It has recently been announced that the government of Antigua and Barbuda, along with a private initiative, is working on the launch of an Initial Coin Offering (ICO) that will help finance charity projects, as well as the development of hydropower and solar energy.
With the creation of the “Antigua and Barbuda – Development Currency” (ADC) token, the government is seeking to develop a program that will encourage agricultural production in the region, so the ICO will seek to generate income to enable the purchase of state-of-the-art equipment for agriculture and aquaculture. It is also believed that it will seek to improve the quality of life of farmers in the countryside and encourage discussions about climate change.
In the area of alternative energy, the government initiative aims to create a 10 MW solar power plant that will generate income for investors. According to the published information, 50% of the profits will be distributed among investors and the other 50% will be used to improve and maintain infrastructure. This will also apply to hydroponic and fishing farms.
According to a press release issued a few days ago, the funding from this initiative will also make it possible to set up an orphanage, an institute for women victims of gender-based violence and a research center for finance.
With this project, the government seeks to advance a step toward the strengthening of Antigua and Barbuda in what it calls an “economic power,” according to a spokesman for CNET, the private consortium that works with the government to develop the initiative.
Based on Ethereum’s technology, the pre-sale of the token will be open in a week and five days, according to its official website. Each token will be valued at 1 dollar and can only be purchased with the ether coin with wallets such as MyEtherWallet or Metamask. A total of 100 million ADC will be issued and 5 million of them will be authorized for commercial exchange. In the pre-sale, investors will receive a discount on the purchase of each token.
The type of token that will be used by this ICO will be Ethereum’s ERC223, which consumes less Gas than the ERC20. This kind of token also makes it possible to reduce the potential loss of tokens sent by mistake in smart contracts that are not designed for certain types of transactions. However, this token is not standardized, so it is not available in some exchanges.
Antigua and Barbuda took its first steps towards the regulation of Bitcoin in April last year, when the discussion of a draft law for the country’s currency was approved. The responsibility for coordinating the project would fall to the Attorney General of the Republic, with the aim of promoting the adoption of this technology in the country, specifically in the field of gambling.
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