Fair ICO (hereinafter fICO) is a way to attract funding for projects on the UBIX Network ecosystem. The use of the word "Fair" is due to the desire to emphasize the opposition of our approach to the classic ICO. Classical ICOs discredited the entire crypto industry with massive fraud.
Our approach is based on the financing mechanism used in the venture industry for decades. Basically, it means that financing is attracted in parts (rounds) with an intermediate revaluation of the company's value.
We added some new features to the mechanism opening access for a wide range of users. We issue projects’ tokens and they circulate on the secondary market without any restrictions.
It is conducted via the following stages:
1. The tokens of the project are issued in full or in parts (as needed).
2. Tokens are a SAFE contract, certifying a share in the upcoming company, or a coupon for paying for the service of the respective company.
3. The financing of the project is carried out in small portions for the fulfillment of clearly defined goals.
4. Each subsequent round begins after demonstrating the results of the team's work in the previous round.
5. Project development stages are formalized in accordance with the standards of the venture industry.
6. The formation of an active community to test the product, receive early feedback and select the ambassadors.
7. Creation of a secondary market from a variety of traded assets and related tracking services.
The stages of development of a specific fICO project are the following:
Seed – the idea of the project
Start-Up - the working prototype
Early development - the marketing campaign
The fICO mechanism can be found in the Sandbox of our super-app Ubikiri.