PRX, the first ICO on Ripple's RCL
THIS IS AN EXPERIMENTAL ICO. THIS IS NOT LIKE OTHER ICOS WITH A COMPANY BEHIND IT. READ THE FULL POST BEFORE YOU DECIDE TO PARTICIPATE.
TOKENS WERE ISSUED UNDER A NEW ADDRESS AT rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu YOU MUST REISSUE TRUST TO THAT ADDRESS TO RECEIVE YOUR TOKENS.
Participate in the experiment! I am selling 1 billion PRX tokens. I created these while creating an article I posted recently.
These tokens are capped. No more PRX tokens will ever exist. They live on the Ripple Consensus Ledger.
As of yesterday, no one controls them.
They aren't a currency, they aren't backed by anything, they don't represent a share in a company, there is no development to be done on them, there will be no development done for them, there is nothing behind PRX except for hopefully a community that might decide to use them. I created these tokens mainly to see if I could do so. Now I am offering them in a token sale to see what the process of running one is like.
This is not an investment this is literally just a token on the RCL. This is a piece of property being sold. If you decide to participate you are doing so of your own free will.
Some quick questions/answers:
Why are you doing this?
Just to experiment with the technology and see how difficult it is to run a token sale. I've already faced a lot of questions just trying to run this little experiment.
How much do you think this sale will raise?
Probably enough to buy me a beer or two.
Will any exchanges list PRX?
Probably not. Which also means it'll probably be pretty worthless, but a neat collector's item.
Why would anyone participate?
This is the first ICO on the Ripple Consensus Ledger. Ethereum has exploded due to all the ICOs operating on their platform. Ethereum used to be about smart contracts but now (especially seeing as few meaningful smart contracts have been developed) it is mainly used for tokens and ICOs.
Imagine if more companies decided to do ICOs on Ripple's Consensus Ledger. I'm opening that door, I'd love to do an actual ICO that represented a real product or was part of a company, but due to living in the U.S. I don't wish to open myself up to the risk of operating a company with an ICO and accepting investment. This is my contribution to the space, I'm providing the real experience of selling a token IOU on the RCL and giving tutorials on how to purchase them, set them up, and operate a sale.
Plus, I officially license whatever company that issues their ICO on RCL to claim to be the first 'real' ICO.
This ICO can prove the concept for whatever companies come next and want to use Ripple's ledger. There are rumors of a PoW token on the RCL being developed, and another digital currency group is exploring the concept.
ICOs should operate on the RCL, with the ability to handle 1000's of txns per second the issues Ethereum has been having handling all the payments wouldn't be so prevalent.
How to participate
Set your trust line.
This is an important step. Unless you set the trust line accepting PRX you cannot be sent it! If you do not set a trust line accepting PRX you will not be able to receive PRX.
On gatehub, visit your wallet screen.
Click the advanced tab here:
Next click the 'set trust' button here:
Enter your password. Keep in mind you need a minimum amount of XRP in your account to be able to set a trustline!
Next, input the founding address of the PRX: rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu
And input PRX as the currency code.
Then click submit!
Purchase PRX during the sale
It's pretty simple, just send XRP to this address:
You can see that account in the account explorer here: https://bithomp.com/explorer/rB2Ce4gGJk7VRLewZPdWyifbhteWJwno9D It holds the 1 billion PRX.
Once the sale is done, any accounts that sent XRP and have an open trust line for PRX will receive a share equal to what they sent.
- 100% distribution. I am not keeping a % of the tokens for myself. Each and every token is up for sale.
- No fixed price. Distribution and price determined by % of XRP contributed. Send 1% of the total XRP, get 1% of the billion tokens.
- Duration: 2 weeks. Starting now. Ends July 12th at 9PM PST.
- Availability: Tokens will be sent to the sending wallet hours after the sale ends.
By purchasing PRX you're agreeing that:
Executor or The Executor means "Sharpe Inc" from here out.
PRX is a token created for academic research. PRX was created to see if it was possible to create a limited token on the Ripple Consensus Ledger.
The Executor is not acting as your broker, intermediary, agent, or ad visor in any fiduciary capacity.
No communication from the Executor nor information the Executor provides will be considered or construed as advice.
Nothing in the information, documentation, or terms the Executor provide state that this is an offer or solicitation to sell securities. This is not an offer or solicitation to sell securities. This is not an offer or solicitation to sell securities.
Do not use any information provided to make investment decisions.
This offer and these terms do not and should not be considered in anyway to offer for sale, subscription, nor any type of invitation to offer to buy or sell or subscribe for any securities.
The Executor disclaims responsibility for any direct or consequential loss or damage resulting from any reliance on or use of any information contained on this website, posted any where else by the Executor.
The Executor cannot and is not acting as a financial advisor.
The Executor cannot and is not acting as a legal advisor.
The Executor cannot and is not acting as a investment advisor.
The Executor cannot and is not acting as a insurance advisor.
The Executor cannot and is not acting as a tax advisor.
The Executor cannot and is not acting as an accounting advisor.
The Executor cannot and is not acting as any type of advisor with a legal obligation.
The information provided by the Executor is made available solely for general information purposes.
By purchasing PRX you guarantee that you've read this statement repeatedly and understand what it means: "This is not an offer or solicitation to sell securities."
By purchasing PRX you guarantee that you are not a resident of the state of New York, Georgia, New Hampshire, and Connecticut or any countries subject to sanctions by the United States.
There is no company behind PRX. There is no company that owns PRX. PRX is not a note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest, or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate,certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. It is a token created for academic research.
If the sale generates a considerable amount of funds a KYC program may be needed to complete the ICO legally. At which point there may be delays in any PRX payout.
Terms updated June 28th 2017.
Edit June 29th: I will not be participating in the auction at all. I will not put in a bid for any of the PRX tokens. I think I am legally barred from doing so in the U.S. under auctioneering laws.
Additionally I added another disclaimer at the top of the article: "THIS IS AN EXPERIMENTAL ICO. THIS IS NOT LIKE OTHER ICOS WITH A COMPANY BEHIND IT. READ THE FULL POST BEFORE YOU DECIDE TO PARTICIPATE."