Dilbert creator Scott Adams is planning an ICO with his time management firm WhenHub, according to a post on his blog, in a move that has caught some analysts by surprise.
The company, which provides time visualisation services, is to enable experts to apportion and sell consulting time through their platform, via the exchange of the new tokens. Initially, tokens will be offered as SAFTs, or Simple Agreements for Future Tokens, as the project gets underway.
The news is being reported in some quarters as ironic, following recent Dilbert strips mocking ICOs and the surrounding blockchain hysteria. Nevertheless, according to Adams, the ICO is shaping up to be the ‘biggest’ day of his life.
The WhenHub platform will enable consulting time to be bought and sold, and will also offer payments and auction functionality through the blockchain. The system will be developed on ethereum-based smart contracts, which Adams says will reduce much of the associated administration.
In media interviews since, Adams has described his understanding of blockchain as one that goes from “What the hell is this?” to “This is way more than I ever imagined.”
This is based on a real technology that I think you can say is tried and true. It’s not like a management fad … It’s more like the internet in the early days.”
The ICO launch is targeting a funding figure of around 30 months of operating costs, which company insiders have suggested would be worth $35 million. The sale will initially be open to investors with a minimum $50,000 investment, and a token bonus allocation of 30%.
From November 10, tokens will go on public sale at a $250 minimum, with a further bonus of WHEN tokens built in for early adopters.
The launch sees WhenHub become the latest in a long line of companies to undertake ICOs in 2017, which have so far raised in excess of $2 billion this year alone.
The move comes at a time of increasing scrutiny over ICOs from regulators worldwide, with the Securities and Exchange Commission in the US declaring that some are now subject to securities regulations.