As our community becomes saturated by new projects that are popping up every day, it’s difficult to figure out which ones are worth your time. Not only are there so many options to choose from, there’s also the problem of fraud and overhyped claims.
There are many people who are motivated only by greed instead of a desire to actually create something valuable for others. They promise to build things that sound innovative and revolutionary, like blockchain 3.0, but in reality these claims end up being unrealistic and impossible, and further inspection shows they’re a total mess.
The hype around crypto is so high that many projects build their system on crypto when there’s no real need for cryptocurrency to be involved. Just because something can be built on the blockchain doesn’t mean it should.
Namek is different in that we do not claim to give you something unrealistic. Instead, we’ve built a platform that’s based on real needs in the market. Our platform is designed to solve many problems associated with Initial Coin Offerings (ICO) and blockchain project development.
What you need to know about ICOs
You see, ICOs are the latest craze in the crypto space. If you’re unfamiliar with them, it’s basically a new way for blockchain projects to raise funds. It’s similar to an Initial Public Offering (IPO) except that investors in an ICO receive tokens for their investment, whereas investors in an IPO receives shares of the company. Depending on the project, a token issued by an ICO may or may not represent equity in the project. It may function as a native cryptocurrency that customers will use to access the ICO project, or some similar utility. The value of tokens is tied directly to the value and success of the project, similar to how the value of shares issued at an IPO is tied to the value of the company in the future.
While an ICO helps blockchain entrepreneurs get the funding they need to develop their project, there are other tools available to help them. Bounty programs and airdrops are two of the most effective tools.
Bounty programs and airdrops
In a bounty program, a company will list the type of help they need (these are the bounties), such as development of specific smart contracts, programming and coding of various types, translation services, marketing needs, etc. Freelancers take these projects and produce the work to satisfy the bounty in exchange for payment (usually as a token or cryptocurrency, but this may be different for each bounty program).
An airdrop is similar in that a blockchain project will issue tokens for completion of certain tasks, but the tasks are generally smaller or much easier. Sometimes, all you need to qualify for an airdrop is to already hold a certain type of cryptocurrency, or promote the ICO on social media.
Name’s platform is designed to make it easy for blockchain projects to list their ICOs, bounties, and airdrops and connect them with freelancers and investors looking to participate in the blockchain revolution.
How can you tell if an ICO is good or bad?
There are clear signs that let you distinguish an ICO’s credibility so you can determine if you should invest or not.
Bad ICOs have, in general, unrealistic goals that are extremely difficult to achieve. A bad ICO could also be a copy of another project that’s on the market, or it could be something that doesn’t actually need blockchain technology. These types of projects use ICOs to scam people.
Bad ICOs also tend to not have any research or data to back up their claims. The team can’t explain the project clearly and their White Paper is messy, vague, and difficult to understand.
On the other hand, a good ICO project is one that clearly states a problem and proposes a solution to fix it. It’s clear on why it’s being developed on the blockchain instead of another way. The project’s goals are simple to understand and the team will have produced a properly structured White Paper with a clear description of the project plan and roadmap. It’s supported by research and logic.
In addition to our Bounty and Airdrop platform, Namek offers services to help entrepreneurs develop their blockchain projects and create their ICOs.
To stay connected and find wonderful opportunities in the crypto space, learn more at namek.io and namek.agency (site under development).