New ICO Platform Protects Investors from Getting Scammed

Interview with Aharsh MS, CMO, Accubits.com

Did you know ICO investors are being scammed out of millions of dollars? That’s right. Investors are being systematically looted out of $2 million, $4 million and even $15 million dollars by fake ICOs. You might think investors would be worried about losing their money on a bad investment, but some are unaware of the risks.

In fact, once an ICO has your money they could legally go out of business and pocket millions at any time. Poof! Your money is gone forever. But more than half of ICOs succeed. In fact, if you missed out investing in Ethereum you lost a 230,000% return-on-investment. So how can you tell a good ICO from a scam?

Aharsh MS is a visionary entrepreneur with a conviction to help the best ICOs succeed. And in the process, get rid of the scams. His company, Accubits Technologies developed a new ICO platform called Coin Factory that gives ICOs more credibility and the potential to attract more investment. In this interview he explained what Coin Factory is, how it works, and why it will completely change the ICO industry forever.

What is Coin Factory?

“Coin factory is an ICO platform that has successfully launched 14 ICOs and raised over 200 million in investment. It comes with built-in marketing tools like Airdrop, Raffle and Bounty programs. And it supports different payment methods like Bitcoin or Ethereum which can save ICOs hundreds of thousands of dollars in transaction fees.

Our platform is designed to get rid of ICO scams because in case you haven’t noticed, there’s lots out there. An ICO scam is where a fake ICO puts up a website, publishes a white paper, raises funds then suddenly vanishes. And the investor’s money is gone.

Coin Factory helps the good ICOs win. We created it because we think ICOs are a good thing. They’ve helped a lot of startups succeed and build new decentralized apps that are good for society. But ICO scams are giving the good ICOs a bad rap.

Scams limit investment because investors are worried about getting taken. If you think I’m exaggerating about the scams, you should Google “ICO scam.” You’ll find lots of stories about fraudsters who’ve raised funds then took the money and ran. That was their plan right from the beginning, too — and it worked. Our platform prevents this by making ICOs scam-proof.

To understand the full problem our platform solves, you must first realize there are two types of failed ICO launches. The first are the scams that were never designed to succeed, anyway. The second are ICOs that raised money but failed because they didn’t have the ability to complete the project. Unfortunately, investors will lose their money either way. Coin Factory was created to solve both of these problems at once.”

How Does Coin Factory Work?

“The magic behind Coin Factory is a new mechanism we’ve developed called the Milestone Contract. If you ran your ICO through Coin Factory you could create and defend milestones to your investors. These can then be published for investors to see and all the money raised is held by an intermediary smart contract.

Without milestones there will always be risk. You could invest and a startup could vanish with your money at any time. This is impossible with milestones because funds can only be accessed after predetermined project milestones are completed. This protects investors and helps ICOs attract more investment. It’s a win-win.”

How Will This Change the ICO Industry?

“Our long-range vision for CoinFactory is to make our Milestone system the benchmark for the entire ICO industry. I believe it will be, too. ICOs with a milestone-based contract will dominate the marketplace because they’ll attract more investment.

I wouldn’t be surprised if non-milestone based ICOs eventually started dying a quick death because investors are worried about being scammed. This revolution will happen whether it’s our platform or another because all investors want their money to be secure.

Part of what’s driving this trend are the regulations everyone is trying to put on ICOs. Governments want them regulated because scams are bad for the economy. Temporary regulations will probably be put in place until permanent ones are enacted. Unfortunately this will probably decelerate investment.

Another issue investors should be concerned about is that an ICO is only the beginning of a project. They should wonder what will keep the ICO on track once the investment period is over. The advantage of our platform is that an startup’s milestones don’t have to end with the ICO.

At the end of the day, our platform lets the good ICOs win and investors can sleep at night knowing they’ll get a return at some point. Coin Factory helps put the fakes and fraudsters out of business before they even get started.”

What are the Main Features?

“Our platform’s built-in features are all described on the Coin Factory website, but we can go through them briefly.

First, there’s the Referral Program. This marketing feature lets people get rewarded for referring the ICO to their friends. Our Two-Factor Identification adds more security to protect the investor’s account as well as the administrator’s.

Then there’s the Airdrop, another marketing feature. This lets investors give away tokens to their friends. Our advanced Airdrop system has an algorithm that lets the best investors get more tokens to give away and attract even more investors.

Next up there’s the KYC (Know Your Customer) agreement. While having one is a standard ICO feature, it’s built-in to our platform to save ICOs the cost of paying for a third-party tool.

Then there’s Logging and Monitoring. This gives you an admin dashboard showing who’s bought how many tokens and when. And our User Management feature lets you to add new administrators to manage permissions.

Our Bounty Program is another built-in marketing feature that lets admins create an unlimited number of bounties to promote your ICO through investors and marketers. For example, if an investor shares your white paper on Facebook or Tweets it in Twitter they’ll be rewarded. The admin dashboard gives you a tracking report showing you who’s taken part and how many tokens they’ve received.

The next powerful feature is our platform’s Multilingual capability. This lets you attract investors from around the world, especially places like China, Korea, Singapore and UK where there’s lots of ICO investment. Our platform gives you up to 14 different languages, too.

There are three Coin Factory packages you can choose from, our Self-Hosted package, the Snippet, and the API Model. Our Self-Hosted package lets you host the application on your own server for more control and a greater sense of security.

The Snippet model lets you manage the entire investment process through your website by adding our JavaScript snippet. Finally, the API model gives you APIs for doing token transactions and it’s basically for when you don’t need our dashboard.”

How Can an ICO Get Started?

“Like I mentioned earlier, we’ve helped 14 ICOs raise over $200 million in total investment so your chances of succeeding increase when you use Coin Factory. Our website displays our current ICOs and there are two videos that give interested ICOs a good overview of the platform and a walkthrough. They can always contact me for more information, too.

Our Self-Hosted package is cheap compared to other platforms, the greatest cost savings for ICOs is ‘no transaction fees’. Most ICO platforms use third party software like Bitgo that charges a percentage for handling each transaction. But this really adds up even with a 1% fee.

For example, if you brought in $100M in investment you’d be forking out $1M in fees. Compared to this, the price of our application is a bargain. With Coin Factory there are no transaction fees, ever.”

What’s Next for Coin Factory?

“Next on our roadmap is something investors will love — our Community Management Portal. This gives investors visibility of over what’s happening with their money on an ongoing basis.

After the ICO has happened and the funds have been raised, ICO administrators can continually update investors on the project’s progress. Investors can login for progress reports and administrators can set access based on an investor’s status.

I’m thrilled to see how Coin Factory is making things better for the next generation of ICOs and enabling a new era of investment. Our solution promises to bring back the original excitement of the ICO industry by making ICOs real again. And Coin Factory is already successful at helping our clients attract more investment.”

About the Author
Derek Little specializes in writing copy and content for ICOs, ICO agencies and related businesses. This includes white papers, case studies, articles, blogs, press releases, email marketing and Social Media Marketing through his SMM support team. In addition, he organizes AMA Events on Reddit.com. Hire him to write your next press release and he’ll post it on his ICO listing website at BlockchainTrailblazers.com — for Free.