Disclaimer: We will introduce you to a new product feature from SpringRole at the end of this article. The process is totally transparent and simple. Don’t take our word — verify for yourself.
It is common for ICOs to receive a lot of press nowadays. While every ICO presents itself in best possible way, one of the main points of focus in any ICO pitch that explains why you should invest, is around their ‘advisors’.
There are advisors, and then there are fake advisors.
Yes! It’s a fact — a lot of fake advisors are listed all over new and upcoming ICOs. Have you ever wondered why this happens? It is a common practice in today’s #fakeinformation world where ICO companies use names and professional profiles of so called ‘advisors’ for their benefit. The problem exists the other way too. A lot of advisors who are just starting up use names of companies without their consent while they try to get new gigs. At the core, the problem is user-generated content which is not validated.
So, what do you normally check for in an ICO?
- The core problem the company is solving
- Blockchain technical knowledge of the team
- Website information, whitepaper and other technical documentation
- A working Beta if available
- ICO business plan
- Marketing plan
- Growth plan
- ICO investors on boarding process
- Token distribution model
- Most importantly, the authenticity and reliability of the core team and advisors associated with the company
The last point mentioned above is the normal trap we all fall into. Take this article for example. While it sounds funny, it’s very easy to fall into an ICO investment trap! It is important to make sure that beyond just listing their advisors, companies have actual, actively contributing advisors who come with knowledge and skill.
How can you check on the advisors and the team before investing?
Quite honestly, there isn’t a foolproof method in the market to do this, which is why word-of-mouth is an existing powerful way of investing. Which means, the team and advisor verification happens through professional networks of people and physically talking to the advisors or their friends to get a feedback. Isn’t that time consuming, dependent on a lot of factors and completely broken as a process? Yes! And so we decided to fix it in the only possible best way we know—using blockchain.
Neither ICOs, nor investors, should miss out on opportunities.
Rumour has it that 8 out of 10 ICOs have fake advisors listed. And 7 out of 10 ICO investors trust a project because of its advisors. Now, using SpringRole’s feature, advisors and ICOs can validate each other’s claims. When an advisor claims that he or she is an advisor for an ICO, this claim can be verified and attested by someone from the ICO. Similarly, when an ICO claims that a person is an advisor to them, the claim can be verified and attested by the advisor. Once done, the record is officially written onto the blockchain. The claimed advisor and the claimed company will receive the SpringRole verified seal of trust!
So the next time you checkout advisor pages of ICOs, look for a green tick. If you find one, be rest assured that the advisors are genuine!