HONG, a Decentralized Venture Fund on Blockchain

arvydas (47)in #bitcoin • 8 years ago (edited)

HONG is a decentralized organization built on the Ethereum blockchain and maintained by human participation in the spirit of “Man and Machine Teaming”. This spirit is enforced through publicly verifiable smart contracts enabling token issuance to its investors to its investors and putting collective voting power in their hands. There is a team supporting daily operations and portfolio management for the HONG community. Using this design, HONG can reach the highest level of performance with unprecedented levels of security, manageability and transparency.

https://www.youtube.com/watch?v=dr1dwKkSu7k

Vision

Project HONG helps to nurture unnoticed ideas and grow them into real values in the real world. It is is trying to harness the power of border-less cryptocurrency and crowd intelligence to invest into small but cool ideas, and most importantly, into the team behind the ideas. It’s why HONG was designed as a fully transparent venture fund, invest into transparent projects and make decisions transparently. Nonetheless, it will also be operated with professional methods, which includes every process of validations, agile project management, to assure the fund investors are growing their investment in a handy way. HONG is using the blockchain based on “Man and Machine Teaming”(MMT) concept. MMT allows man and machine to both perform their best by allowing collaboration. We will provide investors with powerful tools that enable them to control their data and assets without being hijacked by machines due to flaws in the code they run on. Based on this vision, a new type of organization will emerge.

How it works

According to whitepaper HONG is a Decentralized Organization plus MMT. To realize such vision, one of the best ways is to set up an investment mechanism on blockchain but also based on MMT to enable high deliverable performance, supporting people and their projects to develop with solid results, and eventually generate reasonable ROI. So we designed HONG, a venture fund on blockchain.HONG’s fund will be fully distributed on blockchain, thus the whole investment process can be in a decentralized way. Similar to The DAO, the whole organization is transparent to the public. However, there is a fundamental difference: HONG is not only decentralized, but also manageable and accountable. ~From the first moment a user invests into this fund, he/she will hold tokens with this subscription. The tokens, then, will be used by the token holders in voting and decision making in admission of projects and throughout their lifecycle, and/or key issues of the whole community in a decentralized manner. On the other hand, the management team will facilitate the investment process and portfolio management, including due diligence, daily operation, outreaching, marketing, monitoring, reporting, as well as connecting to real world issues. Unlike conventional venture funds running in a closed chamber, the activities of management team will be totally transparent to the token holders.

Issuing a new token

The initial coin offering(ICO) of HONG token(symbol: Ħ, or HONG, or Hongcoin) is designed with five stages, each with 100M Ħ to be issued at different offering prices.

1st stage, 0.80 ETH for 100 Ħ, total 100M Ħ
2nd stage, 0.90 ETH for 100 Ħ, total 100M Ħ, minimum target
3rd stage, 1.00 ETH for 100 Ħ, total 100M Ħ
4th stage, 1.10 ETH for 100 Ħ, total 100M Ħ
5th stage, 1.20 ETH for 100 Ħ, total 100M Ħ, maximum target

The total number of tokens to be issued during ICO will be capped at a maximum number. A minimum target will be set as well, in order to sustain the daily operations of the fund. HONG coins will be used as shares to enable investors to vote and decide the directions of the whole fund. Since we trust openness is the only way to achieve the best performance and emerge the best ideas, we are here calling any Internet-based teams to submit your business plan even before the fund was established. The HONG platform would help convert your ideas into real products/services some day.