New ICOs to be reviewed by community equipped with crypto knowledge

Article was first published on Cryptoprofile

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With a big bang, Initial Coin Offering (ICO) exploded into the crowdfunding market in 2017. One of the fundamental ideas of an ICO sprung from blockchain technology and tokenization. ICO has changed conventional crowdfunding ideas such as Initial Public Offering (IPO), giving the mainstream a shot at investing in startups and businesses.

ICOs gives anyone with an Ethereum or crypto wallet a chance to buy a stake in a company. When the company grows, so does the value of your token. Many companies set their eyes on the crypto world as the next emerging tech market and more are joining the crypto bandwagon.

One of the rare success stories would be Ethereum. As a presale coin offering worth only 50 cents, ETH has grown over 300 times its initial value (currently priced at US$150 in Jan 2019). Unfortunately, ICO scams and fraud make up most of the headlines and these startups could vanish after one night.

The U.S. Securities and Exchange Commission (SEC) took into full swing, rolling out new ICO regulations to clamp down rampant fraudulent activity. Countries including China, Bolivia, Ecuador, Algeria, Morocco, Macedonia, Nepal, Bangladesh and Pakistan have banned cryptocurrencies and/or ICOs. Many countries have allowed ICOs under strict regulation, for example, Singapore’s Monetary Authority offers guidelines to Digital Token Offerings. Source: Bitcoin Market Journal

As the ICO market gets better regulation, we are seeing more Anti-Money Laundering (AML) practices implemented on ICOs. Know-Your-Customer (KYC) checks on investors as well as the managing team has become the norm for many upcoming ICOs. These regulations help us to focus our attention on ICO projects rather than the reliability and security of the project. One of the ICO projects in the limelight would be Cryptoprofile, a community-centric token.

Going ICO Shopping

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Crowd-stakeholders require a keen eye for details and most importantly reading the fine print. Luckily, Cryptoprofile helps to simplify our ICO shopping process.

The main idea of the ICO is usually written in full detail on their whitepaper, which may be 50 to 100 pages long. There will be many technical details in the whitepaper that is difficult to follow through if your knowledge about how startups and tokenization is limited. The first step is still to get a general idea of the project.

Cryptoprofile (CP) welcomes credible ICO projects to join as an active partnership in this integrated community. Cryptoprofile’s systematic approach to educate, inform and reward its users changes existing airdrops and bounty which have been unreliable. The information of new ICO projects and ideas are streamlined entirely on the CP platform.

One of Warren Buffet’s rule to investment is: To invest in something you understand. Know what you are investing in, never walk into a party blindly and Think.

The ICO’s execution after successful crowdfunding depends on the capabilities of the team. Real-world expertise, past experiences and a good track record are important factors to highlight in a team. This gives an overview of the team dynamics and whether they are equipped with sufficient knowledge to execute the ICO roadmap.

ICO review sites have been popping up to help investors sum up the idea, the team and the product of the ICO. However, the ratings that are given to ICOs is based on the information available for the project, its team or solely hype. Instead, Cryptoprofile spearheads an online crypto community which discusses about these upcoming projects. It is token education at its finest for investors to decide and get introduced to new ICOs.

Joining the ICO Bandwagon

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Afterall, ICO investment holds a significant amount of risk similar to any stocks. Balancing your returns and risks are important in any form of investment. Knowledge is power. Being a well-informed investor is a first step to finding the ICO that meets all the above criteria. If crypto and the ICO is approved in your country, you can start investing.

Cryptoprofile has completed its private sale in from 1st November to the end of December 2018. Pre-sale starts from 1st January to the 31st January while the ICO runs from 1st Feb 2019 to 28th February 2019. To become part of the crypto community, get a digital cryptocurrency wallet from an exchange, online, or simply create a desktop wallet. Due to KYC checks, creating wallets may take some time. Once the wallet address is established, you can proceed to transfer funds from your bank or credit card.

For ICOs built on Ethereum ERC-20 tokens, a ERC-20 approved wallet is required. Wallets from exchanges usually do not store ERC-20 tokens and that is how some investors lose their tokens. Wallet addresses can be confusing the first time you make a transfer. Always check the sender and recipient addresses carefully, noting of the address format and token type. Check the link to your transaction block being processed in the queue for the status of the transfer.

Start by joining Cryptoprofile’s Bounty Program here: https://bounty.cryptoprofile.io/main
Finally, have fun equipping yourselves with the information on ICOs and cryptocurrency! Tokenize. Utilize. HODL.

-tysler