Otaku Coin Crypto Currency Planned To Be Launched This Summer or Autumn

Otaku Coin Preparation Committee (OCPC) or Otaku Coin Preparation Committee, has released a paper containing the concept of the cryptocurrency on May 9. The paper revealed that the committee plans to release the Otaku Coin cryptocurrency in the summer or fall of this year, and a voting platform has been set up for 2019.

The committee plans to publish 100 billion Otaku Coins simultaneously, without further publication thereafter, and also plans for special wallet publishing at the same time.

The OCPC states that the issuance is not an initial coin offering (ICO) so they will not immediately sell Otaku Coin at launch to raise funds. Among the published coins, 61% will be "used to finance projects that will contribute to the development of otaku culture", or will be distributed free of charge to users. The remaining 39% will be contributed to the Otaku Coin Fund's operating costs. These operating costs include the cost of developing software, marketing, personnel and activities, and so forth.

Tokyo Otaku Mode initially submitted this project in December, although the OCPC is said to work separately. OCPC now plans to launch the Otaku Coin Fund as a "much less centralized organization" before launching the cryptocurrency.

Tokyo Otaku Fashion CEO Nao Kodaka stated in an interview with YouTuber Akidearest in March that the plan at the time was to distribute the coin free of charge to Tokyo Otaku Mode users first.

Otaku Coin is the token of ERC20, which means it runs on the Ethereum platform. A cryptocurrency with a similar launch model is Huobi Token, which was released in January and then in China. Like Otaku Coin, Huobi Jua is released with a supply that has an upper limit, and without ICO. At launch, Huobi was awarded to users who purchased the Huobi Pro Point Card with the system as a loyalty point, while the remaining 40% was used for operations.

According to the concept paper, the purpose of Otaku Coin is to allow fans to vote or fund certain projects, eliminate foreign currency conversion costs, and implement reward programs for otaku activities such as watching anime or buying official merchandises.

The Otaku Coin holder will be given a token voting that can be used to fund the project through a voting platform. This cryptocurrency concept paper illustrates a possible series of projects: finance the production of anime, supporting content creators, and creating or expanding shop and otaku events. OCPC also plans to launch a pilot project before launching the platform.