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Czech fintech incubator launches ICO on Nxt's blockchain

Wednesday 7 December 2016 | 09:41 AM CET

Adel, a technology incubator for blockchain innovation, has announced plans to embark on a month-long crowdfunding exercise from March 1 2017 through an Initial Coin Offering (ICO).

The incubator is headed up by a couple of Prague-based fintech advisers from the Czech Republic and its ecosystem consists of stakeholders, registered community members, staff from across the world, a Project Review Committee and Adel’s Board formed by its three co-founders.

The incubator is launching a website to support its initiative and aims at developing, supporting and funding startups using blockchain technology based on the Nxt community platform. Nxt provides a Blockchain-as-a-Service (BaaS) platform. Adel decided to choose Nxt due to its proven track record as it provides a number of features that benefit the community-based ecosystem that Adel represents, according to Forbes.

All stakeholders who invest more than 1 BTC (bitcoin) will be invited to the Adel Community. Within this community, stakeholders will become members and have full voting power based on the proportional amount of their contribution to the upcoming ICO.

Furthermore, community members are welcomed to submit their ideas and become innovators. When the business plan is accepted by the Committee, it is sent to the community for discussion and clarification, after which it is submitted for a community vote. Should the community agree by a majority to the project, it then proceeds as a Community Innovator Project. If, however, it is not approved by the majority, then a second vote will determine if enough contributions from a select minority can be established.

Adel plans to release several use cases from their R&D team before the ICO begins in 2017. These projects will be subject to a community vote, just like any other project submitted by a member. Currently Adel’s R&D team is finalizing materials for the first use case, which will be released before the end of 2016, the online publication continues.

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