A good ICO should be about technical stuff, investment strategies which includes insurance fund, development of the ICO and so on, provided it highlights how it will be implemented.
White paper of an ICO should not criticize other already done and ongoing ICOs or events that happened during the ICO; rather it should express explicitly and show clearly how it will implement its plans, so as to achieve its goals and aims.
It’s also wrong for a white paper of an ICO to point accusing finger on already successful and well established co-operation such as Uber as a failure.
The team of any ICO should be people of quality expertise in their various fields. Who is the person behind the named white paper and ICO? The answer to this question and some aforementioned points are my bone of contention in this article.
This guy in question is someone whom I have known for some time now; we are in this same community social group where we promote crypto currency and the blockchain but his divergent views about key issues bothers me so much. Recently, he started running his ICO and presented his white paper to the group, so after reading through the proposed white paper, myself and many members of the community saw some disagreeing terms and views that ought not to be in the white paper, trying to help out as one of our community members, he turned offensive and took a negative swipe at us. I knew that this guy, though he is a bookie type of guy who will always theorize without practical to validate his facts.
Now let’s look at some points he raised in his white paper for his upcoming ICO; he said that Semaphore is the alternative to blockchain, but Semaphore is a variable or abstract data type used to control access to a common resource by multiple processes in a concurrent system such as a multiprogramming operating system. So, comparing with blockchain by proposing to use semaphore to protect double spending, is technically incorrect.
There are also, no teams or partners were mentioned in his white paper.
No mentioning of anyone he is working with in his project. Am not criticizing but am writing this to raise awareness of how people should behave before preparing their white paper for their ICOs. ICO is very good because investors will acquire stakes in your organization inform of token. Let’s discourage people who does not have any concrete viable reason to raise money to run their company in the end it will end in fiasco.
The purpose of this article is to encourage everyone in the crypto world to protect crypto as it’s now part of us, ICOs should be conducted in good manner.