By Andrei Skvarsky.
ORS Group, a software company that claims to have developed a modernised type of smart contract, the “hypersmart contract (HSC)”, by connecting artificial intelligence to blockchain, hopes to raise €25m ($29.5m) through a current initial coin offering (ICO).
ORS, which is based in Lugano, Switzerland, says it raised $14m (€11.9m) in April during a pre-ICO sale of tokens, which are called ORS (earlier the firm called them ORST) and meet the ERC20 standard for Ethereum blockchain.
The per-token price is set at €0.05 ($0.06) but the ether cryptocurrency (ETH) is the only currency accepted for buying ORS.
Altogether the company has 500m ORS for sale. There will be a total of 833,333,333 tokens in existence.
Buyers will receive their tokens within two weeks of the end of the ICO.
It is not entirely clear when the ICO, which began on May 14, will end.
The end date is not among the ICO’s key points published on ORS Group’s website, but according to a whitepaper accessible through the website, the sale is due to be over at 2200 GMT on May 26.
There is no minimum amount of ORS to be bought.
The unsold tokens will be burned, the firm says.
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