Watch out for the next hot ICO (Initial Coin Offering) that is looking to bring anti-virus software to the Blockchain. The new kid on the block will be called Nectar token and is the brain child of security firm, Narf Industries, a division of Swarm Technologies.
The company has recently told the media that there are not enough incentives to enhance the work done by security experts. No one is exempt from cybercrime. Whether your account has been hacked by means of a spam email or you have been a victim of identity theft. It is clear that the world can do with better anti-virus software!
Following a Blockchain identity management project with the U.S. Department of Homeland Security, the company announced that the ICO will go on sale from 6 February. They hope to raise $50 million during the token sale, as 70% of the tokens will be sold during this stage. The funds are said to be used to build the PolySwarm platform from which researchers can collaborate to make the internet a safer place. The token also wishes to incentivize the experts who will be working on the protocol to detect threats earlier.
Getting back to the ICO stage, the company will allocate 15% of the Nectar tokens to grow the product, another 15% they will keep for themselves whilst 70% is up for grabs during token pre-sale. The token will be built on the Ethereum Blockchain and mainly driven by Ethereum’s smart contracts.
Sounds great right? Not everyone seems to think so. A leading security consultant from AgileBits, Jessy Irwin said that it may not be a realistic incentive to solve the particular problem. He said that there are various industry leaders from different organizations who are working on these issues.
Nevertheless, an anti-virus token sounds pretty cool.
In other news, Bitcoin has been going on a wild ride. Over the weekend it reached the $17 000 mark only to fall to $15 253 on Monday. That is a downfall of 8.86%! A possible reason for this could be China hinting at banning Bitcoin mining. This can be potentially damaging, as two-thirds of Bitcoin mining activity takes place in China. Then again, this won’t be the first time China has made empty threats at the crypto community.