London-based decentralized money platform Sikoba has announced its upcoming ICO with a token presale. The blockchain-supported platform is based on P2P IOU’s, and the crowdsale will give participants the opportunity to receive a 50% bonus on SKO tokens — a cryptocurrency designed to fuel transactions within the Sikoba platform. The ICO will take place between April 25 and May 15, 2017.
A Blockchain-based IOU System
Sikoba’s decentralized money platform allows users to offer each other mutual lines of credit, within a blockchain-based IOU system. The P2P credit system is made possible through various smart contracts and gives users the freedom to pay each other with fiat and cryptocurrencies. Sikoba’s smart contracts have specified conditions, fee structures and repayment rules to keep the credit relationships in order.
The platform employs a ’credit conversion’ system that also allows users who do not trust each other to exchange credit safely. On Sikoba, fiat currencies or cryptocurrencies can act as a medium of exchange when there are no credit links between participants, or to repay outstanding balances when needed.
Sikoba’s CEO Aleksander Kampa recently expressed the company’s intention for the decentralized platform to evolve into an entirely independent and self-organizing entity eventually. The Sikoba blockchain could achieve this using its ‘federated Blockchain’ design. This unique blockchain is self-governing, which allows the addition and removal of participants, based on the member voting consensus.
This is a permissioned mining model where only authorized nodes add blocks to the blockchain.
Kampa also stated that Sikoba would most likely use Ethereum as a notary, but still perform its primary operations on its own or another blockchain. The blockchain will be chosen based on the relevant criteria of scalability, flexibility, and speed.
Sikoba operates with a small development team, aided by several important supporting members. Still in the pre-alpha stage, Sikoba’s IOU platform is not expected to be fully operational until towards the end of 2017. SKO token presale funds will be appropriated for the expansion of the Sikoba team, to finalize a detailed whitepaper and develop an MVP by the year end.
The Sikoba platform aims to offer a fully functioning virtual credit or IOU system that offers users the ability to attain accredited value, borrowed from another participant without releasing any funds. SKO tokens serve as a type of digital credit and have the potential to become a major aspect of the future credit system.
Sikoba ICO Token Pre-Sale
The Sikoba presale tokens are scheduled for release by the end of June 2017. Participants will receive usable SKO tokens after the platform’s launch, expected in Q3, 2018. The pre-allocation phase has begun on 17 March 2017, and the public presale will start on 25 April.
Following the presale, Sikoba presale tokens will be issued on the Ethereum blockchain. They will later become exchangeable into SKO tokens, which will be used to pay for transaction fees on the Sikoba network.
What do you think of Sikoba’s blockchain-based IOU system? Let us know in the comments below.
Images courtesy of Sikoba, Pixabay