About AlchemyByte ICO
AlchemyByte is a token issued by AlchemyByte Inc., an International Business Company incorporated in the British Virgin Islands. AlchemyByte is essentially an alloy or mixture of other coins, tokens and crypto related assets (hence the name “Alchemy”) in exactly the same sense that historical coins were alloys of predominantly gold, silver, tin, nickel and copper. The value of such coins being determined by reference to the constituent metals in the alloy and their relative proportions. We add the “Byte” to the end of Alchemy to indicate the presence of a plurality of underlying coins/tokens, although in reality we will have a good more than just eight. (i.e. 8 bits = 1 byte).
By combining many of the extant cryptocurrencies into a single cryptocurrency, holders and users gain exposure to the price increases of the cryptocurrencies being held and in a far more diversified way than by holding just several of the many available cryptocurrencies directly in their own wallets. A coin or token specific price collapse (or worse) will only impact AlchemyByte to the extent that the Master Trust has exposure to the particular asset declining in price. Where value is shifting from one of the majors, for example BTC, to another, say XRP, because of some news flow or sentiment change that would largely result in zero sum game to the AlchemyByte Master Trust as it will be holding both.
AlchemyByte seeks then to act in the cryptocurrency space in essentially the same way that a Managed Mutual Fund acts in the stocks space, combining many cryptocurrencies under one token and reducing both absolute risk and volatility risk to the holder and economic user. We should emphasize the word “Managed” in the previous sentence as the Master Trust will be managed by an Investment Advisory Committee (“IAC”) – what we are offering is not just a static or algorithmically controlled basket of other cryptocurrencies and assets, the IAC will be making active decisions in regard to buying and selling and the Token Issuer has retained ex hedge fund people to this end.
The introduction of AlchemyByte will also strengthen the entire cryptoasset space in two key ways: 1) Adoption, as we expect people who have never before owned cryptoassets to feel sufficiently comfortable with the way that AlchemyByte has been structured (see below) to setup a wallet and buy tokens, and 2) the existence of transparently priceable cryptocurrency with a fair value linked to a published balance sheet will do much to enhance the credibility of the token space. AlchemyByte may not be the first “coin of coins” and certainly will not be the last but that is no bad thing: the existence of competing product offerings in the same generic space (think for example of motor cars, mobile phones, coffee shops – Starbucks and Costa often seem to operate in close proximity on many high streets) keeps all players honest
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AlchemyByte token info
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