1; Use cases do not require blockchains. A good question to ask when evaluating ICO is: "does this project require a blockchain or a native token?" If the answer is not required, then the project may be an example of solving (i.e. think that all problems have a technical solution, here means encryption for encryption monetary currency), or is a fraud.
2; The repository for open source projects is empty. If an ICO project comes up with open source, the GitHub repository is empty or not at all, which is often a red flag.
3; The project team is unknown or inexperienced. Platforms such as Twitter and LinkedIn are very useful when looking at a team and its qualifications. It is worth noting, however, that they are not infallible, since personal data can be falsified. If a team member claims to be in contact with a university or company, we can review this information through trusted third-party sources, such as university newspapers or corporate websites.
The ICO project often lists its own consultants on the site, and we should verify the identity of these consultants.
4. Website/white paper information is not sufficient. If a project looks like a scam, it might be. When you can't determine if a project is a hoax, you'd better be careful. Although an encrypted currency project lack of well-designed site and detailed information may be because the project is still in its early stage, but we may be difficult to determine because inadequate project development, or because it is a scam.
5; There is no clear roadmap. Under normal circumstances, the ICO project lists its financing and development goals on a clear timeline for investors to view. The lack of a clear roadmap for development may indicate that the development team has no long-term plan for the project, so their motivation may simply be to pursue short-term financial gains. If the project also reserves a large amount of scrip for the development team, it is likely to be fraudulent.
Or, maybe people that have gotten involved with the project are passionate about it.
There isn’t some company or organized group behind it. Just look at the token distribution on Etherscan. Totally decentralized and community driven. The (open source) mining software came together over the past month with the hard work of a number of people. You can pool mine it now with a decent GPU.
It’s the first and only (for now) mineable ERC20
