The initial coin offering (ICO) sector is constantly throwing up exciting ideas that can help to transform the way certain industries operate. Many inefficiencies can be eliminated and all parties will stand to benefit.
One area in which a Singapore based company is looking to aid is that of the ecommerce sector.
What are the details about these plans?
This new ICO was launched with the aim of creating a platform for global buying that is blockchain enabled. This is called AORA and it is a project which is under the direction of a Y Ventures Group subsidiary called Luminore 8. This is a company which specialises in technology and e-commerce.
They have just launched their ICO, with the pre-sale beginning in October and the main sale commencing in November. They are hoping to raise as much as $50 million as a result of their efforts. The soft cap has been set at $20 million. There will be a total of 625 million ERC-20 tokens that are going to be created as part of this project, with 40% of them being available for sale during the entire token sale.
Their goal as a platform is that these tokens will be utilised by consumers when making purchases on all online stores or marketplaces, as well as incorporating more established cryptocurrencies at the same time.
They are also looking into the provision of solutions for business logistics, which would mean that merchants could benefit from the use of smart contracts when it comes to all aspects of their business, including the likes of product reviews, currency conversion and the management of logistics, such as the shipping of the product.
There are certainly a number of different interesting aspects related to this ICO and it has a few differentiating factors that could stand it well going into the future and towards their ICO stage. They already have experience dealing with the likes of eBay, Amazon and similar marketplaces all across the world, so they clearly know what they are talking about.
They already have access to many different key markets and networks which they can explore to make their own project a success. It will certainly be an interesting project to keep an eye on going forward.