When mentioning crypto market, number of scams within ICO projects is one of first minds, and number of unsuccessful projects is also on the rise. Unsuccessful projects are often related to scams, but that is not a fact, these are good ideas, but poorly managed, or with poor teams behind the project, that had a good idea in the beginning. Illuminates recognised four main aspects that lead to failure with ICO start-up space – fraud, qualified personnel, market entry costs and reliability of existing information regarding ICO projects. While fraud is clear, it is really hard to recognise one in the process of ICO analysis since most of the things is done online, and there is no funds for expensive due diligence because crypto transformed the market to allow small investors to jump in the market previously reserved for venture investors. Currently, only one in ten ICO projects seems to be successful, or to reach next development phase, which is clearly not enough, but not too distant from industry average of one in six projects turn to be successful for venture capitalists. Another main obstacle is that blockchain industry and young and small, and it is hard to find experienced professionals to support small projects.
Illuminates provide network to join interested parties into one network, where blockchain professionals, investors, freelancers would meet on the platform, that will ensure trust between them, and increase the percentage of successful projects in the industry. Platform will provide several account types, such as clients, contractors, marketplace sellers, oracles, judges, partners, investors, traders and consultants. Interactions between accounts, regardless of account type, will be recorded on the blockchain, and will provide account with experience, rating to support mutual trust. Based on provided data, each participant in the market will be able to find information to support their decisions. Start-ups would be able to find database of qualified personnel for new projects and Investors would be provided with project analysis, team status, experience, previous projects, which is a great tool to make informative decision.
Four tournament levels will be staged on the platform, with each having minimum cost of participation, to ensure quality. Sandbox is the lowest competition level, with rising star and pre ICO above it, and Open investment/Venture capitalists as the highest level on the platform.
Project website: https://illuminates.org/?utm_source=bounty&utm_medium=content
Project whitepaper: https://illuminates.org/static/ico_illuminates/landing/pdf/illuminates_wp_eng.pdf