More often than not, ICOs do raise a lot of money. They even rake up in tens of millions with a strong pitch. Nevertheless, there is no reason for crypto projects to rely only on this method of raising capital. The shortcommings of ICOs have always made people to explore alternative crowdfunding systems. Here is a crypto project that comes to formulate their method with which they raised capital. The XIO network has raised their $10 million market cap without even conducting their ICO. Established in January 15th, they did experience the alternative crowdfunding first hand. Now, they are here to help other aspiring projects to use this goldmine of an opportunity.
Difference between XIO and ICO model
XIO kickstarts innovation and lines up incentives for blockchain projects. The conventional ICO model raises capital, build project and sells itself on the market. It works exactly in that order, time after time. In case of XIO, it is quite the reverse of what ICO suggests. Here you first put your project out there. Secondly, you start and finish building the project. Thirdly, you start raising capital at the business end of things. Transitioning from idea to innovation, ICO is all about rising as much capital upfront and start building as per the roadmap. On the other hand, XIO is about getting your idea to the world, even with a very less capital. Simply put, it is an exclusive incubator offering that believes in the project.
The costs of building systems go down drastically while the impact you make gets higher. XIO is not a very original model. Some might even say it is the spinoff of the Lean Startup model that is applied to the crypto space. Besides all the other benefits, you work closely with loyal clientele and their inputs to the project are enormous. It aligns you into building what the people actually want. XIO projects help launch yourself quickly without simply waiting for the capital to flow in.
Three utilities of XIO tokens
XIO is a BEP2 type token that is native to the Binance chain. XIO token has three major use cases – attribution, distribution and verification. Firstly, attribution is about attributing upfront capital in the form of XIO tokens for projects which gets accepted into the incubator. It helps companies to get on their feet with some early level liquidity. Secondly, the XIO tokens can be used for distribution and transfer of native tokens to XIO users. Thirdly, XIO tokens are used for verification purposes, authenticating citizenship and activations within the XIO ecosystem.
Future of XIO
XIO is currently a centralized project where a dedicated team manages the incubator. However, they plan to make it decentralized in the future where public consensus alone will manage the incubator. The democratization of the system is expected to bring a surge in prices of XIO tokens. It will surely get a massive appeal and popularity when the decision making isn’t limited to a group. Currently, each XIO tokens is priced at $0.53. The all time high is at $0.61 as recorded on 29th July 2020. The total token supply is 100 million, amassing a market cap of $8.5 million.