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by pinhead26
2324 days ago
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The project raised $10M and then gave 100% of it away to open source projects. They receive some HNS tokens in return. There is a massive airdrop of coins to hundreds of thousands of guthub users, spreading out the money supply to people who might be the most interested in using the system. In other words, this is the least ICO-y new blockchain in a decade. Names roll out over 52 weeks: HashName(name) % 52 = week number that a name is available. So that should attenuate squatting. Also bidding on names locks up coins for something like 2 weeks, so it's hard to bid on too many names. |
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So if I read this right
Creators get: 102mi coins
Sponsors get: 102mi coins
they are airdropping about 952mi coins to users on github to the tune of 4,246 per user.
So they're collecting about 20% of all coins initially dropped. That's slightly more then some. And at the value listed on https://www.namebase.io/ that adds up to some 102,000,000 * $0.44 = $44mi.
Ok, so it's not an ICO exactly, instead they raised VC funds which is expecting a return by selling coins.
I've just spent a few minutes looking through the website, docs, and a little code. And I have no idea how an end user will use these names. Everything polished about it is for trading coins not real world usage. Sounds like every other crypto coin.