The Sustainable ICO Protocol (SICOP)
A proposed Certification Methodology for Initial Coin Offerings
After months of exhaustive research and community involvement our team is excited to propose the SICOP, a certification methodology for compliant Initial Coin Offerings.
As the ICO market has exploded over the last two years, it has become filled with unethical and scam based businesses. The team at Tokeny has aimed to provide a methodology to conduct successful, secure and sustainable Initial Coin Offerings by standardizing good practices and ethical rules. It will help regulators to understand the market and help ICO projects to prepare for upcoming official compliance.
Innovations always bring opportunism, with good or bad intentions. ICOs have the ability to disrupt the investment mechanisms of the worldwide economies therefore malicious people will try to get profits from the immaturity of these new fundraising systems. That is why, we thought it helpful to provide the community with a list of business, tech and legal guidelines to conduct compliant ICOs. The main principles of the SICOP come not only from the best practices the industry has seen so far, but also from the last decade of good practices for IPOs and consumer rights.
Tokeny has already begun to review ICOs under the SICOP guidelines and has already selected 5 ICOs so far. By only partnering with companies that comply with the SICOP, Tokeny assures investors from the community that the ICOs that are offered through its platform are some of the most secure offerings in the world.
The purpose of these SICOP reports is to analyze companies seeking to launch an ICO sale in order to verify whether or not the project meets the standards of an ethical, fair, and transparent market. Tokeny studies all of the available documentation and technology made available to them in order to come to a consensus on whether or not the project meets the SICOP specifications. Tokeny also discusses the project with founders in order to answer questions more clearly and offer advice that would make the project more aligned with the SICOP. Projects that are found to be aligned with the SICOP have the ability to have their ICO operational on Tokeny’s ICO network.
Tokeny uses the SICOP to select projects but the framework can be used for free by ICO advisors, consulting firms or the project leaders themselves. It has to be continuously challenged by the community to stay in line with the fast evolving ICO market. Tokeny will be glad to assist and to moderate demands.
More than 600 people and companies have already joined the movement by signing the SICOP and expressing their support in the self-regulation of the industry. The signup link is available here: https://goo.gl/forms/sPRlSiA4eaG30z233
Note that every person showing their support gets exclusive access to Tokeny’s ICO community platform.