ICOs have quickly become one of the most efficient ways for blockchain projects to raise funds. In 2018, we have continued to see a number of high-quality ICOs emerge to bring much-needed blockchain solutions to numerous industries. However, not all ICOs are legitimate. One study has shown that only around 19% of ICOs are real. For people looking to build a better foundation for the future of cryptocurrencies and blockchain technology, this isn’t a promising sign.
The reality is that many challenges still remain in order to improve the structure of ICOs for both blockchain project teams and potential investors. Unfortunately, fake ICOs remain commonplace and few regulations exist to prevent teams from posting false information regarding their projects.
This is why SpringRole recently announced the launch of a new product that aims to greatly reduce the number of ICO scams and improve the future of ICO investment.
The Problem: Fake Advisors
For investors, one of the biggest factors to consider when evaluating a specific ICO is who are the advisors on the project team. Since many investors are aware of the high number of ICO scams, this means that many investors are oftentimes skeptical of whether advisors actually belong to a team or if the team is simply adding “fake advisors” or team members in order to bolster the project’s public image and attract investment.
In many cases, projects that have fake advisors are running ICO scams, which ultimately not only affect the people who invest in a scam but also the investment climate for the cryptocurrency market as a whole.
While government regulations could help reduce the fake advisor/fake ICO issue, we have yet to see frameworks established quickly enough to meet the ICO investment market’s demand for advisor verification.
SpringRole’s Innovative Solution
SpringRole is a blockchain project that has recently released an innovative solution to advisor verification for ICO teams and advisors. Using SpringRole, project teams will be able to verify that advisors are truly members of their project teams. Similarly, when a company claims that a person is an advisor to them, the claim can be verified and attested by the advisor. In addition, advisors will have the ability to create profiles that can include verification for endorsements, referrals, work experience, employer history, and more.
For investors, this solution mitigates the risk of accidentally investing in an ICO scam while also reducing the amount of time it has traditionally taken to research the background and experience of each individual advisor. For blockchain project teams looking to launch an ICO, SpringRole’s solution can help add greater transparency, potentially making the project more appealing to possible investors.
More About SpringRole
As mentioned above, SpringRole has created a product that will help reshape the landscape for ICOs by giving high-quality projects a better chance to highlight the strength of their advisor teams.
SpringRole is also working to use blockchain to improve verification and attestation across a wide range of industries. CVs, employee recommendations, company reviews, college degrees, skill tests, and much more can be verified by SpringRole’s blockchain.
In summary, SpringRole is committed to utilizing blockchain to help companies save time in recruiting and hiring talent based on verifiable merit-based skills. By creating a better verification and attestation platform, SpringRole is making it much easier for the best employees and companies in the world to shine and demonstrate their capabilities.