Project ICO AMA summary

ProjectICO, a turn-key ICO solution based in Releigh, NC held an AMA on the NEO subreddit today. ProjectICO have a team of engineers, partnered law firms and marketing staff that assist clients in running properly regulated token sales that use SAFTs (Simple Agreements for Future Tokens).

A SAFT is a form of investment contract that is not dissimilar to a SAFE (Simple Agreement for Future Equity), which is used in traditional venture capital funding. When issuing a SAFT, developers use the money raised through the crowd sale to build their project and deliver tokens to investors once the product is functional. By digitizing this agreement and utilising NEO’s digital identity, ProjectICO can help their clients run legally compliant token sales.

Historically, ProjectICO have used Ethereum, but since announced that they are shifting across to NEO. When asked during the AMA why they switched the NEO, Founder and CEO Stephen Hydachak replied,

“Neo is forward thinking with blockchain as are we. Their protocol was not designed to be an ICO portal but digitization of assets and so much more. This is laid out clearly in the example of the GAS threshold to even deploy a smart contract and this is what we LOVE. We are coupling this framework with our engineers and using it to digitize traditional legal agreements like the SAFT for token sales and allow an avenue and trust for participation across the globe. This allows U.S investors to adhere to the SEC and Chinese to adhere to the CSRC as an accredited investor.”
Stephen then went onto clarify that they are not trying to ‘replace’ ICOs through the use of SAFTs, but instead trying to ‘reclassify’ them for what they are.

Another big reveal from the AMA is that the first of ProjectICO’s clients to use the NEO platform would be Universal Health Coin, for whom Stephen Hydachak is also an advisor. The ProjectICO team have been involved in around 10 token sales, and are very selective about the clients they take on.

The current ProjectICO website is www.projectico.io, although they are rebranding to www.projectico.org.

You can read the AMA questions below or visit the thread at the following link – https://www.reddit.com/r/NEO/comments/7dd3s0/ama_on_20_nov_projectico_a_us_based_turnkey_token/