CORION Platform is an ecosystem with a stable digital asset to serve the global economy, with tools for payment, finance and trading. It is decentralized and based on blockchain technology. CORION aims to keep the price of 1 CORION around $1 by price stabilization mechanisms; only if that cannot be achieved; the second line of stabilization comes though the intervention of the Stability Fund (29% of the issued CORION Coins). Interventions are varied level of Crypto & FIAT vs. CORION funding.
CORION’s ICO was intended to end on 30 July 30 2017. However, on 27 July, four days before the projected end, CORION announced an extension of the ICO duration.
According to the dashboard release by Mike Denkler, CORION CEO (http://blog.corion.io/media/corion-ico-announcement/), CORION ordered a 3rd party security review of the platform. The review revealed a major security bug affecting not only their own secure wallet, but a backdoor to a majority of exchanges and wallet providers.
As of 27 July, the secure wallet of CORION is secured for this bug. The solution is available via GitHub (https://github.com/CORIONplatform/SafetyLook) as an open-source solution to all industry, i.e. including competitors.
The actions of the CORION team are commendable far as it concerns security. One has to wander, though, how is the sake of security related to the extension of CORION’s ICO period? It is reasonable to assume that all the essential security work could be done post-ICO, halting the further development until all is resolved.
The white paper states that during ICO the investors will be accredited with 0.2% accrued coins; post-ICO this will jump to up to 2.5%. Also, clearly, the longer ICO coupled with the aforementioned announcement will attract more buyers, giving CORION larger funding. These are the gained positives for CORION.
In contrast, existing investors may not be too happy about this, as the exclusivity of the coin thus its desirability and price might be reduced.
In these wild times of ICO’s, CORION performs well with regards to communicating their progress to the investors. Yet it seems there is a room left to improve the emphasis on increasing the bottom value to the investors.
Image from https://www.corion.io taken on 28 July 2017.
