Founded by the non-profit Lemo Foundation, Singapore-based startup Lemochain commences its initial coin offering (ICO) today. Funds raised will support the further development of LemoChain, which is aiming to enable businesses to develop their own data marketplaces using blockchain technology and smart contracts.
According to the firm’s statement, investors who participate in the LemoChain ICO will be given access to a software development kit and an advanced programming interface where they can structure, sell, and buy data that has been verified by the company and smart contract technology. Lemochain expects their ‘Smart Contract Value Transfer Protocol’ to enable P2P and B2B data exchange across a range of applications in industries including gaming, social networking, education, finance, and recruitment. The Lemo Foundation has already developed relationships with the China Education Innovation Alliance, Hui Saas, and other companies in China and the U.S, according to the company’s statement.
CEO and Co-Founder of LemoChain Andrew Ma stated, “Many existing smart-contract platforms have struggled to connect with real business logic due to the technological distance from everyday business. LemoChain is the company that’s going to change that. We are creating a universal online data transfer protocol that can be trusted.”
The company will offer 200 million LEMO tokens at a price of 1 ETH for 9,000 LEMO tokens, in an ICO with a total value of USD 9 million., according to the statement.
“We will be the first company to connect blockchain and smart-contract technology to businesses in a meaningful way,” stated Ma. “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.”