27 Nov $5.500.0000 in 4 weeks: Flixxo, the first ICO hosted on our platform has finished!
Last Friday, the first token sale that has been hosted on our platform, Flixxo, finished. The ICO has been able to raise 11.511 ETH, equivalent to $5.536.791 (at current valuation) in just 4 weeks of time.
Flixxo is a community based video distribution platform that uses bittorrent and blockchain technology to create a more fair ecosystem for content producers, watchers and advertisers. The platform is fueled by their token Flixx, which circulates between the different parties using the platform.
We are very glad with the results of our first ICO. As, Alejandro Gómez de la Cruz, the CEO of Icofunding, says:
“We are really excited about the success of Flixxo’s ICO. The project has a great team to achieve their decentralized vision of media content generation and consumption. We will be announcing new projects on our platform this week”.
We believe that ICO’s are a powerful and innovative way of raising capital with a lot of potential, but we also acknowledge that there have been a variety of scams and weak projects that have been able to raise a lot of capital by hosting an ICO. Those projects looked very promising, but turned out to be a loss for token buyers.
We think that ICO’s should be protected against a bad image, that is why at our platform there are only ICO’s being launched that have gone through an important screening of the overall quality of the project, to make sure the startups organizing Token Sales on Icofunding are promising and trustworthy.
Another feature we have developed is the Coin Governance System for ICO’s. This system is created to protect token buyers from scams and not-promising projects. It has different degrees of governance, the most heavy form of governance establishes milestones a startup needs to achieve. When a milestone is achieved, part of the capital will be unlocked for the startup. In case a startup does not achieve a milestone, capital will be locked and token holders can withdraw their participation.
Another level of governance that we use is vesting. Through vesting, part of the raised capital will be locked for a certain amount of time, for example part of the raised capital of Flixxo that is destined to the team, is locked for 6 months. The aim of this type of vesting is to prevent the team of a startup to run away with the raised capital.