A research was conducted by a New York based company called Statis Group who found that 81% of ICOs are scams, and only about 8% of total ICOs advance to trade on the market. It was also revealed that an additional 6% of ICOs were found to have failed, which only means that they raised money but not as much as required. In these cases the investors were refunded.
The ICO of a project called Denaro was supposed to raise money to create a payment platform that would connect the various cryptocurrencies to the mainstream market. The concept was for individuals to be able to utilize crypto much more easily. The members behind this project disappeared a week before the ICO concluded. Sadly it was discovered afterwards that some of the photos of the team members were stolen. With the absence of the team the distributed tokens were worthless. The fake project was able to raise a total of $8.7 million before disappearing.
Another project; LoopX claimed to have created a unique algorithm that would transform cryptocurrency trading for the better, in the form of an application. A total of $4.5 million was raised by the team through an ICO before all details and social media links about the project and team members were deleted.
Of course ICOs have helped produce fantastic projects with very good use cases that have gone to shape the cryptocurrency for the better. But just as listed above majority of new start ups are fake and there is a need for a platform that will vet and approve projects before the ICO stage in order to create a healthy crypto environment for the investors and everybody involved. For this reason is why ICOVO is created, to revolutionize the ICOs and make it safe for investors and everybody involved.
ICOVO is the first ICO platform in the world that will ensure healthy ICOs. ICOVO is created to consider all the various entities involved in the blockchain fundraising/ICO process and ensure a healthy atmosphere particularly putting the interest of investors in the forefront. In order to achieve this, the ICOVO platform will make use of the KYC and the latest trendy AML, DAICOVO and whitepaper versioning
ICOVO platform is designed to protect ICO investors from scam and lost of fund by introducing a system that will manage the fundraising process and increase the transparency of ICO project founders as well as the projects themselves.
The platform has a unique feature known as DAICOVO, a version of DAICO technology designed to guarantee the protection of the funds of the investors. ICOVO will further utilize the KYC and Anti Money Laundering protocols for proper verification of details submitted by the project teams and even the investors. The whitepaper versioning will use the IPFS and the blockchain will ensure there are no changes to the whitepaper and agreement.
ICOVO will only permit approved projects that conform to DAICO concept to raise funds through the platform. The OVO token which is the original currency of the ICOVO platform will be issued to the community members and investors. The value of the OVO token will increase as more genuine and good projects are being approved for ICOs.
As part of measures to ensure clean ICO environments, ICOVO has developed an application which can easily be installed on both the iOS and Android devices. The ICOVO app is designed with the integration of ICOVO wallet and ICOVO website in order to increase the usability of the app when people are participating in ICOs. An amazing feature of the ICOVO app is the that investors can easily request for a refund of their investment whenever they discover that the project no longer operates in line with the roadmap.
ANN Thread: https://bitcointalk.org/index.php?topic=4468796.0
My Bitcointalk Detail
Eth Address: 0x0Df415736Be40485c5016F21eEb373fB326A7847