TEAMCO has a basic aim to build a verified, distributed and immutable register of projects and who contributed to them. It works around the question of “Who contributed what, where?” This is an important question to which the answer is valuable. It lets us understand the investment decisions in the creative industries where the relative worth of an individual is closely linked to the ‘projects they worked on’ than the ‘company they worked for’.
The Initial Coin Offering (ICO) has already begun in July 2017. The main goal is to raise 1 million USD. Teamco has introduced a token called TeamCoin (TMC). TMC will be used in the ICO and as a voting currency in the TEAM Contribution Graph. The Contribution Graph will be built according to the UNIX philosophy which is meant to be a small building block on which larger system can be built.
TeamCoin (TMC) token holder will have many benefits. They will be able to create the contributors, project, and roles in the platform. Top 100 weekly token holders will be rewarded with VIP status. This VIP status will be visible on their account and can be used for identity verification. The three main types of objects are People, Roles, and Projects.
TeamCo inspires to use transparency as one of the main motives for using blockchain technology to raise the ICO. We have come across a lot of representatives who stand up on a startup’s team page but in reality, they no longer contribute in the same. These pseudo-representatives often create a misbalance in the blockchain cycle. Now, all changes to roles I a project are consensus-based and are logged into the blockchain in a distributive fashion, there can be no ambiguity about how a consensus was reached. This CLEARLY shows a transparent reflection of how much each person has really contributed to the historical projects.
At looking at the ‘Bigger Picture’, TEAM aims at building a decentralized reputation system. A core component of this is the Decentralised Identity Verification System (D-IDV). TEAM will initially work with the traditional IDV providers and then gradually decentralize into modern IDV system based on the blockchain tech online.
In the initial stage of the road map, TEAM will present an opportunity for the larger crypto community to shape how the ICO will be handled. Then in Q3 2017, Public ICO token holders will formally claim their accounts and use their tokens to request formal IDV. The scope of the initial TEAM platform is small and is in continuous development. It wants to develop small contracts that interact with the Contribution Graph.