Some people believe the ICO is bad, but some of it put much trust on it. Just like the way of life, ICO seems still effective to gain fund from public. At this point the ICO holder believes the public itself already have the crypto-investment maturity. Naturally public learn and be carefully from the pas failure of ICO.
Well known person, Jon Matonis, The Founding Director of Bitcoin Foundation, believe the ICO is the door for cryptocurrencies to become mainstream by public participation. Jon Matonis also believe by put the cryptocurrencies to trade other commodities, it will add its function, not just as the method of payment and store of value, but as unit of account.
When the asset is used substantially as a medium of exchange across society, then it may be considered a unit of account. Some economists consider unit of account to be the final and most important characteristic of money, because it means that goods and services are priced in the numéraire, or basic standard by which value is computed. Central banks’ control of the unit of account is typically argued to be a defining feature of monetary policy.
As a Bitcoin believer, in June 2015, Jon said to Cointelegraph, that Bitcoin ecosystem will soon need a reference interest rate similar to LIBOR. LIBOR or ICE LIBOR (previously BBA LIBOR) is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. It stands for IntercontinentalExchange London Interbank Offered Rate and serves as the first step to calculating interest rates on various loans throughout the world. LIBOR is administered by the ICE Benchmark Administration (IBA), and is based on five currencies: U.S. dollar (USD), Euro (EUR), pound sterling (GBP), Japanese yen (JPY) and Swiss franc (CHF), and serves seven different maturities: overnight, one week, and 1, 2, 3, 6 and 12 months. There are a total of 35 different LIBOR rates each business day. The most commonly quoted rate is the three-month U.S. dollar rate.
Globitex, Latvia-based trading platform company, which Jon Matonis sit as the Chairman, facilitate the use of Bitcoin as an industrial scale medium of exchange (step to Bitcoin an unit of account). Globitexpropose taking the existing Globitex exchange infrastructure and scaling it up into an exchange that has global spot and derivatives exchange capabilities, where standardised instruments in money markets and major commodities are listed with cash settlement and later physical delivery, and where Bitcoin is used as the underlying currency-a unit of account.
To realize this goal, Globitex is issuing the GBX utility Token. The Token will be issued as an EIP-20 (previously known as ERC-20) compliant Ethereum smart contract. The GBX Token will primarily be used for the settlement of trades on the Globitex exchange, serving as a commission payment token. The GBX Token will also function within loyalty programs planned for Globitex clients and contributors, whereby the contributors will be participating in the company’s overall success. The GBX Token can be acquired using Ether (ETH), Bitcoin (XBT) and Bitcoin Cash (BCH).
With LIBOR concept, Globitex plan to set BIBOR (Bitcoin Inter-Broker Offered Rate) as the developing of Bitcoin money markets. BIBOR aggregate the leading interest rate markets for Bitcoin margin lending, including the one developed by Globitex at stage I, in order to form a tradable interest rate product. BIBOR, thereby setting the standard reference rate for the Bitcoin economy capital markets. Furthermore, expanding to money markets in other cryptocurrencies based on market appetite.
Token name: Globitex Token
Token symbol: GBX
Token lifetime: 10 years (subject to extension)
Token execution environment: Ethereum platform
Token standard: Ethereum EIP-20 (previously known as ERC-20) compliant smart contract
Token decimal units: 8
Token sales currencies: Ether (ETH), Bitcoin (XBT), Bitcoin Cash (BCH)
Token emission standard price: GBX 1 = EUR 0.10
Minimum sales target incl. pre-sale: EUR 1,000,000.00
Stage I sales target: GBX 50,000,000
Stage II sales target: GBX 150,000,000 (Stage I + GBX 100,000,000)
Stage III sales target: GBX 500,000,000 (Stage I +
Stage II + GBX 350,000,000)
Soft cap: GBX 500,000,000
Minimum purchase amount: GBX 100
Sales start date: 08.11.2017 12:00 UTC
Sales end date: 07.12.2017 17:00 UTC or 72 hours after the soft cap has been reached
15% discount for the first 20,000,000 GBX Tokens sold
10% discount for the next 30,000,000 GBX Tokens sold
5% discount for the next 50,000,000 GBX Tokens sold
(User UID: ICO Magazine)