Who has looked into this ICO? I am just starting to research this organization.
me too. just looked into their site. It sounds interesting.
Look up on youtube a guy named data dash. He just put out a great synopsis for icon
The whitepaper looks too good to be true, but I’m in for the pre-sale
Heres a link to their website for reference:
It definitely looks interesting. The whitepaper is full of technical details which is a good sign.
Side note: I like the fact that they have considered EOS in a similar caliber as Ethereum based on technology
Few red flags i found in ICON ico:
they have allocated only 50% of the total supply to token distribution with a hardcap of 150k eth. if the hard cap is reached (lets say ~$300 per eth), thats 45m marketcap with only 50% of the tokens in circulation. they can essentially drop the value by half if they wanted to by dumping all the tokens theyre holding
theyre doing a KYC after the ico simply because they hadnt thought of the kyc early enough and now they dont want to delay the ico schedule. They will then go ahead a refund the eth to those who dont comply (U.S and China citizens i presume). Why not just do the KYC first then to the ICO? just cant wait to get our money I suppose
right now we’ll be buying ICX tokens which are ERC20 tokens on ethereum platform. they will be completely useless and can’t do anything with them tech-wise until they are converted to tokens on their own blockchain. this would be fine but they havent really specified how 1 ERC20 ICX tokens will equal 1 ICX token on their own blockchain. looking at how one of their main products is going to be a DEX, its possible we will have to make these trades ourselves on the DEX, swapping 1 ERC20 ICX token for 1 ICX native token. so does this mean they will receive all their ERC20 ICX tokens back as we swap them? they will have essentially created 800,460,000 tokens twice, once on ethereum and once on their own blockchain. they need to clarify in their smart contract that they will freeze and destroy all ERC20 tokens when they have all been converted. something they havent done so yet
I bough ICON pre-sale. This was the best ico for 2017 for me. Closely followed by substratum.