Steemit Crypto Academy Season 3 Week 5 | Initial Dex Offering (IDO)
It was indeed a brain tasking class with erudite professor of the Steemit crypto academy. Prof. @wahyunahrul did justice to the course IDO as for the first time I'm now aware and have knowledge of what it is.
EXPLAIN IN YOUR OWN PERSONAL OPINION WHETHER IDO SHOULD DONE ON CRYPTOCURRENCY
Fundraising which is the basic objective of IDO is not a new initiative as far as the crypto world is concerned. IDO which is a platform of launching new cryptocurrency as to attract investors is indeed one of the way to create awareness about the existence of a cryptocurrency. IDO IS A BETTER VERSION OF initial Exchange Offering (IEO), Security Token Offering (STO) AND initial Coins Offering (ICO). It tends to write off the errors and failures of them all.
IDO which is the current type of DEX and permission-less crowdfunding platform in the crypto space needs to be done on cryptocurrency as to launch new tokens.
It raises funds at the launching of a crypto_; so IDO need to be done on Cryptocurrency as it has more participants because it favors both the participants (Community Members) and the founders.
The ID Offering should be done on cryptocurrency reason been that the decentralized nature of the fundraising platform has continually solved problems that were affecting ICO and IEO; providing positive impact to the space.
When IDOs are done in a cryptocurrency, it gives confidence to traders (Community members) as it eliminates issues of hacking and other human and technical errors. It provides private and security keys to achieve this great flight. Users are required to input their private keys in other to do transaction and even have access to the platform.
IDOs as a funding platform has more participants/members because of the decentralized nature of this fundraising platform.
Some IDO that has been tasted are Uniswap, Sushiswap and pancake swap- they all are founded in the ethereum blockchain.
The initial Dex Offering have been proven as the best way crypto space can get back their token from the hands of the people.
CAN IDO HAVE SIGNIFICANT IMPACT ON CRYPTO WORLD.
As I earlier stated in the first paragraph, IDO is a channel that crypto world uses to launch (raise fund) for their new token.
So it’s has a great significance to the cypto world. It launches new tokens.
It aids immediacy in trading token.
It doesn’t charge participants hidden charges (Levies) unlike ICO and IEO attracts.
Its an open-fair platform.
The platform eliminates outrageous entry and withdraw fees .
EXPLAIN ONE EXAMPLE OF A TOKEN THAT HAVE IDO BUT FAILED.
IDO which has been proven to be more secured than ICO and IEO have been tried on a particular chain but failed . It was used in REFINABLE ($Fine) but failed on polka-starter when launched in the Binance Smart Chain in the year 2021.
Most investor that purchased the $fine said it was a scam which users lost confidence on the platform. It was noticed to have been hacked. So it crashed. A lot of investor lost their token to the blockchain.
MAKE A DETAILED FUNDAMENTAL ANALYSIS OF 2 TOKEN THAT HAVE BEEN DONE IDO, AND COMPARE THE TWO TOKEN, THEN GIVE YOUR OPINION ON THE RESULT OF THE ANALYSIS.
You can’t mentioned token that have done IDO without mentioning the first platform to launch 🚀 IDO which is the RAVEN PROTOCOL• It is the first initial decentralized offering to be done on cryptocurrency. It is working consistently to to proffer solutions that uses blockchain to transform the AL and machine learning industry too.
UMA built on ethereum- Universal Market Access helps Defi developers to a string access on the ethereum world.
LOOK FOR 1 TOKEN THAT IS CURRENTLY IDO AND EXPLAIN THE STEPS TO BE ABLE TO PARTICIPATE.
I prefer to use the popular Raven protocol
To participate, participants is required to creat a wallet. This wallet is were your token will be store and kept for trading. For example if the IDO is done on the binance space , the participant will create a a wallet.
Registration this is the profiling of the bio data of the participant on the data base of blockchain as to partake on the IDO. This can be registering your name, sex, age, address, contact information, residential information, state of origin, nationality, place of work, authorized ID card number and others. All this profiling is to be done before you can partake in the Initial Decentralized offering.
Perform Certain tasks like retweeting the post.
Conclusion
IDO is the safest and most modern crowdfunding on cryptocurrency. It is writing off daily the errors/lapses of the ICO and IEO. It might have failed one or two times but consistent improvements will make it the best as we look forward to a better and safer space .