Slowly but steadily, blockchain technology is witnessing attraction from the Indian community. The blockchain event organized by Incrypt, Bengaluru on Saturday is a testament to that.
Braving the Bengaluru heat, around 150 people gathered to discuss the future of blockchain technology in India. The audience included people from cryptocurrency exchanges, venture capitalists, traders, developers, among others.
Most of the topics that were discussed at the venue have already been covered in our earlier post that went live yesterday. Today we’ll cover the remaining topic which was ICOs, Signals and Red Flags to look out for.
Nitin Sharma, a venture capitalist and one of the organizers took to the dais gave a brief introduction and said there are certain points a potential investor can keep in mind while looking to invest in Initial Coin Offerings (ICO). The listed points are below:
- You need to verify the use case and the utility of the token that is being offered
- The end user (customer) should be able to use the token
- Check if the company exists, verify the team behind it. Does the team have expertise in the industry? (The founding team, excluding advisors) and do they have developers? If the developers have sufficient experience to execute the project
- Look at the GitHub commits, check out LinkedIn profiles and confirm the core members are full time in the idea. When did they join the ICO?
- Did the team actually go through with the roadmap?
- How well is the community managed? Serious buyers and interest shown in the project?
- Hard cap should be defined in the smart contract and should not be editable. Founder tokens should be locked for a period.
The successful session ended with some networking where participants and organizers spent time discussing blockchain, informally.
Along the sidelines, of the event, Sumukh Shetty, co-founder of an all-ethereum exchange EZether told CryptoNews that their exchange was in the process of shutting down.
He said, “We started in August 2017 as a centralized exchange and gradually moved to being a decentralized exchange. However, at the moment we are in the process of selling our exchange to a buyer.”