Modum.io reports successful start of token sale

Stefan Kyora

17.08.2017 08:20

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modum pilot

Modum.io is a tech startup developing systems to improve supply chain processes by combining the best of blockchain technology and IoT. The company has raised USD 1.25 million in an oversold token pre-sale within a couple hours last Friday. Public token sale will start on 1 September.

The system of modum.io records environmental conditions while physical products are in transit. When a change in ownership occurs, the collected data is checked against a specific smart contract in the blockchain. This contract validates that the transaction meets all of the standards set out by the sender, their clients, or the regulator and triggers various actions: notifications to sender and receiver, release of goods, payment, etc.

In the last months modum.io successfully completed paid pilots. “Now we are integrating our system into the offering of a last mile service provider and entering the market together with a significant pharma distributor in Switzerland”, explains modum’s CEO Malik El Bay. The hardware engineering of the sensor is completed and modum.io is ready for mass production in Q4/2017. Additionally the team establishes partnerships with national and international logistic service provider market leaders for the go to market in Q1/2018.

The company has started a token sale with a pre-sale campaign last Friday. The modum token (MOD) is a profit-share token with voting and profit participation rights. 9 million MOD are reserved for modum.io, to be vested based on major milestones. Token holders will vote to decide if the milestones are met and release the locked tokens. Locked tokens do not have profit share nor voting rights. The board of modum.io decides and declares the amount of dividends when there is a profit. A payment equivalent to this amount is converted to Ether and sent to the modum smart contract. The modum smart contract evaluates the current holdings and distributes the profits to the token holders in Ether.

Successful token pre-sale
The first 2.1 million tokens were reserved for an exclusive group of investors from within the crypto community in order to organically grow an active community around modum.io. The token pre-sale sold out in a few hours. With this pre-sale modum.io already raised USD 1.25 million. The token sale will start on 1 September.

The money raised will be used first and foremost for the mass production of the temperature logger and the finalization of the product including mobile app and dashboard blockchain backend for industrial use in 2018. Malik El Bay says: “This product is planned to enter the market in Q1 2018. By adding additional environmental sensors to our hardware we can deliver unique products. For example motion sensors to detect whether fragile goods were handled correctly  light detectors to immutably prove whether a parcel was opened during its journey and secure such an event with insurance policies. Furthermore humidity sensors to monitor the condition of raw materials like salts for the pharmaceutical or food sector.”

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