The government of Antigua and Barbuda, a small country located in the Americas between the Caribbean Sea and the Atlantic Ocean, launches an initial coin offering (ICO) in cooperation with a private initiative. The ICO campaign will help financing charity initiatives and the development of the hydroponic agriculture and solar energy.
With the creation of a token called “Antigua and Barbuda – Development Currency” (ADC), the government is trying to develop a programme to foster the agricultural production of the region. With the funds raised during the ICO, the government will acquire the latest technology equipment for agriculture and aquaculture. Moreover, the government of Antigua and Barbuda believes this campaign will improve the quality of life of the producers in the countryside and encourage discussions about the climate change.
When it comes to alternative energy sources, the government launched an initiative to build a solar power plant of 10 megawatts. This power plant would generate earnings for the investors. According to the published information, 50% of the plant’s earnings will be divided among the investors, while the other 50% will be destined to the improvement and maintenance of the infrastructure. The same principle will be applied to the hydroponic and fishing farms as well.
According to a press release published a few days ago, the income generated by this initiative will allow the government to build an orphanage, an institution for women who are victims of gender violence and an investigation center for finances.
With this project, the government of Antigua and Barbuda is trying to foment the economic development of the country, according to Errol Bailey, the president of CNET International, a private consortium working together with the government on the development of the initiative: “We envisage our developments to be environmentally and economically sustainable as we strive to empower the local communities, while helping to make Antigua and Barbuda the ‘Economic Powerhouse’ it is envisioned to be.”
The token will be based on the technology developed by Ethereum and its presale should start around March 20th, 2018. Each token is worth one US dollar and it can only be acquired with ether by using wallets such as Metamask or MyEtherWallet. A total of 100 million ADC tokens will be emitted, out of which five million will be used for commercial exchange. During the presale, the investors will receive a 20% discount on the price of the token.
ADC token belongs to the ERC223 type of tokens based on the Ethereum blockchain network and uses less Gas than the widely known and used ERC20 token. This type of token also allows to lower the potential loss of tokens sent by error in smart contracts that are not designed for certain type of transactions. However, this token is not standardized, which means it is not available in some cryptocurrency exchanges.
Antigua and Barbuda took first steps towards the regulation of Bitcoin last April when a draft law was approved. The responsibility to coordinate the cryptocurrencies in the country lies in the hands of the Attorney General of Antigua and Barbuda. The government would like to improve the adoption of the cryptocurrencies in the country, especially in the gambling sector.
