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RE: 3 things we need to see in future ICOs.
Definitely agree in the need for transparency. If we don't see reasonable regulatory frameworks in place anytime soon, I think we're going to have to build and promote a voluntary charter - and create a movement where ICOs are simply shunned if they don't sign up to certain practices - such as incorporating self-imposed smart contracts that either time-lock funds and/or release funds based on achieved objectives / milestones. The idea that people are becoming overnight millionaires for doing nothing other than airing a concept - that does nobody any favours in the long run, and ICOs will run into the ground.
That is interesting! Thank you for commenting! Self-imposed smart contracts could be a good tool indeed. What other transparency measures do you have in mind? I would certainly love to follow up this conversation.
I know that there are groups out there that are now seeking to set up professional ICO vetting services - Astronaut, for example, are proposing an index-type fund whose constituents are composed of investment-grade ICOs.
If these vetting services can gain momentum and impose their own conditions on ICOs who want to be platformed on their funds, then things like time-release smart-contract funding could then be promoted as good practice etc. This is all in its infancy - the risk is that we get 6 figure/7 figure ICO failures/scams making all the headlines and generally killing legitimate ICO models.
Hello, @icoexaminer !! As I wrote this morning the new post I published I was thinking of what you wrote here. Actually I wanted to make a special mention of your comments, but I was not sure if you would have liked to be tagged or not. As I had no time to consult you on this, I opted for not tagging you, but I did mention that this new post comes after reading and being inspired by a series of comments in my previous post by several fellow steemians. I would like to share with you the new post. Maybe we can continue our conversation there. I appreciate very much your inputs, and next time I will try to consult you beforehand if you want to be quoted in one of my posts. After all this is all about building community and fostering fruitful, possitive conversation to reach agreements and improvements. Cheers! Here today's post:
https://steemit.com/ico/@cryptotequila/towards-transparent-and-responsible-icos
Indeed, the failing ones get the headlines. Those vetting services would be a tremendous advance in the transparency agenda. Thank you so much for your comment! I will follow your account closely. I am glad to find like-minded steemians around!