OneCoin ICO is a scam
Wings: How investors protect themselves against fraud in ICOs
In the last few weeks, the topic found its way out of the crypto scene and into the public. In the almost unregulated market for digital currencies, many blockchain startups rely on ICOs. ICO stands for Initial Coin Offering and gives companies the opportunity to bring their own token onto the market and thus collect money for their project. We have described the approach here using kik as an example. Investors buy these tokens and thus support the growth of the project. The beauty and the problems lie in the methodology of the ICOs: very often there is only one landing page, a video or a white paper from the startups, which only briefly outlines the company's goals and approach. A product is often still in the distant future. Whether it is Dentacoin, who decentralize the dental and insurance market, or Etherisc from Munich, who want to work in the same industry.
The black sheep
But real fraud is something different than an unfulfilled or unplanned slow promise of success: With the products OneCoin, OneLife Network and OneAcademy, Onecoin has been marketing a "financial revolution" for two years, which may be a pyramid scheme. Over three million people are said to have invested so far. Tender hints: The blockchain behind the site is not publicly accessible and the banking supervisory authority has banned the payment provider behind OneCoin transactions in Germany. The actual business model seems to be training courses that the founder and “Crypto Queen” Ruja Ignatova offers at steep prices. Swisscoin, a direct competitor of OneCoin, is also under the same suspicion. No public source code, no transparency, control - these approaches are basically diametrically opposed to the values of the crypto scene.
Wings wants to 'predict' fraud via the community
A bird-free market, hardly any government access and the chance to take in millions in a short time with a mere concept. Such conditions naturally attract many fraudsters. It has also happened that C-level executives disappeared with part of the collected sums. Wings, a foundation based in the canton of Zug in Switzerland, is working on a platform that is similar to Kickstarter. Wings wants to institutionalize the ICOs to a certain extent and expose attempted fraud before they happen.
Swarm intelligence is supposed to expose fraudsters
The main concern is to weed out the black sheep through the swarm intelligence of the community. Wings was founded by the Russian developer Boris Povod. Wings uses specially made forecasting models and enables its own community to participate in successful ICOs with correct forecasts. DAO, i.e. decentralized autonomous organizations, have been the measure of all blockchain startups especially since 2016. DAOs, which enable processes on the basis of smart contracts and thus make decisions faster, are almost exclusively developed on the basis of the Ethereum blockchain. DAOs make it possible to bypass a central point. A DAO can be imagined as if there were an organization that existed exclusively on the Internet, such as intelligent voting systems.
Decentralized, autonomous organization
The community assesses the quality of the startup and discusses investment opportunities. The system has proven itself: Wings recently accompanied the Bancor ICO. The community was largely correct and was able to give a clear forecast for the ICO. These DAOs, i.e. decentralized autonomous organizations, have been on the rise since 2016. DAOs that enable you to make decisions faster on the basis of smart contracts. DAOs are almost exclusively developed on the basis of the Ethereum blockchain. DAOs do not need a fixed point of contact, the system is completely decentralized. A DAO can be thought of as if there were an organization that lived exclusively on the Internet. A concise example of DAOs are intelligent voting processes.
Start in summer 2017
Depending on the accuracy of the DAO forecasts, members are rewarded with tokens at startups. Often the value of the token depends on how quickly the startups reach the set milestones. Here, too, people from the community are encouraged to check to what extent the startup has successfully reached the milestone or not. Wings plans to launch the full version in the coming weeks.
Levi Ilkanaev is a Trader & ICO Expert. He helps startups to achieve successful ICOs and is an influencer from the Austrian crypto scene.
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