Colu DLT touted itself as the blockchain platform built for developers and was slated for release back in 2015. However, since then Colu DLT has secured numerous partnerships with municipalities and governments all around the world and is now looking to explore these options. In order to properly focus its attention, it’s pulling the plug on its platform for developers and buying back all ICO tokens.
Doing the Right Thing
A lot of projects out there have either gone bust or changed direction, usually stringing investors along with them – or simply taking the money and riding off into the night. Colu is doing the noble thing and giving investors back their money. It has noted that it will be giving investors back Ethereum at the ETH/CLN exchange rate at the time of the ICO – a rate that was significantly higher than it currently is. This means investors that hodled their ICO pile will walk away without incurring any losses.
Focusing on a New City Currency
Colu will continue working on its products and platform, but with a new City Coin in mind. It will use its tech in conjunction with various municipalities to help public systems become more efficient. Colu has also noted that these projects won’t be using blockchain technology. Instead, it will be focusing on driving social and economical development within cities.
VeChain Cleaning up San Marino
When it comes to helping cities and small jurisdictions clean up their act, VeChain has been the go-to project so far. Back in July, San Marino signed a deal with VeChain to develop a system to reward people for taking part in carbon neutral initiatives. People will be rewarded in tokens for recycling, car sharing, and installing their own solar panels for power generation. Colu’s new projects could fall along similar lines, but we will have to wait and see to discover the finer details about its future.
Back in November when Pure Bit shut its doors, it took 13,000 ETH along with it. This is the sort of exit that people fear in the crypto world, but Colu is making sure that it saves face by reimbursing investors at a preferential rate. While Colu might end up incurring a huge loss on its ICO token buyback and burn, it’s a much safer option than disappearing into the night with investors funds. Now it has the reputation of a trustworthy platform, more municipalities will likely be open to doing business with the company.