Re:Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
by CryptoPunk on Thursday May 17, 2018 @07:50PM
(#17097301)
Evidently I didn't do a good job of supporting my claims, so here is a follow up with some of the examples of teams based out of countries that traditionally do not raise significant venture capital, able to get funding for high-quality projects, thanks to cryptocurrency:
OmiseGo: a Thai-based project that received $25 million worth of cryptocurrency in their token sale to develop a decentralized exchange and payment network.
They've led development on multiple scaling initiatives, including vanilla Plasma and Plasma Cash, as demonstrated by their GitHub:
Golem: a Poland-based project that received $8.6 million of cryptocurrency in their token sale to develop a decentralized market that enables people to sell their unused computing resources.
They launched on the Ethereum mainnet last month, and all of their code is released open source:
Request Network: a France-based project that received $33.6 million in cryptocurrency to develop an open payment request network and protocol. They launched their DApp on the mainnet in March, and like the others, everything is open source:
I could easily list off a dozen more, but I don't have the time to do the write up for that many. My point is, the market for raising funds through token sales has become extremely competitive. There are now over 84,000 ERC20 token contracts, and 749 tokens with enough trading volume to be listed on coinmarketcap.com.
The projects raising the most funds are all more than just a whitepaper nowadays. They all have significant substance backing them. And unlike traditional venture capital, they are globally distributed, unlocking the potential of people who as a consequence of geography, would historically have had a lot of difficulty raising the necessary capital to pursue these projects.
There's still a lot more room for improvement in terms of quality, but the trend is clearly in the direction of improving quality, if you compare the top token sales today to those that were raising millions a year or two ago.
OmiseGo: a Thai-based project that received $25 million worth of cryptocurrency in their token sale to develop a decentralized exchange and payment network.
They've led development on multiple scaling initiatives, including vanilla Plasma and Plasma Cash, as demonstrated by their GitHub:
https://github.com/omisego/
Golem: a Poland-based project that received $8.6 million of cryptocurrency in their token sale to develop a decentralized market that enables people to sell their unused computing resources.
They launched on the Ethereum mainnet last month, and all of their code is released open source:
https://github.com/golemfactory
Request Network: a France-based project that received $33.6 million in cryptocurrency to develop an open payment request network and protocol. They launched their DApp on the mainnet in March, and like the others, everything is open source:
https://github.com/RequestNetwork/
I could easily list off a dozen more, but I don't have the time to do the write up for that many. My point is, the market for raising funds through token sales has become extremely competitive. There are now over 84,000 ERC20 token contracts, and 749 tokens with enough trading volume to be listed on coinmarketcap.com.
The projects raising the most funds are all more than just a whitepaper nowadays. They all have significant substance backing them. And unlike traditional venture capital, they are globally distributed, unlocking the potential of people who as a consequence of geography, would historically have had a lot of difficulty raising the necessary capital to pursue these projects.
There's still a lot more room for improvement in terms of quality, but the trend is clearly in the direction of improving quality, if you compare the top token sales today to those that were raising millions a year or two ago.