tier: 0 – protocols

created by: Redesigning Earth

validation: approved

tokenID: N/A

serial number: N/A

The purpose of IDEACOINS is to raise funding for development of design ideas by sharing future revenue.

IDEACOINS are linked to a specific original idea that enables 3D printing of chitin on a global scale.

 An IDEACOIN is a token based on blockchain infrastructure containing a smart contract which deploys automated payment of a fixed percentage of total production cost when a digital switch is activated when an idea is used commercially.

Every approved idea receives a wallet of its own IDEACOINS, based on 1/1.000.000 of the maximum potential yearly revenue when used globally.

IDEACOINS are sold by the owner of the idea. At the initial coin offering (ICO), a single IDEACOIN is sold for a fixed price of €1000.

With the raised funding, the idea is developed further and progress is shared on the Redesigning Earth website and via regular e-mail updates.

In the buy-in phase the following scenarios are possible:

-The idea shows tangible results by producing working prototypes or viable test-prints. The value of IDEACOINS will rise until the idea start to being used commercially.

-The idea proves to be not technically viable or the idea is abandoned due to (personal) circumstances of the owner. The remaining capital is reimbursed to all IDEACOIN-investors and the collapsed idea is eliminated.

To minimize risks it is adviced to spread the investment in different IDEACOINS.

Commercial production is only possible by securely sending the validated print-code to the printer.

One of the conditions to send the print-code is transferring the total amount in cryptocurrency of the combined fixed percentages of total construction cost for all ideas used to Redesigning Earth by the client.

Redesigning Earth is the oracle to activate the digital switch to automatically transfer an equal share of the fixed percentage to each of the crypto-wallets of the IDEACOIN-owners.

 

1. SUBMISSION OF IDEA

designer submits original idea by emailing to info@redesigningearth.com:

-name of designer

-crypto wallet identifier

-detailed description of idea

-figures (images / drawings)

-proposed compensation in % of total production cost

-proposed maximum yearly revenue – threshold minimal value > €10.000.000 / I€10.

 

2. ASSESSMENT

The idea is assessed by Redesigning Earth to ensure originality and accurate total revenue per year.

It is possible to  use (part of) an existing idea and built from there. The existing idea is then embedded (partially), ensuring fair pay for the original designer. The added value of the new idea is used as maximum yearly revenue. A fixed price for assessment is communicated when the idea is submitted and needs to be paid in cryptocurrency before assessment.

 

3. WALLET CREATION

After approvement, an IDEACOIN-wallet is created specifically for the idea. The number of IDEACOINS in the wallet is determined by the maximum revenue per year divided by 1.000.000. The entire IDEACOIN-wallet is transferred to the crypto-wallet of the designer. A fixed price for creation and transfer of the IDEACOIN-wallet is communicated when the idea is submitted and needs to be paid in cryptocurrency before creation of the IDEACOIN-wallet.

 

 

4. BUY-IN / INITIAL COIN OFFERING

IDEACOINS are sold by the owner for a fixed price of €1.000 per IDEACOIN at the initial coin offering.

 

5. PAY-OUT

When the idea is used commercially, a fixed percentage of total construction cost is automatically paid to each IDEACOIN.

To reduce transfer-fees (‘gas’), transaction aggregation can be applied: pay-outs are stored and transferred once per year.

Since revenues are directly paid to the investors, paying revenue- or income taxes according to local legislation are the full responsibility of the receiver.

Go to overview of all IDEACOINS