ICO Dream Team: A Detailed Overview of High-level Project Teams
Why Team Matters
At the beginning stage of any project, the most important question is where to find — and how to create — a high-profile team that will work for the company and contribute to its development. Over the past decade, Google has spent millions of dollars studying almost all aspects of the lives of its employees. They have counted everything, from how the best managers distribute incentives to the number of community meals a week. The company decided to find a way to build an “ideal team.” The research lasted several years, and consisted of interviews with hundreds of employees. All data were analyzed on sets of teams within the company. At the end, Google confirmed what leaders in the business world already knew: the best teams understand that all of their participants have equal rights in discussions, and must respect each other’s emotions.
A cohesive, creative, competent, dynamic, and well-motivated team will oversee the key areas of your business. Each member has to be clearly positioned, and must solve a clearly-defined range of tasks; but the whole team should always be in the same information field. The team should have a constantly-synchronized understanding of current tasks, meanings, and short-term/long-term goals. Everyone should have the same unequivocal understanding: who they are and where they are going.
Analysis Of Successful Teams
Collective intelligence is always stronger, and combined experience is always broader. As a result, a team almost always makes a stronger and more weighted decision than one person thereby reinforcing a preexisting good solution.
Let’s take a look at successful ICO teams and their key members. Teams were selected based upon analysis of the following parameters:
- ICO results
- goals and plans
- working experience
- social media activity
- working results
Project: Salt Lending Holdings, INC
Token sale: 1 August 2017–15 August 2017
Token type: ERC 20
ICO token price: 1 SALT = $0.89 USD
Market cap: $126,626,990.
SALT Lending is a network that allows you to use your blockchain assets to provide secure cash loans. The project created an application allowing consumers to get money without the need to sell investments. This became the platform for blockchain-backed loans, which are perfect if a consumer needs to spend money on unforeseen needs or wants, or to make a big purchase without selling personal blockchain assets. The secure, automated credit platform allows users to mortgage cryptocurrencies as collateral in exchange for a cash loan.
Salt Lending Team Goals
By the end of 2018, the project intends to develop platform API dev tools and set a loan fund, launch a credit card, and establish the SALT Foundation. One of the main goals of the company is to support the establishment of credit arrangements, supply and monitor the value of blockchain assets that act as collateral security, and enforce the conditions of each smart contract on loan agreements. It was built to ensure a brand-new method for consumers to access the profit of their blockchain assets without spending their assets. SALT’s technology was created to address the main flaws of modern business-loan system methods.
The SALT Lending Team and Its Progress
How does the SALT Lending project intend to reach its goals? It’s going to implement ideas with the help of qualified, experienced workers. The SALT team has 20 members, and is headed by Sean Owen, CEO. The most prominent member of the SALT team is one of their advisors, Eric Voorhis, founder and CEO of ShapeShift. Erik Voorhees is a notable Bitcoin supporter and businessman, who established ShapeShift AG in August 2014 as a safe, quick resolution to cryptocurrency asset exchanges. He has working experience with BitInstant, Coinapult, and, most remarkably, SatoshiDice, which conducted most Bitcoin operations in 2012 and 2013.
Another important member is Bill Sinclair. He has been working in the IT technology field for more than 20 years. As chief technology officer of CartoSite, Sinclair attracted many professional developers to the team. According to Shawn Owen, Bill has distinctively influenced every business he has helped to develop, and can lead the SALT project team to the future of digital cryptocurrency business.
Shawn Owen has many years of experience in running hospitality campaigns and administration. Shawn started learning and working with blockchain technology while accompanying the Bitcoin project at the beginning of 2011. He often writes articles about Blockchain technology and digital cryptocurrencies.
“We’re offering a new option for digital wealth, which is the ability to hold your asset and take out a loan against it. You have this for every other asset class, so this isn’t a new idea. It’s a new technology applied to a very old idea which is how do you protect the asset that you’re lending against?”
Christopher Price has more than 20 years of working experience with major teams and developing companies, with essential expertise in supplying technology innovations for early startups, non-profits, and world brands. He is a highly-qualified developer of blockchain smart contracts, digital currency wallets, custody-keeping systems, and location breakthrough technologies (AT&T, Motorola, IBM, Fujitsu, and others). Price holds a business administration Master’s in Entrepreneurship and Venture Management from the University of Denver.
Managing director Peter Vessenes has been dealing with cryptoсurrencies, the token economy, and the technology of blockchain for a long time. He established the very first Bitcoin company in the U.S. In the last few years, Mr. Vessenes has consulted various institutions about cryptocurrencies and their use: for instance, state security services and law enforcement agencies, including the FBI. He is a professional advisor in smart-contract creation and operation. Vessenes olds a degree in theoretical mathematics from Brown University.
SALT’s founder, Charlie Shrem, was one of the first Bitcoin adaptors. As CEO of BitInstant (a large corporation working with 30% of all Bitcoin cryptocurrency volume), Mr. Shrem established associated ventures such as Payza.com. At present, he is working for fund-management companies emitting token-security, blockchain-based assets.
Social Media Activity
Facebook followers: 12,692
Twitter followers: 42,547
Telegram members: 413
Reddit readers: 1,362
SALT is available on most popular social networks: Facebook, Twitter, Telegram, and Reddit. It updates information and posts news and articles every week. The fastest response was provided on Facebook.
Salt Lending Team Working Results
SALT Lending is currently a leader in the field of blockchain-based loans. In January 2018, SALT took a big step, officially starting to provide loans for top-level members. The platform already has nearly 50,000 participants, and has provided loans of more than $7 million within Bitcoin and the Etherium systems. SALT differs from the classical financial sites, because its service never asks for a consumer credit rating. Instead, the platform uses only the collateral value to determine the terms of the loan. The SALT Lending team developed three levels of loan membership:
- Base (1 SALT/year)
- Premier (10 SALT/year)
- Enterprise (100 SALT/year)
The SALT lending project is a great example of how to achieve success by hiring a good team that is actually interested in your company’s products and ideas. SALT members claim they are all happy with the possibility of reshaping modern methods of borrowing money, taking out credit, and conducting commercial and economic deals. According to Bill Sinclair, SALT technology will expand the basic market of loans and credit, encouraging the wider alteration of the global economy.
Project: Bancor Hierarchical Monetary System
Token sale: 12 June 2017–12 June 2017
Token type: ERC 20
ICO token price: 1 BNT = $3.20 USD
Market cap: $153,000,000.
Bancor is a resource based upon smart contracts that enables any user to create liquid smart tokens, automatically calculating their value and allowing exchange without intermediaries. The platform organizes a “chain” of easily-realizable digital money. The Bancor platform allows users to develop their own tokens, which can be exchanged within the platform into any other tokens.
Bancor Team Goals
The Bancor team has the goal of creating a hierarchical monetary system (in which one digital token has a different token in reserve) in order to create a new type of cryptocurrency for the global decentralized exchange. Autonomous exchange without counterparty risk will provide constant liquidity to any asset.
In the near future, the Bancor team intends to realize the following:
- support Ether in the wallet
- automatic buying/selling
- multiple profiles on the same account
- profiles with different functions: private and shop
In future releases, it will add:
- buying/selling with the application
- integration with Web3
- history of the price of smart tokens and charts on the market
- support for new tokens
The Bancor Team and Its Progress
Bancor was developed by the Protocol Foundation team in the summer of 2017. One of the outstanding team members is Eyal Hertzog, who has over 20 years of experience in venture-backed technologies. He founded MetaCafe, Israel’s fastest-growing site for video sharing, which reached more than 50 million unique users at its peak. Before that, Eyal established Contact Networks, one of the earliest online social networks. Now, Eyal is the architect of the Bancor protocol and the Bancor Network Token.
“Liquidity is very important, because just as a computer network is very useful on its own (you can do calendaring databases, emailing). You can do a lot of things with a local computer network, but when you connect all the local networks together, you get the internet.”
Yoni Assia is the CEO of eToro, the world’s biggest public-financing network. Yoni is very passionate about his job. His idea is to cancel traditional bank procedures and create a new online public financial system for the comfort of everyone. Yoni holds a BSc in Computer Science and Management, and an MSC in Computer Sciences. He was listed by Financial News as one of 100 top Fintech influencers.
John Henry Clippinger is a research scientist at the MIT Media Lab Human Dynamics Group, where he is studying secure information exchange and its protection. Dr. Clippinger established a public network source to provide users with full control over their personal data. In addition, he was the head of intellectual capital, Coopers & Lybrand, and founder and CEO of four computer software companies. He is a co-director of the Open Identity Exchange Advisory Board, and has lectured at Stanford, Brandeis, MIT, Yale, Boston University, the Chinese Academy of Sciences, Harvard, Brown, Dartmouth, and UPenn, among others.
Galia Benartzi is an entrepreneur, businesswoman, and co-founder of Bancor Protocol. Galia holds a BA in Comparative Literature from Dartmouth College and an MA in International Economics from SAIS-Johns Hopkins. In 2005, Galia co-founded Mytopia, the first public play firm for smartphones, and in 2010, Particle Code, a cross-platform development technology for mobile applications software (acquired by Appcelerator). Since 2013, Galia has supported and invested in Israeli digital technologies.
“We really work on this liquidity piece, which is allowing every token to be inherently and automatically convertible for every other token, [as well as] to emerge and to focus on their product, their users, and their innovation, and not have everyone working on this volume problem, and on this liquidity problem.”
Timothy Draper is co-founder of the major venture fund companies Draper Associates and DFJ. Tim’s fresh idea of “viral marketing” applications in web e-mail to distribute internet products was a determining factor in the successful functioning of Hotmail and other suppliers, and was selected as a common market technology by hundreds of other firms. He established the DFJ Global Network, a worldwide web of early venture-fund startups with headquarters in 30+ cities around the world. Tim holds a BS in Electrical Engineering from Stanford University and an MBA from Harvard Business School.
Brock Pierce is a businessman who was one of the first to discover digital cryptocurrencies. He founded a blockchain company that funded over 30 blockchain-empowering technology firms. Pierce is also a founder, advisor, mentor, or board member of GoCoin, Tether, ZenBox, Blade Financial, Expresscoin, Noble Markets, BitGo, ChangeTip, BlockStreet, Coin Congress, and Plug and Play. He has been a board member of the Bitcoin Foundation since 2014. As a businessman, Pierce has collected more than $200 million for the firms he established.
Social Media Activity
Facebook followers: 10,634
Twitter followers: 64,324
Telegram members: 5,579
Reddit readers: 4,359
Bancor is available on most popular social networks: Facebook, Twitter, Telegram, and Reddit. It updates information and posts news and articles almost daily.
Bancor Team Working Results
During its crowdsale, Bancor managed to collect over $150 million. 79 million BNTs were issued for the ICO, 84% of which were in the hands of community members. Taking into account Bancor’s cryptocurrency peculiarities, we can outline a number of significant achievements and advantages provided by the Bancor team:
- Unlimited liquidity indicators. Consumers can register the purchase of smart tokens and liquidate them via smart-contract technology.
- Backward compatibility. Bancor protocol asynchronously determines the price of the token, which meets the requirements of the ERC-20 standard.
- No spread. Calculating the price of coins using smart tokens ensures equal value of the currency in the course of all operations.
- No risk. Users do not convert cryptocurrency via exchanges operating separately from the platform.
- Low volatility. The smart token’s properties and characteristics allow users to achieve price volatility reduction.
In summary, we can say that the Bancor team has successfully built a protocol of unlimited liquidity, in which the established value of coins can vary and is calculated anew with each block relative to the amount of funds in reserves. The project’s team has already succeeded in implementing part of the plan, and we have no doubt that the world of cryptocurrency is waiting for the appearance of a new standard for exchange transactions.
As we can see, a good startup team should have experience that covers most of the main functional areas of a successful company. Highly skilled employees play a decisive role in any business from the time of its launch. Usually, all members of a project have their own areas of responsibility; but in fact, they will become a single whole mechanism.
This article is based upon research carried out by the Applicature team.