Valorem is a blockchain-based decentralized platform that allows for multi-party transactions across multiple industries using any currency, whether fiat or cryptocurrency. The Valorem foundation intends to create a financial ecosystem with all the necessary financial tools a user would require for the everyday transaction from selling, to making purchases, to collecting loans, to making donations, to making investments etc. The idea is to provide an all-encompassing platform that will disrupt traditional transaction methods across various industries. The system utilizes the smart contracts protocol based on the blockchain technology to facilitate transactions while the Zero Coin protocol oversees the verification and storage of transactions on the blockchain database. The Valorem foundation was developed by Val Kleyman and is backed by a team of developers and an advisory board.
The Valorem token is an ERC-20 complaint token based on the Ethereum blockchain. It is denoted by the letters VLR. The utility token was created to process and facilitate transactions between multiple businesses and individuals.
ICO of Valorem Tokens
The ICO of Valorem Tokens is still currently live, it was launched at 12:00 am on the 10th of November 2017 will operate till 12:00 am on June 28th, 2018 or whenever the hard cap is reached. Fiat currency – USD and cryptocurrency – Bitcoin and Ethereum are the accepted means of payment during the token sale. Each currency has its own minimum exchange limit; Bitcoin – 0.05 BTC, Ethereum – 0.1 ETG, Dollar – 500 USD. The hard cap and soft cap are set at $15 million and $5 million dollars respectively, however, this figure is subject to change depending on the exchange rate of ETH to USD.
A total of 200 million VLR tokens were created, however, only 75% being 150 million tokens are issued for sale in the ICO. Out of the remaining 25% of the reserved tokens, 5-7% is allocated to the bounty program and whatever is left will be burned by the system after the ICO. The tokens are sold at a rate of 1000 VLR to 1 ETH, and bonus tokens apply depending on the time an investor makes a purchase. The presale which ended on the 28th of January had a 100% bonus on all investments, for the rest of the crowdsale the bonus allocation and the timeline is as follows;
- 50% bonus – from 28th of January 2018
- 40% bonus – from 28th of February 2018
- 20% bonus – from 28th of March 2018
- 10% bonus – from 28th of April 2018
- 5% bonus – from 28th of May 2018
So far, a total of 24,740,953 have already been allocated. The budget distribution pattern for the funds realized from the ICO is to be shared as follows;
- 10% – Admin
- 10% – Contingency
- 10% – Contractors
- 15% – Marketing and advertising
- 25% – Sale and business development
- 30% – Platform development and design
The Valorem Foundation recently introduced the AltCoin Exchange Program to enable users and investors exchange other cryptocurrencies with the Valorem Tokens.
The Valorem Foundation is building a platform that will improve and simplify all forms of financial transactions for people all over the globe. It is not just a revolutionary project but a big investment for investors as well. For more information about the foundation and regular updates on the ICO, visit the official website here.