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The ICO process has not been communicated yet. It may not be an ICO at all as they are looking for a fair distribution of the tokens.

Yes, it is an ICO via ETH but with secondary markets available after 5 days. The coins will be distrubted in tranches with various mechanisms to ensure that the distribution is somewhat fair (rich people will remain rich people -> can buy more).

More details of the ICO here.

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