ICONOMI [ICN] - Fund Management Platform
ICONOMI Weekly Update - New Supported Countries, Two-Factor Authentication for Withdrawals & More
This week we expanded supported countries for verification, added new security features to better safeguard your assets, and more.
New Supported Countries
Fourteen new countries are now supported for Tier 2 verification on the ICONOMI platform: Angola, Australia, Bolivia, Dominican Republic, Honduras, India, Indonesia, Malaysia, Namibia, Pakistan, Philippines, Senegal, Taiwan and Thailand. This brings the total supported countries for Tier 2 to 63.
FUN FACT: This increases the number of people eligible for Tier 2 verification by over 2 billion!
Two-Factor Authentication for Withdrawals
For improved security, separate two-factor authentication is now available for withdrawals. Read our Knowledge Base article to learn how to protect your assets further.
Withdrawal 2FA adds a second layer of protection for assets stored on the ICONOMI platform, allowing users to divide authentication across two separate devices: one device can be used for login 2FA, and another device can be used for withdrawal 2FA, ensuring no single point of failure. It is especially applicable for company accounts, allowing these two roles to be split between two different people.
We recommend enabling 2FA for every platform on which you store digital assets.
“In this day and age, consumers all over the world want to be exposed to digital assets of all kinds.”
- EU Eyes Blockchain Push With New FinTech Action Plan by Wolfie Zhao in CoinDesk
“‘Technologies like blockchain can be game changers for financial services and beyond. We need to build an enabling framework to let innovation flourish, while managing risks and protecting consumers,’ Mariya Gabriel, Commissioner for the Digital Economy and Society, said in a statement.”
WEEKLY SNEAK PEAK:
- DAA List
We will be adding an overview page of every DAA available on the platform with a summary of relevant measures and statistics.
- Events Page
We will also be publishing an events page on our website where you’ll be able to track and register for upcoming Meet the Managers events around the world.
The next Meet the Managers event will take place in London on March 29. There will be another event in Madrid on April 5. Maybe your city will be next!
ICONOMI - Introducing Fees Payable in ICN
We will be implementing another goal outlined in our road map for 2018: the introduction of fees payable in ICN. Further ICN usages will be announced in the future.
To date, the minimum required seed for establishing a Digital Asset Array (DAA) has been $100K. As planned, to widen the pool of potential DAA managers, we have decided to lower the minimum seed to $50K. In order to maintain an influx of serious, high-quality managers at this early stage, we will be introducing a fee of 2,000 ICN for seeds between $50K–$100K and 1,500 ICN for seeds between $100K–$250K. DAA managers who seed $250K or more will not be charged a fee.
This means that as a DAA manager, you will have the option to create a DAA with a smaller seed amount but an additional fee or a large seed amount and no extra fees. In future, minimum seed amounts will continue to be lowered to allow an increasing number of people the opportunity to create their own DAAs.
Fees will also be introduced for rebalancing. To date, most DAA managers rebalance twice a month, and we executed these rebalances free of charge. We will be implementing a new system in which rebalancing up to a 10% change in AUM per month will remain free, but if a DAA manager chooses to follow a more active strategy, a 0.1% rebalancing fee on the AUM that is rebalanced over the 10% threshold will be incurred. This new system gives DAA managers the freedom to manage their DAAs more actively.
There will be a 2,000 ICN fee for tokenization.
New Buyback System
Finally, our ICN buyback model will be adjusted to make the best use of these new fees. To date, ICN has been both purchased and burned at the end of each quarter. Starting July 1, 2018, DAA management fees will be collected and converted to ICN on a daily basis, then burned at the end of each quarter. This adjustment allows the effect of buybacks to be more immediately reflected in the price of the ICN token.
The DAA creation and rebalancing feeswill be introduced in May, together with a suite of back-end features related to these aspects of the platform. DAA tokenization fees will be introduced inApril, and the adjusted buyback systemwill take effect on July 1.
If you’re interested in becoming a DAA manager contact us at [email protected]