It’s only of the second week of 2018, but activity in the cryptocurrency world is as robust as ever. A lot of news and rumors have been circulating about the rise of powerful companies who now are flush with cash thanks to successful ICOs. A January 5th article from TechCrunch relays information from sources concerning about at least half a dozen companies with money from ICOs who are apparently interested in investing in other blockchain projects.
Funds powered by ICOs are currently speculated to come online in the first quarter of 2018. Right now, over 20 coins that started out as an ICO now have a market cap of at least $1 billion. Chinese company Renren recently saw its stock jump by about 47% on Wednesday after they released a white paper detailing plans for an “open social network platform based on blockchain” that was going to get funding through an ICO.
However, a lot of the same trickery associated with ICOs has crept into the new year. Ethereum founder Vitalik Buterin took to Twitter recently to warn people about ICOs, focusing on one suspicious offering that listed him as part of the team. Buterin has said he is distancing himself from any more projects for the time being.
The ICO in question, called “Othor,” had a number of suspicious characteristics. People who looked into the offering were not able to find any proof of existence for Othor’s lawyer and CFO, and the company later deleted most of the material on their website.
However, there’s still a ton of optimism, especially in 2018, about the wide number of legitimate and potentially game-changing ICOs that are out there. We’ve been looking at a few that are coming out during the week that seem to have some good prospects. It’s important to note that we are not financial advisors, and all we are doing is just presenting information from various online resources. You should talk with an experienced and qualified financial advisor if you do want to invest in an ICO and/or in the cryptocurrency market as a whole.
This week we’re going into depth on Devery (EVE), Neuromation (NTK) and BCShop (BCS). Here’s what you need to know about the underlying value of each, and why they might be worth investigating.
- Open Date: January 12th
- Token Price: 0.17 USD = 1 EVE
- Token Supply: 100,000,000
It’s never any fun to get scammed. Buying something and then realizing it wasn’t what you thought it would be is usually quite the demoralizing experience. As a result, consumers tend to turn to the ‘brand name’ item over the generic alternative even if it is more expensive, simply due to the perceived security and quality of the branded product.
Savvy scammers take advantage of this line of thinking and will often disguise their own products to look like legitimate offerings. Federal authorities busted a New York man in March who worked with a team of fraudsters to trade in about $2.6 million dollars worth of fake iPhones to Apple stores across the nation for real ones. The Organization for Economic Co-Operation and Development estimates about 500 billion was lost in 2016 due to illegal counterfeiting and fake products.
Devery.io intends to cut down on counterfeiting and fake products by digitally signing and verifying items on the blockchain. They initially plan to verify electronic and digital goods, and then implement NFC and RFID technology in order to tag and verify physical products. Trying to stop counterfeiting is a huge task, but one of the reasons we like Devery.io is because they have some good solutions to some of the main challenges law enforcement faces.
A lot of counterfeit products are very hard to identify because they usually look exactly like the real thing, and fake products are very hard to track because they often move all over the world, and especially through places with weak institutional governments. Devery.io uses the blockchain, which has never been hacked, to counter both of these challenges. Anyone at any point of a product’s life can turn to Devery’s imprint (stored on the Ethereum network) to get verification about location, date, and point-of-origin. This helps law enforcement and manufactures because it can help fill in gaps in the supply chain where products might be ferried through shady individuals. Plus, the company also says the platform could be used to verify documents and diplomas.
The EVE token is designed to be the engine that powers unique signature and inscription creation for all products registered in the blockchain. The platform itself will offer smart contracts as a package so interested developers can build their apps inside the Devery ecosystem.
One of the most attractive aspects of Devery is their token terms. They have done a good job at keeping their cap low despite big demand. Some believe this move will actually give it a lot of upward mobility relative to other competitors in the space. Although some members of the team are a bit inexperienced, Bok Khoo is a highly respected figure in the Ethereum community and has worked with the teams of some pretty big ICOs.
- Open Date: January 7th
- Token Price: 0.01 ETH = 1 Neuromation
- Token Supply: 60,000,00
Neuromation is riding the wave of two of the most talked about trends in the technology world, artificial intelligence (AI) and blockchain. While AI is rapidly becoming part of a lot of company’s operations, there are still a lot of challenges towards its continued growth. One of these problems is the lack of well-labeled and categorized data that can be used to support supervised learning. Having to categorize and change unlabelled data to a more organized format is very time consuming and difficult.
A lot of dataset creation has fallen into the hands of crowdsourced help, which can lead to a lot of mistakes and human bias. Plus, many humans are not good at tasks critical towards AI model development, like estimating distances between objects and quantifying lighting in a scene.
Neuromation intends to solve this problem through their platform which focuses on synthetic databases in machine learning. They hope to build a library of synthetic data using the computing power of private and commercial mining service providers, and then use this data to develop AI models through neural networks.
Overall, the platform aims to be able to synthesize lots of data with accurate markings, train large-capacity neural networks, generate and compare artificial data with real data, and work with service providers to build artificial data sets, implement distributed computing services, and develop machine learning models. Neuromation has actually already created some sample synthetic data (1.3 million+ images).
The Neuromation token is designed to reward data creators and users, and eventually facilitate a marketplace thanks to the help of smart contracts.
One of the most appealing parts of the Neuromation ICO is the team. Several people who are apart of the project have a long list of credentials and seem to each have brilliant minds. CTO Fedor Savchenko has over two decades of work with graphic information and mathematics, while advisor Andrew Rabinovich used to work with Google on machine learning and image processing.
Plus, Neuromaton’s PR team has been doing a great job, and the entire project has a high public profile, which led to over 45 million tokens being sold during the ICO presale late last year. This public profile is a good sign because the ambition of the project is a bit niche and somewhat ambitious. The company also won first prize in the Investors Award at the d10e Investors Conference, and also announced a partnership in early December with service mining solution provider Giga-Watt in order to help Neuromation increase their computing power. The ICO is scheduled to end on February 15th.
- Open Date: January 10th
- Token Price: 0.01 ETH = 1 BSC
- Token Supply: 10,000,000
Even though cryptocurrencies have a lot of fans, there’s still a lot of grievances with them that many people share. A lot of innovation in the cryptocurreny and blockchain world has been stymied by multi-coin issues where different coins have to be used for different tasks and activities. Another are the high fees sellers have to pay for each online transaction.
The team behind BCShop is creating a digital platform to help vendors and buyers facilitate the exchange of digital products and services. Vendors can publish information about e-books, photos, or subscriptions on the Ethereum blockchain, and then not have to worry about hacks or data loss since all information is on the blockchain. Plus, all proof of transactions are also logged and registered, and the application guarantees automatic refund to the buyer if there’s a breach of terms or contract. Fees on the platform are a minimal 0.5%-2%, and the platform is also free to join.
Buyers looking for a digital product can easily make payments in Ethereum, and all offers and purchases are made on software based on the popular MyEtherWallet. Plus, the BCShop team is pushing hard to make their platform available for C2C and B2C solutions.
One of the reasons we believe BCShop is intriguing is because they are not planning to issue their own coin, but are just wrapping everything under the widely-used Ethereum cryptocurrency. This makes things a lot easier for sellers and buyers since they do not have to use yet another new coin for operations. Many other ICOs and projects intending to decentralize the digital market just issue their own coin to run the economy.
BCShop has also been very active as work on the platform has progressed, and has already lined up a couple of partnerships and agreements. They wrote in early December that they were planning to integrate technology from Jury.com into their project. The Medium post said the partnership would allow escrow payments to be “more efficiently managed on the BCShop.io platform” and help settle smart contract disputes even easier. The team has also been very open and transparent about their progress and work, and publishes monthly updates that cover a lot of ground.
Their December update covered new aspects of the project, included screenshots of new UI (with some self-criticism), also talked about two industry leaders who could benefit from using the BCShop platform, which is a unique way to showcase what the team has been working on. The ICO is scheduled to end on January 31st.
These three ICOs are just some of the many for you to choose from if you’re ready to get in on the ground floor of a cryptocurrency investment. We think the above are interesting ideas that seem to have a good baseline and framework around them, and could also bring a lot of changes to their respective industries. It’s important to remember that we are not here to offer professional financial advice. We hope you do your own research on ICOs that you are interested in and then talk to a professional financial advisor once you are ready to invest.