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ICO: What is this and why I picked these two ICOs ?

What is Initial Coin Offering (ICO)?
An unregulated means where funds are raised for a fresh cryptocurrency venture. An Initial Coin Offering (ICO) is utilized by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In a ICO campaign, a share of the cryptocurrency comes to early backers of the project in trade for legal tender and other cryptocurrencies, but usually for Bitcoin or Ethereum.

When a cryptocurrency startup firm really wants to raise money via an Initial Coin Offering (ICO), it always creates an agenda on a Blackpaper or whitepaper which states what the project is approximately, what need(s) the project will fulfill upon completion, how much cash is required to undertake the venture, simply how much of the virtual tokens the pioneers of the project can keep for themselves, what sort of money is accepted, and just how long the ICO campaign will run for. Throughout the ICO campaign, enthusiasts and supporters of the firm’s initiative buy a number of the distributed cryptocoins with fiat or virtual currency.

These coins are known as tokens and are much like shares of a business sold to investors in an Initial Public Offering (IPO) transaction. If the cash raised doesn’t meet with the minimum funds required by the firm, the cash is returned to the backers and the ICO is deemed to be unsuccessful. If the funds requirements are met within the specified timeframe, the cash raised can be used to either initiate the newest task or to perform it.

How to Defend Yourself from Scam ICOs: a Personal Story

How to evaluate an ICO: start from team members

There are a few steps you need to follow if you want to prevent yourself from a scam ICO. According to me – the first one is checking who are the people involved in the team and who are the project advisors. Even in a crypto-related world where everything is immaterial, you need to check peoples fame, popularity and seriousness before deciding to invest in a token sale. After verifying the project goals and the utility of the new token, you need to check team background through LinkedIn or other social networks.
That’s where my story begins because I was added to a scam ICO project without any authorization and with incorrect info about my job and skills. I would say that is a scam because adding a person as a team member without any authorization seems handsome in the eyes of investors – hoping that the interested people would not notice it – is still a scam-related problem. Luckily I have my Google Alert set, so I quickly found this ICO misusing my name.

First rule: Google or Yandex it!

Usually, when this kind of company adds a fake name among their team, this unlucky person has a different background compared to the one revealed in her/his LinkedIn profile.
The first rule is: Google it! Always check the technical knowledge, and previous jobs in the fintech industry of the people you find involved in an ICO team.
In fact, this MCX Coin that was exploiting my name by saying that I’m their community manager is false.
Also, they proudly explained that I correctly speak Chinese, but this is not true, unfortunately, for them — and for me too. Other fake team members were used on their website with roles they’ve never covered in their whole life. My colleague Eleonora Corti, for example, was added on this scam ICO project with the label of “legal advisor” while she has never worked in this industry.

This is my “sad” story, just to explain to you why you need to verify all the team members involved in an ICO before investing in it. I hope no one was scammed by this project. Again, I have nothing to do with them; I only worked for Eidoo and Cointelegraph, of course.


My Top 2  ICOs in 2018 and why

BitRewards (PreICO) 

BitRewards is a blockchain loyalty platform and ecosystem that enables retailers to reward their customers’ purchases, friends’ invited and other actions with crypto-currency. It has an absolute value for the customers, as they get for their purchases the liquid Ethereum-based tokens, which can be traded at an exchange, transferred to another wallet or redeemed for purchases. The price of the tokens is also set for growth due to our unique business model, so these rewards will go up in value in the course of time, rather than expir

Why BitRewards?

Number one reason is the rating on ICOBench, it’s not easy to have an average score of 4.5 out of 5 on ICOBenh rating platform (It’s like graduating from University with first class) adding this together with what is in their white paper, then I looked for another reason not in invest in the ICO, then I figured best thing to do is“““` digging deep into the team.

The Team

Digging deep into the team members, I found out that most of the team already have  a similar product or service in place by the name GIFTD (http://giftd.tech).

I also found out that it is a digital motivational marketing SaaS platform  that provides online retailers with a set of products that help achieve better conversion, attract new clients via referral system and deploy gift cards on any website, Facebook and other social networks quickly and efficiently, providing for a new sales channel, allowing to reward customers’​ actions, and tapping into growing audience and viral abilities of the brands’ social followers and their friends.

Then I went on to dig even further to checking the website on whois. From my findings, it revealed that the CEO of the company actually registered the website http://giftd.tech in his name Alex Egorov

Then I decided to invest in the ICO. One thing to note about fake ICOs, this part would be hiden from public so as not to find out who is really involved and most of them do not have a prototype or minimum viable product (MVP). It’s always good to be on the safer side except if otherwise, what the product is bringing to the table is in some decentalized service. Then you can invest in it at your own risk.


My Second ICO

StoriqaA blockchain-revolution in e‑commerce.

Unlike the first one, Storiqa was recomended to my by a friend who bought into it and first of all checking it on ICObemch, it scoed 3.2, pretty badly then I went on to look for why it’s has scored so badly on the rating platform.

Storiqa plans to digitize 45 000 000 goods from 1 000 000 offline stores worldwide with more than $1 600 000 000 000 market capacity. This sound very ambicious yes and it’s one of the main reason I decided to try them out after digging into the team.

Storiqa plans to chalenge the likes of Alibaba, Ebay, Amazon which started with a lower market capitalization compared to the hard market capitalizaion which is almost archieved.

Let me also add why invested in Storiqa. Storiqa accepts BTC, ETH and other altcoins as method of payment. I figured out most ICOs that asks for only ETH in this period may not be genuine in what they plan to use the capital for since the ETH Issue of POW (Proof of work) vs POS (Proof of stake) came up. First reason to suspect any ICO asking for just ETH could be predetamined to using the capital for Proof of stake which is risky. Risky because if anything happens, hacker gets control of their stake and tries to manipulate the system, this will end up in auto ban and investors would loss big time.

NB: *My Opinion, not an Investment Advice*


About scully009

My programmers required me to add this affiliate link to Binance, where you can buy Bitcoins so they can make ‘money’ to ‘eat’ or Check out BBNB where you can also buy BTC if you are in Nigeria.Also check out the blogsite for unbiased crypto news. Welcome! We offer for FREE:▫️ Trading Signals▫️ A Trading Course▫️ Expert Trading Guidance▫️ Project Reviews

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