The In Time foundation is an organisation that has launched a new ICO (Initial Coin Offering). This is a quick look at their offering of ITO Ethereum tokens.
This article is divided into two parts. First, I will give a quick primer on ICOs and Ethereum tokens, how and what they are. Then I will introduce the new In Time tokens, outlining their plan, and how they are different from the other token offerings that preceded them.
A primer on ICOs and Tokens
ICOs became popular in 2017 as the cryptocurrency industry’s answer to IPOs (Initial Public Offering). Startup companies and foundations can use an ICO to raise funds through crowdfunding — by selling their own Ethereum tokens directly to the public, without the involvement of intermediaries.
Some critics of ICOs consider it a mechanism for scams. Other analysts predict it to be a bubble. Although there have been cases of fraud in ICOs and in the larger world of cryptocurrency, ICOs are largely used for legal activities such as the aforementioned corporate financing and charitable fundraising.
Although the popularity of ICOs have somewhat died down in recent years and many ICOs and their corresponding tokens have been failures, many of the remaining ones are successful and growing strong. The Golem Project, which raised $8 million in 2016, now has a market cap of $36 million with an ICO profit of 3.67x according to ICOmarks. Kyber Network raised $48 million in 2017 and is now one of the leading decentralised crypto exchange platform. And AidCoin launched its ICO in 2018 and is developing charitable giving platforms on the blockchain.
The In Time Foundation
This brings us to the In Time Foundation. The organisation is offering a new Ethereum token, namely ITO.
They completed their ICO and is in the early stages of private selling. This means the tokens are not available publicly and is unlisted in exchanges — and can only be acquired through private channels. This also means many features of a usable token such as the implementation of distributed apps that use them, is still under development.
What makes ITO tokens different?
In contrast to most other ICOs, ITO tokens do not provide a single specific utility, but instead represent a mid- to long-term investment across a wide spectrum of fields:
- They will use the funds raised to invest in and launch multi-industry projects and companies across a total of 12 different fields.
- Following that, they plan to launch traditional IPOs on either of the major exchanges (NYSE, LSE, SHSE or SZSE) every five years.
- After which, token holders can trade their tokens for an equivalent share of the aforementioned IPO in value. (Or hold them further, or sell them on exchanges).
This foundation focuses on projects in the Bio-Science, Education, Food & Beverage and Philanthropic fields, with the objectives of:
- Helping underprivileged orphans.
- Providing affordable education and skills training.
- Contributing to sustainable food production and natural resource management.
- Contributing to bio-science / pharmaceutical research and application.
- Providing easy access to health care.
- Maintaining a stable and liquid currency.
Their roadmap is divided into 3 five-year phases:
- Phase 1 (2020–2024): Global Education Ltd. Projects include the acquisition of two US-based online education groups, establishing an Induced pluripotent stem cell (iPSC) research lab, and sponsoring five orphans to boarding school in Calgary and Alberta, among others. Target IPO: USD 55B at USD 4/share.
- Phase 2 (2025–2029): Food & Beverages Ltd. Includes projects such as the acquisition of F&B groups of companies, establishing mineral water plants, and large scale urban farming in 100 cities. Target IPO: USD 200B at USD8/share.
- Phase 3 (2030–2034): Hospitals & Pharmaceuticals Ltd. Projects include mass production and global distribution of induced pluripotent stem cells (iPSCs), and establishing hospitals, pharmaceutical plants, and pharmacies across 100 cities. Target IPO: USD 1T at USD 8/share.
What to expect next
These are some technical questions related to the usage of the underlying Ethereum blockchain used by ITO tokens, you may skip this section if you’re unfamiliar with these concepts and come back at a later time.
As mentioned, this new ICO and tokens are still in its first stages of development, there are still many questions to be answered and milestones to be met. Here are some questions in regards to their Ethereum token implementation that I can think of.
- Will they transition into an actual ETO (Equity Token Offering)? How will they upgrade their current smart contract to implement this?
- Will there be a DAO (Distributed Autonomous Organisation) established to oversee the overall activities of the foundations and represent the rights of the token holders? Will the token holders be able to vote on what projects the foundations will be involved in?
- How will they implement Token to IPO trading? How can current token holders ensure this trade will be honoured in the future? If IPOs are involved, will the tokens be approved by financial regulatory bodies?
Here are the key takeaways:
- The In Time Foundation is offering a new Ethereum token: ITO
- It offers token holders mid- to long-term investments across 12 different fields, with a future option to trade-in equivalent IPO shares.
- Token trading is not yet available at exchanges, only via private sellers.
I feel that this token is a good opportunity for those who are interested in delving into crypto tokens, but have a more conservative and traditional approach. Stay tuned to this blog and the foundation’s social media channels (found on their whitepapers, linked below), for the latest developments.
In Time Whitepaper: intimefoundation.org