Why we abandon the ICO & Give Away 300 Million FRESCO Tokens
FRESCO will release the 300 million FRESCO tokens (FRES) for free to the community via ICD, and we are confident in doing so.
Yep, we are actually doing it.
300,000,000 FRES tokens, every single one of them planned for ICO (Initial Coin Offering), will be distributed to the FRESCO community supporters in ICD (Initial Coin Distribution).
Absolutely for free, $0.
No donations, we are even paying the gas fee.
At FRESCO, we want to give our tokens to the community contributors, to those who want to use FRESCO to make the art world better.
If a community supporter passes a 100-question FRESCO Community Test to show their passion and understanding of the art world and FRESCO, then he or she deserves our token and can get 2,000 FRES sent to their wallet.
The FRESCO Community Test can be found here:
This decision does not come easy, we consulted a lot of blockchain experts, art professionals, after endless sleepless nights of heated meetings later, we come to a conclusion that ICO should be abandoned and ICD (Initial Coin Distribution) will be the best approach for FRESCO, for the following reasons:
(1) ICO is a way for blockchain companies to raise money, but in today’s market, ICO community contributors are inevitably bleeding with financial loss.
No need to explain further, if you buy ICO during the last December, you know how the market was then and how the market behaves now.
Even very promising ICOs launched after January 2018 can no longer bring in 5x, 10x profit for its early token contributors. And if we asked community supporters for a stake of contribution and got their hard-earned money facing drastic losses on exchanges due to the market downturn, we will not sleep well at night.
Add on top of that, are a dozen exit scams where the ICO companies run away with the raised funding, exacerbating an already fragile market.
ICO, as we all know, is not a good word to talk about at the moment. It is not only “ the pushback from the establishment”, but it is also “a bunch of bad apples trying to ruin a very promising basket full of delicacy.”
Hence we will release the 300 million tokes to the community, with each applicant passing the 100-question test, he or she will be able to claim 2000 FRECO tokens, which during our initially-planned ICO will be (2000 FRES) / (5000 FRES/ ETH)=0.4 ETH of worth.
The government regulators want to protect the interest of retail investors, so are we, because we understand that it is we all people from our blockchain community that creates the boom of this ICO market, because we have seen the potential of this technological concept, and we want to jump on the boat before everyone else. And to keep everyone’s financial liquidity in mind, we decide to do the ICD with full effort.
(2) ICO is facing challenges globally from government regulators, persisting on an ICO model will bring extreme uncertainty to the future of FRESCO. That’s why we say “No” to ICO.
It’s no longer the time when a blockchain company can write off its token as “utility token” and raise $100M+ in a week without global financial authorities come knocking on its door. With strict and most of the time harsh ICO regulations being implemented around the world, we are facing a dilemma, should we spend $500k+ to hire a top-notch legal firm to file for an ICO, wait for 6–7 month yet with the uncertainty of still getting rejected? Hence it is the most logical thing for us to give away all tokens to our community supporters for free. And we believe as our project keep building its momentum and laying the groundwork, FRESCO token will have a significant meaning in the future.
Moreover, with the KYC/AML procedures being implemented globally, we do not want to exclude certain countries from our token holders.
Cryptocurrency should be of the people, for the people, by the people, it should be very inclusive at a global scale. Doing the FRESCO token distribution for free as an ICD, we can ensure that to happen.
(3) ICD will give FRESCO tokens to the real art people
As a blockchain art asset network, we want to create our community as a group of passionate, art-loving people who want to see changes being implemented in the art world with blockchain technology.
We designed FRESCO ICD process similar to an application to a members-only club, in this application one needs to fill out 100 questions focused on the art world and FRESCO’s concept. During this process, we hope to let more art people know about FRESCO, and let more blockchain people know about art. The questions include artwork identification, art history terms, current art market price, FRESCO’s key features, and FRESCO’s impact on the art world and beyond.
All the answers to FRESCO Community Test can be found after some research online or in FRESCO’s whitepaper. We hope this test can help you learn about the pioneering ideas behind FRES trust and FRES edition and how FRESCO can benefit your art pursuit or grow your interest in art as a way of investment. Not all Picassos are in the $50M+ after all; some are only around $5k.
Crowdfunding through ICO is not the optimal thing to do in today’s intricate and murky market, Crowdgiving through ICD is the way to go, only this way can we truly create value for blockchain community supporters, it should not be a trade of their valuable fiat or crypto gold asset.
Being very transparent and always keep the community’s interest at utmost priority convinces us at FRESCO to announce ICD today.
And behold, a journey on the blockchain art highway is ongoing, glad to have you guys join the ride!