Paris Hilton tweeted over the weekend that she is planning to participate in the upcoming LydianCoin initial coin offering.
According to the Financial Times, Hilton tweeted on Sunday: “Looking forward to participating in the new @LydianCoinLtdToken! #ThisIsNotAnAd #CryptoCurrency #BitCoin #ETH#BlockChain”
LydianCoin is from a company called Gravity4, an online advertising business claiming to be “the world’s first A.I. big data marketing cloud.” It is raising $100 million through the sale of Lydian “tokens”— although the company doesn’t seem to be developing anything that needs to be funded at the moment.
Instead, the company’s white paper states that “100% of the proceeds raised by the sale of Lydian tokens will be held by LydianCoin Pte. (in fiat currency or cryptocurrency, as financial, security and other considerations may demand) as reserves against the cost of services to be performed for Lydian token holders upon negotiation of the token back to Lydian.”
Simply put, buyers will pay for Lydian tokens and use them to purchase advertising campaigns from LydianCoin, which licenses its technology, products and services from Gravity4. As the article points out, the money will sit there simply to “cover the enormous balance sheet liability this ICO will create for LydianCoin.”
The white paper goes on to explain why people should buy Lydian tokens, such as the fact that you will get “exclusive access for a limited time” to products Gravity4 is developing for the future.
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In addition, the company goes on to state that buying Lydian tokens will “…iteratively enhance the value of the Lydian tokens to consumers in the cryptocurrency space who want to focus their advertising and marketing messaging to those within the cryptocurrency space, and others who may be target consumers for crypto-industry services and products.”
