Astra Protocol ICO: What you need to know
- Astra Protocol’s ICO was launched on Friday, 11 November, via Tokensoft
- The core team of 12 people, listed on the project’s website, is led by Damien O’Brien
- Nothing can be commented on how it will perform either in the near or in the long term
ICO is short for initial coin offering. It is a product of the cryptocurrency industry, where developers of a particular project use it to raise additional funds. These funds could be raised to create some new altcoin, a new blockchain app, or other similar purposes.
Some view ICO as having similar underpinnings as the IPO (initial public offering) in the stock market. Backers in the ICO are usually offered the project’s native tokens as a reward for participation.
Astra Protocol ICO
Astra Protocol’s ICO was launched on Friday, 11 November, via Tokensoft. Astra Protocol asserts that it is the “next generation of compliance and a decentralised KYC Platform for Web3”.
The project further claims that it can bring some much-needed integrity to the cryptosphere by working with the financial regulatory standards of more than 155 countries and taking care of more than 300 associated sanctions that have been placed on the crypto industry.
At first glance, the project can appear to be serious – focusing on regulatory compliance tools, anti-money-laundering assistance, an integrated stablecoin, asset management, lending and borrowing, and a decentralised exchange. It is being touted as a comprehensive platform with plenty of transparency.
The core team of 12 people, listed on the project’s website, is led by the co-founder and executive chairman Damien O’Brien, an Irish entrepreneur with a background in building technology businesses and commercial enterprises.
The website also identifies an advisory board, which provides an added layer of transparency, while the list of partners is extensive.
In terms of the tokenomics, the project claims to have a total supply of one billion $ASTR tokens. The split of the tokens is as follows:
- 05%, or 500,000, of the ASTR tokens, are reserved for airdrop giveaways, with 19.95% of the supply designated for ecosystem development.
- 18% of the supply is reserved for the seed round, 20% for a further private round of sales, and then 9% of the supply, or 90 million tokens, for public sale.
- 10% of the tokens will be offered to strategic partners, including the likes of KPMG and more.
- 13% will be reserved for marketing and community development, with the project looking to build an army of supporters to rival the likes of Dogecoin.
- The final 10% will be distributed among the project’s development team.
With many people reportedly having placed this token on their watchlist on CoinMarketCap, there seems to be plenty of hype around this project. However, nothing can be commented on how it will perform either in the near or long-term because cryptocurrency is extremely speculative and difficult to predict.
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