ICONOMIThis is the approved revision of this page, as well as being the most recent.
Iconomi is a digital asset management platform that allows users to create or invest in digital asset arrays (DAA). Iconomi (ICN Coin) is also a cryptocurrency that is focused on the distributed economy.
What is ICONOMI (ICN)?Edit
The ICONOMI Digital Asset Management Platform makes participating in the crypto-economy easy. Instead of designing a portfolio and buying into individual coins, users are able to choose between a wide variety of Digital Asset Arrays—tailored selections of digital assets—managed by experienced professionals. This removes the need to design and rebalance a portfolio, to store digital assets securely, and to use cryptocurrency exchanges to buy and sell coins.
Digital Asset ArraysEdit
DAAs are portfolios of digital assets. Every DAA has a manager with their own vision. DAAs can be diversified to maximise value stability and others can aggressively pursue maximum gains. DAA managers can rebalance their DAA to respond to market developments.
There are several benefits to investing in DAAs:
- Diversify. No single point of failure.
- Lower the risk of depreciation
- Let the DAA manager do the research for you.
- No trading fees.
At the time of writing there are 18 DAAs you can invest in. Once you have an ICONOMI account, investing in a DAA is a simple 2-step process. Deposit Bitcoin or Ether to your account, and buy into the DAA. Once a DAA reaches $1 million or more assets under management, it becomes eligible for tokenization. Right now there are three DAAs who have their own ERC20 token. This is the way to go for US investors, since they don’t have access to the platform yet.
Investing in DAAs does have a cost, the DAA manager can set a fee anywhere between 1-10% per annum. At the moment the highest fee of a DAA is 6% and the lowest is 1%. The fees are deducted from the underlying assets every 6 hours. In addition there is an exit fee of 0,5% when you sell the DAA on the platform or when you withdraw the token from the platform.
ICONOMI has different tiers and verification levels that limit your deposits and withdrawals.
When you buy into a DAA, ICONOMI buys the underlying assets from a couple of exchanges. They also have a robust system of hot and cold wallets to handle every aspect of the safekeeping of users assets, so the users don’t have to worry about that. They have an audit planned in 2018 by one of the big 4.
As a DAA manager you receive 70% of the management fees you set, 30% goes towards ICONOMI buybacks. You’ll receive the fees in the form of your own DAA’s token.
ICN represents ownership of ICONOMI, 100% ICN represents 100% ownership of the platform.
As a result of that ownership, ICN will enable you to participate in ICONOMI service operator voting. The service operator is the actual team running ICONOMI operations. The first vote will be when the teams ICN is fully vested in the beginning of october. More details will come in Q3 2018.
Iconomi (ICN) is an ERC20 token and it’s deflationary following the repayment program, starting July 1 this will change to a new buyback system. There are several ways in which ICN will be bought back and burned:
- DAAs collect fees, 30% of those fees go towards buybacks;
- BLX, ICONOMIs first fund has a 3% management fee, all of those fees go towards buybacks;
- CCP, 20% of profits after a sale go towards buybacks;
- Fee for the creation of DAAs. The larger the seed amount, the smaller the fee. From 2000 ICN to free;
- 0.1% rebalancing fee on the amount of AUM rebalanced above 10% AUM;
- Tokenization fee of 2000 ICN.
The bought back ICN gets sent to a burn-address just before the quarterly reports. The address is tied to a smart contract without a withdraw option.
In addition to the repayment program, ICONOMI can buy ICN for its treasury. They will do this when there is a significant difference in the book value of ICONOMI and ICNs market value. The treasury can also sell the ICN when the opposite becomes true. The ICN in the treasury will not hold voting rights.
Since October 2016, the cryptocurrency Iconomi began its trading on the exchange, and during this time we have seen more than once the turns with the graph of its value. Several times the cost of Iconomi reached the mark of $5 per coin, but on 5th of July, 2018, its price was $0.62. Anybody can buy Iconomi tokens (ICN) on the Binance, Kraken, Liqui, OKEx and other exchanges.
As with most coins we have the pleasure of covering, Iconomi is an ERC20 token. As such, the usual rabble of popular Ethereum wallets will suffice (e.g., MyEtherWallet, MetaMask, Parity, Ledger Nano S, Trezor, etc.)
After the ICO, 100 million ICN were issued. 85 million went to the ICO participants and 2 million were used for early-stage marketing and bounties. Of the remaining 13 million ICN, 2 million tokens were distributed to advisors, 8 million went to the ICONOMI team and 3 million were reserved for future team members. The 8 million tokens distributed to the team are vested over 2 years, ¼ of all tokens are distributed every 6 months. That means coming October the teams ICN is fully vested.
At the end of 2017, the team published a Medium article detailing their vision for 2018 and what they hope to introduce to the platform. On the docket are a number of improvements for users, expansion of platform offerings, and added tools for DAA managers. Notable additions to the platform include:
- Fiat integration for deposits/withdrawals;
- Direct purchase of individual assets;
- A debit card;
- Support for DAA manager company accounts;
- DAA tokenization optimization;
- ICN payable fees;
- Big Four audit;
- Launch of private DAAs (invite only investments);
- API integration for data/trading.
- https://coincentral.com/iconomi-beginners-guide/ – ICONOMI Beginners Guide – CoinCentral