eICN Frequently Asked Questions, Part I
Please note: Due to changes in the ICN exchange process, the answers below are subject to change. The last change occurred on November 22, 2018.
Please also consider finding updated information regarding eICN in our Help Center and recent blog posts:
Will you buy ICN at .0019 even if exchanges don’t delist ICN? Which exchanges would have to delist ICN for you to buy at that floor?
Yes, the option to sell your ICN to ICONOMI at the rate of .0019 will be available even if exchanges don’t delist ICN. This option will not require verification on the ICONOMI platform.
Will ICN tokens have a comparable exchange rate for eICN indefinitely?
Once established, the exchange rate between ICN and eICN will not change. However, there may be additional fees for exchange after December 31.
How long before the release of eICN?
The issuance of eICN is targeted for Q1 2019.
On which exchanges will eICN be traded?
We are researching different options, but it is too early to comment about exchanges at this time.
Can you develop further on how exchanges such as Kraken/Binance will process the ICN to eICN token transition? Are you working together with them? Is it possible that this will be done automatically?
Compared to the buyback and burn system, what will change with eICN?
If ICONOMI performs well and grows, this should be reflected in the rising value of eICN. Profit can be paid out to holders of eICN if they decide this via the General Assembly of eICN holders (e.g. dividends or buybacks).
Will we be able to vote on and propose a change of strategy (for example, more resources allocated to marketing, in search of large funds such as Grayscale or others)?
All holders of eICN will be entitled to common shareholders’ rights, such as voting rights and the right to participate in the net profit of the company. Details regarding the voting rights of eICN holders will be determined before the token exchange offer commences.
Are DAAs able to hold eICN? After all, you choose a DAA manager to be in charge of your crypto related investments.
For the time being, no.
Is it necessary to come personally to receive eICN? What documents are needed apart from the Tier 2 documents?
No, you will not be required to come personally to receive eICN tokens. More information about the documents required will be released in future. The types of documents required should not differ substantially from those required to open a bank account, for example. For those who are Tier 2 verified, we already have most of the required documents/information, which will not need to be resubmitted; only the missing documents/information will be required.
Will eICN be an ERC20 token?
The final structure of the eICN token has not yet been finalized.
In the Medium posts on eICN, both the terms equity token and security token are used. Do you consider these terms interchangeable?
In the beginning of our communication we were using both terms interchangeably due to easier understanding of ICN exchange process. We define eICN token as security token (i.e., a particular type of security).
Will it be possible to exchange part of my ICN position for eICN and exchange part for ETH on the ICONOMI platform?
Yes. Please see further information and instructions in our knowledge base.
Will the people who exchange their ICN for ETH with ICONOMI get their ETH immediately or after December 31?
The exact timeline will be published together with the full details about the process.
Since ICONOMI said they are looking for a solution for US/Canada holders of ICN to exchange for eICN, does that mean if they hold 1% of ICN that it would equate to 1% eICN for US/Canada holders as well?
The ICN to eICN ownership ratio is the same for anyone who will be able to exchange their ICN. We are actively seeking a solution for those holders who are currently not eligible. If you are an ICN holder who is unable to verify for Tier 2 on the ICONOMI platform, please contact us at firstname.lastname@example.org
I have one question: will we get dividends if we exchange ICN for eICN?
As previously mentioned, profit can be paid out to holders of eICN tokens if they decide this via the General Assembly of eICN holders (e.g. dividends or buybacks).