Collecting funds and multisig key holders
During the ICO we’ll be collecting the funds in Bitcoin, Ether, Lisk and fiat currencies. EUR and USD amounts will be kept in their original denominations, all other currencies will be converted to EUR, based on the current exchange rate published on the bank’s website.
All fiat amounts collected during the ICO will be kept in ICONOMI’s bank account while every cryptocurrency collected during the ICO will be remitted to your own dedicated address at the exact time of the deposit. The raised funds will be then (in a confirmation or two) transferred to a 2/3 multi-signature address, with two of the keys held by trusted third party individuals ( Escrow). This way the funds are protected in an escrow account that will be released immediately after we issue our ICN tokens. The raised funds can only be accessed with the consent of at least two of the three signees and when all the conditions are met. Each key holder will also receive a list of all the emails and deposits made on the ICONOMI ICO once a day, so they can transparently track ICO participants.
To set out the importance of transparency and accountability, we will publicly reveal escrowed funds for each currency separately, allowing everyone to verify and continuously track raised funds on the blockchain. You will be able to check the amount of escrowed funds in real time on the ICO website or on any of the block explorers. We’ll publish addresses for each cryptocurrency right before the start of ICO.
Edit: Bitcoin, Ethereum and Lisk addresses:
If the funds aren’t released by the end of Q4 2016, meaning that we didn’t deliver our service, funds will be immediately returned to all the participants.
Responsibilities of Crowdfunding Escrow are:
- Verification of the amount and source of funds not observable on public blockchains through documentation provided by ICONOMI;
- Determine the conditions for a successful or unsuccessful crowdfund in regard to — this information
- Act in accordance with this condition to either transfer or refund wallets under the part control of the arbiter
- Document the time and type of arbiter work hours (via Google doc, viewing and commenting publicly)
- Joint initial setup of the M out of N wallets
- Proof of holding the publicly available communication channels via posting signed messages
Reimbursement:
To avoid incentives that favour collusion against the interest of crowdfunders, no revenue share in ICONOMI or other means of success-dependent reimbursement is granted. Instead, a fixed fee of 30 EUR/hour (actual payout will be in ETH) according to the records mentioned above is paid in full after a successful/unsuccessful condition has been ascertained. To make sure funds are available to key holders, ICONOMI will put 100 ETH in a 2 out of 3 multisig contract (keyholders will be the same as for Ethereum). Funds from that can be withdrawn only for the purpose of compensating ICO escrow key holders.
Decidedly not responsible for:
- Verifying the functioning of smart contracts or technical infrastructure
- Conforming to or being held liable for the lawful compliance of the investment structure
Liability:
- Preserve wallets to the best of the arbiter’s knowledge and skills (minimum are one set of redundant paper wallets and one copy of wallets offline)
- In case of negligence to any degree, the maximum liability is the sum of those fees that would otherwise be generated through reimbursement
Our key holders are:
Bitcoin:
Aleksander Vasylchenko PhD, CTO GRID SINGULARITY & EX-CTO MYCELIUM
Gasper Kenda, CO-FOUNDER, XAURUM PROJECT
Tim M. Zagar, CO-FOUNDER, ICONOMI
Ether:
Aleksander Vasylchenko PhD, CTO GRID SINGULARITY & EX-CTO MYCELIUM
Gasper Kenda, CO-FOUNDER, XAURUM PROJECT
Tim M. Zagar, CO-FOUNDER, ICONOMI
Lisk (sole key holder with double with second signature created):
Max Kordek, FOUNDER & CEO LISK
Public addresses will be published right after the start of ICO.
