[Beginner Course] Steemit Crypto Academy Season 3 Week 5 | Initial Dex Offering (IDO) Homework task by @peachyladiva
Greetings crypto lovers,
It feels good to be here again with my home work, this is my second trial, I must confess my first trial gave me a lot of hope about home work task. I used to think it's a very difficult thing but I was wrong. Thank you professor @wahyunahrul for a detailed lecture on Initial Dex Offering also known as IDO.
Don't let me bore you with my long story, I will just go straight to my homework tasks.
Home Work Task
Question one
Explain in your personal opinion whether IDO should be done on crypto currency
Answer
From my studies and with the little understanding of what IDO is, I will support that it should be done on cryptocurrency , reason been that:
Let's say I have a project on the blockchain. I will like to launch and I want to have access to funds immediately, IDO gives me access to that. It's like having a new product I want to sell and my product is not known, doing IDO is a way to Let the public know my product and also have access to funds immediately.
IDO is a fund raiser event that there is no need to paid for exchange fees unlike other fund raising and also one of the major advantage of IDO is you don't have to wait for the exchange permission to get approval before getting listed.
It provides immediate liquidity and trading for user, to me this is a form of security and assurance to those community member buying the token and also does not favour project founders over community members.
Question two
Can IDO have a significant impact on the cryptocurrency world?
Answer
Yes, it will.
I see IDO resolving some of the issues other crowdfunding are facing such as theft, lack of privacy, human error and the likes.
With IDO crowd funding it gives more assurance to the community members as you can liquidate and trade you token immediate.
With events like IDO, it will help people to build more trust in cryptocurrency.
Question three
Explain one example of a token that has been IDO but failed/rug pull.
Answer
Turtle dex Rug
Turtle dex protocol project claim they can help people to save their data, like a storage system and people don't have to worry about storing data on their computers with this claim they were able to raise about $2.5 million in two hours. However they disappear with the money and makes the value of the coin almost 0.00.
Question four
Make a detailed fundamental analysis of 2 tokens that have done IDO, and compare the two tokens. Then give your opinion on the results of your analysis.
Answer
Maxi token
Maxiswap protocol had a successful private fundraising in April, 2021 where it was able to raise $1.4 million.
Maxiswap token price and rank can be seen in the screenshot above gotten from coinmarketcap
Maxi token was listed on Binance smart contract and Ethereum
Raven Protocol
Raven protocol are the first set of investors to carry out IDO events, even though at that time they didn't know it was an IDO but it was a successful IDO done in June 2019. Raven open the way for other IDO.
Price and rank of the Raven token seen in the screenshot above gotten from [coinmarketcap]
(https://coinmarketcap.com/currencies/raven-protocol/)
Comparison of the two tokens
| PARAMETERS | MAKISWAP TOKEN | RAVEN PROTOCOLS |
|---|---|---|
| TOKEN RANKING | 2915 | 1029 |
| TOKEN PRICES | $0.181USD | $0.001213USD |
| MARKET CAP | $1,547,123,404,374 USD | $1,547,123,404,374USD |
My opinion about the two tokens
I think the two two token have a good prospects.
Question five
Look for 1 token that is currently IDO and explain the steps to be able to participate in the IDO.
Answer
The Moona cryptocurrency is an ongoing IDO project from Jul 22nd - September 30th.
The project was designed Binance Smart Coin and they aim to go to the moon with Moona coin as the fuel.
Website
https://www.tothemoon.art/?utm_source=coincodex
The steps to be able to participate :
From the website homepage you see option of token sale is open, click on that option and it will direct you to the screenshot below.
You buy the moona cryptocurrency using BNB cryptocurrency on pancakeswap. From the screenshot, you see an option of buy moona from pancake, click on that option and it will direct you to the screenshot below.
From here you can exchange BNB for MOONA.
Click on unlock wallet to connect wallet.
If you don't know how to connect your wallet, click on how to connect wallet to see the tutorials.
Conclusion
IDO is a relatively new event on the blockchain but it has many advantages than its disadvantages which I believe can still be worked on.
Hi @peachyladiva, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
You have completed the given task.
Many of your explanations are still very shallow. Please do detailed research so that more information can be conveyed on your assignment.
In the explanation of the steps to follow the IDO you do not explain in full.
Please improve your writing skills, you can learn about it in "Markdown Style Guide" or take classes on Newcomers' Community
Thank You!
Thank you.