In the spirit of true decentralization, an 11-year-old, George Weiksner, has just launched his own Initial Coin Offering (ICO). The project’s company, Pocketful of Quarters, of which he is the CEO, intends to create a cryptocurrency which can be used for online gaming.
Usually, online gamers are unable to spend a game’s coin outside said game, as these game coins cannot be transferred from one game to another. An example of such coins are Riot Points, the in-game currency used in League of Legends, a popular online game.
A solution to this is what Weiksner offers by issuing a token called Quarters (Q). His aim is to help gamers unlock game coins from games they no longer play. Considering that money is spent purchasing the game coins, this solution will help free up money tied down in form of ‘stuck’ coins, according to the project's whitepaper Quarters can be bought using a credit card or ETH, but not BTC as the young CEO reveals in a video that he’s not a fan of bitcoin.
On the legal compliance front, Weiksner has structured his token as a utility rather than a security. This is expressly stated on the website.
“HODL? NO! Unlike other cryptocurrencies, Quarters are used to play games only. Quarters are not suitable for investors or speculators, by design.”
In his YouTube video, in which he explains how his project works, he also gives the world a glimpse of his strict daily routine which leaves him just two hours to work on the ICO. Expected cap for the ICO is between 1,000 to 2,000 Ether, which at press time equals $410,000 to $820,000.
Weiksner also said in the video that partnership discussions with several gaming providers are currently ongoing. Successful partnerships mean the gaming platforms will accept the tokens, enabling gamers everywhere have access to one crypto that is accepted in every gaming platform. One crypto to play them all.
Reactions to the news of an 11-year-old launching an ICO have been both positive and negative, and include some on the fence. Comments trailing the news on BitcoinTalk have questioned the genuity of the project. On the bright side, some have hailed the project, commending the role this will have in onboarding the next generation into blockchain and crypto.