RootProject (ROOTS) ICO Review – ICO Token News
RootProject (ROOTS) ICO Review – ICO Token News
RootProject will be dedicated to the purpose of restructuring capitalism and ending poverty by using ROOTS tokens in combination with recent innovations in urban public policy and crowdfunding.
What is the RootProject all about?
It is a non-profit organization that will be powered by its own cryptocurrency based on modern Ethereum blockchain technology. RootProject is a unique combination of cryptocurrency payments, real-world charity, and crowdfunding in an effort to reduce poverty.
How does RootProject work?
The central role of the RootProject is to crowdfund community projects with the help of its crowdfunding platform. In addition to USD wages, community projects will use the ROOTS tokens for ensuring fair payouts and efficient project completion.
The crowdfunding platform of RootProject looks similar to crowdfunding platforms of other ICO tokens such as MoxyOne, ATFS Lab, Storiqa, BunnyToken, Cointed. Community groups can browse a selection of local projects through the user-friendly online interface or mobile app.
The creator of the project doesn’t have to follow through with the entire project. Moreover, the creator of the project can donate the project amount or seek to crowdfund to reach the desired funding goal. RootProject will assign a project foreman as well as the budget for labor, tools, and material once the project is confirmed and approved. The appointed foreman will put a team of experienced professionals together that can effortlessly finish the project within a stipulated period of time.
What does RootProject aim to be?
RootProject aims to effectively bring fundraising to the vulnerable layers of society. In addition, it will foster crowdfunding for community-minded projects.
Why is RootProject a good project?
Corporations and individuals will be able to effectively create a crowdfunded community project that will efficiently build their reputation and receive tax deductions and minimal labor. It would in effect make RootProject the first tax subsidized cryptocurrency. Real-time data publication and machine learning will support the ROOTS tokens with price behavior that is attractive for large corporations with diversified portfolios.
What are RootProject’s new innovations?
RootProject is a currency-institutional system that is precisely designed for the purpose of generating extensive growth by using three innovations.
This project is based on a laborless crowdfunding model that effectively creates demand and supply for a community project. Project initiators will not have to be knowledgeable about the cryptocurrency or complete the project. The socially visible project will automatically build reputations for corporations while the donors will get tax deductions.
A significant portion of crowdfunded proceeds from each project will go towards token proceeds and will efficiently increase cryptocurrency demand. The remaining proceeds of each project will go towards wages for those stuck in poverty, wages for one supervisor, and material. Each project efficiently reduces token supply because the currency supply is hard capped.
Pension funds and interest alignment
The third and final innovation used in the development of this project is a pension-like fund. The hourly wages in this project will be paid in both USD and also in cryptocurrency. Half of the days’ earnings in cryptocurrency is systematically deposited into a medium-term fund type of equity that is extremely similar to pension funds.
It even further reduces the liquid token supply. In the near future, the RootProject aims to launch its own secure and efficient smart contracts of the state-of-the-art Ethereum blockchain technology.
RootProject ICO token price and token sale
New cryptocurrency ROOTS is built by RootProject for cointegration around easy to discern demand and supply data that will be made public in real time.
Pre-ICO sale of ROOTS tokens
RootProject will carry out a limited pre-ICO on July 10 2017 for funding of initial hires, legal incorporation in Switzerland and other necessary expenditures. It will end on July 28, 2017 and is uncapped.
Those who participate in the first 5 business days of the initial coin offering will enjoy a bonus of 10%.
- ICO sale of ROOTS token will start on April 5, 2018 for funding initial hires.
- The company will sell 20% of the total supply of ROOTS for crowd sale participants.
- The token sale will last for a period of 21 days or until two billion ROOTS are sold.
Just like other ICO tokens such as KahnChat, Adhive, TrustaBit, Darico, KWHCoin, ROOTS tokens can also be purchased using Ethereum (Ether) coins. ROOTS tokens will be sold for 0.001 Ether, which is USD0.019. It means the effective hard cap for the crowd sale is approximately USD38,000, 000.
10 billion ROOTS tokens will be generated on the cutting-edge Ethereum blockchain during the ICO campaign. There will be no more ROOTS token ever created after the initial 10 billion. Within a week after the ICO completion, the ROOTS token will become transferable.
Distribution of ROOTS token
- 20% of the tokens will be allocated for the ICO sale.
- 4% of the tokens will be reserved for the bounty campaign.
- 20% of the tokens will be allocated as a contingency fund.
- 5% of the tokens will be allocated for project initiators.
- 5% of the tokens will be allocated for unaffiliated developer incentives.
- 5% of the tokens will be allocated for research work.
- 10% of the tokens will be reserved for the team.
- 34% of the tokens will be used for development of the funds.
Usage of funds collected through ROOTS token sale
The funds collected during the pre-ICO sale of ROOTS tokens will be used for the enlargement of the development team, for charters in the United States of America and Switzerland. In addition, it will also be used for the finalization of choices for pilot cities, the creation of promotional material for the ICO itself, and be a crowdfunding outreach for carrying out appropriate networks of large donors.
A team of experienced professionals will be hired following the ICO sale along with a COO and CTO who will completely focus on building up the on-the-ground operations in different pilot cities around the world.
The team associated with this project
The team associated with this project hold expertise in the running of big business enterprises with excellent efficiency. The RootProject was co-founded by Dr. Nicholas Adams judge and Chris Place. The other key members include Zac Filan (Principal Software Engineer) and Anton Kraminkin (Development Director).
Backed by cutting-edge Ethereum blockchain technology, RootProject aims to reduce poverty by funding community projects through its crowdfunding platform. RootProject and cryptocurrencies can be used by the community groups to systematically launch projects and initiatives at their homes or any other parts of the world.
- CHRIS PLACE(COFOUNDER) - Chris is a cofounder of Prepd and a Y Combinator fellow. Prepd has enjoyed over $5 million is sales in its first 1.5 years.
- DR. NICHOLAS ADAMS JUDGE(COFOUNDER & CEO) - A political economist, Nick received his PhD from the Department of Political Science at the University of Wisconsin-Madison in 2013. His dissertation explored inferential and numerical optimization issues in the most sophisticated models used in international currency markets.
- ANTON KRAMINKIN(DEVELOPMENT DIRECTOR) - Anton is an economist and an early blockchain enthusiast.
- ZAC FILAN(PRINCIPAL SOFTWARE ENGINEER) - Zac is a Principal Software Engineer at Allscripts, where he is the Technical Lead of an Agile Scrum team. He has spent more than two decades in engineering roles, roughly half that time at IBM.
- ALEX BAZHANAU(PRINCIPAL ETHEREUM ENGINEER) - Alex is a smart contract developer. He was hired by IBM to develop applications on Hyperledger for Africa. Alex also has an BS in computer science, and for his diploma he developed a ÐAPP for electronic voting in universities.
- MARK STREETER(HEAD OF INVESTOR OUTREACH) - Mark has ten years’ experience at Asia’s leading brokerage firm. Over the course of a career that has spanned three continents - Europe, Asia and North America - he has had the opportunity to work with and understand the investment styles, approaches, and needs of major institutional investors and leading minds in the global financial sector.
- DAVID RICHEY(DIRECTOR OF COMMUNICATIONS) - With a deep understanding of how politics and public policy impact communications, David has spent his career delivering results in challenging environments on behalf of high-profile companies, elected officials and organizations.
- JASON KOMAN(CHIEF OF STAFF) - Jason has been leading successful teams in the private, government, and nonprofit sectors for more than ten years.
- CHANMI KIM(COUNTRY MANAGER - KOREA) - ChanMi is a passionate believer of aligning market forces with social good. Before joining RootProject, she worked for Opportunity International, a nonprofit, the United Nations, and EBSCO Information Services, an IT company.
- SONNY KWON(ADVISOR) - Sonny is a founder and publisher of EconoTimes, a global financial news portal. He previously worked as the head of business development at IBTimes (Newsweek Media Group).
- TOM GRAHAM(ADVISOR) - Co-founder at Codec.ai, an AI and machine learning marketing company.
- CHRIS MIESS(ADVISOR) - Former CFO at TenX, where they conducted the largest ICO in Asia with $80M raised. Previously, he worked in M&A at Goldman Sachs in London.
- 104.2017Concept & material development, backend coding
- 206.2017First hires
- 307.2017Pre-ICO on Jul 10, backend alpha on GitHub
- 408.2017Legal incorporation, front-end development
- 509.2017MVP development, partnerships, Korean expansion
- 610.2017MVP release
- 701.2018ICO dates to be announced
- 802.2018SAFT Round
- 904.2018Public ICO
- 1005.2018Expansion in States + Worldwide