Why go for an ICO comparison?
Different people have different motives to compare an ICO; however, no matter what the motive might be it is always beneficial to compare ICO’s.
For ICO teams, when they compare the other token sale that are raising investments well, it is to determine the areas they need to improve or work on to achieve their targeted investment.
For an investor, it is to determine which ICO to invest in as there may be multiple ICOs working on similar concept. Moreover, an investor always looks for ROI, so the comparison of ICOs might lead him to determine which project will be more fruitful in the longer run.
The tech or ICO geeks, who understands the whole business, try and analyse if a particular ICO is actually revolutionary and what opinion does the market has about the same.
The issue here is there are multiple ICOs flooding the cryptocurrency world and it will be overwhelming to analyse each ICO. While a few would be working on similar concept, some might prove to fraud. The question is who would perform the due diligence to find the needle in a haystack.
How can rate ICOs?
The best way to compare ICOs is to give them points based on success indicators.
The indicators may include the company behind the project, the information in the whitepaper or lightpaper about the project and how well they are able to present the idea.
The team: It is important that information about every team member is accessible. In general, every ICO connects the team profiles with their LinkedIn account to instill confidence and reliability.
One can judge an ICO will be successful or not with the number of team members, their experience in the field and career growth. The chance of an ICO being successful or not always rests upon its team members.
Information regarding the ICO: The roadmap of the ICO should be clearly defined. The beginning and the end dates of pre-sale and main-sale along with how individuals can invest in crowd-sale and what currencies will be accepted as investment.
Product Presentation: The information in the whitepaper and the lightpaper offers in-depth information regarding the team, the product (platform, workability, scalability) along with usage of the Token. Infographics and video’s increase the clarity and work know-how of the product. Read to know more
Listening to the Voice of Social Media
The social media presence of the ICO will ease the decision-making. The marketing efforts on the social media, the information and the discussions, all are helpful while comparing ICOs. Also, presence on the cryptocurrency forums like Bitcointalk.org will enhance your knowledge to judge multiple ICOs.
Listening to the experts
With a plethora of ICOs flooding the crypto world, it’s always good to go for an expert advice for a little nudge in the right direction. The experts will have looked at the same factors but from different point of view.
Team: A little dig into the profiles of the team members reveals their experience in the crypto-currency world. Experience in departments like coding, testing, developing, community management and marketing rank on a higher side while comparing. An advisory board presence further improves the integrity of an ICO.
Product Information: The basic idea to do an ICO is to get funding. The funding might be to get an existing product or service onto a Blockchain platform or to introduce a new service/idea altogether.
The project which solves an issue prevailing in the market or might occur is better rated from experts.
Market Understanding: The ICO which clearly defines its long-term goals, lays down the road and a way to achieve along with the amount needed for the growth is likely to see success. The competition needs to be nailed to move ahead in the market.
Market robustness: Cryptocurrency value fluctuates as a result and the industry is majorly unregulated. Every nation is free to implement or change rules and regulations concerning ICOs, a project can adapt to the ever-changing market scenario is likely to rank high.
Is it possible to automate the ICO comparison process?
While it can definitely speed up the process of finding a needle in the haystack, we believe human intelligence is still superior to artificial one.
What a potential investor can do is, take advantage of ICO communities like BullToken. The community carries out the due diligence needed to analyse various ICO along with an advisory board. The decision taking power remains in the hands of community members who earn Karma points to promote good ICOs. As they have vested interest in promoting the good ones, the investor can rest assured that his money will reap him benefits.