Hey steemians!
Still on kencoin projects, we’ll be looking at its fundraisng event and capital utilization in this post. But before we get to that, let us begin with the legal aspects of the project.
Hope you are set.
Let’s go!
Kencoin is a registered non-profit foundation in Switzerland. At times the mere knowledge that a project has good legal backing can be very reassuring to prospective investors. So for those who might have concerns about the legalities of the kencoin project, the good news is the the foundation is fully compliant with the Swizz regulatory laws and would be regularly audited by appropriate agencies. This said, let us now deal with our subject matter for today.
KENCOIN FUNDRAISING EVENT
Basically, as we know, blockchain projects undertake fundraising events which could take the form of private sales (financed by private investors), and/or public sale also known as ICO or crowd funding (which is when the fund raising event is open up for pubic contributions). And these funds are ideally used for developmental purposes.
Kencoin conducted and concluded both its presale and ICO since last year, 2017, having raised about $800k from both events. This sum stood midway between its soft cap of $500k and $1.2m hard cap; so one can say kencoin token generation event was a success. About 10 million kencoins were created. Some good portion of these were sold during the presale and ICO while some good percentage have also been reserved for partners (vendors/merchants) who would join the foundation in later days to enhance their affiliation and spread the adoption of the kencoin token in the adult entertainment industry.
Kencoin Capital Utilization
As stated above, about $800k was raised during the kencoin fundraising events. These funds would of course be used for strategic development of the kenoin project. Prominent among these include the following key aspects:
- Development of the kencoin wallet
- Development of the kencoin app
- Researches
- Marketing
- General development of the platform, etc
Let us now briefly consider the above aspects one after the other
Development of the kencoin wallet:
A wallet is the most essential aspect of any organization because it is here the finances of organizations are managed. This also is true of blockchain projects. Projects take great care in deciding which network to pitch their tents with hence, which wallet would best support their tokens in order to attain their desired goals. Thus, kencoin project has settled for the ethereum network to build their token primarily because of its high scalability (ie it can execute transactions with high speed – say a matter of seconds). So the fact kencoin is built on ethereum network implies the tokens can be stored in any ethereum wallet on blockchain without much risk. This not withstanding, the foundation has taken it upon itself to build its own wallet to make it even easier for users to transact easily. This wallet would be of two types: merchants wallet and spending wallet.
The merchants wallet would be used by merchants in the adult entertainment industry. The wallet would enable merchants to easily make sales and receive payments in kencoin token whether it is online or offline at their shops/locations.
Spending wallet on the other hand would be like a general wallet which every user on the kencoin foundation would be able to use to make purchases of adult contents/goods using the kencoin token.
Given the above hinted advantages, some good percentage of the funds raised at ICO/presale would be used to build this very important asset for ease of convenience both for merchants and consumers in the adult entertainment industry.Development of the kencoin app:
The app would enable both vendors/merchants and consumers of adult entertainment to easily order their goods and make transactions on the go. The app will have such features as wallet, market place, etc.Researches:
The kencoin foundation has also allocated some percentage of its capital to sponsoring researches in adult entertainment. This is to enable the team gather valuable data for analysis with which result they would be best able to satisfy consumers and merchants, having already identified their needs.Marketing:
Marketing is very crucial to the success of any business. This is much the same with blockchain projects. Marketing not only creates awareness about a project, but also goes a long way in convincing the public about the feasibility of such projects, hence, magneting good investors to the project. Kencoin has solid and reaslistic marketing strategies among which include, email marketing, good public relations, paid advertising, search engine optimization, social media like facebook, twitter, etc.General development of the platform:
These includes such generic tasks as building of a flawless and secure website on the which the platform would run, regular updates of the site, hiring developers, etc.
So the above are the core areas so far that the kencoin team would pay utmost attention to developing though others might rise with time that would demand attention as well as funds.
Kencoin is built on the ethereum network. It is not a mineable token. So apart from the initial 1 billion KEN created, no amount of KEN token would ever be added to it again. Rather, the kencoin team is planning a token burn - hopefully to take effect around this year ending. The burn, it is expected, would help strengthen the value of the KEN token and bring in more gains/profits to the investors.
So long for our discussion. Feel free to visit kencoin foundation’s official website any time for more information on the project: https://kencoin.org/
And you might like joining their telegram group as well for more frequent updates: https://t.me/Ken_Coin