Cryptonomos ICO Review

PROJECT DETAILS

TOKEN DETAILS

INTRODUCTION

Cryptonomos, a solution provider for blockchain-based crowdsales, has launched the ICO for its latest venture which hopes to democratize mining and make it more profitable with the launch of a new token dubbed WTT.

The WTT tokens provide access to Giga Watt, the professional mining facility designed and built by Bitcoin mining pioneer Dave Carlson. The token holders can use the facility to accommodate their own miners or to rent out for others’ use.

The concept definitely holds merit, especially in the light of the stated goal of making cost-effective mining available to everyone. Therefore, the platform’s ongoing ICO sure warrants a closer scrutiny.

GIGA WATT MINING FACILITY

The facility provides clean and cheap electricity, turnkey mining services and custom mining packages. Giga Watt offers a full range of mining services including equipment sales, maintenance and repair, and private blockchain servicing.

Cutting-edge Tech Infrastructure

Proprietary design of facility units.

Best Cost Efficiency

The Giga Watt facility offers low electricity fees, and a zero-setup fee. Located in Washington, the facility has access to cheap and clean electricity at 2.8 cents a kilowatt hour, which is both lower than the USA’s national average and the Chinese national average of 11 cents per kilowatt hour.

According to CEO David Carlson, these low power costs mean that Giga Watt’s expenses average at around $500 per bitcoin mined.

On-site Service Center

Giga Watt’s on-site service center makes the process more efficient by eliminating any shipping time for repairs

Complete Transparency

Giga Watt believes in complete transparency and welcomes visitors to its Open House in Wenatchee to personally tour the mining facility every two weeks.

Mining Turnover Structure

From the time of the Gold Rush to this day, infrastructure costs consume the lion’s share of potential profits. And cryptocurrency mining is no exception.

Giga Watt’s facility provides a solution to this problem as it has a 50-year lifecycle (compared to 2.5 years for miners, due to constant increase in mining difficulty) and is suitable for any blockchain.

Calculator

Users can calculate how much they can save by using their tokens to host their miners or how much they can earn by renting them out at their chosen rental fee.

Capacity

WTT can be used from the very first date of issue. Giga Watt facility’s design allows for rapid expansion, and the first units can be operated while the new ones are still being built.

Capacities are allocated to token holders on a first come, first served basis.

Infrastructure

Giga Watt’s distinctive infrastructure consists of numerous independent mining units. This approach offers flexibility in the farm’s capacity, minimizes construction costs and allows to bring capacities into operation progressively, while new units are being built.

GIGA WATT PROJECT TEAM

The project was founded by Dave Carlson in 2010 as MegaBigPower and now has been rebranded as Giga Watt. He is also the CEO and a pioneer in the Bitcoin mining space. The rest of the Giga Watt core team is no less impressive in terms experience.

Adam West, VP Business Development Director, Operator-Partner Program has 10 years’ experience in business development, management and marketing.

Kyle Sidles, CTO, has successfully built and launched over 200 various software projects in USA, India, and China. Builds and runs large-scale blockchain data centers since 2013.

Jeffrey Field, lead Engineer, has 4 years’ experience designing the physical infrastructure for mining facilities, network layouts, and cooling plans.

TOKENS

Each Giga Watt Token (WTT) represents the right to use the Giga Watt processing center’s capacity, rent-free for 50 years, to accommodate 1 Watt’s worth of mining equipment power consumption.

WTT token holders will be able to mine Bitcoin, Ethereum, Litecoin, and new cryptocurrencies that could be launched in the future. They also have the option of using their own personal mining hardware or they can purchase hardware directly from Giga Watt.

Number of tokens required to accommodate one miner depends on its power consumption. Moreover, there will never be more watt tokens than there is available power at the Giga Watt facilities.

DISTRIBUTION

Token Cap: 30m WTT tokens

For every 100 tokens sold in this Token Launch 15 additional tokens will be issued, with the following projected allocation: – 10 for the team members – 5 for partners and advisors.

Each token represents 1 Watt’s worth of the processing center’s capacity. Consequently, for every 100 tokens sold, 115 Watts of capacity is put into operation.

Initial rate    

$1.00          Weeks 1-2  

$1.05          Weeks 3-4

$1.10          Weeks 5-6

$1.15          Weeks 7-8  

$1.20           Week 9

MAJOR PARTNERS, ADVISORS AND ESCROW

Cryptonomos has an experienced and well acclaimed team supporting them, definitely raising our expectations for the ICO. The names like Perkins Coie, Transform Group and New Alchemy, all prominent in their respective fields can make a huge difference for the platform.

SALE DETAILS

The CRYPTONOMOS/wtt crowdsale started on June 2, 2017 and will run for 60days. The platform has already sold 16,016,948 tokens, and the current rate is $1.15. The tokens can be bought against BTC, ETH, and fiat wire transfers.

Funds raised through the crowdsale are put in fiat escrow. The raised funds are released from escrow in batches only after the underlying capacities are built and relevant tokens are issued and distributed.

The maximum investment cap has been fixed at $30 million and the minimum viable product is the facilities already operational.

CONCLUSION

The project is surely an interesting one and as is obvious, a lot of work has gone in the conceptualization and execution of the project. Its aim to make mining accessible to everyone is definitely attracting attention in the industry, especially with the clearly outlined advantages of investing in the project.

But there is also a hint of wishfulness in the project’s seemingly too good to be true invest once and make money for 50 years plan. One’s mind definitely goes on to ask where is the catch? Reasonable doubts have been put up about the hardware accessibility and other things on this reddit thread. Cryptonomos has responded to the queries on the same thread and dispelled a lot of confusion.

All the queries and confusion, though, do not take away from the fact that the ICO is attracting a fair amount of traction and investments, as is obvious by the number of tokens already sold.