We have so far worked with tens of projects, having hundreds of those in the pre-moderation list, and we now realize there are many campaigns that being fair in all the other ways are biased to make several missteps in order to deceive their audiences. Such flaws, as the authors believe, are intended to improve their sales, but in reality everything turns out the other way around. Not to mention we work hard to prevent any scam project from entering our platform, we do not want to let any listed project to show incorrect or unfair info to the community. The good basis for a successful ICO is transparency: all the data should be open, provable and legit.
We find it not a benefit but a strict requirement for a team to show all the info available. Blockchain is the era of a new economy, and we expect dignity in following the major postulates of the ecosystem. The whole concept of blockchain relies on transparency, publicity and fraud-proof solutions. Therefore, we oblige every blockchain market pioneer wishing to work with our campaign to make visible as much of their product as possible.
We have worked out a set of rules to make it our Fair ICO Manifesto, and these rules will be applied as strict criteria to filter out the non-compliant projects:
1. We demand full financial transparency from any project to be listed. All the funds claimed as received in any possible way by the project are expected to be seen publicly.
We have many times experienced a situation when a company or a project declared substantial funds to be collected while no one could actually verify the exact sum. This naturally causes lots of uncertainty in the community since many backers rely on this data in the process of making their decisions. Besides, we do not trust a company or individual that claims to have something of real value to the blockchain industry but for some reason doesn’t share the high ideals of global financial transparency.
2. We will not allow projects without a designated Soft Cap to our platform.
A Soft Cap set is essential for it assigns the minimum fund required for the project. If a project cannot clearly state the lowest required sum to run it means the project team simply does not realize the true goals, does not have a timeline set and does have a clear expense chart, which makes the future progress unpredictable: such projects might take decades to start off after the ICO. The point of an ICO is not to perform some actions to get some money raised — it is actually the very radical opposite. The point is to raise enough money to become able to operate on the market and give real value to the backers and all the other participants of the market. A project team without a clear vision and plan gives poor product or none.
3. No campaign will be allowed to the platform so long as it uses faulty solutions to collect funds such as CoinPayments or others.
This might seem a violation of freedom but this is only a necessity: such underdeveloped solutions are incapable of displaying the actual sums collected, besides, they are simply unfit for ICO campaign loads, normally crashing minutes after the launch and thus endangering the whole campaign. The blockchain and the ICO markets are both newly born market utilizing high-tech solutions to make our world and market even higher-tech; therefore, why should one indulge using so awkwardly underdeveloped if he or she claims to be an advanced technology pioneer?
4. In case a project does not collect its Soft Cap during the campaign, it will duly refund its backers.
It is highly unlikely a project not having collected the designated minimum funds will be realized in the decent future, therefore all the collections must be returned to the backers. The refund protocol has to be controlled by a smart contract since it is the only sure way to provide security to all the backers regardless of the intentions of the project.
5. We offer all the market participants to join us in the development of ICO campaign standards.
We invite you, other ICO platforms, state institutions, financial regulation organizations and others to unite our knowledge and expertise to establish terms, conditions and standards to protect backers and investors on the one hand and to meet the state and regulatory requirements on the other, including the market of security tokens as well. We find it obviously inevitable for the market to continue to exist there have to be rules and regulations set as standard for all the participants.
6. We expect all the participants of this market who support and share our visions and principles to unite their forces in collaboration with us to create a mutual smart-contract for ICO campaigns which will make all the platforms immediately compatible.
This way all the requirements and regulations will be seen to everyone, and using one standard smart-contract will enforce such rules in any part of the world. We understand it is totally essential to deliver such development to the market since this is a provision necessary to make it safe, fair and progressive. One of the first things one learns about blockchain is that it was designed to meet the requirements of low-trust environments, or, in other words, make sure all the obligations are fulfilled automatically. This is where smart-contracts come in and we see no reason for a project entering the era of blockchain technology and economy to avoid such solutions in favor of old, backward methods of dealing with obligations.
Without creating, establishing and following such sets of regulations we will not only deter people from supporting the ICO market as a whole, but we will put at risk the principles that lie in the very foundation of the blockchain system and ideology. In the best hope of meeting the greater expectations together with you, we urge everyone to join us in bringing transparency, stability and value to our new market.
P.S. We of course do realize the ICO market right now is highly mutable and the solutions applied should be flexible, so this is our Fair ICO Manifesto 1.0, which will be followed by updates in accordance and compliance with the market’s expectations.