OilWellCoin was founded by the Russian specialists in the fields of geological exploration as well as oil mining, production, and refining. They claim that this startup will pioneer the merger of the oil industry with the blockchain technology, which will be vastly beneficial for the corresponding sectors of both Russian and global economies.
The project’s marketing campaign is based on the notion that OilWellCoin will afford thousands of people around the world to profit off of oil production and trading thanks to the unprecedented liberalization of this particular market.
OilWellCoin has just completed the pre-sale of its proprietary token (OILD), which offered a 50% discount. However, those who missed the chance to jump on that bandwagon will get another opportunity to purchase these tokens during the upcoming ICO.
The project has been launched under the auspices of Demiurge Consulting LLC, the US-based supplier of crude oil and iron ore, and Hadius Pro Marketing Pte. Ltd, the exempt private company registered in Singapore that conducts advertising activities. The final beneficiary of the former company is Magomed Khadisov, the Chief Financial Officer at OilWellCoin.
Despite the fact that the project team is comprised almost entirely of Russian specialists, OilWellCoin is registered in Singapore for regulatory compliance purposes.
It is generally perceived that the oil business has very strict admission rules which make it virtually impossible for an average individual investor to enter and play there. OilWellCoin has set itself a goal of defying this discriminatory tradition by substantially lowering the entry threshold to the given industry for all interested participants who are prepared to devote at least $10.000.
In pursuance to this objective, OilWellCoin has designed a blockchain platform powered by the ERC-20 compliant OILD token which stands for Oil Discount. The reason behind giving it such a name is that the project has elaborated a Certificate Management System that offers special discount certificates in exchange for OILD tokens obtained through the token sale or at a crypto exchange. A certificate provides for a 20% discount on the barrels of crude oil mined by the partnering companies. The user can then proceed to trade this oil at the commodity exchanges or wait till the oil is processed and then sell the petroleum products for profit in OILD.
At the moment, OilWellCoin is taking time to prepare for the main round of token sale which is due to take place in the period from July 8 till December 9. The total amount of 16 million OILD has been allocated for the ICO. As of now, there is no information regarding how many tokens had already been sold during the pre-sale round. Those who decide to purchase OILD during the main round can receive a discount of up to 30%, depending on the purchase volume. The price of 1 OILD is $5. All investors must be whitelisted and pass the KYC verification. Citizens of the United States are banned from participating in the token sale.
| Pre-Ico Start date | March 22, 2019 |
|---|---|
| Pre-Ico End date | June 24, 2019 |
| Industry | Energy |
| Platform | Ethereum |
| Founded | 2019 |
| Website | https://oilwellcoin.io/ |
| Whitepaper | Yes |
| Countries | Singapore |
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| Start | July 8, 2019 |
|---|---|
| End | December 12, 2019 |
| Expired | |
| Token | OILD |
| Soft cap | $10 000 000 |
| Hard cap | $50 000 000 |
| Tokens for sale | 10400000 |
| Accepting | BTC, ETH, LTC, DASH, BCH |
Investing in a project that operates in the country that is currently being heavily scrutinized by economic sanctions, and where the government-owned corporation literally has a monopoly on oil production, would be a reckless move, to say the least. Certainly, the possibility of entering that highly profitable space could be tempting, but in the case of OilWellCoin, the risks outweigh the benefits by miles. I would rather invest in graphene instead.
Johnny Tycoon January 20, 2021 Reply
I have been meaning to enter the oil market with the purpose of diversifying my investment portfolio. I have been meaning to do it in a proper way, getting a broker and all that - but I am also interested in making an "exotic" investment, so to speak. Just because I am a risky man and I can afford to take moderate risks. Therefore, I have chosen OilWellCoin because it combines a healthy level of risk with the potential for nice profits. The Russian oil megacorporations are having a hard time at the moment, which might present an opportunity for the smaller guys like OilWellCoin.
Val-ly December 29, 2020 Reply
I could have considered investing in OilWellCoin if not for a ridiculously high minimum investment threshold that the team had set. I understand that their priority is to attract whales, for whom $10K is peanuts, but such an approach completely cuts off mid-sized investors like me. It's not that I would have to scrap for this sum, but I also can't throw that kind of money around. So, despite how badly I want to set my foot in the oil business, I will have to look for other options.
Davidio November 28, 2020 Reply
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