Peer Inc., a Web3 social network and blockchain-based metaverse ecosystem, is introducing a new fundraising standard called the Initial Coin Exchange (ICX). The ICX aims to reinvent the Initial Coin Offering (ICO) by providing a framework for evidence-based fundraising that promotes responsible innovation, global participation, and rapid validation. Peer will launch the world’s first ICX on June 27, 2022, through its purpose-built platform.
ICOs, which were first introduced by JR Willet in Seattle in 2012, have been successful in bringing more people into the digital currency market. However, the ease of setting up ICOs has also made it easier for illicit activities to target unsuspecting individuals. Peer’s Founder and CEO, Tony Tran, believes that democratizing access to innovation at its formative stage is the future. The ICX aims to provide an express lane to capital and global support, while also addressing regulatory concerns surrounding digital assets.
Unlike most ICOs, the ICX is only available to blockchain companies and decentralized applications (dApps) that have already completed a functioning product. This ensures that the token has immediate utility within the network, eliminating riskier early-stage projects without working products. The ICX also requires the launch of a mainnet or working application, the establishment of functional utility, and the publication of an in-depth “White Paper” that describes any patent-pending or patent-issued IP and explains the utility available from the first sale.
Following Peer’s launch of the PMC token, two partner projects, Nooncake and Century, will be launching on the Peer platform using the ICX model. This new fundraising model aims to hold blockchain and digital currency firms accountable, restore the industry’s reputation, and drive deeper innovation while rewarding responsible developers.
About Peer Inc.Peer Inc. is a Web3 social network and blockchain-based metaverse ecosystem headquartered in Seattle, Washington. It was founded by Tony Tran and is dedicated to building the future of computing.