Sirwin
Sirwin

Cardashift - New token ICO on Cardano

By Keyboardwarrior | Crypto Bulletin | 10 Jan 2022


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There is a new ICO - Initial Coin Offering to be held for a token on the Cardano blockchain. The token is called Cardashift, and is intended to become a new launchpad for projects projects geared towards social and enviromental Sustainable Development goals.

Crypto launchpads, are platforms that allow projects on the same blockchain to raise capital while giving access to token sales for investors before they hit the market, hopefully at a lower price. The focus of Cardashifts launchpad is going to be directed towards sustainabillity and projects that align with both social and envorimental Sustainable Development Goals. 

Cardashift have claimed that their reasons for choosing to go with Cardano as their blockchain  was  due to their alignment with them regarding sustainability goals. you might remember cardano mentioning their non-profit branch - the Cardano Foundations sustainability goals on the Cardano Summit where they mention their plans to dedicate over five hundred million USD to humanitarian projects. The Cardano foundation has also among other things partnered with Save the Children (not to be confused with the infamous influencer crypto scam Save the Kids) to set up the donation network ADApay .

This doesnt tell the whole story however, as they have listed three primary reasons for going with cardano in an article:

First Cardano has focused on Africa for their development such as their previous works with the Ethiopian government to create a digital identity for 5 million students. Cardashift believes africa can experience defi and digital technologies as a development booster in particular.

Second, Cardano is striving towards carbon neutrality. Cardashift I have explained that they believe it's important for cryptocurrencies to remove the image of being polluters in particular those working with sustainability. They point towards Bitcoins annual emissions being comparable to the carbon footprint of Nigeria. The Ouroboros protocol from Cardano solves this issue of electricity consumtion. Cardashift write that by comparison, while a single Bitcoin transaction uses as much as electricity as two refrigerators do for a year, a cardano transaction uses as much electricity as 5 hours of charging a laptop.

Their third reasons for choosing Cardano is due to its functional programming and deterministic nature. Meaning if you initiate a transaction on the blockchain, you will know ahead of time what is going to happen, what fees you will be subjected too and the nature of the transaction process. When dealing with impact investment with large scale transactions, its vital to know these things ahead of time according to Cardashift.

The projects presented on the launchpad will be selected based on three criterias: 

  • The projects should have a tangible and positive impact
  • The project should be at a early stage
  • It should have a demonstrable high business potential

The projects will initally be funded according to an IDO model (Initial Dex Offering) that will later be expanded into other options. Such as liquidity pooling, staking, AirDrops etc. While the selection of projects will be done through a vote by staking method, the initial projects will be pre-selected.

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Starting off however only IDO funding will be available. After projects have been screened, voted on and approved, investors will use their CLAP-tokens, which is the name of the Cardashift token, to invest to the projects of their liking.

As you can see in the picture, the investors can also use other cryptocurrencies to a 4% penalty fee that will be used to purchase back CLAP tokens, increasing the demand. Investors are rewarded with tokens of the prospective project they have invested in and are charged the same 4% whenever they swap their project tokens to CLAP tokens. At that stage the project tokens have hopefully appreciated in value since their projects launched, and the initial investors have recieved a return on their investment.

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Cardashift have mentioned in particular three reasons for choosing Cardano as their blockchain:

The fully dilluted market cap of CLAP is 1 billion and in the public sale will consist of 160 million tokens sold where you will recieve 30 CLAP for each ADA. Also there is a lockup period for the investors that have already participated in the private sale, as well as the investors, something I consider postivive. The big team behind the project (for some reason specified to be "Humans" on the website) are public, something that further adds to the credibility to the project. 

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Even if these factors greatly diminish the risk of this project being a scam, there is nothing that can garantee you that this or any project is successful, so as always, do your own research.

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