FAQ update 1
Ever since our ICO website went live, we’ve been receiving a lot of questions regarding different aspects of our project that is ICONOMI. We’re doing our best to fully answer each and every one.
I have collected the most frequent ones with the purpose of updating our FAQ, which is the go-to section when questions arise. The text below is our FAQ update number 1.
What is the difference between the ICONOMI ICO, ICONOMI INVESTMENT FUNDS and the ICONOMI OPEN FUND MANAGEMENT PLATFORM?
- ICONOMI ICO (“Initial Coin Offering”) is a crowdfunding campaign, in which capital is being raised for the establishment & development of ICONOMI and in part for the funding of the first two crypto investment funds managed by ICONOMI, the ICONOMI.INDEX and ICONOMI.PERFORMANCE funds. In addition to the establishment of its own funds, ICONOMI will launch the ICONOMI OPEN FUND MANAGEMENT PLATFORM as stage 2 of the ICONOMI project.
- ICONOMI INVESTMENT FUNDS will be crypto investment funds developed and managed by the ICONOMI team of experts. Starting with one of each fundamental type, ICONOMI will offer the ICONOMI.INDEX and ICONOMI.PERFORMANCE investment funds (for details please see the Whitepaper on App Token Funds). After the ICONOMI OPEN FUND MANAGEMENT (OFM) PLATFORM has been developed, ICONOMI investment funds will be migrated to the OFM platform, where they will coexist with investment funds of other investment managers.
- ICONOMI OPEN FUND MANAGEMENT (OFM) PLATFORM is the final stage of ICONOMI. The OFM platform will enable everyone to introduce and manage their own crypto investment funds and attract investors who share the same investing philosophy. While the OFM platform will be open to everyone, the integrity of the platform will be safeguarded by ICONOMI with a comprehensive system of checks & balances.
Which date will be used to calculate the bonus percentage of my EUR/USD deposit?
Send us your payment confirmation document and the day you made the payment will be used to determine your bonus percentage.
Please consider that once your payment order is set up, it takes some time for us to receive your money. The time it takes depends on your bank, the currencies involved, the payment method you chose as well as bank holidays and weekends in both the sending and receiving countries.
Usually, SEPA transfers take 1–3 days, while an international wire transfer can take up to 7 days.
What will be the revenue streams of ICN tokens/what gives the ICN value/If we buy ICONOMI tokens what dividends are we then entitled to?
- ICN tokens will receive weekly dividends in the form of ETH from all ICONOMI revenue streams. In stage 1 they will consist of management and/or performance fees from the funds managed by ICONOMI. While the performance fee is, as the name suggests, dependent on the actual performance of an individual fund, a management fee is paid to ICONOMI as long as there are assets in the fund, regardless of its performance. This is a key benefit of being an ICN token holder compared to investing directly into a certain investment fund.
- Stage 2, where an open fund management platform (OFM) is launched, ICONOMI revenue streams will expand to include performance and/or management fees for all funds on the platform, including those not managed by the ICONOMI team.
- ICN token holders will be able to vote on important ICONOMI decisions, such as who the service operator should be.
- All ICN token holders will be invited to join the ICONOMI.PERFORMANCE investment fund.
A detailed article on this topic is being prepared by our finance experts and will be published shortly.
How will I access my ICN?
ICNs will be issued with the deployment of a smart contract on the Ethereum network and transferred to an Ethereum address that users will be able to provide through the ICONOMI website interface (ico.iconomi.net). Users who fail to do so will be able to access their ICNs via the ICONOMI website itself.
Can I send funds from an exchange?
Absolutely — there is no need to be the private key holder of the addresses from which you are sending your cryptocurrencies.
How will the value of different types of funds be determined for ICN issuance calculation?
As is the practice, the exchange rates valid when the ICO ends will be used. However, to offset the risk of sudden drastic price fluctuations, a special algorithm will be designed and introduced in an upcoming article. An average exchange rate of multiple exchanges is expected to be used.
Are you launching your own blockchain?
No. ICN will be an Ethereum-based token.
Will ICN be tradable?
Yes, expect ICN to be listed on several major exchanges.
How can you guarantee profit and entice investors? Yes, we know 2016 was a good year and there have been good altcoins and good icos but how can you say that will continue every year?
We don’t guarantee profit. OneCoin and other scams are the only ones guaranteeing profit — until it turns out there is no more left. The landscape we’re in is evolving and going beyond simple value tokens. We think we’re on the brink of a major global economic shift, and we’re not the only one. Please see this post from Mr Fred Ehrsam, co-founder of Coinbase, for a comprehensive explanation.
What if the Ethereum blockchain fails?
As low as the probability of that happening is, there are other great platforms out there — for example Lisk, which is why we are accepting it natively.
Could something like the Dao happen with this?
No. The DAO had a bug in the code with lots of ETH inside and that’s what brought it down. ICONOMI cryptocurrencies are kept in multiple cold storage addresses and there is no way to directly interact with them via a smart contract.
Can I make multiple deposits to the ICO? For instance, deposit 1 BTC today then another 1 BTC tomorrow?
Yes. Each deposit is tracked and displayed separately.
Where are you based?
We are based in Ljubljana, Slovenia.
How are Max Kordek/Gasper Kenda involved in this project?
The sole responsibility of Max Kordek and Gasper Kenda is the safekeeping of private keys of the addresses where funds are kept in escrow, as detailed here. They are not associated with ICONOMI in any other way whatsoever.
Is this project managed and owned by Cashila OOD s.r.o or will there be another company?
This project is only managed, not owned by Cashila OOD s.r.o.. The owners of ICONOMI are the ICN token holders (for details please see the ICONOMI Whitepaper).
How and when will I be able to leave the ICONOMI funds? What about the funds I invested during the ICO?
Funds invested during the ICO are not refundable, but you will get 100 % of your investment back if the 2000 BTC threshold is not met.
You will be able to exit the ICONOMI investment funds at any time, 24/7, either by withdrawing your funds to a bank account or at an ATM with the ICONOMI debit card. You will also be able to sell tokens of CTF funds at exchanges that will list ICONOMI investment funds.
OPEN FUND MANAGEMENT PLATFORM
How is profit sharing decided on the OFM platform?
Fees will be split between ICONOMI as a platform and the fund manager as the one performing trades. Exact numbers are not yet decided, but think of an Uber/Airbnb type of split.
How much does the fund manager get?
The fund manager will receive the majority of the fee — more than ICONOMI. See previous question.
How much is distributed as dividends to ICN token holders?
ICN token holders receive everything, after the operational costs of the service operator have been subtracted. Please note that we will be using the capital raised during the ICO for coverage of operational costs and will not participate in profit sharing as long as there are ICO funds left over.
Will ICONOMI.INDEX (CTF) and ICONOMI.PERFORMANCE (CMF) funds be migrated to the OFM platform, then profits from these 2 funds shared with holders of ICN tokens? Or are these first 2 funds entirely separate from the OFM platform / ICN tokens?
Yes — ICONOMI.INDEX and ICONOMI.PERFORMANCE funds will eventually be migrated to the OFM. In essence, those will be just two more funds on the platform.
Profits from the ICONOMI.INDEX and the ICONOMI.PERFORMANCE funds will be shared with ICN token holders immediately after the establishment of the funds.