In the past year or so, the Ethereum network has witnessed the release of more than a thousand ICOs. However, most of these ICOs require investors to put their money into the project with blind trust. Additionally, one of the other major problems with the conventional ICO structure is that more often than not, the token being offered by a company has no tangible system/ platform to be linked to.
What Is BlockBits?
Blockbits has been described online as being a decentralized, open-source ‘crowdfunding/investing platform’. However, what really sets Blockbits apart from other similar projects is that it works to completely eliminate the “blind trust requirements” that are imposed by different ICOs upon their users. As a result of this, the platform is able to make investments safer and more secure.
In addition to all this, the system makes use of smart contracts as well as other built-in features that allow it to be self-sufficient and offer a high level of transparency.
How BlockBits Crowdfunding Project Investment Platform Works
As mentioned previously, the main goal of Blockbits is to create a platform that allows users to make safe investments into legitimate projects. When using the system, novice investors will have full freedom and control over their funds, and in case they feel that a project is not delivering on its goals, they can choose to take their money back.
The platform makes use of features such as “safe funding vaults” and “secure milestone payment modules” that allow it to become independent and thus be governed totally by the network participants themselves (aka the token holders).
Through the use of ‘service indicators’ and other cautionary tools, BlockBits is able to keep accurate tabs on the performance of different ICOs. If a project does not meet its goals as stated in the roadmap, investors will have the option to ask for a refund.
This project is based entirely within the Ethereum blockchain and is thus completely decentralized.
All of the transactions that take place within the BlockBits ecosystem are irreversible and can only be changed if the community at large gives its approval.
The platform comes with various display modules that clearly showcase all of the risks and potential downfalls associated with a particular project.
Another underrated feature on offer here is BlockBits’ official “Auction Based Token Buy Back Program” that helps minimize risks and monetary losses.
As mentioned earlier, the platform makes use of “Funding Vaults” that can hold and escrow funds until the completion of a particular task.
The company charges a nominal 1% of one’s ETH revenue in lieu of its services.
BlockBits BBX ICO Details
The platform uses a native currency called BBX to facilitate internal transactions. Purchases can only be made using ETH, and the sale of tokens will take place via two separate phases including:
The Pre ICO is currently underway and is scheduled to end on the 28th of Feb 2018. The price of BBX during this period will be as follows: 1ETH = 9800 tokens. Lastly, there will be a bonus of 40% applicable on all purchases.
The ICO is scheduled to go live on the 10th of March 2018, and conclude on the 1st of May. During this period, the price of BBX will be as follows 1ETH = 7000 BBX.
Token Distribution Details
- 57% of the currency pool will be released to the public during the aforementioned sale periods.
- 40% will be used for project dev. purposes.
- The remaining 3% will be used for creating a bounty program.
For any other details pertaining to this system, users can get in touch with company officials via Telegram, FB, GitHub.