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Bitdepositary, a funding community for initial coin offering projects, is making it easier for investors to verify the authenticity of upcoming blockchain projects. Founded this year by Bitdepositary Ltd, Bitdepositary aims to eliminate scams and token theft and protect the ICO investments of its users.

Essentially, forthcoming ICOs will be able to present their product in front of a panel of industry experts, as well as tax and legal specialists, who will assess whether the project is genuine. The expert panel will also consider how likely the ICO is to succeed. If the project passes the review process, a community vote then determines whether the project receives funding.

Bitdepositary Addresses One of the Biggest Problems in the ICO Industry

Despite the incredible popularity of initial coin offerings as a form of funding, only 10% present of ICO projects are actually successful. The rest are either scams or simply fail to deliver on investor’s expectations. This is major problem that could end up compromising the whole ICO process one day.

Experienced investors often have tools that help them identify scams, most people who have the desire to back blockchain products do not. They typically have no way of determining whether an ICO is authentic or not. That’s where Bitdepositary comes in. Bitdepositary provides prospective ICOs with feedback from blockchain experts, tax consultants, and legal advisors. These professionals are trained to spot red flags and can identify when an ICO is actually a scam. They also have the knowledge required to assess the feasibility and potential for success that a blockchain project has.

While scams are a major problem, risk, in general, is a concern. Even genuine ICOs can be risky. The key is to assess the project to see how feasible it is. A lot of ICO are from startup companies who have no reputation in the business company. Some of these startups do not have the experience, expertise, and resources needed to deliver on their promises. Some do. But it can be very difficult to figure out what is what? No one wants to throw money at a project that has zero potential, but that is exactly what a lot of investors end up doing.

Details about the ICO

The price of one token is $00.10 (USD). The ICO has a soft cap of $1,000,000.00 and a hard cap of $50,000,000.00. The ICO open-sale starting with a 30% BDT bonus is underway and will go through September 19th. The token sale with a 20% BDT bonus will run from the 19th until October 3rd. The ICO with a 15% BDT bonus will run from the 3rd until October 17th. The ICO with a 10% BDT bonus will go through October 31st. The ICO with a 5% bonus will run through the November 14th.

A final issue that new investors often face is missed opportunity. Because scams are so prevalent, many would-be investors decide not to invest in a project because they worry it’s going to fail, only the project ends up being a massive success. Bitdepositary gives the community tools to help them make better investment decisions. Bitdepositary lets users follow other users. Thus, amateur investors can follow more experienced investors and learn from them. Bitdepositary notifies the user when someone they follow makes a new investment. Many amateur investors end up missing out on huge opportunities because they don’t have the right tools to analyze ICOs and predict their outcome. This feature of Bitdepositary acts as a safety net so that new investors can learn as they go without facing as much risk as they would without the net.

How Does It Work?

When a user has a potential ICO that they want funding for, they have the opportunity to present their project on the Bitdepositary platform before a panel of project managers and blockchain experts. The panel reviews the project and decided whether or not the project can be trusted. If they believe that the project is genuine and has the potential for success, they give the project a stamp of approval. The project is then sent to tax consultant and legal advisors who also review the project and provide feedback. If the project also receives the approval of the advisors, the project is voted on by the whole Bitdepositary community.

The voting systems work as such: Bitdepositary holds 10% of the voting points, the lawyers hold 5% of the voting points, and the tax consultants hold 10% of the voting points. The rest of the voting points go to users and community users. Community users might have as many as 10 points, but this will depend on how much experience they have. Bitdepositary gives more voting power to experienced users as a way to keep the voting process more accurate. Less experienced users do not have the same ability to judge the potential of the ICO projects and, therefore, cannot have too much voting power.

A successful vote is one that receives 55% or more of the total votes. An unsuccessful vote is one that receives less than 55% of the total votes. If a project receives a positive vote, the project receives community funding, but if it fails to attain enough votes, it doesn’t. Instead, the money is refunded.

Final Thoughts

Bitdepositary solves one of the most troubling issues in the cryptocurrency world. The high number of scams has done a lot of harm to the reputation of ICOs. It is unfortunate because initial coin offerings are actually a very useful way to fund startup projects. By making it easier to weed out scams, Bitdepositary has a chance to make a real difference in the way ICOs operate. Investors need a way of knowing if the ICOs they decide to back actually have a shot at succeeding. Bitdepositary hopes to clean up the ICO industry so it can continue to flourish.

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