What is ICO? 379

If you are not an investor, your friends will tell you something about this thing. If you are not interested in economy updates — you`ll be followed by an internet advertisements. If not — you’ll definitely hear strangers discussing this on the street. Anyway there is a little chance that you`ve never heard about the thing called ICO. However, what stands behind this acronym and how can it attract interest you? The Coin Shark will tell you what’s what.  

Belgian, Dutch and English businessmen traded stocks on the exchanges already in the 16th century. Today we have a complex stock market system and its total capitalization reaches as much as $65.6 trillion that is 18 times bigger than 2017 US budget total revenue. However, are stock market mechanisms really that reasonable for modern economy actors as the economy is shifting to the digital space deeper and deeper? Strict regulations of stock issue and trade, stock company establishment, stock exchanges operation — is this a vital playing field or just artificial barriers to make world economy even a more complicated thing? Anyway, if the internet digital space does not depend on borders and jurisdictions that much, why don’t we use the opportunities it provides and attract investments to make our idea come true? The possible answer to these and also many other questions appeared to be ICO (initial coin offering) — a sale of digital “shares” free of state regulations. Any company or an individual can issue these coins, usually based on blockchain—platforms, such as Ethereum.

ICO is a brand—new investment tool. It has a lot in common with initial public stock offering (IPO) because in both cases an issuer wants to collect investments by a public sale of project—related rights to implement the project. Usually it is a right to get dividends, that is ensured by a stock on an account or in the pocket (IPO) and by a token on a digital wallet (ICO). A token is an internal currency of the project. Investor can purchase it for fiat money (US dollars, euros, russian rubles, yuan, etc.) or for cryptocurrency. The token can be both a kind of “stock” and a form of “money”. Depending on a project, token holders can use them to pay for services and goods, to get dividends or trade tokens on cryptocurrency exchanges.

ICO—campaign usually includes several stages. The first one is a so—called pre—ICO when a limited number of tokens is sold at a reduced price. Then the main stages come. There can be several main stages held within days, weeks or even months one after another.

The first ICO ever was a cryptocurrency project Mastercoin that collected $5 million in 2013. Today there are thousands of ICO projects offering to invest in the creation of payment platforms, blockchain—banks, cloud services, transport systems, artworks monetization platforms and many other things.Unfortunately, though blockchain technology is rather reliable, ICOs happen to be scum quite often. This investment method is very attractive but indeed has its risks. While some gain millions out of ICO and implement promising projects, others accuse this investment tool of being too unreliable, risky and of having uncertain legal status. One thing is obvious — the world is observing the development of cryptocurrency market (that also includes ICO). Probably Mastercoin made as important step in 2013 as The Dutch East India Company made in the 16th century when it issued first tradable stocks on Amsterdam stock exchange. Will the ICO and cryptocurrency market be a basis of new, truly free economy, or will it take its place in history as the greatest “bubble” ever —  the time will show. What’s left is to make a decision whether to risk or not.

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Blockchain Transactions: How Do They Work and How to Track Them? 162

blockchain transactions

Satoshi Nakamoto, the creator of Bitcoin, published an article “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008 and introduced a fundamentally new way of exchanging money. From that moment on, the need for a third party, like a bank or other financial institution, simply disappeared. In fact, this has become a new financial revolution.

Today we will talk how blockchain transactions are conducted from a technical point of view, how reliable they are, what features they have and how they can be tracked.

Contents:
(please, click the topic to scroll down to it)

  1. How does blockchain work in general?
  2. How are transactions organized?
  3. What features do blockchain transactions have?
  4. How to test a blockchain transaction?
  5. The reasons why transactions can freeze
  6. Conclusion

1. How does blockchain work in general?

We should start with the fact that Bitcoin is the first ever completely digital currency. Unlike electronic money, it does not exist even as a digital file. It is a huge stream of data about all the transactions that have ever been conducted. Blockchain is presented in the form of a giant accounting book, which is available to all network participants.

Each transaction is not stored separately, the information is placed in the blocks. Different networks have different block sizes, for example, until recently one block in the network of Bitcoin “weighed” 1 MB. But the BitMEX report says that after the introduction of the new SegWit protocol, the average size of one block has increased to 1.06 MB, and some have reached 2 MB.

In order to obtain a new block, there are different mechanisms for consensus. The most widespread ones are:

  • PoW (proof of work). Here, the miners need to solve a complex cryptographic equation. After that, a new block is added, for which the system rewards the finder with a certain number of coins.
  • PoS (proof of stake). This mechanism involves adding a new block to a user who has a certain number of coins. The more coins a user has, the more likely he/she will generate a new block.

Each subsequent block stores information about the previous one. Another important feature of blockchain is its decentralization, since information is simultaneously stored by all participants of the system (miners, master nodes). Thus, after the block is added to blockchain, it can not be changed or deleted.

2. How are blockchain transactions organized?

As it was mentioned above, transactions that are carried out in the network of blockchain do not require the participation of a third party. Let’s see how this happens in practice.

Let’s say you want to transfer 0.5 BTC to another person. Before the system recalculates the wallets’ balances (not transfer, namely, the recalculation), this transaction will fall into the so-called Memory Pool – the operational memory of all the miners connected to the network. After this, the blockchain transaction must be confirmed by at least 6 different miners. They (miners) should check the correctness of the transaction:

  • the amount of commission for each byte of information;
  • the physical possibility of adding a transaction to an existing block (if there is too little space left in the block, the transaction is transferred to the next one that still needs to be found).

After these actions, the data on the operation are permanently entered in the blockchain, and the coins are credited to the wallet of the recipient.

3. What features do blockchain transactions have?

Based on the abovementioned information, it is worth highlighting a number of features that are typical for blockchain transactions:

  • Irreversibility. Since the blockchain system is a decentralized system, it is not possible to affect the data that has already been entered in the register. Therefore, it is impossible to mark the already completed operation.
  • Lack of regulation. Due to the absence of the center from which the system is managed, it is impossible to completely prohibit and shut down cryptocurrencies. To do this, you must destroy all the computers of miners.
  • Anonymity. Each blockchain has its own level of anonymity, but in any case, even in pseudonymous anonymous networks, such as Bitcoin, for example, the names and surnames of users are never used for transactions.
  • Reliability. The network algorithm fixes the balance of all the wallets at the same time, but only a user who has a private key can make a transaction from a particular wallet. Subject to observance of elementary security rules, it is not possible to crack the wallet. You can lose your coins only because of your own fault. For example, if you send them to the wrong wallet, infect your computer or smartphone with a virus or somehow let scammers get private keys.

4. How to test a blockchain transaction?

Transactions in the Bitcoin network can be tracked on the site www.blockchain.info. In order to see information about a particular transaction, you need to go to this site and enter a unique transaction hash in the search bar. Then the system displays the actual information.

In this service you can also see information about a particular wallet:

  • transactions in the history (by dates);
  • the total number of coins that passed through the wallet;
  • the list of all addresses which there have ever been interactions with (incoming or outgoing operations);
  • current balance.

5. The reasons why transactions can freeze

The main problem of Bitcoin and many other coins is the speed of blockchain transactions. As for  BTC, this indicator reaches a mark of 7 operations per second. Previously, when the total number of users was small, this was enough. But now, with the growing popularity of the industry, the “line” for the transaction can turn into tens and even hundreds of thousands of unconfirmed operations. You can view the current list, which is updated in real time, on this service.

Some transactions may even freeze in the Memory Pool for a long period of time (up to 72 hours). What factors affect the speed of transaction confirmation?

  • Total pool load.
  • A very small commission. Miners confirm transactions with a larger commission in the first place.
  • The transaction weight is too big, and it simply does not fit into the almost completely filled block. In this case, it will be automatically transferred to the next one.

6. Conclusion

Cryptocurrencies have made a real revolution in the financial sector, on a scale that we still can not comprehend. The number of blockchain transactions is growing every year. In order for everyone to be able to use Bitcoin at the same time (like Visa, for example), it is necessary to solve the problem with bandwidth.

Blockchain transactions have both their advantages: the absence of intermediaries, small commissions, anonymity, security, and their shortcomings: irreversibility, low throughput.

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AgroTechFarm – the Global Eco Blockchain System 1159

agro tech

AgroTechFarm is the revolutionary fully automated intelligent appliance powered by blockchain and patented technology for the industrial cultivation of popular and unique species of various types of greens, vegetables and fruit all year round and regardless of climate conditions.

One of the most important objectives of this project is to supply the world with 100% healthy food through the use of the latest technology.

What are the main benefits?

  • 100% Natural food
  • No chemicals and other impurities
  • Patented technology & blockchain
  • 99% predictable harvest volume
  • Stable plan for your business
  • Availability of your favorite food anywhere and at anytime
  • Easily accessible i-App  
  • Ready-to-use analysis and digitization of the growth conditions of any species from the list of cultivated
  • Reduction of the environmental harm

How is ATF going to do it?

The ATF technology combines hydroponics (water), aeroponics (wind), heating and controlled light (sun) to imitate the perfect climatic conditions for the growth of plants. There are only two resources required to have fresh, organic food all year round: water and electricity. By leveraging the combination of technologies, ATF achieves a 30% quicker growth without the use of chemicals or other unhealthy practices.

The process is fully automated: you simply add seeds (like filling coffee beans in a coffee machine), nutrient solutions (similarly to adding laundry liquid in a washing machine) and get the crops in when the time comes.

Who can use it?  

Anyone. The solutions that this project offers are suitable for private, commercial and industrial use. Depending on your preferences and needs, you can install them at home if it’s for personal use or open farms and grow your natural and healthy food all year round.

What’s the deal with Blockchain?

With an introduction of blockchain, ATF will be able to keep the record of all conditions of each plant such as: origin, whether some growing procedures were different in comparison with the recommended ones etc.

Imagine a situation where some farmer decides to deceive his customers and manipulate with the growing process by adding pesticides. With a blockchain technology, all procedures will be recorded in a safe place whereby any change will be visible to everyone.

How can I join the project?

Currently ATF is holding a Private Sale. One of the features the project can offer to its investors is a 20% bonus with a purchase of Tokens. Apart from Tokens, there is a high interest from private investors. In particular, ATF is already working with accredited investors from USA and Asia.

In every scenario, ATF welcomes everyone to contact them and ask any specific question in detail regarding the participation in the projects and conditions. The team will be more than glad to explain everything thoroughly and guide personally through every step in order to start living a healthy life.

Find your true organic innovation together with AgroTechFarm
Visit the web at: www.agrotechfarm.io 

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article

The Project Joys: A Cup of Coffee For Crypto 902

project joys

The digital economy breaks the habitual models of the branch markets and increases the competitiveness of their participants. Digitalization determines the growth prospects of companies, industries and national economies in general.

The digital economy is now facing a big challenge: whether the blockchain technology and cryptocurrencies will be integrated into the real economy. Digital currencies do not yet fulfill all the functions of money, and the owners of cryptocurrencies remain limited in the possibility of their exchange for goods and services. Despite the popularity of digital currencies, they can not be used as payment everywhere. It is also not easy to convert the funds into fiat: it is inconvenient, long and expensive to use exchanges. The Joys Digital payment service will allow customers to quickly and easily buy goods and services using cryptocurrencies and tokens of blockchain projects.

Despite the legal uncertainty, there are prospects for acquiring cryptocurrencies in most countries. So says the CEO and co-founder of Joys Digital Andrei Mikhailishin:

The seller and the buyer need to be provided with a legal, convenient and reliable way to exchange crypto into fiat when buying goods or services. Thus, the state should receive taxes for such operation.

To do this, the client just needs to transfer the required amount of BTC or other cryptocurrency to the virtual wallet JOYS Wallet, after which Joys converts it into fiat at the time of purchase. At the same time, cash accounting is conducted in the national currency.

I bought a cup of coffee for tokens for the first time in my life. The apps and the wallet with coins are developed on the blockchain, in this case this turned out to be a Joys Digital creation, “- says Evgenia Ovchinnikova, the Director of Innovation of Raiffeisenbank.

Joys Digital has already launched the first test platform in the Center for Digital Transformation in Moscow, where the purchase takes place in the internal currency of the Center.

Large banks – Sberbank, VTB and others – understand the whole story, and the sooner they start using the service for accepting cryptocurrency, the faster they will receive their customers coming from one and a half million crypto holders in Russia. So what is the future of banks and payment systems?

Opinions vary, but most analysts agree that in the future cash and plastic cards will become extinct. They will be replaced by electronic means of payment, which we can use to pay for any goods and services. Banks have already seen competition from financial companies and mobile operators. If mutual lending joins fintech, then more than half of the banks will simply be destroyed in ten years. The bank office will move to a mobile phone, through which it will be possible to pay for the whole set of services. Most likely, cards as a means of payment will disappear, and remote identification will allow you to receive loans and carry out other types of transactions. The main advantages of cryptocurrency over fiat cards:

  • availability at any time,
  • openness of code (transparency);
  • high reliability;
  • consensus on operations;
  • independence, low transaction costs, etc.

Owners of cryptocurrency can already make different financial transactions in any cryptocurrency anywhere in the world. With time and competent state regulation, the use of cryptocurrency will become normal and will be widely applied. The American banker and author of the book “Bank 3.0” Brett King states that our generation is the last one using plastic cards. The future is the time without the usual paper money. “Future money is a digital record in a certain information system or systems, the value of which will be determined by technology, their scope and user confidence in such systems,” says the creator of Joys Andrei Mikhailishin. And, finally, banks that do not implement financial technologies similar to Joys will soon leave the financial market or lose a large part of it.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article

GSC Aviation Comes Up With a Revolutionary Solution for Aviation Supply Chains 1662

gsc project

What is GSC Aviation?

GSC Aviation (stands for Genesis Supply Chain) is a platform developed in France, the main goal of which is to upgrade the system of supply chains in the sphere of aviation and later on car and railroad industries. Aviation supply chain management is currently in quite a poor state: it’s slow, pricey, unprotected and susceptible to mistakes. Most of these issues are caused by the fact that major processes are handled manually, and people, unlike machines, make mistakes. That being said, the slightest mistake in a sphere such as aviation can cost not only financial losses but also people’s lives. The industry is in desperate need of an upgrade and a transition to innovative technologies – this is what GSC Aviation was created for.

Unique features of GSC Aviation

  • Shipping as well as other activities are all going to be automated and decentralized. Benefits: supply chains will speed up, the possibility of accidental mistakes will reduce..
  • All the databases will be kept on blockchain. Benefits: quick access to all files, traceability, transparency.
  • The blockchain technology makes it possible to find out about any suspicious activities throughout the chain. Benefits: high level of security.
  • No third parties involved. Benefits: reduced costs and increased speed of transactions.
  • Creative and passionate teams of developers. Benefits: big potential of the project.
  • Adaptivity. Benefits: buyers, suppliers, any people involved in the aeronautics industry can use the platform.

ICO details

The project currency is called the GSCP token. It is backed by KYC/AML/KYB protocols for even more protection. The private sale is being conducted right now and will last till the 1st of September, exactly when the pre-sale is going to launch. The main token sale is scheduled for the 24th of September. It will last for 5 months. The project has a soft cap of $4 million and a hard cap of $24.9 million. The starting price of a token will be $0.04. The minimum purchase amount is €100.

If you want to take part in any of the ICO stages for this amazing project. Or you want to keep project or you want to keep up with its further development, please, visit the official website.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

Algorithm of Action for Victims of Scam ICO 1236

scam ico

The market for initial placement of coins is saturated with fraudulent projects, which initially promise to “change the world”, but after receiving funding, they stop being in touch. There are, of course, those which simply are not able to fulfill their obligations, and the product for which the investors’ money was spent is not necessary for anyone. Some particularly brazen scammers removing their site, leave on it not quite censorship messages, as it was with the Lithuanian startup, which wanted to “bring the blockchain” into the vegetable and fruit industry.

In this article, we’ll talk about what you need to do in order to get your money back if you have already invested it in a fraudulent ICO.

Contents:
(please, click the topic to scroll down to it)

  1. Is it real to return your money if you’ve invested in a scam ICO?
  2. What to do in the beginning? Collect evidence
  3. Who to sue?
  4. What do you need to know about the court?
  5. Conclusion

1. Is it real to return your money if you’ve invested in a scam ICO?

As practice shows, surely, there have been similar precedents in history, but to a greater extent they concern only the United States and Canada. For example, in 2017 on the initiative of the SEC, the founders of the scam project Munchen returned 15 million dollars to their depositors. Another example, the organizer of the cryptostart PlexCoin Dominic Lacroix was arrested, sentenced to 8 weeks of imprisonment, and fined personally for 10 thousand, and his company for 100 thousand dollars.

The Securities Commission is actively working in this field, but, unfortunately, outside of North America it is not yet particularly developed. For example, in the CIS countries no ICO scammers have been caught yet. But, despite this, there is still a chance to get your money back. Please read this material to know what to do in such an unpleasant situation.

2. What to do in the beginning? Collect evidence

So, unfortunately, you have already realized that you gave your money to criminals, what should you do? To begin with, you need to collect as much evidence as possible:

  • screenshots of correspondence in Telegram or other messengers;
  • copies of e-mails;
  • white paper and road map of the project.

If you personally talked on the phone with the organizers of the ICO, then you need to contact the provider to give you a printout of your calls. If you have a personal contact in offline, you must specify the place, date and time of the meeting. If this happened in a public place, it is likely that the fraudster’s face has got into the surveillance cameras.

3. Who to sue?

The overwhelming number of ICO projects has a similar structure. Often, in order to start the production and sale of digital tokens, the organizers register a special issuing company. As a rule, they are created in the Seychelles or the Cayman Islands or in Estonia and Singapore. Unfortunately, finding out data about an issuing company is a rather difficult task. The only place where you can find out which legal body is in charge of this project is an agreement to sell tokens or Token Sale Agreement.

But, it is worth noting that a registered issuing company cannot conduct operational activities, and it is even more complicated to find any information about who conducts it than about an issuing company. Of course, you can try to look for tracks through the project team, but if the organizers of the ICO have created a scam from the very beginning, then they hardly indicated their real names there. Most likely, charges will have to be raised against the issuing company.

4. What do you need to know about the court?

The good news for victims of fraudulent ICO is that there are virtually no “loopholes” in the world where financial criminals can remain in the shadows. Banks from different countries of the world cooperate with each other and transmit information about the movement of money; therefore, to hide a large amount of stolen money every year becomes more difficult.

The bad news is that defrauded investors can demand financial compensation only through local courts of the countries in which the issuing company is registered. Litigation is not a cheap pleasure:

  • Estonia – 7-8 thousand euros;
  • The Cayman Islands – 30-50 thousand dollars;
  • Singapore – 80-130 thousand dollars.

These figures do not include government fees and other related costs. In order for “battle to worth the blood,” the amount of lost funds must significantly exceed the costs associated with the court. An alternative way to save money in this matter is to file a collective claim. For this it is necessary to collect in one place a certain number of the same deceived investors and to divide the costs equally.

5. Conclusion

There are a lot of scam projects on the ICO market, so it’s quite difficult for an investor who is starting not to get bogged down by criminals. But even if you have become a victim of swindlers, albeit low, but still there are the chances of getting your investments back. It is necessary to adjust to a lengthy lawsuit, which will also require financial injections from your side.

How to Spot a SCAM?

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How to Remove Scammers from the ICO Market? Review of ILP Funding 1035

ilp as a solution of scamming

The ICO market is developing by leaps and bounds. If for the whole of 2017 all start-ups attracted a little more than $3 billion, then just for 5 months of 2018 this figure reached 13.7 billion. This method of collecting investment is fairly simple and very convenient for all parties. But it has a downside: the fact is that along with honest teams in the market there are a lot of scammers who simply take money from trusting investors. An unprofessional investor has a much higher probability of getting trapped than getting a profit. The ICO market does not have any administrative control, regulatory rules and verification. In this article we will talk about one of the options for solving this problem, namely ILP funding.

Contents:
(please, click the topic to scroll down to it)

  1. What is ILP?
  2. The main advantages of ILP
  3. Forecasts for ILP
  4. Conclusion

1. What is ILP?

This alternative to IPO in the crypto world (and not only) was first proposed by the international company Tokenote. The abbreviation ILP stands for Initial Loan Procurement. To eradicate fraudulent schemes, all participants (both borrowers and creditors) undergo a procedure for verifying the identity through a digital ID. Only after this the borrower can create smart contracts, and creditors (investors) make investments. Directly crowdfunding takes place on the Blockhive platform, where internal currency is the HIVE token. The main idea of ​​the developers is the modernization of the ICO market and the elimination of its main shortcomings.

2. The main advantages of ILP

  • Combining the simplicity of the ICO and the legal responsibility of the parties. Clever contracts in this concept are signed by means of a digital signature, so they have legal force, and then they are stored in the blockchain.
  • All procedures meet the necessary requirements of international law, therefore ILP provides for prevention of money laundering schemes. This is achieved through verification and authentication of all participants in the process.
  • One of the main differences between ILP and ICO is the lack of funding based on tokens. The fact is that within the ICO, start-ups, in pursuit of initial investments, can release an unlimited number of tokens, creating a glut in the market. In ILP, there are loans, not tokens, so the problem of inflation is solved by itself.
  • Due to the fact that investments are fixed in the legal field under the guise of loans, they cannot be taxed. This is a huge plus, as in our time in many countries there are quite impressive taxes on the cryptocurrency.
  • Within ILP, investments are protected from speculative schemes, as investors derive their profits from the company’s real revenues, rather than from the artificial increase in the price of tokens.
  • ILP funding need not necessarily be related to cryptocurrencies, this method of attracting investments is much more universal than ICO (private companies, government structures, etc.).

3. Forecasts for the development of ILP

This method of issuing digital credits can potentially have a great future, since ILP is as simple as ICO, but it has a much greater range of functions, and is also in the legal field. For this reason, ILP is unlikely to be prohibited even in such countries as China, where the ICO is banned.

4. Conclusion

The ICO market is certainly one of the most highly profitable investment instruments in our time, but due to the lack of regulation, there are a lot of scammers here. A novice investor has virtually no chance of succeeding in this field. ILP is one of the solutions to the problem of fraudulent schemes in this area.

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