No, it’s not dead but just evolving. While STOs and IEOs have brought in fresh ideas to the table, ICO has not yet found its replacement as a means of fundraising for the crypto world. ICOs that offer true utility in their tokens have succeeded and will be the ones to gain traction and succeed going forward.
Thankfully, recent happenings have seen collaborations between government bodies and the crypto-currency stakeholders to ensure a more level ground is found for the crypto world and ICOs. For instance, Congressman Warren Davidson intends to introduce new crypto legislation to congress. When asking for input from crypto stakeholders, he is quoted as saying:
- “Your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market. With a thoughtful, bipartisan approach that protects consumers, advances free-market solutions and defines safe-harbors for the early stage innovators, Congress can send a powerful message around the world that the U.S. is the best destination for ICO markets.”
Major regulatory efforts are brewing to revive the ICO market in the US and bolster this innovation among others, in this regard, there is hope for the industry.
ICOs will need a more concrete business plan, and a clearer vision on how to fundraise more transparently; ICOs have a real long term chance of success. Additionally, there is a need for regulation in the ICO space so that one does not get millions of dollar funding at the very beginning of their project and ends up wondering if there is any need to go to the conclusive end of the project.
- Thankfully, the ICO space can self-regulate so that it is more secure, transparent and less risky. The industry’s use of smart contracts and Escrow-like services that could give investors the autonomy on when to join and when to withdraw could be options that would see the industry back on its feet.
Last but not least, if there will be any significant change, it will have to start with you; an ICO enthusiast, an investor, a third party or any other stakeholder. Be keen to do due diligence and not just rely on any statistics, invest in what is truly high quality and credible. Relying on regulatory agencies may not offer the best solution for the industry; the solution must come from within.
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