Teaming Up — What to look for in the team behind the token
DYOR!
If you’ve spent any time on cryptocurrency forums, message boards or Reddit trails then you’ve likely come across this acronym a number of times, probably from a cranky trader or weary YouTube influencer.
Do your own research.
Easy for someone in the know to say. What constitutes research? In a world shaped by cutting-edge technology, should you be expected to understand how the terms of a smart contract are written? Or what DApps are? Or how oracle masternodes interact with one another?
The truth is that very, very few people can claim to have a technical grasp of blockchain technology. And the few that do are unlikely to be similarly versed in business methodologies and investment strategy. With so many factors to consider when looking to enter the cryptocurrency market, there remains one area that everybody in the space would recommend looking into first: the team.
There are many reasons for people picking projects they want to invest in. Some are inspired by a revolutionary product. Some share a common interest in what the project is developing. Some just want to make money. Whatever your reason, it is crucial to understand the team behind the project, why they are developing it, and the qualifications they have behind them.
First, look at the core team behind the project. What members of the team are listed in the white paper or website, and is a referral to their LinkedIn provided? Study their history. Do they have experience in the industry in which they are targeting their token? How long have they worked in it? What qualifications and accolades have they achieved?
Once satisfied that the core team has the nous to carry out their vision, take a look at the advisors who have lent their names and credentials to the project. What previous blockchain projects have they worked on? Did these projects reach their soft/hard caps?
Reviewing prior success in business is a critical element to consider in researching an ICO. 2017 was littered with spectacular projects with revolutionary ideas, however, a lack of business acumen has seen many fail to weather the storm of the difficult bear market of 2018, and subsequently fade into obscurity.
Thus, an emerging trend of 2018 has seen crypto enthusiasts look towards reverse-ICOs, organisations deploying a token into their existing business infrastructure. Reverse-ICOs are guaranteed to have key personnel with significant industry experience. What’s more, existing customer bases and revenue streams ensure that the token sale is not make-or-break for them, and they are more likely to have contacts that can be leveraged in media, investor relations and other relevant fields.
A quick review of the key personnel behind the PlayChip shows an experienced team with a long history working together and in startups. CEO Daniel Simic has notable success in both the startup and online gaming sectors, and has worked with each member of his executive team for over two years.
Head of Blockchain Luke Lombe already has one token sale under his belt, and was recently accepted into the Forbes Technology Council an invitation-only community for world-class CIOs, CTOs, and technology executives.
This comes off the back of the PlayChip winning the “Draper Hero’s Choice Award” at the Blockchain Economic Forum 2018 in San Francisco, awarded to the best pitch of the year.
PlayChip’s advisors include Dr Stef Savannah, co-author of 57 blockchain patents with nChain, Adam Weigold, CEO of successful ICO project Cryptyk, and other industry leaders in online gaming and fantasy sports. Recent addition Brett King famously consulted on the future of banking to the Obama Administration, and has been quoted by Chinese President Xi Jinping.
PlayChip is a fantastic example of an established and experienced company that has the nous and infrastructure to integrate a utility token into their fully-functional gaming ecosystem. Current usership will drive a demand that will migrate into the crypto market, and the opportunity for the company to grow its ecosystem and user base organically.
Given this early stage of blockchain and cryptocurrencies, the PlayChip’s ambition of becoming the Universal Gaming Token is well and truly in its grasp.
The PlayChip is still in its pre-sale with tokens available at 15% bonus at www.playchip.global.
