Will McDonough lives something of a charmed life. From his stint at Goldman Sachs, to managing the NFL’s most coveted star – Tom Brady – to brokering the Facebook IPO, McDonough can already say that he’s had a very successful career. But he’s only 38 and there is more to conquer in the world of finance – and beyond. The next challenge is conquering the world of blockchain, and his start-up, iCash, is in full fundraising mode to enable him to do just that.
iCash describes itself as a “multi-platform blockchain application”, which uses Proof of Trust as a way to settle smart contracts. The private iCash token sale will cover 120 million of the 200 million tokens in circulation, with the remaining 80 million being sold in a public sale. In their own words:
“iCash introduces the Proof of Trust (PoT) protocol as a multi-platform blockchain application that enables real-world inputs to be validated by decentralized participants in settling Smart Contracts at scale. The nature and scale of blockchain activity necessitates trustworthy inputs. While Proof of Work and Proof of Stake provide distributed trust for data storage, the introduction of PoT provides distributed trust for data input. By adding a trustworthy application protocol layer, real world interaction and events can be verified before being entered into the blockchain.”
So far, so good for McDonough. His ICO has received backing from Peter Thiel, Marc Andressen and Marck Cuban through the 1Confirmation Fund, as well asMatthew Goetz’s crypto hedge fund BlockTower. Not bad for a man who took a very strange route into finance through sports management. And McDonough is insistent that he has invested the necessary time and money into iCash, that it will work and the people that trust him, will trust the platform:
I’ve measured three times over, I’ve gone deep and put the time in to really understand the underlying technology. Trust is the most important thing you have to return; people know that if I’m putting something in front of them, it’s something I’ve vetted.
Like what you’ve read? You can register for the iCash token sale here.