Arcade City, the blockchain based peer to peer marketplace for various service providers is on its way to realizing its future. The platform has recently launched the ICO of its Arcade City Tokens (ARC) to raise funds for future development.
The Arcade City platform has its origin in the city of Portsmouth, New Hampshire after a group of former Uber and Lyft drivers decided to help the city’s commuters when the taxi services went on strike. The drivers didn’t ask for a fixed fare and the stranded customers were welcome to pay how much ever they wish.
The movement soon became popular, spread across multiple cities and even reached the shores of Australia. Since then, the Arcade City members are constantly developing the network. What started out as a group on social media has now turned into a ride sharing application built over Ethereum blockchain. The upcoming version of Arcade City will be much more than just a ride sharing application.
As a part of its crowdfunding campaign which went live on November 1, 2016, the Arcade City platform will be creating 100 million ARC tokens. Among them, 84% of the tokens will be made available to the investors participating in the 28 days long ICO. Rest of the tokens will be allocated to the development team (6%), AC Legacy including Corporate, Swarm and Investors (8%) and ARC Rewards (2%).
The Arcade City team has the whole development schedule planned out. The funds raised through the ICO will be utilized for the development of Arcade City Network. The total ETH deposits received will be split between Development (15%), Operations (35%), Marketing (25%), Contingency (15%) and Marketing and Community Outreach (10%).
As the platform grows from being a ride sharing platform to include peer-to-peer deliveries, short-term home rentals and other peer to peer services, it is still expected to maintain the same core philosophy. The service provider and customer are free to make an offer for services offered/required and all services in Arcade City will be paid in ARC.
Initially, the ARC tokens can be bought with Ether during the ICO. Eventually, users will be able to buy ARC with either fiat or other cryptocurrencies.
Interested investors can be part of Arcade City by investing in the ongoing ICO.
