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 |
| Start | July 8, 2019 |
|---|---|
| End | December 12, 2019 |
| 50 days left | |
| Token | OILD |
| Soft cap | $10 000 000 |
| Hard cap | $50 000 000 |
| Tokens for sale | 10400000 |
| Accepting | BTC, ETH, LTC, DASH, BCH |
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.
In my opinion, blending the oil business with cryptocurrencies bears double risk as a) crypto is immensely volatile, everyone knows that, and b) the price of oil has been steadily declining over the last four years, so this business is becoming less profitable. Besides, I believe that Gazprom has an unshakable monopoly in the oil & gas industry in Russia, which leaves OilWellCoin virtually no room for development. And with eco-friendly and renewable-oriented projects being on the rise, they present a better investment opportunity.
Despite the generally negative stance that the general population has on the industry of crude oil production, any wise investor understands that it still possesses an immense potential for profits. As long as there are automobiles and other machinery that runs on petrol, there will be a constant demand for oil products. So, becoming a gateway for mid-sized investors in the oil market represents an excellent strategic plan, designed by OilWellCoin. But then again, it all comes down to the regulatory compliance, and in the case of Russia, it is as unpredictable as playing the Russian roulette.
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