IITO

This is an offer for you to participate in a new type of ICO. We are calling it an IITO — Infinite Initial Token Offering.

6 min readApr 2, 2018

The IITO start period will be known, but the end period will depend on the amount of funds collected at each stage. Thus, the IITO EscrowBlock will be terminated after the acquisition of all tokens on offer at each stage. During the IITO, companies and individuals investing in the EscrowBlock initiative will pay for distributed tokens through payments in cryptocurrencies or fiat.

IITO has a defence with a long period of establishment. It is the “Control time”. The “Control time” is defined as 1 year. If at the end of this period the first stage is not fully funded then all proceeds will be refunded automatically, except fiat payments, which will be refunded manually.

This new type of ICO, IITO, will protect investors from over-foundation and will save money if the initiative does not get fulfilled.

What is the aim of the project?

The aim of the project is to create an EscrowBlock escrow platform for the Ethereum network blockchain. Such a platform can work as an independent environment, or be integrated into other Smart contracts (see whitepaper), to provide escrow services as part of any other projects. The team will start the project on Mainnet Ethereum blockchain and then make a fork for providing an independent service.

Video presentation

Hot it will work?

Any token holder will be able to create an escrow contract for a transaction under the ESC9 standard. Such escrow contracts will be able to protect the deposit of one agent and the object of acquiring another agent from unpredictable circumstances.
If the terms of the contract are not executed by any party, then such contract is frozen and transferred to one of the arbitration bodies of the EscrowBlock network. The bodies themselves are not elected in the literal sense, appointment to this post can only be made if you own a certain number of tokens and on this basis voting by the owners of the tokens is for that purpose. Decisions on a disputable issue related to escrow are made through confirmation or cancellation of transactions. If such a decision is made there will be an explanation of the decision, if the counterparties involved in the transaction do not reach consensus, then the arbitrators may decide to transfer the decision to the higher-level for disputed contracts and it can arrange an anonymous vote among the token holders. Anonymous voting or a higher authority may decide in favor of one of the counterparties or in favor of withholding the deposit in full and blocking and canceling the ratings of the counterparties in the system. Anonymous voting is only an extreme measure to resolve disputes between counterparties.

What is the stage for IITO?
1. Development of ESC9, specifications and testing of the basic model in specific markets (up to $40,000).
2. Development of the hierarchy of multi-signature arbitration wallets, deployment of the entire functioning system on Ethereum Mainnet,
preparation for launching its own Ethereum-like network block for an independent transaction environment (up to $100,000).
3. Development of the programing part of the EscrowBlock system and interface for the main software platforms (up to $200,000). The beginning of the offering of tokens on cryptocurrency exchanges.
4. Development of libraries for various programming languages and frameworks (up to $500,000).
5. Development of a system for working with deposits in different blockchain networks and payment gateways (up to $1,000,000).
6. Development of a system for the rental market (analogous to Airbnb) (up to $4,000,000).
7. Development of a system for the freelance market (analogous of Upwork) (up to $6,000,000).
8. Development of a system for the market of cross-border cargo delivery (up to $8,000,000).
9. Risk Coverage Fund ($10,000,000)

The sum of each stage doesn’t mean that this amount must be spent on this particular stage. Any unspent funds will automatically go to the next stage.

Why are you conducting an IITO. Can you do the project without this?
Yes, and we will do it. But we want to gather the basis for future investment. As you can see, in our roadmap we will develop many services and we need to have the foundation for the next steps because any real business cannot be in profit right from a start. Also, we don’t want to have only a few owners in the face of big institutional investors. We want to develop the decentralized platform with the aim to bring the significant benefit in the Crypto World. Any institutional investor will dictate their own rules and we want to avoid this.

Distribution of tokens

Among users: 66%;
Stored to receive dividends in EscrowBlock: 30%;
Incentive campaign: 4%;

Referral program
Yes, and we will do it. But we want to gather the basis for future investment. As you can see, in our roadmap we will develop many services and we need to have the foundation for the next steps because any real business cannot be in profit right from a start. Also, we don’t want to have only a few owners in the face of big institutional investors.
We want to develop the decentralized platform with the aim of raising capital in the Cryptoworld. Any institutional investor will dictate their own rules and we want to avoid this.

Team tokens
Due to specifics of the IITO, not knowing when we will be fully funded, the team will receive cliff/vested tokens after each stage. Cliff period = 1 year. Vested period = 1.5 year.

Bussines model
EscroBlock services will get a percentage after each deal (usually it will be 1%). Any holders of the tokens will be able to get dividends in proportion of the profit from Escrowblock services.

Team

Konstantin Viktorov
The founder and technical director of the project EscrowBlock. More than 14 years in the field of information technology. He created from scratch or participated in projects for large companies such as Aeroflot, TELE2, Velcom, Upwork, Toptal, etc. He has experience in building from scratch highly loaded real-time systems, the experience of creating software in different programming languages for different spheres of human activity. He has a bachelor’s degree in the field of physics of magnetic phenomena.

Kevin Hollands
Founder and highly qualified investor in the markets of cryptocurrencies, real estate and construction. He has more than 20 years of practical experience, a huge track
record in project management. Kevin manages all aspects of investment, including strategic management of companies working in the investment and construction business.

Short 1st stage explanation