Escrow is a strong insurance, that funds attracted via a Crowdsale are correctly used according to the initial agreements. For this purpose, Authoreon will accept ETH via escrow. All funds raised in the ICO are sent to the specified escrow services for safe-keeping and distribution based on the milestone-release conditions below. Undistributed coins will be returned to the contributors in the event of failure to meet the minimum target or insolvency.
Authoreon has selected all crowdsale participants (= external Token holders) as their escrow agents for the Crowdsale. A smart contract will handle the voting.
Storage of ICO funds
ETH will be stored in a Coinbase multi-sig wallet.
Release of Crowdsale funds
After the ICO has ended on Oct 14 2017, the attracted funds will be released to the multi-sig wallet. For calculation purposes, all non-USD currencies will be converted into USD at the relevant exchange rates at the moment of their collection. The funds will be released based on achieved milestones. If a milestone was achieved, will be decided in a public vote among all external Token holders; only after one milestone is completed, the token holders are asked for approval and for the release of funds for the next milestone. The Authoreon team tokens are restricted from voting.
Milestone 1 Complete Synapse & Access Lock Layers
Milestone 2: Complete Platform & GUI
Milestone 3: Complete Data Retention App
Milestone 4: Complete Marketplace & Mobile App
Milestone 5: Complete Identity Theft & Document Fraud Prevention Apps
Milestone 6: Build User Authentication App
Milestone 7: Build Supply Chain & Traceability Apps
Milestone 8: Build IOT Security App
Milestone 9: Build Cyber Security App
Milestone 10: Build Copyright & Intellectual Property Protection Apps
Milestone 11: Build Reputation Management App