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This US city is all set to help the homeless with new ICO project

Feb 13, 2018 Posted /  2902 Views

This US city is all set to help the homeless with new ICO project

Larger cities are facing a new crisis- there is not enough space to accommodate the increasing population and the prices of the houses have gone up. This has resulted in increasing the intensity of homeless and many cities are unable to determine better solutions for it. You will find streets filled up with homeless people. These people in turn have higher chances of getting diseases, as they have no shelter to cover them from the extreme weather conditions.

Berkeley’s leaders divulged on this crisis and now the city officials are considering a new method to raise funds for the homeless on the lines of Silicon Valley. Yes a cryptocurrency fundraiser. The administers in the Berkeley are proposing of draft that could make the city as the pioneering city to launch its own ICO or Initial Coin Offering, a digital token platform that is a popular cryptocurrency fundraising tool. The money raised from the project will be used for the development of the city, but majorly for affordable housing and services projects for the city’s homeless.

“We have more than 1,000 homeless people, and we see funding drying up,” said Councilman Ben Bartlett, who is leading the endeavour. “So we have to do something.”

Media fondly covered about the Berkeley’s project and it got specific attention from Business Insider, who reported the news, first. Bartlett who is enthusiastically working with UC Berkley’s Blockchain Lab and financial tech Start-up Neighborly developed a unique plan for the ICO. However, the group have not described much about the entire project and how it plans to raise the funds. They say that they will unveil the project only in May.

The idea which seems to come up for now is that investors would utilize blockchain solutions to facilitate currencies such as Bitcoin to but digital token supported by the city’s municipal. These tokens in turn would be used as vouchers in local store, Bartlett disclosed.

“The technology allows for a speedier delivery, cheaper rate, more flexibility,” he said. “It could be one block getting some trees. Or one ambulance.”

ICOs have immense potential

US have particularly seen rise in the use of cryptocurrencies and many ICO projects have taken a prominent stage nabbing endorsement from the Hollywood celebrities ranging from Paris Hilton to Floyd Mayweather.

But the offerings, mostly utilized by blockchain technology companies, have drawn examination from the Securities and Exchange Commission in last few months as questionable offers abound. The SEC formed a new “cyber unit” which filed its first charges against an alleged ICO fraudster in December.

But Berkeley’s ICO would be unique in the sense that it would differ from the typical tech offering. It would specifically different in one respect, the value of the tokens Berkeley sells wouldn’t go up and down the way coins like Bitcoin, the most famous cryptocurrency, face wild volatility. Bitcoin soared 1,822 percent between February and December of last year, before plummeting to 62 percent of it last higher value in month of January and February. Bartlett remarked that Berkeley’s coin would be a more stable investment similar to bonds.

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Tags: initial coin offering ICO project

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