How Eidoo is generating cash flows
Not even two months have passed since the end of our token sale, and Eidoo has already reached almost 140,000 downloads.
Also, we are very happy to inform that we are generating cash flows to burn tokens.
This is a massive result for us because it is very challenging for ICOs to reach this kind of success in the first months after the public sale.
Eidoo Token Sale
The Eidoo token sale ended on October 16th, 2017, after selling 10,708,403 Eidoo tokens (EDO) or 82,372.33 ETH.
The token sale hard cap was 20’000’000 EDO, meaning that we were offering ICO participants a total of 20 million of tokens.
After the end of the token sale — as promised — we destroyed the unsold tokens. This is why currently our total supply is 90’708’403 EDO (the entire initial amount was 100’000’000 EDO).
ICO Engine
As previously declared in our Ethereum Funding Informative Prospect you can read here, we are also going to delete 50% of tokens we earn from our services fees, including the just-launched ICO Engine.
The ICO Engine is our latest product that provides users a simple and safe way to join token sales.
Eidoo ICO itself was organized through this system, so we’ve already tested it, and we are happy with the product we are offering to new startups.
After our token sale, in fact, lots of companies reached us to use Eidoo as a platform to launch their own ICO, so we decided to create this service to exploit this request and generate cash flows.
The ICO Engine was a few weeks ago, on November 10th, and since then, we’ve already helped to organize a pre-sale for Aidcoin and an ICO for ETHLend.
Again, we are very satisfied with this result — both for the economic point of view and for our well-organized work management — because in just a few weeks we have put in place a new service that the market was asking for.
Cash flows: how Eidoo Tokens will decrease in number
To join ICOs through the Eidoo app, final users won’t pay any fee, except the one required by the Ethereum blockchain.
That said, the startup that wants to use our ICO Engine to organize its token sale is charged for a fee to be paid to us.
According to the Business Paper, Eidoo is going to use EDO tokens we earned and we will destroy the 50% of this amount.
This means that the total supply of EDO will decrease in number: the more the service is used, the more tokens will be destroyed.
This “buy back and burn” system will help Eidoo to decrease the total supply and thus decrease the number of tokens available on the market.
In fact, the net revenue from all the services linked to Eidoo will be collected in EDO tokens by a public smart contract which will divide it as follows:
- 50% will represent the revenue flow for the companies involved in the Eidoo project providing the added value services;
- 50% will be a voucher for the service. The voucher will be deleted from the blockchain after its use, effectively forwarding these tokens to a burn address that doesn’t have a private key to move funds from.
If you want to be sure that the total supply is decreasing, please read the smart contract here.
The article continues after the below insightful info-graphic.
ETHLend and Aidcoin
The Aidcoin pre-sale has been successfully closed 3 days before the effective end of the sale period. They raised a total of 8,333 ETH and made an AID airdrop to all the Eidoo active users we have — this is another service we offer to startups.
On the other side we have the ETHLend ICO, which has been closed in less than a week. It started on November 25th, and in a few hours, they raised the 80% of the hard cap.
This is an exclusive of Eidoo, meaning that you can join the ETHLend ICO only through the Eidoo mobile app (both available for iOS and Android.)
Of course, like it always happens with new products, we experienced a few issues because of the Ethereum GAS, but we quickly managed to fix it, and the ETHLend ICO continues to raise funds appropriately, with an improved user experience that everybody keeps praising us for.
More ICOs will be announced shortly. Stay tuned!
