SprintX; The Ideal Platform for Start-ups
Startup communities are generally made up of talented people with great minds and these people use their ideas to develop each of their industries. Furthermore, they give back to other young entrepreneurs by advising, mentoring and guiding them on how to become sucessful.
This inspired the development of a platform that is expected to function as a tech-hub for startups. Its goal is to provide the tools and financial backing necessary to launch their own ICOs and convert their cryptocurrencies into fiat.
Basically, the users of SprintX get the opportunity to create a self-sufficient community by using blockchain technology for business innovation. Let’s get a better understanding of what it’s all about.
THE SPRINTX ECOSYSTEM
For you to have a full understanding of how the ecosystem works, you need to consider its three basic components. These are; SprintX, SwitchX and Fundación NOVA. Each of these components interact to benefit startups, companies and investors.
Let’s explore how each of these components addresses specific issues in the current Startup and Financial industry.
According to the description provided in the whitepaper, SprintX is the ICO maker and smart contract generator. Its function is summarized below;
• To evaluate and analyze each application to know if the Startup can move to the next phase and be developed with the NOVA Foundation.
• To launch ICO for Startup after Incubation Process is completed.
• To provide Smart Contract, Advisory, Digital Strategy, and ICO Services for Startups
• To receive incoming applications from Startups
We’ll further discuss the SprintX platform later.
The Fundación NOVA is a Startup incubator which is expected to perform startup analysis and due diligence. Furthermore, it is expected to assess development percentage for startups. In addition to these, Fundación NOVA’s other functions are outlined below.
• To set objectives for Startups into next phase
• To provide funds for startups based on their progress in development and category of industry
• To manage the sixteen Week Incubation Process for Startups
Details about Fundación NOVA is available in the whitepaper.
This is a crypto and fiat exchange which allows users convert their cryptocurrencies into fiat and vice versa. Not only is this available to the public, it can be quite useful to startups. SwitchX enables the automatic integration of new tokens to the exchange for trading. Furthermore, profits made from the exchange activities will be shared among investors and token owners.
SPRINTX COIN (SPTX); SMART CONTRACT SPECIFICATION
SprintX will create a smart contract designed to capture all funding. It will also enable users participate in the directing of the company. Of course, this depends on their contribution to the ICO.
Furthermore, the security of this coin will be determined by Smart Contracts, which will be reviewed and audited by advisors who are experts of their field. Also, a link will be provided on the SprintX website which will enable users find and verify it on GitHub.
The total amount of token available is 2,600,000,000 SPTX. The largest percentage of the SPTX tokens, 33 percent, will be used for public sale. Next, 494,000,000 SPTX, which is 19 percent of the token will be reserved for M&A. Another 18 percent will be allocated for business development, while 15 percent goes to management.
Finally, the remaining 13 percent is divided among advisors, developers and bounty. A total of 260,000,000 SPTX goes to the advisers, 26,000,000 SPTX reserved for bounty and 52,000,000 SPTX for developers.
The public sale of SprintX will be divided into two; the pre ICO and ICO. The Pre ICO, which started on March 19th and ends on April 10th 2018 will have a total of 186,550,000 SPTX for sale. The pre ICO sale comes with a 30 percent bonus.
However, at the ICO, 723,450,000 SPTX will be available for sale at the regular price. And this event begins on the 23rd of April till 23rd of June.
There are reward programs in place to make the ICO more attractive to investors. Apart from the 30 percent bonus that comes with the pre ICO, the SPTX token (being a security token), makes them entitled to a quarterly dividend from the exchange’s profit.
That means, every quarter, profit earned due to transactions made on SwitchX will be distributed to all token holders. But, the percentage due will depend on the amount of token held by the investors.
In addition to this, SPTX token holders will enjoy reward from the ten percent of the Tokens generated by the ICO that will be managed by the company. It is expected that this token will generate a greater volume within the exchange.
THE ICO MODEL
The SprintX token symbol will be SPTX and the token standard is ERC20; Ethereum based. The total token supply is 2, 600,000,000 SPTX, in which the minimum amount that can be purchased is 0.05ETH. Users will be able to buy the token at a price of 1 ETH for 1785 SPTX.
According to the published whitepaper, the soft cap and hard cap of the ICO is 50,000,000 SPTX and 723,450,000 SPTX respectively.
SPRINTX FUND DISTRIBUTION
The purpose of the ICO is to raise enough fund to allow proper development and evolution of SprintX. As such, the funds raised will be distributed as follows. The largest percentage of the fund goes to SprintX capitalization; that is 60 percent.
Twenty-four percent of the fund will be allocated to Nova foundation and legal, and 10 percent of the fund will be dedicated to platform development. Finally, 5 percent of the fund will be used to pay for property and the remaining 1 percent will be distributed among management and team.
ON A FINAL NOTE
Holders of SprintX tokens get to enjoy other services which include; a SwitchX app where virtual coins can be stored and used at any time. Users will have access to blockchain technology from the comfort of their homes.
There is also a debit card that can be used in any store that accepts fiat or cryptocurrency as a form of payment. Without using any intermediary, users will be able to transfer their cryptocurrency fund to SwitchX before making payments.
Ann Thread: https://bitcointalk.org/index.php?action=profile;u=1717810