Algebraix Data, developer of a new generation of software built with Data Algebra®, is announcing the issuance of a new cryptocurrency to accredited investors in a token pre-sale, or Simple Agreement for Future Tokens (SAFT).
The SAFT involves the issuance of 10 billion ALX Tokens to investors, and comes in advance of a public offering of the tokens to take place in several months. The token pre-sale follows the SAFT process established by FileCoin and Algebraix Data’s law firm Cooley LLP.
Algebraix Data is developing a distributed, permission-based advertising network where individuals own their own data and have the ability to monetize it via the ALX Token. The ALX Token is the oil that fuels the network.
“Today, it’s just the Internet giants who profit from individuals’ personal data,” said Robin Bloor, the company’s Senior Vice President of Strategy and Communications. “Our permission-based advertising market will begin an Internet revolution. It will change the way people perceive data, and who owns it and how it should be used. The motto printed on our ALX Tokens is ‘Ego Meum Indicium Habere,’ which is Latin for ‘I own my data.’”
The 10 billion ALX Tokens issued in the SAFT will represent 10 percent of the total number of tokens Algebraix Data will issue. While some of the tokens are earmarked for developers, marketers and others, the company will hold a public offering of the tokens once transactions are enabled on its network.
Algebraix Data builds software that applies data algebra(TM) to complex software engineering problems. Data Algebra® makes unique algorithmic contributions to improve resource efficiency and enhance scalability. The company will launch a new cryptocurrency to build a secure, Blockchain-based data market that will allow individuals to store, manage and monetize their own data for the first time.