The buzz around oil related cryptocurrencies has been extraordinarily loud ever since the Venezuelan government decided to launch their oil backed digital coin, the Petro, earlier in 2018. Cryptocurrency related developments, however, have been happening within the digital space for more than two years now and Wellsite is at the heart of some of that innovation. Wellsite launched their social media platform back in 2015 and they are just about to go forward with their Initial Coin Offering (ICO).
The Wellsite business model works like this: Their social media platform is the base. It acts as an environment where oil and gas operators and suppliers can find each other without hassle or excess formality. The platform includes business directories, job listings, collaborative digital workspaces, activity feeds, as well as a general marketplace for advertising services that are either needed or provided.
As we mentioned, the social media platform has been in operation for a few years now, but the launch of the Wellsite cryptocurrency, Crudecoin, is really what gets this project off the ground. With the social media website, providers and operators in the oil and gas industry can find each other with ease, and with the cryptocurrency, they can also pay each other, completing quick and seamless business transactions through the use of smart contracts.
This coin, however, is not only for those individuals working in the oil and gas sector. It is, just like most cryptocurrencies, an investment tool that everyone can take advantage of. Twenty percent of the original coin pool is being retained by Wellsite in order to operate a rewards program. This rewards program will compensate token owners with Crudecoins through several different streams including referral programs, growth-related residual payment protocols, and welcome bonuses for new investors. The pool of rewards tokens is reduced as more tokens are released, but this program should prove to be profitable for early adopters that are well inclined to bring their friends on board the Crudecoin bandwagon.
Presale and Initial Coin Offering Details
The presale for Wellsite’s Crudecoin is already underway. It will be running for another nineteen days and you can get in on the presale by visiting the Wellsite website. The price of coins during this presale period is set at $0.13 USD and a maximum of 150,000,000 presale coins will be sold. The Initial Coin Offering will get underway in June of 2018 and at that time the price of Crudecoins will increase to $0.15 USD. At maximum, 450,000,000 coins will be sold during the Initial Coin Offering and the minimum investment during both the presale and ICO is $1,000 USD.
In total, the plan for Wellsite is to release a grand total of 1,000,000,000 Crudecoins into the market. The hardcap for coin sales, however, will be limited to 600,000,000 tokens.