Frequently Asked Questions:
The acronym “ICO” stands for “Initial Coin Offering”, which is a play-on-words in relation to the term “Initial Public Offering”. ICO’s are a mechanism for cryptocurrency and blockchain-centric start-ups to provide others access to their tokens, and to exchange their project’s token for traditional cryptocurrencies such as Bitcoin and Ethereum.
The first known ICO was held by Mastercoin in July 2013, however the most significant early ICO was that of Ethereum who raised roughly $2.3million over a 12-hour period. Through 2016 and 2017, there has been a dramatic increase in the adoption of this mechanism by crypto start-ups, as well as in the levels of acceptance and adoption by users.
- Right, so what’s different about a token sale then.
“Token sale” is simply a synonym to Initial Coin Offerings, and can be used interchangeably.
- Does your ICO list provide any tools to get a better understanding of each project?
We collect a range of data about upcoming ICO’s, about their background, and about the structure of their token sale. We are currently in the process of expanding our platform and are in production of a number of tools to provide further insight for users and investors.
We intend on expanding icoSource.io to become the Swiss-army knife of Initial Coin Offering research and engagement, and invite you to sign up to our weekly newsletter to receive early notification of the new technical developments within our site.
- I’m from country x, which countries can I buy tokens from?
Decentralization is one of the core principles of Blockchain technology, with almost all cryptocurrencies being built using Blockchain, and only being viable through the creation of this revolutionary computational system.
Whereas traditional value-trade paradigms such as the banking sector or shares and other financial instruments are structured around central entities, cryptocurrency is a peer-to-peer system that allows users almost anywhere in the globe to trade between each other.
This provides a system which doesn’t restrict you from accessing opportunities globally, and it is as easy for you to buy tokens from a project in your home country as it is from a project on the other side of the world.
- I’m interested in investing, but what do I need to do before I can buy tokens?
You’ll need to plan to have the amount of cryptocurrency you’re spending ready to purchase with, as well as somewhere to put the tokens you receive after the ICO is complete. Both of these steps require the use of cryptocurrency wallets, and depending on which coins you can pay with and the type of token that you’ll receive will mean that you’ll have to set up your wallets accordingly.
We have a thorough guide on organising your cryptocurrency wallets which will explain the required proceedings further.
- OK, so what’s the entire process from beginning to end?
If you’ve never taken part in an ICO before, and you’re trying to understand what to expect and how to proceed, it can essentially be broken down into 4 steps:
- Decide how much you plan to spend on purchasing tokens from ICO’s.
- Decide which token sale(s) you would like to take part in.
Set up your wallets for sending and receiving coins/tokens.
- Follow the instructions provided by the projects you plan to take part in.
*** Please always make sure to confirm that you’re following the instructions given by the project itself, and not others imitating them. The easiest way to do this is to only ever follow instructions that are provided on the official website of an ICO. Slack chat rooms, Telegram pages and areas of social media are typical places to find scammers imitating legitimate projects, and providing incorrect payment wallets. ***
- Which ICO does icoSource think we should buy tokens from?
While there are projects that we feel particularly strongly about, our service facilitates the listing of ICO’s only, without any explicit or implicit recommendation from us about whether or how you should engage with our listings.
While we do not endorse projects, their concepts, teams or viability, we do go to extra lengths when assessing applications to list with us, using a system that we have named “Minimal-Viable-Offerings”. After considering much past data and industry advice from specialists within the crypto-sphere, we have implemented checks that identify projects that have substandard structures and that we do not feel belong in our listings.
- Hi, I’m from an ICO, how can we list on icoSource.io?
Great! We’re interested in discussing listing your token, and would ask that you use our Contact Us page to initiate the listing process.
- Hi, I’m from an ICO, we don’t have any social media, no whitepaper, our logo looks like it was drawn with crayons, and we have pre-mined 85% of our tokens, how can we list on icoSource.io?
Not Great! We’re not interested in discussing listing your token, and would kindly ask that don’t clog up our already busy inbox with your project.
- What is the best way to get in touch with the people that run icoSource.io?
For enquiries relating to listings, questions about our service or our site, media enquiries and business proposals, please submit your information using our Contact Us page. We will endeavour to get back to you within the same business day.