LemoChain announces ICO for blockchain-based data platform
LemoChain has announced that it will hold an initial coin offering for a new cryptocurrency called LEMO, which businesses will use to buy and sell enterprise data.
According to a press release, LemoChain will enable businesses to develop their own data marketplaces. Valuable data for use in sales, customer acquisition, retention and other strategic goals can be bought and sold with LEMO tokens, which will be available beginning April 2.
The company will offer 200 million LEMO digital tokens at the price of 1 Ethereum token for 9,000 LEMO tokens in an ICO whose total value is $9 million.
Investors who purchase LEMOs in the ICO will be offered a software development kit and advanced programming interface that can be used to build a data marketplace.
Once businesses have created their own marketplace, they can buy and sell LemoChain-verified data to one another using LEMO as currency.
"We will be the first company to connect blockchain and smart-contract technology to businesses in a meaningful way," Andrew Ma, CEO and cofounder of LemoChain, said in the release. "Every business needs new tools to grow faster, and data is the most valuable tool of all. Because of our platform, businesses will be able to fully trust the data they buy. Our decentralized infrastructure means transactions can be done with smart contracts that are impossible to cheat."
The company is already collaborating with businesses in the U.S. and China, including CyberMiles, School Spirit, the China Education Innovation Alliance, Hui SaaS, Panda Driving and others, the release said.