There was no ICO. There was no external investment. We didn’t rely on capital and to this day, we have never spent a single dollar on marketing.
Today we are announcing BOMBX, a blockchain-based incubator to help other projects do the same: launch innovative, original, and experimental ideas into the decentralized world.
The Half-Life of Money
In the game of Monopoly, it is a common game theory that you need money to make money. In most businesses, upfront capital is required to invest in, acquire, or build a bigger empire.
Our expenses no longer have to be allocated to physical stores or expensive hardware. Instead, computers move the burden of cost away from capital intensive items to less measurable forms of currency: time, energy, talent.
The ICO Paradox
With a creative combination of code, strategy, and novel ideation; anyone from around the world can start a tech company out of thin air.
However, while the internet provides a more even playing field, blockchain technology added an extra layer of expedition to the ever-evolving puzzle of efficiency.
The Crypto Kickstart
The introduction of ICO’s (Initial Coin Offerings) gave individuals a platform to share their vision with the world, attain the needed capital, and avoid the traditional route of angel investors or VC firms. It was like Kickstarter on steroids. However, this quickly became paradoxical in nature.
During my time at a blockchain-based marketing agency in 2018, we had over 75+ clients. Ironically, 90% of these companies were pre-ICO companies, spending hundreds of thousands of dollars to launch an Initial Coin Offering. Yes — hundreds of thousands of dollars for the opportunity to possibly raise future capital and eventually build a product.
Outside the world of blockchain, 75% of venture-backed startups fail. Within the blockchain world, the numbers are even worse. Despite over $13,000,000,000 in public capital allocated to the decentralized world in the first half of 2018 alone, over 1000 projects are now dead.
We don’t believe the ICO model is dead at all, but we definitely believe it has some inherently misaligned objectives and obstacles to overcome.
- Motivation: Non-cryptocurrency companies have to put in years of blood, sweat, and tears to potentially one day get acquired or IPO. Many ICO projects are financially rewarded in some manner before ever actually building anything.
- Product: Non-cryptocurrency companies find product-market fit, then raise capital. Many ICO companies spend multiple years developing a product without ever asking, or attempting to ask, does the world really want this?
- Legal: Non-cryptocurrency companies have very clear legal restrictions and guidelines. Many ICO companies are under a heavy amount of legal scrutiny and uncertainty, especially in the US.
An Alternative ICO System
In the decentralized world, we believe money is nothing more than a middle-man between ideas and innovation. Money will no longer be a pre-requisite, but rather the result of successful execution and value creation. Plain and simple, money is the output of value into the world, not the input.
We believe there are alternatives paths to success. Raising upfront capital will always be an avenue, but we are focused on a different reality: Exclusive Incubator Offerings (XIO)
The Exclusive Idea Offering (XIO) Standard
One of the items we are most fascinated with the launch of our original project (Bomb Token) was not the deflationary nature, but the distribution process itself. Without taking any money, we launched our idea to the world and gave our tokens away for free.
Rather than telling the world what your company is worth, you let the market decide your value. This new concept enables the fastest way to find out if your idea has a true need/demand and creates consistently aligned motivations and benefits over an ICO.
- Expedites the process of finding out if your idea is worth building.
- Decreases wasteful resources of time, energy, and effort.
- Enables an immediately passionate community from day one.
- Aligns your development roadmap with that of the token holders.
- Creates a continuous feedback loop of external input and improvements.
The BOMB XIO Standard is a new and alternative system in which to launch ideas into the world, at scale.
The Liquidity of Value
For the first time in history, blockchain allows us to conceptualize value in an immediate, dynamic, and independent manner. While cryptocurrency has enabled technology to recognize value, liquidity and industry connectivity is needed to actualize value.
The Boom of Binance Chain
On March 23rd, Binance launched its native blockchain Binance Chain and a decentralized exchange Binance DEX to empower community growth and foster the industry’s long-term vision of peer-to-peer trading.
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system” — CZ (CEO of Binance)
In the first half of 2019 alone, multiple new and existing projects have decided to make the shift towards the Binance Chain BEP-2 standard including Fantom, LTO, Raven, and Harmony; just to name a few.
In an effort to provide innovative minds and teams the connections, consulting, and community to succeed; we are excited to announce the launch of our own native token onto the Binance Chain: BOMBX
What is BOMBX?
Blockchain is built on the premise of anti-censorship, open-opportunity, and the continuous search for unified-consensus. Despite this grand vision, the process of taking creative ideas to market is an uphill battle. This is why we created BOMBX and this is what we aim to fix.
BOMBX is an exploratory incubator that enables anyone to launch their ideas into the world with zero upfront capital. In three steps, we provide teams and individuals the connections, consulting, and the community they need to take their new or existing projects to the next level. We believe in solving for X: the undiscovered, underdeveloped, and unresolved obstacles within the blockchain industry.
Projects accepted into the incubator receive:
- Technical support and guidance
- Tokenomic audit and advisory
- Legal guidance and incorporation
- Connections to necessary partners
- Possible funding in the form of $BOMBX
- Last but certainly not least, a passionate community of entrepreneurial and early adopters to launch with (Bomb Squad)
Although we have an extreme passion for projects in the idea phase, the XIO model will be compatible and support projects in all stages.
From a one-person developer who has no business background to a 25 person startup team with a working project; we plan to provide a platform to assist anyone to take their idea to the next level.
The BOMBX Initiative
While today is the first day to publicly announce BOMBX, we have been collecting an all-star team of projects and partners to help bring this vision into reality. The image below shows just some of our amazing supporters who will help us provide the framework and resources to launch ideas into the decentralized world.
The BOMBX (XIO) Token
If BOMB focuses on deflation, BOMBX is focused on distribution. If BOMB represents destruction, BOMBX represents creation. More specifically, BOMBX provides the creative infrastructure and distribution of innovative ideas.
After issuing BOMBX on Binance Chain, we will submit a listing proposal to the Binance Chain community for approval of listing BOMBX on Binnace DEX. If BOMBX is successfully listed on Binance DEX, users who hold BOMBX (XIO) will receive access to all the Binance Chain based projects that are accepted into the incubator. An example of this:
- Project ABC is accepted into the BOMBX Incubator
- Project ABC decides to launch a token ($ABC) onto Binance Chain
- BOMBX supports and assists the growth of ABC where needed
- Holders of BOMBX (XIO) receive the newly created ($ABC) tokens
There is no burn. There is no deflation. BOMBX (XIO) is simply a gateway mechanism and distribution peg for innovation onto Binance Chain.
What Does This Mean for Bomb Token Holders?
It is undeniable, we would not be where we are today without our amazing community. We truly believe the Bomb Squad is the quirkiest, most engaged, and creative team of individuals from the entire industry.
Bomb Token was the first project to prove the legitimacy and feasibility of an Exclusive Incubator Offering. So why not do it again?
BOMBX (XIO) will be launched and provided exclusively to the BOMB token holders. There will be no ICO. No external funding will be taken. 100% of the circulating supply into the hands of you, the BOMB Token holders.
For every BOMB you have in your wallet on September 1st at 12:00 PM CST, you are eligible to receive 25 BOMBX (XIO) Tokens.
Important Note: To be eligible for the BOMBX (XIO) token distribution, your tokens cannot be held on Switcheo, Mercatox, Hotbit or any wallet that you don’t control. The one exception to this is you can keep your tokens on ParJar (Parachute), as we have partnered with them for the launch. You must make sure that your tokens are off these exchanges by September 1st at 12:00 PM CST. A separate medium article will be released with more details and instructions on this process and you can subscribe to the BOMBX Insider for proper instructions.
We Are BOMB.
We believe the ability to impact the world should not be measured by where you live or who you know, but rather: Passion. Creativity. Execution.
We believe in converting those who think to become those who do. We believe in creating a path from idea to innovation with as little friction as possible.
We believe BOMB will not only now be used as the case study for the feasibility of a deflationary currency, but a proven example of how the BOMB XIO Standard is possible.
BOMB started as a social experiment to create a deflationary currency, and it still is. But at the core of it, we found a common characteristic within our community: A curiosity for more.
More innovation. More opportunity. More experimentation.
This is what we are enabling with BOMBX. If you have an idea that you want to bring to reality but don’t have the capital, connections, or community to launch; we want to work with you. Submit your application at BOMBX.io
Receiving instructions and information over the next 90 days will be extremely important in making sure you receive XIO tokens. If you want to be updated on announcements before anyone else, make sure to subscribe to the BOMBX Insider. Those who enter their email will make sure to receive an email on how to claim, convert, and use your XIO.