ZURICH, Switzerland – algo.land, the Weinigen-based startup whose premise is a decentralized, autonomous bot-trading pool on the Ethereum blockchain, will begin hosting its Initial Coin Offering (ICO) in three weeks as of the time of writing.
algo.land uses a smart online contract combined with algorithmic trading. The contract used will be quite simple, with the algo.land’s reasoning behind the contract’s uncomplicated structure being the fact that such contract helps “prevent DAO-like disasters”. algo.land’s proprietary token, named Plasmon, will be sold without an upper limit for Ethers. Each hundred Plasmons will be equal to one Ether, while all incoming Ethers will go to each broker’s account eWallet.
The smart contract and the peripheral systems are ready, so the fund can start right after the ICO. The base currency of the account can also be Bitcoin or gold, so the fund can be independent of fiat currencies. The tokens can be traded on crypto-exchanges to a limited extent, but until the participants decide to increase the token sale, no further tokens will be sold in large quantities.”
Those participating in the process retain full control of the fund, while they can each start a proposals on subjects such as trade size, payout, or profits, at any time. Each proposal is voted on by all participants, and, should it pass by a 50% majority, it is then implemented. 100% of the contributions made are participants’ trading equity, while all assets are in the hands of a trustee (a Swiss lawyer). This way, all the tokens they receive will be asset-backed and, safe.
Proven algos/trading bots, which is software that calculate and execute trades automatically with live forward tests, are ready to trade. The aforementioned algos/trading bots generate profits by trading technically i.e. they analyze the given charts. All trades performed can be monitored, in nearly real time, on myfxbook.
More details about the company’s Etherum contract can be viewed on Github.
algo.land has shared that it will announce the results of its ICO in future communications with the press.
To learn more about algo.land, please visit: www.algo.land