Singapore COSS Token Swap (ICO) Completed, And What Will Happen Next

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On September 6 COSS, or Crypto One-Stop Solution, a Singapore-based startup aiming to redefine simplicity for cryptocurrency users with its multifunctional platform, closed its Token Swap (ICO) sale.

For 30 days the revenue-generating token COSS was swapped for ether (1 ETH per 600 COSS) on the company’s website at coss.io. The total of 8M COSS was swapped bringing the company over 8K in ether (ETH). This isn’t close to what the team was aiming for, but nevertheless a good support for the ongoing IT-development.

Unlike many startups undergoing the so-called Token Sale phase, COSS has set its Crypto One-Stop Solution platform into operation long before the Token Swap started. Inspired by the motto from Antonopoulos, “build it and they will come”, the four co-founders, Rune Evensen, Andrei Popescu, Christopher Bridges and Dan Cearnau launched COSS in beta in early April this year, while the company itself was incorporated in November 2016. In about a year’s time, COSS turned into a fully-operational crypto exchange, merchant platform, digital marketplace, and a payment gateway/ POS-solution, from Rune’s idea that came into existence during an MIT Fintech course.

In 5 months of its existence, the platform acquired an amazing community of over 10000 users, merchants, advisors, partners, and supporters. Over 2000 of community members participated in the COSS token swap.

“COSS is extremely customer- and user-experience oriented, we are constantly trying our best to keep up with the industry and the market trends to be able to offer the best selection of the crypto-related services. We listen to what the community has to say carefully and comply with its ideas and proposals. At some point during the token sale, we realized that some decisions like ‘what to do with the unsold tokens?’, for instance, need to be made collectively, that’s why we set a voting mechanism up,”– shared Rune.

For 48 hours from September 10 to September 12 the holders of COSS tokens who swapped them during the Token Swap participated in the voting aimed to decide upon the total supply of COSS tokens. The proposed choice of options was based on the community’s proposals submitted previously via Slack. The three options defined the number of burned tokens, the funding pool, the allocation for the affiliate program that’s about to start, the investor deck, the total supply, the amount allocated for developers, shareholders, the staff and the bounty program.

Nearly 80% of all the token holders voted during the defined time. Based on the majority vote (almost 75%) the new allocation plan was set:

  • 8,000,000 swapped COSS tokens becomes = 80,000,000 tokens (approx. x10 more than the initial portfolio allocated to those who swapped). This will enable us to avoid the burning of the unsold tokens and preserve the original planned total supply 200,000,000 COSS unchanged;
  • 50,000,000 COSS the future funding pool will be. It will generate revenue shares after the distribution;
  • 10,000,000 will be locked for charity – we will donate the revenue shares to the charities chosen by the community;
  • 20,000,000 COSS will go to CAP* (COSS Affiliate program). It will generate revenue shares only once distributed;
  • 30,000,000 COSS allocated to DEV/Shareholders/Staff/Bounty etc. (including the lockup);
  • 10,000,000 COSS will go to Investor Deck presentation SG** (will not generate revenue until distributed);
  • 3,000,000 COSS will be allocated as a reward to Bounty participants who helped to translate the white paper into their other languages and posted lots of reviews.

The tokens have been distributed to contributors on September 20, and are now traded on COSS, EtherDelta and HitBTC. Those who missed the ICO can now purchase and swap the other cryptocurrencies for COSS tokens at exchange.coss.io.

This week, the KNC (from KyberNetwork) and PIX, the tokens of the Lampix, a crowd-mined blockchain database of smart surfaces, became available and tradable on the COSS platform for ether and Bitcoin.

Currently, the team is working on the user interface improvement aiming to amplify the usability of the exchange and the other services available on the platform.

To learn more about COSS please visit www.coss.io.

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