Our time in Israel has reminded us that cryptocurrencies are a lightning rod for dreamers and doers. Each project is a different peek into the minds of people who want to re-imagine the world.
On that note, we highlight that the New Money Project will soon conclude its ICO of Solserts (pronounced soul-serts).
The vision of the New Money Project is to bring cryptocurrency to mainstream Americans—past the financiers, the investors, the savvy consumers and all the way to meme-loving media-addicted Americans. Especially Millennials.
The ICO will raise money to fund a Kickstarter campaign (to be announced) for Sollywood TV, which seems to be a content distribution platform to provide fair compensation for content creators. Details are few, but the vision is clear: the ‘killer app’ of digital currencies that engages Millennials, the mainstream, even grandma and utterly disrupts Hollywood.
The founder, Solomon Adekale, brings a background in media, and it shows in the advertising of the project.
The ICO will involve 8,990,000, auctioned off in 13 tiers of pricing. This is 90% of the total number of Solcerts, with 10% retained for bounties and strategic partnerships.
At time of writing, one thousand Solcerts can be purchased for 3 Bitshares, 0.00004444 Bitcoin, or .001594 ether – approximately $.02 USD. This will scale up to $.30 USD for the final 500,000 distributed. The pricing scheme gives an effective valuation of The New Money Project of approximately $600,000 USD.
How the New Money Will Work (we think)
The monetary system involved is admittedly complex. The eventual currency of New Money will be Sollars and Sents. These will be distributed according to whoever owns Sollar Bonds, which sounds like proof-of-stake meets fiat bonding. The Sollar Bonds will initially be given to those who have Solsert tokens.
One thing worth noting: the founder is clear that Solcerts aren’t intended to be exchanged for fiat. Instead, Solserts are effectively serves as a certificate for Sollar Bonds (which are like certificates for earning Sollars and Sents). Sollars and Sents will play some key (unspecified) role in Sollywood TV.
Ultimately, the announcement reads very much like something born in Hollywood: ambitious, a bit ostentatious, short on details, high on design. Or very much like what Millennials are supposed to be.
We recommend The New Money Project release a plan that spells out exactly how the pre-sale/ICO relates to the kickstarter campaign relates to the final product of Sollywood TV relates to the eventual DAC that will produce Sollars and Sense. And how Sollywood TV will work.
Next Steps (for you)
Note: Smith + Crown does not endorse any particular coins or ICOs. However, we do offer commentary to help readers navigate this emerging industry. We highly recommend anyone do thorough research before participating in an ICO due to the highly speculative nature of digital currencies in general and the uncertainty surrounding the projects behind them.