What are Cru Coins?
Cru Coins are digital tokens in the planning stages of development. The tokens will be sold in order to facilitate funding the expenses in connection with a world tour of “Corporation“; the popular art exhibit featured in Yahoo Finance and The Daily Beast.
Cru Coins are used to collateralize the value and sale of the Corporation exhibit through self actuating smart contracts.
As the tour of the exhibit progresses and as media coverage intensifies, the popularity of Corporation will grow. As popularity grows, the value of the exhibit will rise until the exhibit is sold. When the exhibit is sold, Cru Coins will be redeemed.
The expected size of the token sale is USD $1,000,000. The proceeds of the sale will be used to fund the tour and to pay for administrative and operating expenses.
The uniqueness of the tokens lie in the smart contracts that govern the life of the tokens.
There are four main smart contract governance features planned for Cru Coins:
- Sale – Tokens will be sold to Non-US residents only by the licensee under a license agreement between the licensee and Corp Cru, the creator of the exhibition. Proceeds from the sale of the tokens are deposited into escrow. Escrow release is conditional upon acceptance of the terms of the contracts by the purchasers.
- Collateralization – Tokens will be backed by (“collateralized”) and will track the value of the exhibit until a sale of the exhibit is completed.
- Trading – Tokens purchased on the ICO will be governed by a lock (“Lock”). 20% of the tokens purchased on the ICO will be released every two weeks. Exceptions to the Lock will be based on exchange market conditions at the time of resale. Exceptions to the Lock will be governed by the purchase volume and frequency of additional unique purchasers of tokens after the ICO.
- Redemption – Tokens will be redeemed upon the sale of the exhibit after the tour. Proceeds of the sale of the exhibit will be deposited into escrow and will facilitate redemption of tokens.