Datum ICO: Another Data Bullshit ICO: Scam Alert
The marketplace for data. Really? Can I have 1 Kg of data to go?
What bullshit some people are coming up with these days? This ICO I stumbled upon on through an advertisement on Etherscan. As I was curious what new technology is this ICO bringing, I went to visit their site. After reading through the complete bullshit that these people have posted, scam alert bells rang in my mind. So here I am sharing my review with you. It is finally up to you decide where you invest your money. I share my thoughts & experience based on years of investing in crypto market.
Data is the new Oil. Datum is creating a global data exchange by turning data into tradeable commodities. Powered by Ethereum, BigchainDB and IPFS.
Powered by Ethereum? Really? Does somewhere Vitalik mention that he is powering your project? What is Bigchain DB and IPFS? Just by putting fancy and big words, you think that you are going to fool investors? Maybe some you will manage to. Their use case is complete bullshit. Not even a single company or individual is going to buy this bullshit data from users. Forget about this coin doubling or even taking off anywhere from its ICO price. This will be dumped as soon as it reaches the exchanges.
Now let’s talk about the roadmap: 8 Months of Concept Development? WTF?
They start in September 2016 with Concept Development & then jump to White Paper & Concept Validation in June 2017. Dude, where’s the app? Where is the development of the prototype? Nothing? Oh, wait they got some crappy Alpha version which they are so ashamed to share, that they make it available to only some users. I sent them few emails asking them access to Alpha Version & with a few technical questions. No answer till now & I sent them already 6–8 mails.
Then the next stop on their roadmap is Datum Token Sale, they changed the Token Sale date, pre-poned the date, probably worried that their scam ICO will be exposed to the public.
This is the funniest thing now. Apparently, their team is in Switzerland, Hongkong, Russia, USA, Ukraine. More than half of the team is not even working for them. Seems like they searched some profiles on LinkedIn and put them here on the page. If you look at the photos it is quite obvious that they didn’t bother putting professional photos of the team. For a company which is raising more than 50 Million USD this is really stupid. Also what is funny, that the team is only working for Datum since 3 months. So who was doing the Concept Development since last year?
And dear Team: What’s your company address & structure? You are raising more than 50 Million USD at least share your company address on the ICO site!
Token Sale Terms
Role of Token: Enable trade of data between data owners and buyers
Supply: 3'000'000'000 DAT
For Sale: 1'530'000'000 DAT
Emission Rate: No new tokens will be created
Price: 10'000 DAT = 1 ETH
Accepted Currencies: ETH
Sale Period: 29/10/2017 13:00 UTC to 29/11/2017 13:00 UTC
Token distribution date: 4th December to 11th December 2017
Minimum goal: 5'000 ETH
Maximum goal: 153'000 ETH
Another big disadvantage of this ICO is that there are too many tokens generated. 3 Billion DAT is a lot of tokens and worst part of it is that 49% is retained by the founders. This is alarming since they will easily manipulate the price of the token on the exchanges.
Verdict: For me this is a scam ICO. I would be doing myself a favour and staying away from this ICO. Readers please do your own research & decide for yourself. This ICO gathers all the points for a Scam ICO of the month.