The Postalgia ICO is an ICO currently taking place in the Ethereum Classic (ETC) community. Find out everything you need to know about the photo app’s ICO today in our review.
What Is Postalgia?
Postalgia is a photo app optimized for mobile devices. You can download the mobile app for free for Android today from the Google Play Store.
The key difference between Postalgia and the thousands of other photo apps is that Postalgia allows users from anywhere in the world to upload their photos straight from their smartphone, then purchase high-quality physical photo prints and products and have them mailed directly to their home.
During the latest ICO, Postalgia is selling its POSTA token in exchange for ETC. POSTA tokens can be used in-app, in the future, to pay for Postalgia’s services.
Overall, Postalgia promises to “imprint your memories.” It turns the photos on your mobile device into real, tangible objects.
What Is The Postalgia ICO?
During their ICO, Postalgia aims to raise between 20,000 ETC (minimum) and 100,000 ETC (maximum). Based on the current price of ETC, the successful ICO will clock in at just under $2 million (if it achieves its maximum funding target).
A total of 10,000,000 POSTA tokens will be released during the ICO (hard cap). The tokens are in-app tokens. 95% of tokens will be distributed to the public, while 5% will be distributed to the development team.
The tokens are ERC20 compliant tokens secured by the Ethereum Classic blockchain. Token holders will be able to use the tokens as an in-app method of exchange. Using tokens, users can seamlessly buy prints of their photos, receive a percentage when others buy prints of their photos, and license the use of their photos on the decentralized web.
How Will Postalgia Use Its ICO Funds?
Postalgia is using funds raised from the ICO to achieve the following goals, according to a post from Postalgia’s owner on Reddit:
- Extend Postalgia’s services to serve a global market
- Decentralize production
- Conduct blockchain and smart contract research and development, specifically in regards to photography, licensed, and distributed photo storage
Postalgia has published more extensive details about its ICO in its whitepaper. Here’s how the breakdown works in terms of funding:
- 33.3% for production, operation, and sales
- 20% for reserves
- 13.3% for tech development
- 10.7% for iOS and Android app development
- 9.3% for e-commerce website
- 6.7% for business development
- 6.7% for blockchain research and development
Some of the specific phases of the project include a platform upgrade that allows for the utilization of blockchain technologies.
This is phase 1. It will require an upgrade of the app’s UI while also creating a back-end allowing users to order photos using BTC, ETC, or POSTA. This phase also involves something called Project Advocatus, a system of referrals and content sharing bonuses that need to be built into the platform’s infrastructure to incentivize user sharing.
The second phase of the upgrade is called Project Licentia, which is a system of on-chain registries for intellectual property (in this case, photos). The team plans to implement this system through Ethereum smart contracts, allowing users to share photos through a decentralized marketplace.
The third and final phase, called Project Aeternum, is a complete integration of the Postalgia platform within the blockchain. Once this phase is complete, Postalgia will be able to operate as a fully decentralized, blockchain-based photo sharing platform.
There’s no specific information about the timeline for these phases, or when they plan to be completed.
Postalgia ICO Conclusion
Ultimately, Postalgia is a photo sharing app that aims to integrate blockchain technology into its platform. Before doing that, however, the app needs to raise money through an ICO. The ICO’s funds will be used to integrate three separate phases into the project.
By the end of these phases, Postalgia will be a fully blockchain-based photo sharing app where users can order physical prints and photo products using Ethereum Classic, bitcoin, or in-app tokens called POSTA.
You can learn more about Postalgia’s ICO and development goals by visiting the company online at Postalgia.co. Or, read Postalgia’s whitepaper.