STEEMIT CRYPTO ACADEMY SEASON 3: WEEK-5 HOMEWORK POST FOR PROFESSOR @wahyunahrul

in SteemitCryptoAcademy3 years ago

SHOULD IDO BE DONE ON CRYPTOCURRENCY?

IDO which is an acronym for "Initial Dex Offering" is the process whereby a project launches its token through a Decentralized liquidity Exchange. This is a way of raising fund in the cryptocurrency world. There are several reasons why IDO is very necessary in the cryptocurrency space today. In my opinion, the crowdfunding with IDOs will help cryptocurrency investors to create a blockchain asset that is free of third-party interference and hacking issues. IDO should be done in cryptocurrency because the IDO will not require projects to pay high fees and the project will not also require the permission from anyone because it is a Decentralized offering. IDO is also a welcome development in the cryptocurrency circle because it has made it easy for small projects to thrive and it also open the door for collaborations. These things are made possible by the fact that it is the vocal community that gives formal approval to a project. With this, the project will not have to wait for approval by an exchange.

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Source

2 - CAN IDO HAVE A SIGNIFICANT IMPACT ON THE CRYPTOCURRENCY WORLD?

In the world today, there is a lot of glamour for Decentralization, then with the emergence of the Initial Dex Offering (IDO) as the new method of fundraising in the cryptocurrency society, it is certain that such a development will impact the cryptocurrency community in a massive way.
The IDO method is an unregulated way of organising a fundraiser for a token of a new project, so this unregulated manner is fully in compliance of Decentralization, therefore making it to be a preferred method.
IDO has already made a huge impact in the cryptocurrency world by making it possible for projects to be launched in a Decentralized manner, without the necessary formal approval by an Exchange. It has also impacted the cryptocurrency community by making it possible for small projects to see the light of the day.
The fact that IDO comes with the much needed Decentralization is already enough proof that it will eventually become the most preffered fundraising method in the cryptocurrency world.

A TOKEN THAT DID IDO BUT FAILED/RUG PULLED; TURTLEDEX

Turtledex is a Binance smart chain project which rug pulled earlier this year after it reportedly raised about 9,000 Binance tokens which was worth about $2.5 million.
After it has rug pulled it's investors, the protocol's native Token which was known as the TTDX is said to have gone down to zero and the social media accounts which were associated with the project were all deleted.
Turtledex is a project that touted itself as a Decentralized storage platform defrauded its users by claiming that it will help the users keep their data and preserve their files without the users keeping them in their devices.
However, the project rug pulled in about 24 hours after the pre-sale.

FUNDAMENTAL ANALYSIS OF TWO TOKENS THAT HAVE DONE IDO

RAVEN PROTOCOL.

This was the first token to do the initial Dex Offering as it was launched on Binance Dex in 2019. The Total token allocated for the IDO was 300,000,000 RAVEN which is 3% of the total token supply.

FOUNDERS:

The Raven protocol was founded in 2017 by Kailash Ahirwar , Rahul Vishwakarma , Shannon and Sherman Lee.

PROJECT PURPOSE

The Raven is a deep-learning protocol that is Decentralized, it has the aim of providing cost-effective training of neural networks that are deep. It creates a network of computer nodes that uses idle computer power to train AI with the aim of giving an improved speed.

THE IDO

Session time: The IDO lasted from June 17, 2019 by 9AM UTC to the same time the next day, but it would have also ended if hard cap was reached before that time.
**IDO Token price: The price of the RAVEN Token for the IDO was 1 Raven = 0.00005 BNB.
IDO Format: The IDO was done in a first come/first serve format. The first set of people to enter for the IDO were the first to get the benefits.

UMA protocol.

This is a kind of protocol that allows users to create synthetic assets that are backed by collaterals. It allow the users to buy or sale or deploy synthetic assets on Ethereum with only a very little use of the on-chain price feed. It is a platform with priceless derivative.

FOUNDERS.

In 2018, two former Goldman Sachs traders, Allison Lu and Hart Lamburt launched the UMA protocol project and it hosted it's first ever IDO on Uniswap in April 2020.

Project Purpose.

UMA, also known as universal Market Access makes it possible or gives everyone the opportunity to build Decentralized financial products to fit any use-case.

THE IDO

UMA Token had approximately $0.26 as the initial listing price and 2 percent of the 100 million supply was available during the IDO.

COMPARISON BETWEEN RAVEN PROTOCOL AND UMA PROTOCOL

Where IDO was done: Raven protocol had it's IDO in Binance Dex in 2019 as the first ever IDO in the cryptocurrency world.
UMA protocol had it's own IDO on Uniswap later in 2020.

Token: UMA token is primarily used in operating the optimistic Oracle of UMA (DMV) while the RAVEN Tokens are like investment or investment contracts.
Performance after IDO: The two projects are still running very well after their IDO and none of them has rug pulled.

#Opinion
Raven protocol was the first token to do the IDO, it has stood the test of time and it looks like a very promising Project.
For the UMA protocol, it is also doing very well after Its IDO in 2020. The two projects have reputable founding team that are capable of developing the projects to better heights.

5 - A TOKEN THAT IS CURRENTLY DOING IDO; E-MONEY.

The public sale of E-MONEY token has been going on in form of IDO and the aim is to limitedly supply of 300,000 NGM Tokens for a fixed price of $0.50. The purchase limit of $1,000 is implemented for every participant.

HOW TO PARTICIPATE.

WHITELISTING: At first, every Intending participant must do a simple whitelisting process in order for the correct allocation of the right NGM to NGM ticket holders. The whitelisting form can be purchased at wallet.e-money.com/sale . There, you will be required to provide your wallet address and mail address.

To complete the form, you will also need to create an E-MONEY network address, here is how to create it;

To create an e-Money network address, you need to visit wallet.e-money.com

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Screenshot

  1. Choose your preffered mode of connection, the keplr extension can be preffered.

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Screenshot

  1. After selecting the mode of connection, the Chain Add Request will appear, then click on “approve”.
  2. After this, the connection window will appear again, click “Approve”.
  3. Your address is now ready or created successfully, you can see it on the top left corner of the wallet.

Next step: Connecting Your Wallet to Polkastarter

To take part in the sale,
prospective buyers must first connect their wallets to Polkastarter where the IDO is taking place.

  1. Logon to polkastarter.com and click the "connect wallet" button on the top right corner of the page.
  2. Choose your wallet from the list of wallets that supports it which are provided in the page and connect.
  3. Then add enough ETH to that wallet, the ETH should be enough for the amount of NGN you wish to purchase.

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Screenshot
The pool that will be used to purchase the NGM tokens is open at polkastarter.com/pools.
NEXT STEP

  1. Click on the e-Money pool from the list in the page of the link above, to access the pool.
  2. At the e-Money pool page, click on the “+ Join Pool” tab.
  3. Read and accept the disclaimer provided on the next page that you will be taken to.
  4. Next, take a look at the pool’s minimum and maximum allocation and fill how much you want to buy.
  5. Click on the “Join Pool” button.
  6. On the pop-up, click "confirm the transaction on your wallet" . The initiation process may take some time.
  7. When it has been confirmed, you will need to wait for the pool time to elapse before being able to claim your tokens.

CONCLUSION

In every thing, there will always be new developments. In the cryptocurrency world, there are so many of them and IDO is one of such new developments.
Just like the way we exercise caution in the way we handle new things, it is also very necessary for us to be careful on the IDO events that we partake. Some of them are fraudulent and they might decide to rug pull and leave the investors stranded.

Sort:  

Hi @anselam, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:

No.
Aspects of Assessment
Rating
1
Personal opinion about IDO
0.6
2
IDO's Impact on the Cryptocurrency World
0.8
3
Examples of tokens that have failed IDO/rugpull
0.6
4
Fundamental analysis and comparison of 2 tokens that have been IDO
1
5
Steps to participate in an IDO
1.2
6
Conclusion
1
7
Procedures and structure of writing
0.3
8
Follows Rules and Guidelines
1
TOTAL
6.5

My Reviews and Suggestions:

  • You have completed the assigned task.

  • Get in the habit of putting screenshots of every piece of information you make as valid evidence.

  • Give space between paragraphs so that they are not too long and easy to read.

  • Please improve your writing skills, you can learn about it in "Markdown Style Guide" or take classes on Newcomers' Community

Thank You!

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