Spending ICO Contributions

CVProof will issue a total of 1 billion tokens, this number will remain constant.

But, why so many?

A few members of our growing Telegram community have inquired about the huge amount of tokens to be created, prompting us to address the community to clarify.

Here’s a quick summary of the pre-sale and token sale figures:

First and foremost, the objective is to ensure a better user experience for our token holders.

CVProof platform activities will generate a significant volume of transactions between users and the fee for those transactions will be in a number of cases below $1. Creating this volume of tokens will prevent applying too many decimals to the INK to transact on the platform, making it easier to use.

From an economic perspective, the number of tokens created does not matter if finite, and hence no future dilution impact. What matters is the monetary value of the token, that we need to create and grow.

We are planning to allocate 15% to 20% of the funds raised to the technical development of our platform, which includes both the blockchain and the UI/UX aspects. We will soon be releasing a more detailed technical roadmap on this topic.

Key milestones are the release of the:

1Alpha version in Q2 2018 which includes a pilot phase to be launched upon closing the ICO round.

This version will offer the credential validation features and, in a second step, the possibility for all types of organizations to issue all types of professional credentials — work certificates, university diplomas, skill assessments, training certificates, researcher publications etc — directly onto CVProof platform.

The platform will liaise with recruitment agencies to enable candidates to apply to their job vacancies via CVProof and benefit from the credential validation process.

2 Beta version in Q1 2019, which will offer features enabling services such as job advertisement, sourcing and social media.

Users will be able to offer and monetize new services on the platform.We will dedicate around 40% of the funds to finance our user acquisition incentive program and to grow the CVProof ecosystem.

Companies, and candidates will receive a one time credit of INK tokens as an additional motivation to join and use the platform. Recruitment agencies will receive an INK incentive from CVproof for each new candidate using our platform to apply for jobs.

The target is to acquire about 1 million users within 2 years with an inflexion point starting in the third year of operations, leading to a 100 million user mark after Year 6.

As this ambitious growth strategy will be cash intensive, CVproof plans to reduce the cost of acquisition per user overtime by diversifying our incentive scheme, implementing loyalty programs and getting companies and recruitment agencies to co-share the cost through discounted job posting and sourcing and other credentials related services.

Reinvesting part of the ICO funds to finance our incentive scheme will not only support this growth, but also sustain the demand of the INK token and boost its monetary value.

CVProof will purchase the Incentive INK tokens from ICO token holders on exchange platforms.

Around 45% of the ICO funds will be assigned to run the business operations, including legal costs and geographical expansion.

We have set a hard cap at $42 million to support this growth strategy over the next 7 years across industries and geographies, aiming at 100+ million users out of a working population of 2.1 billion in our target markets.

As a benchmark, LinkedIn counts about 500 million users.

Our soft cap set at $4 million is the minimum required working capital to launch and develop CVProof product over a 2 year period, with a sole focus on the regulated aviation and medical industries.

Download the whitepaper for details and to access the terms and conditions of the sale, as well as the link to our demo site.

Feel free to direct questions to the founding team at info@cvproof.com or join our Telegram community and announcement channels for quick updates.