BlockBits: Standards of ICO
May 4, 2018 8:52 am,
BlockBits is the platform that provides the adequate solution to the problem of risk and trust in investing by bringing in transparency. For the first time, investors can decide based on development progress to keep their money or withdraw.
BlockBits enables anyone to take informed decisions by presenting projects bylaws extracted from immutable smart contract code. It also gives investors the choice to either fund the project directly or gets involved in validating the delivery of each milestone. By having the BlockBits token you can participate in exclusive initial offerings listed on the platform.
BlockBits offers two types of project funding, first is direct funding and the second is Milestone funding. The Milestone funding mechanism removes the risk of project delivery by locking up investor funds until delivery is reached. At this point, the investor has the choice to check and accept the delivered content and release the locked funds to the project owners. In turn, the investor will receive previously locked tokens as compensation. Others can use the cash back mechanism. Investing into BlockBits awards BlockBits token called as BBX Tokens. These tokens allow the participation in Internal funding phases of projects launched through the platform. This also provides with the bonus discounts.
BlockBits target project owners, speculators, and investors.
Following are the Features of BlockBits platform:-
- Upgradeable Smart Contract
- Privacy- Investor has their own separate smart contract, that stores and locks tokens until an action is available. This contract mitigates issues that can arise from hacking attempts, by enforcing 2 hardcoded output addresses, namely, the platform and investor wallets.
- Milestone funding mechanism
- Proposals- In cases of major events in the system, a Proposal is automatically created. Any proposal that leads to a change in the system or release of funds can only be voted by investors that have contributed using Milestone Funding. Proposals can be created and voted on by all token holders.
- Token price is decided by the market- In this type of funding, there are no guaranteed discounts and token amounts. They are decided by actual participation in the sale.