Mindzilla’s AIQ Progressive ICO Model – Why is it Different?
Mindzilla’s Artificial Intelligence Quotient (AIQ) Crowdsale is based on a new “Progressive ICO” model that is open to participants with no deadlines or limits.
As we discussed in our previous post: “How Mindzilla’s AIQ Currency Powers The True Knowledge Economy” – AIQ is designed as a “non-volatile” currency which operates on a very different and unique blockchain model. This new model is more sustainable, yet complimentary to the current models applied in existing blockchain systems, such as Proof of Work (PoW).
Quick Look at our Network Model
Our system is built on our new concept that we call “Proof of Ideas” (PoI). This model, which we will discuss in more detail in our upcoming posts, is designed to provide a more intrinsic value to the cryptocurrency market and, indeed, to scope it as a whole. The goal of PoI, which is powered by Mindzilla’s core AI engine, is to develop an ecosystem by establishing a worldwide bank of knowledge and ideas generated by millions of people anywhere in the world – a user-first infrastructure that is fair and open.
AIQ is the digital currency that powers this system and, in long-term perspective, does not allow speculative pricing without any merits. Our long-term vision with AIQ is to make it into a highly valuable, sustainable, and rewarding digital currency for innovators everywhere.
The “Open ICO” Model (No Deadlines)
Mindzilla’s ICO provides an opportunity to be part of the community that builds Mindzilla’s knowledge network. We are inviting participants who advocate open access to information, those who believe in stopping the current out-of-control problem of misinformation and fake content. And, we invite people who want to play a key role in supporting knowledge workers and in growing this true knowledge economy.
Of course, building such a network requires time and an established community. Therefore, enforcing an ICO deadline is what we believe is inconsistent with the philosophy of an open community and the principles of our model. We want everyone to have the opportunity to contribute and not miss out due to deadlines and/or time restrictions. In our view, imposing ICO deadlines create a level of uncertainly, both for contributors and the project’s continuation.
Accordingly, our crowdsale model involves what we call the “Progressive ICO Timeline” – where the ICO campaign remains active until we reach the full hardcap, while the project itself is fully active from the outset. To clarify this model, let’s compare it to the typical crowdsale models applied in various areas, including other ICOs. In a typical crowdsale, the campaign tends to enforce the following rules:
- The campaign must run for a specific period of time, where a deadline is imposed on all participants. If they miss the deadline, they cannot participate (unless the campaign owner allows “overfunding” in some cases). Our argument is that deadlines minimise opportunities for the participants to take advantage of becoming part of a project. Hence, we believe strongly that not imposing a deadline will open the opportunity to as many participants as possible, which benefits all parties involved.
- The campaign must reach a certain funding target, let’s say $1M. Unless the campaign reaches this figure, it is not deemed as a successful campaign. Even if, in this example, the campaign reaches $700k, the campaign owner cannot use this fund and the project is deemed a failure. We strongly disagree with this particular point because the project can still significantly benefit from the raised amounts and the founders can still benefit from whatever returns they gain from this project.
- Most projects, including their promised milestones that are dependent on a successful campaign, tend to begin post the campaign – sometimes after several weeks or even months. In other words, participants who contributed toward such campaigns will have limited knowledge on progress of the related projects. This is one of the key reasons the ICO world was filled with scams. Hence, with our Progressive ICO Timeline model our project is fully operational and active while the ICO campaign is active. With this model, we identify specific milestones based on the funds raised in a given timeframe during the campaign, as well as the specific lots programmed within our smart contracts. This means that we put the funds raised immediately to work and we provide regular update on progress to all participants throughout the life of the campaign. No more wondering, hoping, or worrying whether or not the project is progressing.
We believe our ICO model provides participants with the most transparent insight and involvement with our work right from the outset, in addition to our regular updates and communications via social media and Slack channels. As you would expect, funds raised during the ICO will be largely put towards the further development of the platform and the underlying Blockchain technology to ensure we achieve our targets.
AIQ’s Current Valuation
During the ICO crowdsale period, bonus tokens are available and contributors will be able to purchase and receive tokens at a low initial value. This is prior to Mindzilla’s contribution-based reward system becoming fully operational post the ICO campaign. Thus, their post-ICO commercial value becomes established. It is also an opportunity to acquire an initial volume of tokens without needing to contribute content/knowledge to Mindzilla and receiving AIQ rewards following the launch of the platform.
As highlighted above, our long-term vision of our blockchain model provides secure protection against groundless or speculative price fluctuations. This is vital for contributors looking for a long-term, community-lead sustainable project. However, during the first stages of the project and the ICO campaign, we expect that the popularity of our token will make its price volatile.
Furthermore, since the tokens held by the contributors are inherently linked to Mindzilla’s knowledge economy, their impact grows as more and more people contribute valuable knowledge over time. This is where post ICO AIQ valuation begins and the speculative pricing and fluctuations of AIQ will not be possible.
AIQ’s Post-ICO Valuation
Firstly, it is important to highlight the mechanism by which AIQ differentiates itself from many other cryptocurrencies. From the long-term perspective, the key capability of our system is that it does not allow any groundless or speculative price fluctuations of AIQ that would render it less accessible or affordable to any members of our communities and individuals.
AIQ’s value is controlled entirely by the cognitive scoring system of Mindzilla’s AI engine, that assesses content and knowledge contributions, as well as innovations. Mindzilla achieves this through its current “experience” of accessing and reading millions of research papers (the system’s original purpose at Scicasts). Thus, the more new knowledge and innovations funded by AIQ, the higher its value grows. It is a truly self-valuing currency.
Furthermore, our PoI model also provides access to AIQ without the need of any superb computing hardware or power. AIQ can work on any device with an internet connection. The generation of AIQ as a new digital currency is no longer a privilege of those who own, control or have access to complicated hardware, advanced programming skills or better access to credit. Thus, AIQ and Mindzilla can be openly accessed on any mobile device (including non-smartphones). We anticipate that this system will be fully functional on this basis within 12 months following successful reach of our pre-sales hardcap.
Our Vision of AIQ’s Impact
We believe, therefore that millions of people and enterprises from all around the world can “earn” AIQ by simply contributing to and/or adding valuable knowledge and ideas to the network. Mindzilla’s holistic and community-led approach allows users to discover other ideas similar to their own, connect with their peers and further enhance their existing work or even develop further innovations, therefore adding further value to AIQ. In a broader sense, such contributions to the network can provide a ground for facilitating economic growth, driving innovations, new opportunities and infrastructures.
At the same time, such community-lead contributions of knowledge can further improve our PoI network’s communication that benefits the stakeholders through learning. Eventually, economic incentives at the core of this ecosystem will ensure that all participants – idea generators, users, and other stakeholders (including ICO participants), benefit from AIQ. In short-term perspective, as the popularity and demand for this project increases, we expect AIQ’s value to increase accordingly as discussed above.
We believe that AIQ democratises creation and funding of both new and existing innovations, where every person, regardless of location, can now build and fund inventions without any dependency or locked deals with institutions, government funds or investors. There are no limits with regards to the level of knowledge Mindzilla can build and increase AIQs valuation accordingly.
How you can get involved
If you believe knowledge should be open to everyone, we invite you to become part of the Mindzilla community.
* Utilize Mindzilla as a means of discovering and researching information in a super-human way.
* Participate in our launch and grow with us by acquiring tokens at their starting value. Visit https://mindzilla.com to join our mission to democratize knowledge and take advantage of the new way to fund innovative ideas and research. You can join us and participate in our token sale as a founding member at: https://mindzilla.com/join
* Contribute and earn valuable tokens, whether you are an individual or part of a company or institution. Find out how at: https://medium.com/mindzilla/how-to-use-myetherwallet-mew-to-participate-in-mindzillas-aiq-token-crowdsale-3815c1b7128f