OilWellCoin – ICO Detailed Information

OilWellCoin Opens Doors to Oil Market

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.     

Company information

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.       

The goal and the methods of its realization

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.    

The team members

• Alan Kokaev. The founder and CEO with decades of experience in the oil & gas industry under his belt. He also acts as a general director at Demiurge LLC.
• Magomed Hadisov. The aforementioned co-founder and CFO. Before becoming a part of OilWellCoin, he worked at Chechengazprom JSC, the subsidiary of Gazprom OJSC and managed several projects during the FIFA World Cup in Russia. 

ICO details

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.

Author: Alex Paulson for Crypto-Rating.com

• Q3 2017. Obtaining a license to develop a site owned by the company.
• Q4 2017. Collection of geological and technological materials for the analysis and subsequent development of the production plan.
• Q1-2 2018. Preparation of production plan and development of project documentation.
• Q2-3 2018. Improvement of the concept to the platform of financing and development of the oil production and refining industry based on blockchain technologies.
• Q4 2018. Passing the state examination. Registration status and registry gift certificates. Start of sales of discount certificates.
• Q1 2019. Sale of discount certificates and the decision to choose one of the scenarios of the project. Start The Certificate Management System.
• Q2 2019. Purchase and supply of equipment and special equipment for repair and restoration works and testing of oil horizons in previously drilled wells. Capital construction within the production zone (in-field oil pipelines, oil collection and treatment point).
• Q3 2019. Performance of repair and restoration and preparatory works. Geological exploration: seismic exploration; drilling exploration and production wells. Testing of oil horizons in existing wells.
• Q4 2019 onwards. Commercial exploitation of the field and further development of the platform.