ICO-(initial coin offering)
ICO is similar to how a start-up company would raise money in the real world; The difference is that these people are raising money through Ether and Bitcoin via smart contract. ICO is a fundraising mechanism in which new projects sell their Cryptocurrency token in exchange for bitcoin or Ether. Investors use Bitcoin or Ether to invest in an ICO. In return, an equivalent value of token will be given back to the investor at a later point in time. If the money raised does not meet the minimum funds required, the money returns and the ICO assumed to be unsuccessful. On the other hand, when the fund's requirements achieved within the said timeframe, The raised money will be used to start the project.
A crypto airdrop is a marketing strategy by BLOCKCHAIN projects that give free tokens or COINS to the crypto community to promote their upcoming project or product in the world of CRYPTOCURRENCIES.
A white paper is a portfolio of a company where they put all their thoughts and opinions in an informational document. This file usually contains the blueprint of the concept and its cooperation with the consumers. It is a marketing strategy to inform the public of the project they want to accomplish before it gets out to the market. It is also a way for investors if they're going to get involved or not.
Sometimes, A white paper could be hundreds of pages or even just a few. There is only some necessary information that is very important to find out and here are some tips:
The first thing to check is,
1. What is the concern?- Should describe a practical matter that is happening currently or that might occur in the future.
2. What is the solution?- They should have an excellent explanation of how their product will solve the problem.
3. How do people apply their tokens?- They must discuss how their tokens would help their products in all kinds of issues.
4. Who are the people behind the company?- Should have an introduction for top members of their team and people could check on their profiles transparently.
5. How is the company's roadmap?- They must have a definite plan with a timetable for their tokens distribution.
Now that we have an idea on how to check if an ICO is legit, I would also like to help you familiarized with CRYPTOCURRENCY TERMINOLOGIES.
Follow me on my next article to learn more about CRYPTOCURRENCY TERMINOLOGIES.
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