Current happenings in the Cryptocurrency Market.
The number of new ICOs has widen by more than 2 folds to USD13.7 billion as of May 2018 from year end 2017. As great as it seems, here’s a scary truth about the cryptocurrency market that you ought to know.
A report by Statis Group Advisory revealed that over 80% of ICOs conducted in 2017 were identified as scams. The remaining 4% is filed as failed projects while the other 3% was considered as “dead”, with no sign of being listed on exchange for trading. On top of that, hackers has robbed a whopping USD1.10 billion worth of digital cryptocurrency from over 12,000 marketplace within the first six months of 2018.
Sad but true.
Recognising that with over 1,000 cryptocurrency projects validated as dead as of 30th June 2018 and the community is constantly firefighting with large-scale cryptocurrency theft, it becomes increasingly crucial for an in-depth scrutiny of all ICOs project before an investment is made. The question is, how?
Bitdepositary as the First ICO Community-based Validation Platform.
Founded in 2018, Bitdepositary was created with the aim to eradicate ICO scams and token theft by providing ultra-secure and real time ICO market validation. Bitdepositary is the world’s first ultra-secure Q-ratio marketplace for ICO crowdfunding community, built on Blockchain and Salesforce technologies. Each token sale of ICOs listed on its platform has to go through an unique verification process, in which we will introduce further at the later section of this article. On top of that, the Bitdepositary network is hosted on extremely secure German-based servers and as an additional security measure, all transactions are made with user accounts’ e-wallets. That means, greater transparency between user and investors
Designed to advocate for a faster and safe cryptocurrency investment, Bitdepositary acts as a facilitator between the investors and ICO project team in two ways:
1) Bitdepositary Community-based Validation Platform.
The platform is primarily managed by a panel of cryptocurrency experts comprising of the BitTeam project team and professionals from the field of Legal and Tax. The team makes a thorough evaluation and validation of new ICOs to derive concrete findings highlighting on projects’ viability, presence of scam elements and authenticity with a clear end goal in mind: To identify high quality ICOs from the mass.
All prospective ICOs go through a stringent voting and verification system from the panel starting with the Bitdepositary team (10%), lawyers (5%), tax consultants (5%), community users (up to 10 points) and with the final call at the ultimate user’s end depending on their experience level, ROI and reputation (up to 100 points). Based on the final outcome of the voting, the money will wither be invested or refunded. One rule worth noting is that in order for an investment decision to proceed, the ICOs needs to meet the minimum soft cap. So long that the project doesn’t reach that cap, the vote outcome would be considered as negative. Generally, a project must achieve at least 55% of the overall positive vote, to be considered as successful.
The platform reverses the role of the user community, from being the conductor of tedious and painful background check and technical analysis, to being the beneficiary of world class information. Bitdepositary works by simplifying the entire process for pre-investment. Whereas, the ICO team benefits by getting direct access to a large pool of serious investors which translates into savings in marketing expenditure and contributes to successful fundraising within stipulated period.
2) Multi-wallet Payment System and Bitdepositary App.
Bitdepositary integrates a multi e-wallet payment system partnership with reputable crypto exchange to deliver a seamless, highly secured and fast payment experience to users. The Bitdepositary App provides users with great flexibility in making transactions between retail banks and cryptocurrency exchange as well as facilitate the trading of various tokens such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash and Zcash, just to name a few, from one exchange to another. And yes, Paypal too. Ultimately, the Bitdepositary App acts as an all-in-one medium for user community to invest in high quality projects.
The Bitdepositary Token (BDT).
The BDT is essentially Bitdepositary’s ERC20 token, targeting to be listed on Bitdepositary exchange and other major exchanges such as Binance, Bitfinex, OKEx and HitBTC. To make pre-investments on ICOs launched on the Bitdepositary platform, users will need to be part of the Bitdepositary community, by obtaining the BDT token.
Through the Bitdepositary platform, the BDT token also serves as a ticket to enjoy double reward for early investors, by enabling them to obtain an additional 25% tokens of the respective ICOs pre-investments. Once the listed projects are launched, users may increase investment in these projects using external tokens. Interestingly, Bitdepositary also has a credit card function which allows user to leverage on credit system to grasp opportunities and improve ROI.
Bitdepositary ICO Token Launch in 2018.
The following is all you need to know about Bitdepository ICO launch:
Bitdepositoty’s ICO Private Pre-Sale period ran for 2 weeks, beginning from 1st August to the 15th August. The ICO’s Open Pre-Sale started on the 15th August and ended on the 29th August.
The ICO’s First Open Sale was held on the 29th August up to the 19th September, at a 30% BDT Bonus. The Second Open Sale followed right after until the 3rd October with a 20% BDT Bonus, while the Third Open Sale gave a 15% BDT Bonus from 3rd to 17th October. The Fourth Open Sale with 10% BDT Bonus ran through 31st October and the Fifth Open Sale at 5% BDT Bonus will stretch until 14th November.
BDT’s softcap and hardcap is at USD1 million and USD 50 million respectively. All Unsold Tokens would be cancelled.
One unit of BDT is priced at USD0.10. Private Pre-Sale Bonus Open Pre-Sale Bonus is at 50% respectively. The softcap and hardcap of BDT is at 1 billion and 750 million units respectively.
Bitdepository’s Prospect in 2019 and the Near Future.
Bitdepository has a rather solid concept and its’ application would combat the current issue of security breach and scams in the marketplace, through the incorporation of an all-rounded team of experts filtration system, intelligent verification process followed by clear transparency in procedures.
On top of that, let’s not forget there’s a presence of highly balanced voting distribution power among the Bitdepositary community which enhanced the integrity of the entire review process.
When it comes to alt currencies and blockchain applications, most commentators are wary of the the variation in actual result than initial ideation. However, the incorporation of credit card service is a great touch being that the platform incorporates a real-world application would be more receptive to the community at large.
In summary, we forecast that Bitdepositary would gain strong support from the community, primarily due to its core functionality in verifying the trustworthiness of upcoming ICO projects lead by a strong network of community.