On May 9, the Otaku Coin Preparation Committee released a concept for a new cryptocurrency called Otaku Coin. According to the details, a targeted launch window would be between the summer and fall this year. The plan is to release 100 billion Otaku Coins at once and then cease issuing any more afterward. A special waller for the Otaku Coin is also in the planning stages.
The issuance of the Otaku Coins will not be an ICO (Initial Coin Offering), meaning that it will not be directly sold at launch for the purposes such as raising funds or for other means. Of the initial 100 billion coins, roughly 61% of them will be used to fund otaku culture-related project to aid in the culture’s development. Any of the remaining coins from that 61% will be distributed to users at no cost.
The remaining 39% will be used to contribute to the Otaku Coin Fund’s expenses. These expenses are detailed as marketing, personnel (payroll), activity costs, and software development. Even though the project was originally proposed by Tokyo Otaku Mode, the OCPC plans to function as a separate decentralized organization prior to launching the coin. Tokyo Otaku Mode CEO Nao Kodaka stated that the plan at the time was to give coins to Tokyo Otaku Mode users first before anyone else; however, it is unknown if that is still planned.
The Otaku Coin is an ERC20 token so it will run on the Ethereum platform. One of the goals is for fans to vote on or use the coin to fund projects all while eliminating the need for foreign currency which is often hit by conversion fees. There will also be a rewards program to incentivize otaku activities such as watching anime and/or buying official products. Some of the projects that users can fund are anime production, supporting content creators, creating otaku shops, and assist with setting up and holding events/conventions.
A view has been released in English to help explain the purpose of the Otaku Coin.