I really like this concept, but I do have one bone of contention. Why are you destroying any unsold ICO coins? This is a tactic that favors miners over early investors (and crypto ICO's reputations are already in tough shape). The price is already pretty darned high with ENVY valued at around $750,000. Now, I realize that market cap is less relevant than most coins in that your plan involves an NAV. Still, market psychology wise, it matters.
Early investors are who should matter in the case of an ICO (or one shouldn't have one).Let's put aside the fact that most miners are nothing but vultures picking at the coin until the "meat" is consumed and quickly moving on to the next coin. Let's even pretend they are mostly angels, just looking to provide a nice service so that everyone can succeed. They still are being favored here as they will know if the coin is good to go, how much enthusiasm has been generated by the ICO, and even the market price for it on Bittrex.
They have nearly zero risk and yet are being put on the same footing (or better) as people risking their BTC upfront. Any unsold coins should go to early investors for two reasons. First, it gives one an incentive to buy the ICO as it may result in getting more coins for the same investment. Secondly, it gets the ball rolling as far as enthusiasm is concerned. So, even if the early investors did not get "extra" shares, they are still happy in that the ICO sold out and demonstrated some initial excitement (and demand) for the coin.
Yes, yes, I know -- less outstanding coins mean "we all win". The trouble with that argument is that it is a miner's argument. No early investor would prefer less coins -- not one! And there is a good reason for that in that it would be stupid to argue for less coins for less float. Now, if ICO investors were buying 100% of the float, that is a different matter entirely, but that is not the case with your ICO.
I like ICOs and am a regular investor, and as I say, your coin idea seems terrific to me. But, there is a fairness gap and I wanted to point it out.
Still, best of luck to you!
This would be /very/ hard to coordinate with Bittrex. However, how would you feel about the total coin supply and mining reward being changed to match the amount of coins sold?
For instance, the 10 coin block rewards are currently assuming we sell all Envycoin's in ICO. If we only sold half, we could halve this reward so that really, you'd own that large of a stake in the supply. So, if you buy 1% of the ICO coins, you'd own 0.5% of the total supply (after it's mined out, in 10 years) regardless of how many coins are sold