Crypto

Inspired by DAO, Rocket Aims Create Ethereum- Startup Accelerator

Jay Singh | August 24, 2017 | 8:10 pm
rocket launch
Crypto

Inspired by DAO, Rocket Aims Create Ethereum- Startup Accelerator

Jay Singh | August 24, 2017 | 8:10 pm

The Decentralized Autonomous Organization (DAO), the first successful multi-million dollar initial coin offering (ICO) conducted on the Ethereum blockchain, was not able to carry out its vision due to severe security flaws that led to the loss of millions of dollars worth Ethereum from investors.

Ultimately, losses of investors in the DAO were overturned and recovered by the Ethereum foundation, through a controversial hard fork execution that led to the creation of Ethereum Classic. Regardless, since the birth of the DAO, not a single project or an ICO project attempted to fulfil the vision of a decentralized fund that accelerates startups and other projects within the Ethereum ecosystem.

The Rocket team explained that its Ethereum-based blockchain project is “the world’s first decentralized accelerator, built on the principles of DAO. This ecosystem provides the chance for the teams with their ideas, experts and investors efficiently and safely interact through smart contracts ethereum to create projects and bring them to the ICO with raising funds in cryptocurrency.”

Unlike many ICOs that have had admitted that their tokens have no purpose and value, RocketCoin demonstrates ownership stake in the project and a stable revenue source coming from other successful ICOs launched with the help of Rocket. For instance, if a $3 million project successfully conducts its ICO on the Rocket blockchain, 4 percent of the amount of raised ($3 million in this case) will be allocated to investors.

“For example, we expect 30 projects implemented on RocketICO in 2018. Let’s assume that the average capitalization is 3 million USD, in total over 30 projects — 90 million USD. Then 4%, i.e. 3.6 million USD goes to the holders of tokens. If 3 million tokens are kept by active platform participants, each token will receive 1.2 USD,” the Rocket team emphasized.

In essence, Rocket is very similar to existing blockchain accelerators such as Boost VC. Billionaire investor Tim Draper’s son Adam Draper founded the Boost VC blockchain-focused startup accelerator in order to improve the ecosystem and provide blockchain startups with sufficient capital to develop their technologies. Rocket is a decentralized version of Boost VC in that investors purchase RocketCoin and earn voting power to invest in certain startups.

More importantly, Rocket also provides a platform for investors that are looking to expose themselves to the new asset class in ICOs but do not have the technical knowledge and resources to evaluate ICO projects in terms of technical specifications and potential in financial success. Hence, beginner or casual investors can fund early-stage ICOs or blockchain startups on the Rocket blockchain platform by relying on the majority voting system.

Lastly, Rocket aims to integrate next-generation blockchain-based prediction systems such as Gnosis and Augur to allow investors to predict success of certain startups.

“That is the reason why we are considering integration with such services as Gnosis and Augur, where each user can bet on any event related to the project. This will add a dynamic element and allow you to identify and encourage the most successful expert and investor,” added the Rocket team.

The pre RocketCoin ICO is carried out until September 5 and after that, the main ICO will be conducted by Rocket. The ICO is advised by industry leaders including NewsBTC CEO Jonathan Millet and Business Development Head Jayanand Sagar.


Image License: Pixabay

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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