CryptoProfile’s blockchain-based community vision is going global to revolutionize airdrops
Wouldn’t it be great if there was a non-stop shop for crypto that could act as your gatekeeper on the crypto Wild West?
Here’s the problems that need solving.
If you have considered investing in an initial coin offering you will be familiar with the sort of questions the contributor to a token sale has to ask themselves, such as “can I trust this site”, “have I got the right public key address to send my ETH to” or “how do I know I will receive the airdrop of tokens when the ICO closes”.
And if you are approaching the crypto space with a great idea for a decentralised ledger and have a team to execute the vision, then you will worry about how to prevent cybercriminals from hacking your website, how to alert your community to phishing attacks, how to store the ETH you collect and how to market your project to attract high-net-worth investors.
All of the above are problems yet to be satisfactorily resolved but CryptoProfile aims to be the solution. It is an initial coin offering (ICO) with a difference in that it has grown organically out of the crypto community itself and is focused on the problems the team have seen for themselves at the coalface.
Based in Singapore, CryptoProfile began life as a Whatsapp group formed in June 2016 and made up of individuals interested in the space but with only a minority who knew what they were doing.
As the investment returns mushroomed, their numbers grew. The group leaders were learning first-hand the difficulties faced by anyone looking to get in on the ICO boom.
With interest growing and the demand for knowledge and know-how constantly expanding, the company, Infochains Holdings, was created and the website CryptoProfile.com launched.
Introducing the CryptoProfile’s community-centric token to revolutionise airdrops
At the heart of the CryptoProfile ICO is the community-centric token CP. The aim is to provide a safe and secure environment for ICOs to list in.
Using the blockchain, there will be a single source of truth for projects and community members — the project knows who its investors are while the investor has the peace of mind that the listed ICO project is on the level.
It a transformative idea because it holds out the chance to revolutionise how ICOs are conducted, taking the hassle out of airdrops while being highly beneficial to holders of the CP token, practically and finacially.
Put succinctly, the CP token automates the tricky business of managing airdrops and much more besides.
But none of that would be much good in itself without the data, analytics and up-to-the-minute analysis that the site has built up during its relatively short existence.
The site currently takes “big data” from three million crypto users, with a reach that extends further still through its network of influencers which it estimates can reach another 1.5 million people.
Mining big data for event and language patterns through the deployment of machine-learning and natural-language processing techniques, is opening up a new world of sentiment analysis tools to community members at whatever level of education, knowledge and experience.
With a vibrant and engaged community, the quality of the feed data being analysed will also improve results and the more it is used the more the system will learn, giving community members unrivalled insight into market movements and trends.
For ICO projects and individual community members
Let’s look in more detail at how the airdrop aspect works, first from a project’s view listing at CryptoProfile and then from an ordinary community member.
It is the CryptoProfile (CP) token that handles all the interactions in the ecosystem.
A project that wants to make use of cryptoprofile’s network to market its product first has to buy the CP token from the reserve fund.
Purchase of CP tokens gives the buyer proof of community status in the consensus system, all recorded on Ethereum blockchain. Embedded in the token’s smart contract is much more than a one-dimensional utility token. The beauty of the design is that the token has many uses, as shall see.
Projects buying from the reserve are subject to a six-month lock up. Each project will also airdrop 10% of the total supply of its native token.
Looking at CryptoProfile from the viewpoint of an individual users, the token is particularly versatile.
First off, it provides access to ICOs that have vetted in CryptoProfile’s due diligence process, so community members can have total trust in the listed projects that are asking for contributions.
But the CP token has much more utility than as a gateway to trusted ICOs. For example, it can be used as a social media token in which both content creators and those engaging can be rewarded.
Token holders can also use it to subscribe to network services, to invest in an ICO, make use of the partners’ referral programme or, if you are a newbie, perhaps it is the educational materials you want to access, in which case the token can be used for that purpose also.
How the CryptoProfile token reserve works
You might be wondering with all these projects buying tokens from the reserve, what happens when the reserve is all used up?
Well, just as the community is dynamic, so too is the reserve. If it is being drained then the funds deposited by ICO projects will be used to buyback CP tokens on the open market. This of course presupposes that the third-party token is already trading on secondary markets.
However, buying back CP with the third-party token will put downward pressure on project tokens and upward pressure on CP.
But why would an ICO project want to see its token sold-off on an exchange? Well of course they wouldn’t, but if this situation were to arise, the project would still have its own holding of CP tokens, locked up for an initial six months, which would offset any exchange rate loss.
In other words, it would be a problem of success — the reserve gets drained as more projects come onboard.
Also, the ICO projects listed will all be CP token holders (if the lock-up hasn’t expired) and therefore entitled to a share of the airdrops of other listed ICOs.
Airdrops and bounties made easy
For individual community members, they will be incentivised to be long-term investors because the longer they hold the token the more airdrops they will receive.
The benefits over the current haphazard situation with ICOs (or token generation events if you prefer) don’t end there. The portal is not just be an automated platform for the distribution of airdrops but also for managing bounty programmes too.
This is a win-win for projects and individual investors alike.
Projects would no longer have to monitor and manage their bounty rewards from disparate vantage points. Instead, a dashboard view will show how many are signed up the programme, the bounty claims made by each bounty-hunter from their social media and/or blog postings.
The CP-listed ICO project can now appraise how the bounty programme is actually performing in realtime — allowing campaigns to be tweaked on the fly, with perhaps certain channels being closed and more resource allocated to others.
On the other hand, community members will be able to see what their earnings are, what’s been paid and how much is outstanding.
Proof-of-Community consensus provides token holders with an extra bonus over and above that already provided by the ICO projects marketing their wares in the community, encouraging members to stay in the community as active members.
It’s no accident that Singapore has emerged as a leading hub for blockchain development. The city-state has it all — from the talent to the commercial savvy that have made Singapore the success it is today.
The city-state will soon be rolling out its own regulatory framework for crypto, which will provide much needed stability and protection to both the start-up companies and market participants in the sector.
That’s good timing for CryptoProfile, positioned as it is at the centre of the country’s crypto community as well as being in the perfect location for global expansion. The three official languages of the city-state — Mandarin- and English-speaking (and Malay) — puts the Singaporean CryptoProfile team in exactly the right place at the right time.
With many tokens at year lows some doubt there will be another wave of buying for crypto. But old hands know we have been here before. The companies that are left standing will be the beneficiaries. Think dotcom crash — Amazon and Google are still here.
In a new era for ICO where investors are on the lookout for the scammers and ICOs have to prove to investors that they have a product, the one-stop global portal in a jurisdiction with a robust crypto framework sounds like a winning formula.
Token sale dates
Private sale: 1 November 2018 to end December 2018.
Presale: 1st January 2019 to end January 2019.
ICO will start on 1 February 2019 and go on until end February 2019.
Token fundamentals
The CP token is ERC20 compliant.
Total supply is 753,471,015.
Total tokens for sale: 591,474,747
The soft cap is $1,162,556 and the hard cap $30,463,808.
Token prices:
CP token price presale: 0.05 USD
CP token price ICO: 0.10 USD
Minimum purchase (presale): 500 USD
Minimum purchase (ICO): 100 USD
Token distribution breakdown:
Team 6.5%
Reserve fund 10%
Bounty 5%
23.41% of tokens are on sale in the ICO
17.7% in private presale
17.7% in presale
Seed 2: 1.99%
Seed 3: 17.7
More ICO details available here: cryptoprofile.io
