Colony IDO: Token Sale on December 14

tl;drIDO or initial DEX offering is one of the newest ways to invest. In this blog post, we are going to provide you with the details about the Colony IDO, which will be held on December 14, 2021. Colony is the most powerful, practical, flexible, and easy-to-use DAO framework, facilitating building organisations online. Technology in Colony is designed to be a self-sustaining public utility, a permissionless digital commons available to all without the possibility of censorship. Colony’s native token is $CLNY, and to buy this token, you need xDai in the Metamask wallet. You can get xDai both by bridging DAI across the chain and buying xDai with Fiat. The total supply is 200m CLNY, and it is of ERC20 type. The IDO/ listing price of $CLNY will be $50, and the price will then start falling until the market discovers a price it believes is appropriate. Let’s take a closer look at this Colony!
Colony IDO: Token Sale on December 14
Colony IDO: Token Sale on December 14
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Overview of Colony

Colony is the most powerful, efficient, flexible, and user-friendly platform for decentralized autonomous organisations. Its goal is to streamline the process of establishing organisations online. Concretely, what the Colony team is trying to do is to apply online communities to raise money, collectively manage those funds, and coordinate activity towards goals without needing to know or trust one another.

What Does Colony Offer Its Users?

It will allow organisations to raise funds by token sales, donations, or receiving revenue. It will provide several different decision-making mechanisms suitable for different use cases and arbitrate disputes in the case of disagreement. And, finally, it will enable a DAO to make arbitrary transactions with any other contracts on the same chain. So if DAO needs to govern another protocol or interact with DiFi, it will be able to do so. One of the key ideas behind Colony's decentralised governance mechanisms is that voting is generally not desirable and therefore it seeks to avoid voting where possible. Colony's modular design means organizations will be able to plug-in extensions to provide their organization with the tools they need to operate as they wish.

What are the main features of the Colony?

The high-level features enabled by Colony include the ability to structure and organise departments or teams - each with their own memberships, to manage a token treasury and apply budgets to different teams and initiatives, to assign authority to members according to a variety of conditions subject to the individual circumstances of the organization, and a variety of different kinds of payments based on a flexible underlying expenditure primitive. Also, Colony considered the problems in the organization and provided the solutions for them, mentioned in the following:

  • Powerfulness

Colony platform provides everything an organization needs to operate on-chain, including payments, teams, authority, governance, fundraising, revenue sharing, arbitration, the ability to interact with any other smart contract on Ethereum, and a whole lot more.

  • Practicality

In a healthy organization, voting should be rare. That's why Colony operates a more agile system of 'lazy consensus.' It means organizations spend their time productively, not endlessly voting.

  • Flexibility

Colony Core provides powerful primitives for finances, organization structure, and authority. Extensions are plug-ins built on those, shaping organizations according to their needs

  • Ease of Use

Colony facilitates DAOs. Unlike the complicated, clunky competitions, Colony's application seamlessly integrates powerful DAO functionality into a polished, logical, easy-to-use experience.

Colony Token

$CLNY is the native token of the Metacolony and is required for:

  • Governance staking: Disputes in the Metacolony need CLNY to be 'staked' as surety. Winning a dispute earns stakers a share of the loser's CLNY.
  • Revenue sharing: Accounts with both CLNY and Reputation in the Metacolony may be eligible to claim a share of Metacolony revenue.
  • Reputation mining: Reputation updates are calculated off-chain by miners who stake CLNY to compete on performing them to earn CLNY and Reputation.
  • Fee auctions: Fees denominated in tokens other than USDT, USDC, XDAI, and WETH are auctioned for CLNY, which is burned.

How Colony Make Money?

Colony generates revenue from network fees. Fees paid in whitelisted tokens go to the Metacolony to sustain ongoing development, security, maintenance, support, and Colony's ecosystem incentive mechanism. Specifically:

  • The Colony Network levies a small fee on payments leaving a colony to an external address;
  • Fees paid in whitelisted tokens like USDC, USDT, WETH, or xDAI go to the Metacolony to incentivize contributors; and
  • Fees paid in other ERC20 tokens go to auctions where token buyers can purchase ERC20 tokens using CLNY, which is burned.

How Does The $CLNY Sale Work?

To make the $CLNY sale as safe and fair as possible, and in particular, to avoid price manipulation and front running, the sale will initially start with a very high price of $50 per CLNY, which equates to a $10bn fully diluted market cap ($50 * 20m CLNY). The price will then start falling until the market discovers a price it believes is appropriate.

Who Are The Supporters and Investors of Colony?

The supporter companies mentioned the Colony name in their list and verified their support and investment plans. The list of investors is as follows:

 Token Sale Information

  • TOKEN SALE: 14 DEC – 22 DEC
  • Ticker: CLNY
  • Token type: ERC20
  • ICO Token Price: 1 CLNY = 50 TOKEN
  • Fundraising Goal: 20,000,000 TOKEN
  • Total Tokens: 200,000,000

Token Distribution

  • Total: 200m CLNY
  • Metacolony: 10m CLNY
  • Team: 29m CLNY
  • Strategic Sale: 25m CLNY
  • Community Contributors: 5m CLNY
  • Public Sale: 20m CLNY
  • Strategy Fund: 15m CLNY
  • 2015-2020 Funding: 96m CLNY

Highlights of Colony’s Whitepaper

Colony’s technical whitepaper was published on October 2, 2020, and is available here. This whitepaper includes a thorough review of the theory of firm, structure, funding, and expenditures, to name but a few.

Colony’s Popularity

The Colony’s social media is currently limited to Twitter, Discord, and Github. The Twitter account of Colony has 17.2K followers. The most popular tweet was about their vintage meme NFT drop. They celebrated the launch of the Colony Dapp and gave away a special 1.1 of 5 NFT series based on the swag that lit up Devcon IV.

Colony’s Founder

Jack du Rose is the founder of Colony, who is available on LinkedIn and Twitter. Also, he had some conferences and interviews that can help you to obtain more info about his background, knowledge, and insight. The first video is Jack interview with Envolpe and the second one is Jack’s presentation on "How to DAO" during “Enter The Cryptoverse” event at LSBU Business School. 

The Colony Token Sale: How To Be Prepared?

You may now register to participate in the CLNY sale! Registration will remain open until the sale is complete. Participating in IDO has some steps to come through them, take a look in the Colony Doc.

Final Remarks

This is not should not be considered financial advice and no one can decide on investments better than yourself. We are no financial advisors, and what we're providing on Cryptologi.st is for educational purposes only. We gather everything you need to compare your options and make confident investment decisions.

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