LUGANO, Switzerland, Dec. 18, 2018 /PRNewswire/ --
RigoBlock, the decentralized asset management protocol, has today launched its highly anticipated token sale. RigoBlock is offering participants GRG tokens in exchange for ETH which can be used to create, interact and participate in Ethereum based token pools on the RigoBlock platform. The GRG token is designed to become easily accessible and more cost-effective for traders to use, which aims to reshape the $63 trillion asset management industry.
RigoBlock's hard cap for the ICO is set at $10m for 30% of the total token supply. Based on the market conditions the team have decided to peg the price of ETH at $180 for the public token sale. With the current price of ETH being $90, pegging the price of the GRG token to $180 means that participants are receiving a greater number of tokens for their contribution in comparison to the current price of ETH. This will mean that 3,000,000 GRG tokens, or 30% of GRG tokens from the total token supply, will be available in the token sale. These tokens are required for users to access the RigoBlock portal and to participate in the RigoBlock's Proof of Performance (PoP) incentives mechanism.
The asset management industry is notoriously difficult and expensive when it comes to trading fees. Starting at around €50,000 and going up to €500,000, these fees can hinder the effectiveness of fund managers as a whole; limiting their work and ultimately forcing them out of business. These fees can also limit the fund once it has grown in size, with traders charging a 2% management fee and a 20% performance fee as a minimum, only increasing as the fund does. The limited visibility on how other traders are truly performing means that the asset management industry remains closed to most of the world.
RigoBlock's protocol has already changed the way in which asset managers are able to manage crypto funds. The first integration with Ethfinex has already happened and is now available to all Ethfinex users. Becoming the world's first token management protocol, RigoBlock aims to disrupt and decentralize the way crypto funds, or token pools, are managed within the crypto ecosystem. The GRG token, which is built on top of the RigoBlock platform, allows users to establish a meritocratic and incentive-based framework for traders, separates the fee logic from the funds and creates an incentive mechanism on top of the token: the PoP algorithm.
The PoP algorithm is used as the basis of a rewards mechanism for specialised operators within the RigoBlock ecosystem, distributing GRG tokens to participants based on the value and the performance of a specific token pool. This allows token pools to be operated without fees for an alternative and fairer rewards mechanism.
To participate in the RigoBlock token sale or for more information visit https://rigoblock.com.
RigoBlock is a blockchain protocol for decentralized asset management. It is an abstracted and generalized standard, built and deployed on the Ethereum public blockchain and portable to multiple blockchains, which streamlines the creation and management of complex applications for asset management. The RigoBlock protocol offers new types of incentives by aligning interests through the Proof of Performance algorithm, eliminating traditional management and performance fees. RigoBlock graduated from the "Blockchain Business Solution" accelerator program by H-Farm in cooperation with Deutsche Bank. RigoBlock is a member of the Enterprise Ethereum Alliance and Cryptovalley Association. https://rigoblock.com