Raising ICO Standards

[viniciusfbm]

Hello guys, we are currently working in a smart contract powered pension fund platform, and studied how we could improve our ICO.

What do you think about using the following rules, do you have any suggestion to improve it? We will publish it on github and if community support it, it could become a standard for next ones.

Main Points:

• ETH Locked through smart-contract, the funds will gradually become available based on Auctus business budget plan.
• Smart Contract source will be published well in advance, this will allow potential investors to audit the contract.
• We will publish our crowdsale contract address in advance, minus the last 5 digits, so there is no chance of funds being sent to an incorrect address.
• Team will have 2 years vesting with 6 months cliff.

[1714281257]

1714281257

[ranih]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

[viniciusfbm]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

We would set a reserve for future stakeholders that could be used to raise more funds in case of excessive devaluation, otherwise, if deemed unnecessary, we would burn it .

[carlisle1]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

the team should be committed in this project and they should be always hearing out opinions coming from the community I think give and take between dev and the supporters will make this project successful I'm sure the idea will be supported if the team will be more serious to get in touch with the investors.

[Beparanf]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

the team should be committed in this project and they should be always hearing out opinions coming from the community I think give and take between dev and the supporters will make this project successful I'm sure the idea will be supported if the team will be more serious to get in touch with the investors.

To get investorst trust, the support team cooperation is a must. Whenever I'm investing though it was small amount , i really appreciate whenever there's a team representative who replues on my questions actively. And it will interest more investors to support them if they are approachable.

[viniciusfbm]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

the team should be committed in this project and they should be always hearing out opinions coming from the community I think give and take between dev and the supporters will make this project successful I'm sure the idea will be supported if the team will be more serious to get in touch with the investors.

To get investorst trust, the support team cooperation is a must. Whenever I'm investing though it was small amount , i really appreciate whenever there's a team representative who replues on my questions actively. And it will interest more investors to support them if they are approachable.

We invite you to join and interact with us on our post/slack , we really want to build this interaction, even if you are not investor and wan't to follow a project progress closer, feel free to join us:  http://slack.auctus.org https://bitcointalk.org/index.php?topic=2044504.0

[bitcoinvestor]

You miss one thing, you should make execution of the project in the short future time. There are many ICOs execute their roadmap in the end of 2018 even in 2020. I think the coin will be forgoten or Investors will recognize scam ICOs. It is better to be ready a test net web application before launching ICOs.

[rigel]

I don't think most investors are willing/able to audit your code.

You should instead pay someone indipendent to do it.

[geotom]

I've been thinking about some ideas around how to create an ethical ico for a while although I was coming from a slightly different angle.

Top of the list was the idea of having a smart contract that is programmed to release funds along a schedule, based upon project milestones being achieved. Initially I was thinking that the tokens attached to an ICO could vote to delay/speed up such a schedule (thus empowering investors) but then I wondered if technically this could create issues with the SEC (would token holder's hold technical shares)? Lo and behold we get the annoucement from the SEC this week and I'm having to reformulate ideas. Where are you planning to base your ICO? Switzerland?

[Emadm]

A simple ethical suggestion is to just raise the amount you need to hit the next milestone and raise more at that point.

If you're a product versus a mission this makes more sense (missions in foundations typically look to maximise funding of the foundations).

Have a treasury plan if you raise more than you need.

[terry6419]

I quick cash flow projection and a timeline demonstrates you have thought through your CASH burn rate.

[Darknight31]

I think the last point (the vesting) is very important. It makes the team more committed.

The biggest drawback of the first point is unexpected events. What happens in case you need more funds than planned?

the team should be committed in this project and they should be always hearing out opinions coming from the community I think give and take between dev and the supporters will make this project successful I'm sure the idea will be supported if the team will be more serious to get in touch with the investors.

With a successful ICO project comes with a great people behind it. For sure an ICO is gonna be successful if the team behind it is passionate and well-connected to the project. If people wanted to invest in such ICO project they need to raise standards especially about the projecr and the team behind, if it is legit, safe, and if the people are willing to answer one's uneding questions about the project given.

[mamaya]

Hello guys, we are currently working in a smart contract powered pension fund platform, and studied how we could improve our ICO.

What do you think about using the following rules, do you have any suggestion to improve it? We will publish it on github and if community support it, it could become a standard for next ones.

Main Points:

• ETH Locked through smart-contract, the funds will gradually become available based on Auctus business budget plan.
• Smart Contract source will be published well in advance, this will allow potential investors to audit the contract.
• We will publish our crowdsale contract address in advance, minus the last 5 digits, so there is no chance of funds being sent to an incorrect address.
• Team will have 2 years vesting with 6 months cliff.

I see all these points except for the first one (and to some extent the 3rd one) already being used by the majority of good projects and is generally the kind of factors I look into when I decide if I should invest in an ICO.

[Pab]

Transparency and communication.if you can legalaise your company can be great,if you can deliver some beta of your platform will be also great.Legal aspect in your case is very important

[viniciusfbm]

You miss one thing, you should make execution of the project in the short future time. There are many ICOs execute their roadmap in the end of 2018 even in 2020. I think the coin will be forgoten or Investors will recognize scam ICOs. It is better to be ready a test net web application before launching ICOs.

Yes i think this is the best way to show that we are able to deliver what we promise. We are almost done with those crowsale smartcontract (but still open to any suggestion and could implement it). And we are willing to deliver an alpha platform running on testnet before ICO. I think it will help to build trust and also to learn from community how we can improve our product.

[coolsai]

In my opinion the most important is to already have a working product at least in alpha/beta mode before asking people to fund the project.

With more and more scams out there that will become the norm.

[jggrnt]

Hello guys, we are currently working in a smart contract powered pension fund platform, and studied how we could improve our ICO.

What do you think about using the following rules, do you have any suggestion to improve it? We will publish it on github and if community support it, it could become a standard for next ones.

Main Points:

• ETH Locked through smart-contract, the funds will gradually become available based on Auctus business budget plan.
• Smart Contract source will be published well in advance, this will allow potential investors to audit the contract.
• We will publish our crowdsale contract address in advance, minus the last 5 digits, so there is no chance of funds being sent to an incorrect address.
• Team will have 2 years vesting with 6 months cliff.

The most important is to have a good team and good product.
Good luck with your ICO

[DuarteFig]

Transparency and communication.if you can legalaise your company can be great,if you can deliver some beta of your platform will be also great.Legal aspect in your case is very important

Thanks for sharing your opinion!

We are currently developing an alpha version of the platform and smart contracts, and we will be able to deliver a beta before the ICO. We completely agree that the legal aspect of our core business is very important and this is one of the main reasons why there will be a token sale to fund our project. It is very important to have a specialized legal firm backing us up and since our team is composed of professionals from investment and technology fields we need to hire a third part. Our plan for the beta / MVP version is to provide an unregulated pension fund using only digital assets that will be a Proof-of-Concept and showcase to attract traditional funds and help us with regulation to be accepted as a legit pension fund.

EDIT: In addition, we believe that our first release (digital assets pension fund) could receive support from other Blockchain startup companies that may have developers and employees around the world receiving their payments in crypto currencies and our first smart contract pension fund could be really used by our fellow blockchain enthusiasts.

[helloge]

I think there should be some escrow for the funds raised from the ICO, for example a third-party escrow, many investors think it is important for evaluating the risks of scam.

[viniciusfbm]

I think there should be some escrow for the funds raised from the ICO, for example a third-party escrow, many investors think it is important for evaluating the risks of scam.

With the eth withdrawal rules we hope to make something like an escrow, do you thing that would be enough? I think its even more secure than an escrow because it is impossible to withdrawl most of funds even if entire team tried to. Don't you agree?