At the moment, the Cryptocurrencies are dominating the world market. There are various kinds of Cryptocurrencies that one can invest in, including the crypto giants like BITCOIN, Ether, and Litecoin. But, as the market looks quite saturated for the major altcoin, investors are moving towards new digital assets. There are in all four generations of digital assets namely BITCOIN which is a first generation asset, altcoins are the second generation and the application tokens consist of the third generation. The fourth generation consists of Digital Asset Array (DAA) and it combines all the properties of the lower generations of digital assets. These many options in digital assets confuse people and make it difficult for one in choosing the most appropriate cryptocurrency to invest. Here comes the company named ICONOMI in the picture!
What is ICONOMI?
ICONOMI is a Slovenian based start-up company which was founded in 2016 by CEO Tim M.Zagar and CTO Jani Valjavec. It is developing a decentralized platform based on Blockchain which offers investors management of different digital assets and investments by the means of index investing. ICONOMI offers investors to invest in Crypto world by index investing managed by a panel of experts without wasting any time in doing research on individual coins or projects. The experts are paid by the platform in exchange for creating and managing the funds. ICONOMI channels the funds of investors in the upcoming promising projects in a decentralized economy. ICONOMI aims at making the new economy more available and giving everyone a chance of participating in digital assets investment.
ICONOMI is a decentralized economy that acts as a connection between two types of currencies namely flat currency and cryptocurrency. The company’s ICO had a great success as it was able to raise an incredible amount of funds. It raised a lump sum of $ 1,131,989.82 during its ICO. The total amount gathered was to be divided into a total of 100 Million tokens. This made the initial value of a single token to be $0.113 or 0.00017439 BTC which was a great market opening.
1) Tim M.Zagar: He is the CEO of the company who work in building the team for application management. Being responsible for the business management and operation of ICONOMI, he is one of the major players in the development of the platform.
2) Jani Valjavec: Jani Valijavec is the CTO of the company who handles the trading and technological aspects of the company and develop solutions for real-world problems.
3) Ales Lekse: Having the passion for developing different software from childhood, he is the leading developer of ICONOMI.
4) Primoz Kordez: He looks after the Fund infrastructure of ICONOMI and is a fund manager as well as a risk manager.
5) Ervin U.Kovac: He is the legal head of the company who looks after the legal matters of the company.
6) Domen Skylar: Infrastructural head who take care of interface and manages it.
7) Jake Mele: He looks after the Corporate Communications and has experience in working as a journalist and an editor for a computer magazine.
8) Saldana Caveriz: With the experience of more than a decade in marketing, she is the marketing lead for the company. She also helps in developing financial products for the company.
9 )Tjasa Tolj: An experienced Marketing Assistant.
10) Jan Mohoric: He handles the software development of ICONOMI and has a prior experience in developing IOS-based software and applications in the past.
What is unique about ICONOMI?
ICONOMI is unique on its own as it is the only company at present that has a platform which allows people to invest and manage all four generations of the digital assets. According to the company, they offer intuitive tools for the investors that will make it easy for anyone- beginners or Blockchain experts to use the platform. The company soon grants an individual the flexibility to choose the ratio of investment in digital assets and manage his own funds. ICONOMI prioritize the safety of assets as the assets are stored in the cold storage, reducing the risk of hacking. Also, ICONOMI is a digital asset management platform which has its own fund or cryptocurrency.
How does ICONOMI fund work?
ICONOMI’s funds work on the system of tokens known as ICN which are issued to the investors who have invested in ICO. This is like you can buy a whole lot of Cryptocurrencies by just a purchase of an ICN. This entire project is based on Ethereum which makes the distribution of the dividends among the investors easy using the Smart Contract feature available in Ethereum. The ICN token holders are considered as the owners of the ICONOMI and they have the right to vote on the matters regarding ICONOMI. They are also entitled to get the weekly dividends. ICONOMI is trying to develop financial instrument named ICONOMI Open Fund Management system.
ICONOMI’s Open Fund Management System (OFM)
In Open Fund Management, the company gives the ability to create a unique fund to the seasoned traders or experienced fund managers. This implies that people can select which assets are to be added to their funds and investors can further buy those funds.OFM offers the fund managers the tools of high value for making accurate decisions and also enables the sharing of fees between the fund managers and the investors. In OFM, investors can choose between two types of investment plans depending on the profit caps and risk levels. The two types of investment plans are Coin Traded Fund (CTF) and Coin Managed Fund (CMF).
Coin Traded Fund (CTF)
CTF management will be done by the expert panel of ICONOMI team. Certain sets of fixed rules will bind the working of CTF and it will always maintain its transparency. By investing in this fund, the investors will make greater profits with a lower risk factor and also there will be lower price volatility. There will be various types of coins in the CTF such as Bitcoin, Ethereum, Steem, Lisk, etc. Also, there will be 14 types of Cryptocurrencies in CTF.
Coin Managed Fund (CMF)
The management of CMF will be in the hands of experts having mastery in the field of Mathematics, Financial Analysis, and Crypto Currency.CMF will have the capabilities of identifying upcoming potential projects. This instrument will be designed in such a way that it will give bigger opportunities to the investors. But as it is said bigger opportunities have bigger risks, CMF will also have higher risks.CMF is an invite based platform. Investors can only join CMF if they get the invitations. Investors can get the invitations by being a part of the ICONOMI ICO. Just like CTF, CMF also has a high level of transparency.
Investors get a debit card for their transaction in CMF and CTF. If an investor buys five or more BITCOINs, he will get an exclusive ICONOMI Founders card. The ICN tokens can be transferred using VISA debit card or any exchange that supports trading of ICN.
All about ICN Token
The market cap of the ICN token of ICO is worth $129 Million. There are in all 99 Million ICN tokens in circulation at the moment.ICN is a great long-term investment option and is ideal for the people looking for good returns in the form of virtual currencies. The current price of ICN token at the time this article is written is 1.302 USD. With the 5-year investment plan, the revenue is expected to be +210.72%.The forecast shows that the value of ICN after a year can be $2.126.
ICNX development and Eligibility Criteria for token inclusion
As a part of the development of a platform of ICONOMI, an index based Digital Asset Array (DAA) was created by ICONOMI. The ICNX invests in the tokens that are meeting the eligibility criteria of the company. The tokens that meet the eligibility criteria consists a total of 70% of the total market capitalization of the Cryptocurrencies.
The first and most important criteria for token inclusion is that the token should be Blockchain based and also the company should see long-term benefits in the tokens. Various parameters such as functionality of the tokens, quality of the product, potential growth of the tokens, team capability and adoption according to the users are considered while selecting the tokens. The second criterion is that the token to be added is released on and trading on the Poloniex and Bittrex for at least a week.
The average volume of the token for the last seven days should be at least the double of the value that has been invested in the portfolio. 60 percent of the total tokens should be in the circulation supply. The investment in a token should not be more than 5 percent of the total market capitalization. The annual inflation rate of a token should be less than 20 percent. This criterion can be neglected if the token’s user base growth is high.
Structure of ICNX
The structure of the ICNX index is based on the value of market capitalization of a token. In this structure, adjustments are needed due to the token concentration of the market leaders. The adjustments in the index are done after every month. These adjustments can be done earlier if it seems necessary from the company’s point of view. No token weight can exceed 15% after rebalancing. The weight of the tokens depends upon the market cap value of the token. Diversification can be seen in the structure of the ICNX which minimizes the risk factor and increases the profit. The criteria defined for the structure of ICNX can be ignored temporarily during rebalancing. Rebalancing can be called during regular rebalancing if a tokens weight crosses 25% of the ICNX.
Where to Buy ICONOMI:
Binance – Read Binance Review HERE
ICONOMI Transaction fees
Until the March of 2017, ICONOMI has been adding beta users to test their platform in hope of getting the feedbacks of the users. In the beginning, the transaction fee was 1 ICN per withdrawal. But, as the value of the ICN appreciated the company decided to reduce the transaction fee from 1 ICN to 0.1 ICN from 1st July of 2017 onwards. The transaction fee for withdrawing is 0.005 Ether or 0.001 Bitcoin or 1 CFI per transaction. However, the transaction fee is 0.5% of the total order when you are selling ICNX.
IS ICONOMI SCAM?
During the ICO of the ICONOMI, ETHEREUM’s network was not in good condition as it was undergoing DDoS attacks. These attacks had negative effects on the value of the ICN. Due to this reason, the ICONOMI started holding the genesis of the tokens which forced the investors to think that ICONOMI is a scam. But, later investigation showed that the company is definitely not a scam. There are various reasons behind this.
1) Firstly, ICONOMI is a legally registered company and it takes responsibility for all funds of its investors. Also, the company is accountable by the partnering companies and the European law. Along with this, the holding of tokens by the company is a way of preventing the negative effects of the DDoS attacks on the tokens thus eliminating unnecessary risks.
2) The developers of the network of ETHEREUM have shown the potential of facing any problems from time to time. The network has successfully overcome any technical challenges with ease. This shows that the team is making sure ETHEREUM network will exist for a very long time.
The only two ways one can lose his investments is that the company will perfidy the trust of the investor or the network of ETHEREUM shuts down. But the above two reasons show that the probability of any of the two happening is negligible.
Advantages of Investing in ICONOMI
1) Being the first fund and digital assets Management Company in the field gives the company over the other follower companies.
2) The company believes in the urbanization of the fund and is always trying to dominate the crypto world using new technological possibilities.
3) It took the company less than 4 days from the start of its ICO to reach half the value of the minimum initial fund needed. More initial fund results in faster development of the company and proving to be a potential barrier to the competitors.
4) More initial capital means a higher increase in the investment as it attracts more investors.
ICONOMI has grown drastically after its great success in ICO funds. ICONOMI has made it easier to invest in the cryptocurrency or digital assets for the people who would not have thought of investing in one. As the platform progresses, variety in Digital Asset Arrays from the managers, better investment tools, improved utilization and fast growth of ICN tokens is expected. However, there have been many claims defying that the platform is not entirely a decentralized system, opposite to the company’s belief. This may be the sign that something is not going company’s way.