Hello everyone,
Today we will be taking a look at the ThornCoin ICO. I am going to take a look at the ICO, the probability of it being a scam and the future of ThornCoin.
ThornCoin came out of nowhere with their ICO and managed to get quite a lot of investors. They actually managed to sell out their pre-sale ICO round within one second, but the hype didn't end there. Before we get in to the ICO itself we should take a look at the project.
One of the first things you will notice is that the website looks well built, it is easy to register, they have a twenty page whitepaper and a great total supply of tokens. Their primary goal is to be a solid long-term self-managing lending platform. With four core futures, which consist of trading, lending, staking and referrals.
The ERC20 token (THRN) sale started at January 18th and was suppose to end at January 27th. After the pre-sale ended, consisting of 500k tokens worth $0,50 each, they sold another 5,7 milion tokens within 6 days. Which adds up to an amount of 6,2 million tokens being sold for an average of 0,92 cent per coin = $5.710.000,- raised.
Everything seems promising but it might be too good to be true. I just stated some of the positive things which you notice when browsing their website, but there definitely are some negatives too. First off I can't seem to find their team anywhere even though they are mentioned many times on their website and in their whitepaper. The second thing that bothered me is the lack of promotion they did before launching their ICO. No one heard a thing and it seems as if their social accounts where made just before the actual announcement. To add insult to injury they don't have any proof of an actual product. All these "red flags" together do make me suspect some fraud or scam.
Even though I just claimed that it might be a fraud or a scam, I did invest in ThornCoin. The main reason why I invested wasn't just to review it, but also because of the great potential of the platform. If you take a look at the market cap, being less then 6 milion, THRN's potential multiplier is over 400 x based on a similar project (Bitconnect).
So even though I knew the risks I was still willing to try it out. ThornCoin is planning to release their staking at 1 February, their lending platform at 5th of February and their internal exchange at the 15th of February. February will be the month of judgement for ThornCoin, whether negative or positive, I can't wait to see the results!
Thank you all for reading and I would love some feedback,
Cryptoblogger
https://steemit.com/@jean-paulc
Upcoming subjects: "Tax Law and Cryptocurrency", "ArcBlock ICO", "WePower ICO", "MedicalChain ICO" and last but not least "the Survival of Bitconnect?"
https://steemit.com/thorncoin/@jean-paulc/thorncoin-website-down (ThornCoin update)