BitDepositary: An Introduction to a Platform that helps Investors Look for a Legitimate ICOs
In the field of Blockchain, crowdfunding or also called ICO has become extremely popular. This campaign which consist in offering tokens from the project in exchange for Bitcoin, ethereum, or other major cryptos and national currencies. ICOs have become so common that is not unusual to see a new one being launched everyday. However, it can be very hard to tell which one actually is a legit project.
Now, we can’t tell you if a certain project is worth investing in or not and we won’t tell you what to look for in order to find profitable ICOs. This is impossible to predict with. But we can simply show you the markings that scam projects often carry so that you can avoid wasting your hard earned money on these money grabber people. With that being said, even honest projects can be a complete failure, so make sure you know what you’re doing and remember to never invest more than what you can afford to lose. This is always and should be on your mind when you enter this kind of game.
SCAM ICO ALWAYS CAN BE SPOTTED WHEN THEY HAVE AN UNREALISTIC GOALS
Scam projects will always make bold claims about their product even though their project offers nothing new or disruptive. Blockchain is founded to help people used this tech in easier way right? It’s not likely that a certain blockchain platform or cryptocurrency will end poverty, fix global warming or replace the modern internet. This can also happen but how they expect the community or markets to respond to the product is way more important. If someone claims their cryptocurrency will become Bitcoin or yet surpass it think twice only product proves that it could be done and needed time not just for few months, and promise you a 100x profit by investing on it? you can add that project to the scam list.
Think of it. The project which have a potential developers they dont need such statement of ROI from their products. Cause they want to build a new product that can be used by people, attract people but not by making false hope. They will let you know about the potential of their project and that’s it. No serious team will ever make a price prediction about their token or claim it can fix the world.
TEAM/ ADVISERS
This is very important and one should take careful diligence with. Who is behind the project? Is the team made up of well-known members of the cryptocurrency community?If yes, are you sure they really knows it? Are they known in other areas? Have they been involved in previous projects? if yes, what happen to that project?
These questions should pop up in your head when deciding to jump for one. Just remember to check if the person is actually aware of the project as scammers may use famous names just to get people interested even though these are not part of the team.
Anonymous developers will also raise some flags but this doesn’t mean the project is a scam. Take a notice of bitcoin itself. Project with an anonymous developer but totally legit. Being anonymous is not the same thing as being unknown. Great projects have come from anonymous devs.
Now the pattern is changing, team members are neither anonymous and should be well-known to attract and raise funds. This is the trending way as you can notice. While most serious projects often have at least one known face in their team, not being a famous crypto community member does not mean the team member is part of a conspiracy. In this case, you’ll need to vet the team members carefully.
Also, take cautious on those projects using fake pictures. Photoshopped images are very easy to tell apart from the real thing and even if you have a professional doing the editing, there is software (free and paid) that will easily detect a forgery. But not all who will look can spot it as fake right? and that's the problem. But Ive see this new ICO which every investors needed in order to spot a new ICO with legit projects. Now its like finding a good third party app that can supply you a good product. They are still on their ICO stage and raising fund as well, so we can definitely watch their project along the way. This project is called Bitdepositary.
SO WHAT'S THIS BITDEPOSITARY PROJECT ANYWAY?
When I've first scanned their website. Security wise they are following the rules. This is important but quite easy to do. So lets dig deeper with them. The first thing bump me was the private sale already sold out? Wow, this is great start for them. So what else you can see on the website. I think, for starters, you can watch the premiere video they have on their website. Quite simple explanation on how their project objective and work will work out for everyone.
On my understanding the team of Bitdepositary wants to make a solution to growing problem of Scam ICO'S which I suppose is one of the problem in this industry of crypto. In simple term, they will provide an integrated payment solution platform for you to pay for ICOS that their team already reviewed. This include, legality and potential of projects. I think this kind of idea will click on market as we all need someone or a group that will scanned this group of ICO's launching everyday.
What we expect on their platform? I saw that they have this section called TeamBit. They consists of a team of experts, community leaders, accountants and advisors. They will be the one screening those ICOs vividly and if they pass all the factors to be called legit and they will be listed on their client based platform which community can now look up to and check. You can think of them like a governing body of that will take action and protect the people against scams. I like the concept but how they can do it on their platform? Cause this is no difference on hiring a professional and paid them to inspect one right? What is their system and advantages.
BITDEPOSITARY SYSTEM ON THEIR PLATFORM...
Through reading on their long and well written whitepaper. They will use a screening process and community voting system inside their platform. How does this works? New ICO projects who wants to enter the platform will undergo a review process, wherein the TeamBit will analyze the project feasibility, development and sustainability all the projects that will be approved will then undergo to the panel of lawyers, tax experts and industry experts for evaluation of their legality and technical compliance. This means that they are totally legally check, with product, and has complete documents to secure the integrity of their project. Then only they can be inside of the platform for public voting. Its like SEC way already but still decentalization is being kept. For me this idea can disrupt the industry but only if they pulled it off. But seeing the team and how they market their project on the market seems excellent. See the first part of my Introduction to them? Sold out right? Wanna ask why? Cause they have a potential idea to make changes and help the crypto space. I may not be able to discuss technically the idea works on the inside but the message on what I've explained on this article is clear on how's the project will work.
Now their are still on their Open presale and still on going. We might see a sold out again probably. Hope Id help you outlined everything about this project. This isn't an investment advice but only to help you see what is BitDepositary project and what they can offer us. Thank you everyone. You can visit them for more info on their website:
Creator of this article:
Bitcointalk Forum URL:
https://bitcointalk.org/index.php?action=profile;u=1269701
Bitcointalk Forum username:
cryptoaddictchie
https://steemit.com/@etherium24
eth address: 0x2981f6554aC5519Fec7ba96a3A799d81C683199C