The next step in the evolution of the internet, Ammbr, have released the second version of their whitepaper, revealing the details of their promising token sale on 14 November.
The Ammbr Foundation (founded this year and based in Singapore) is aiming to decentralize internet services through Blockchain and Mesh technology with a view to improve speed, affordability and reliability of users’ internet services. Their primary market focuses on people around the globe that have limited or no internet access, such as those in the third world, those who can’t afford it and connected users who will be able to participate in their unique, blockchain-powered online marketplace.
“4.1 Billion people do not have an Internet connection, or it is of a poor quality. Ammbr is designed to extend the Internet, and its benefits, to these people using viral profit motives,” the official Ammbr website states.
The updated whitepaper has provided details of the token sale, a crowdfunding schema to see out the development of their project. Including the production of the Ammbr router, Ammbr plan to develop their mining chip, multi-band chip and rollout the AMMBR (AMM) cryptocurrency, with a full market rollout culminating in the fourth quarter of 2018.
“The Ammbr Token Sale has as its primary objective the raising of funding for the Ammbr Foundation. The remit of the Ammbr Foundation is the development and implementation of the Ammbr Network, and its sustainable governance and growth,” Ammbr said in its whitepaper.
The ICO (initial coin offering) will commence on 14 November, with participants being able to purchase AMMBR based on a smart contract in Bitcoin (BTC), Bitcash (BCH) or Ethereum (ETH) currencies (at 2,500 AMBRM per ETH) or by cash. The market cap for AMMBR will be announced prior to the token sale.
“The selection of cryptocurrency options will result in a unique receiving address being generated and presented. The participant will then be able to choose to store and forward that address, or use the address to procure ETH, BTC or BCH directly from a listed exchange,” Ammbr’s white paper continued. “Once the contribution is transmitted and received by the receiving address, the Crowdsale smart contract will issue AMMBR tokens.
“Contributions to the AMMBR Crowdsale are paid to the Ethereum-based Crowdsale smart contract in ETH, BTC or BCH at the receiving address created for the specific contributor. The purchased number of AMMBR tokens (pricing determined by the smart contract) are transferred to the contributor’s target wallet. For the duration of this process, which should be no more than a few minutes, the contributed funds will be held in escrow by the smart contract.”
For more on Ammbr and their ICO on 14 November, visit their official website here.