptocurrency, currently in ICO pre-sale, that its parent company plans to use to buy and sell mining rights on the asteroids orbiting the solar system. We’re not sure if this is a stroke of genius or absolutely insane.
ASTRCoin is a product of Asteroid, Ltd., a company that is listed as headquartered in Hong Kong on its LinkedIn page. The company’s managing director, as listed on the website, is one J. Walsh Jr., but this individual’s identity has been difficult to verify as the name is both incomplete and fairly common.
There are no other individuals listed as employed by or on the executive board of ASTRCoin, either on the website itself or on the company’s LinkedIn page. This makes Asteroid, Ltd a rather suspect company in our eyes thanks to the lack of any discernible transparency.
The ASTRCoin ICO
ASTRCoin is part of a blockchain-based database system that will supposedly be used to record ownership rights for a number of asteroids, large and small, in orbit around the sun. The company claims that this system will “democratize” space ownership, as parcels of property on specific asteroids will be purchasable with specific amounts of ASTRCoin.
Purchasing these ownership rights then means that these property owners can reap the rewards of asteroid mining. With asteroids likely to be rich sources of metals and minerals, many have theorized that mining these asteroids could lead to profit; Asteroid, Ltd is therefore designing a clear record of asteroid ownership to provide avenues for eventual future asteroid mining endeavors.
ASTRCoin ICO is currently in pre-sale and will remain so until November 20, 2017. During this time, ASTRCoin can be purchased at a rate of 120 ASTR tokens for 1 Ethereum.
Once the official ICO begins on the following day – November 21 – the price will change on a weekly basis, according to the following chart:
- Week 1: 75 ASTR for 1 Ethereum
- Week 2: 55 ASTR for 1 Ethereum
- Week 3: 44 ASTR for 1 Ethereum
- Weeks 4+: 35 ASTR for 1 Ethereum
ASTRCoin is obviously being positioned as an investment opportunity, especially for individuals who purchase early before the price of the token is artificially increased in subsequent weeks.’
The other opportunity, if one can call it that, is the ability to use these ASTR tokens to then purchase mining rights on orbiting asteroids. This will somehow guarantee that these right holders will then be able to profit from their investment in outer space real estate.
ASTRCoin Final Thoughts
We like a good science-fiction tale as much as anyone else, but let’s be real for a minute: do you really think that you’re going to be able to profit off of “asteroid mining” any time in the near future? The answer to that is – let’s be honest – most likely not.
The best we can see is that ASTRCoin will be a speculative blip before crashing and burning. Good luck trying to cash in on that asteroid you bought, though.