The innovation of cryptocurrencies and blockchain technology has changed the way project owners get capital and early stage investments. Just a few years ago, rigorous screening processes characterized startup funding by venture capitalists. Today’s firms can raise funds with the use of a whitepaper. It is a great time for project owners as they are able to raise money quickly. However, for investors, there is increased risk.
The lack of regulations when it comes to token sales means that in case the funds are mismanaged, early investors have very few legal options to use to get back their funds or to influence how the company should be run. SmartContractChain (SCC) seeks to build a platform that will harness the best of both worlds. It will provide entrepreneurs with access to funds and guarantee the security of the investors’ funds.
What Is SmartContractChain?
SmartContractChain is a crowdfunding platform based on blockchain technology and Initial loan procurement (ILP). The platform hopes to offer smarter and faster crowdfunding services that have minimal risks. The platform will use the power of cryptocurrency for rapid fund distribution. The use of blockchain technology will also improve transparency to ensure that dividends are given to the investors in an immutable and auditable manner on the Ethereum blockchain.
How SmartContractChain Blockchain Crowfunding Platform Works
The SCC platform will allow investors to support the startups and gain access to the company’s offering by giving a loan procurement token as digital assets. The platform will also lead to the adequate generation of funds for the campaign. The token-based platform will make it easy to adjust assets.
In the event that the crowdfunding project fails or there are concerns about the feasibility of the project, smart contracts will be used to enforce this action automatically. The smart contracts will come up with a system that is meant to be fair to all parties. The use of smart contracts will in a neutral way to ensure that investment promises are met.
ILP will provide an ingenious way for participants to enter into a legally binding loan agreement. The company will issue future loans access tokens (FLAT) to the investors based on the Ethereum blockchain. Smart contracts will be used to enable the loan agreement.
The FLAT will act as a credit note and the loan arrangement entitles the investor to receive interest for their credit. This is beneficial to investors in contrast to traditional ICOs that only give the investors services in lieu of the investment. The use of smart contracts simplifies the process of the loan agreement and maintains transparency and unmatched security for the transactions.
SmartContractChain SCC Token ICO Details
- The SCC token is an ERC token based on the Ethereum network.
- The ICO will ensure that users are able to contribute to backers projects using the utility token.
- The total supply of SCC tokens will be 60, 158,729 tokens
- 75% of these tokens will be reserved for the main token sale
- The platform hopes to reach a hard cap of $30,000,000 and a soft cap of $ 2,000,000
- The token sale will start on 1st July 2018 and end on 1st August 2018
- The accepted payment options are Ethereum and Bitcoin.