Joel Dietz believes crypto-equity is the next step in unlocking the power of blockchain technology.
So, on June 17, he is launching Swarm, the first distributed incubator that allows companies to raise funds by issuing their own coins.
The launch will include a two-part crowdsale of Swarm Coins. If that sounds familiar, perhaps it’s because of the runaway success MaidSafe had in April, raising $8 million in five hours in its own crowdsale of mastercoin.
Dietz says this distributed approach to raising funds ultimately benefits more people.
“Instead of a single round of fixed quantity available only to the already-rich, you can approach your next-door neighbor or future customer and sell him your new appcoin before it’s even built,” Dietz said. “The benefits are a faster, freer flow of money, something that enriches you as you enrich others.”
“Instead of a single round of fixed quantity available only to the already-rich, you can approach your next-door neighbor or future customer and sell him your new appcoin before it’s even built.”
Dietz beliefs that the collective intelligence of decentralized networks can work more effectively and evolve more quickly than centralized systems can. Swarm is his attempt to bring this idea to the field of digital application creation.
The first phase of the crowdsale will last until either June 27 or when 4,000 BTC worth of Swarm Coins are purchased, whichever happens first. Afterward, there will be a four-day rest period, followed by the second phase. That phase will end when 17,000 BTC worth of Swarm Coins have been sold.
Here is how the value of Swarm Coins will break down:
- At Day One of Phase One, one BTC will be worth 5,250 Swarm Coins. That price will gradually decline.
- By the last day of Phase One, one BTC will be worth 4,750 Swarm Coins.
- At Day One of Phase Two, one BTC will be worth 4,250 Swarm Coins. The same gradual decline applies.
- At the end of Phase Two, one BTC will be worth 3,650 Swarm Coins.
“An indication of interest has already been held to the amount of 500 BTC,” Dietz said. “These commitments are being held in escrow for the first day of the public crowdsale.”
Coin Telegraph spoke to Dietz this weekend at the Central European Bitcoin Expo in Vienna.
“It was exciting to see so many faces in Vienna, especially the teams who are giving birth to Bitcoin 2.0 like Counterparty, Ethereum, and Mastercoin,” he said. “I couldn't think of a better place to launch Swarm.”