OneGram – ICO on the first day of Ramadan!
OneGram (https://onegram.org/), the world’s first Sharia-compliant, gold-backed digital currency, today announced details for its OGC token crowdsale which will begin at the onset of Ramadan, 2017 and continue for 120 days. OneGram seeks to raise $500 million by selling more than 12 million OGC tokens. For investors to participate in the crowdsale, they must first create an account on GoldGuard and purchase gold at live spot rates. This purchase includes 10 percent fees, of which will be allocated to long-term business development (5%), marketing costs (1.5%), operational costs (1.5%), salaries (2%). Also, once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70 percent of transaction fees are reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development & operations, 2.5% is used for charity donations, and 2.5% is used to reward the POS miners (staking).
Why are we postponing the date of approximately one week? “We are overwhelmed with the number of account verifications! OneGram support team needs to verify every accounts one by one, KYC + AML. Contrarily to traditional ICO using a bitcoin public ledger and often anonymity, our investors needs to buy gold, register and verify their accounts. As we partnered with Customer Due Diligence Solutions (CDDS) it’s the only way to legally purchase gold online.
“We’re very pleased with early support for the OGC token crowdsale from the cryptocurrency and Islamic finance communities,” said Ibrahim Mohammed, CEO of OneGram. “More than 1,000 people have registered for GoldGuard accounts to participate, and the number is growing each day as we prepare to launch our crowdsale in alignment with Ramadan.”
Sharia compliance is a key differentiator for the OGC token, the founders of OGC developed a breakthrough asset class and engineered the solution so it would fit within the parameters of shariah law. OGC is being hailed by the Islamic finance world as a game changer and potentially can change the face of Islamic digital finance. This concept is detailed here.