BTC to Help Raise Funds Through ICO. Well…..here is something really great for the Bitcoin enthusiasts!! Recent development has paved the way for new ways of crypto funding.
According to reports, ICOs will now be able to be launched on Bitcoin. Which is very surprising and shocking to all the bitcoin enthusiasts around the world, to say the least!
Until now Ethereum, with several smart contract protocols, was the choice for entrepreneurs to create new tokens. But now, RSK has changed it all with an ability to host the fundraising mechanism.
In actuality, the concept of ICO was first proposed by the Bitcoin blockchain itself back in 2013, but it lacked the necessary infrastructure when compared to what Ethereum had, leading to the cease of the idea.
The first company to raise funds using RSK technology and the seminal idea is the South Korean Start-up: TEMCO. Which aims to raise funds amounting to $19M, by November this year.
RSK has been working on a Turing-complete smart contract. The smart contracts in the sidechain are being written in Solidity, the language that Ethereum adapts to write smart contracts.
The CEO of TEMCO Scott Yoon and head of business development Joey Cho believe that the potential of Bitcoin is more than just being a cryptocurrency. There are not many companies that use RSK’s sidechain technology, but according to him. The side chain will soon draw a sufficient number of firms to use it.
TEMCO TOKEN AND ITS SCOPE
BTC to Help Raise Funds Through ICO.TEMCO, a supply chain firm in South Korea, will be releasing its functional token. The firm aims to provide Small and Medium Enterprises (SME) with an enhanced ability. Which track the products in their supply chain efficiently from the initial stages to the final stages, in a cost-efficient manner.
The aim of the TEMCO token is for it to be used by both Vendors and Consumers. Which is for payment purposes, data storage, and Intelligent Business tools.
Active participants will be rewarded when they use TEMCO coins with reward points. That can be converted into TEMCO coins for general purpose usage like tracking of products, etc.
Certain blockchain enthusiasts claim that this sidechain is very important for SMEs to plan and execute operations well with a limited infrastructure and at lower costs.
Recently South Korea’s largest Venture Capital firm Korea Investment Partners invested an indefinite amount into TEMCO. To build this particular infrastructure, a substantial amount of investments are required. According to Cho, 40% are estimated to come from the planned token sales. This sale will be available to all investors around the globe, except for China, the U.S. and will be accepted in both Ether and Bitcoin. The remaining amount is set to come from private investment deals similar to the one with Korea Investment Partners.
When considering both of the sidechains, they seem to perform the same function of raising funds from the public.
However, if Bitcoin enthusiasts are to be believed, Ethereum cannot sustain the mass adoption of “real products” as Bitcoin can. The transactions per second for RSK blockchain were almost as quick as that of many payment interface giants like PayPal.
RSK is believed to be better than Ethereum because there are some services that have been proven to be costly on an Ethereum blockchain, which is a deterrent for any SME to build their supply chain on, because of the costs.
It remains uncertain about when it will be available because the RSK sidechain is still under development. The technology is currently run by “Federation” which consists of a group of blockchain companies and is currently only accessible to some developers, business people, and bitcoin miners.
It may seem like a centralized structure when only Federation is handling it, however, there are plans to decentralize it and make the sidechain available to everyone and anyone who want to access it.
RSK sidechain proposes to solve the scalability issues that most of the blockchain firms have faced until now because it claims to have a significant amount of blockchain firms participating to alleviate the issues of the past. This was supported in a statement by Yoon who said “Bitcoin network is really ideal because scalability is number one and you don’t have to worry about hacking. So when smart contract tool is brought to the bitcoin network … everybody’s going to want to come to bitcoin.”
If or should we say, when all of this is achieved, Bitcoin enthusiasts believe that Bitcoin will contribute much more to society. Similarly, helps to make the world a better place.
This is in alignment with what the Yoon said, “The reason why we started Temco was we want to see a real blockchain technology actually implementing in the real world and change the society for the better” before concluding.