The initial coin offering ecosystem is home to hundreds of different platforms that all claim to be the very best new solution for whatever industry they target. While some of these platforms are indeed truly disruptive, there are just as many that provide nothing new, don’t innovate, and appear to be nothing more than cynical attempts to cash in on the tokenization hysteria.
Determining whether an initial coin offering is worth investing in requires careful assessment. It’s important to determine whether the platform that will be launched via an initial coin offering is actually able to offer the market it targets a truly innovative solution, and assess whether the market it targets is large enough to support it.
Good initial coin offerings should also provide potential investors with a comprehensive breakdown of how they operate in a detailed white paper, as well as break down the social media links experience, and histories of the founders and development team.
Most of all, however, initial coin offering should be disruptive, and present a wholly original idea. In this article, we’ll take a look at Best1Coin, an extremely generic initial coin offering that appears to be focused on creating yet another trading platform.
We’ll break down the specifics of the Best1Coin ICO and find out whether it’s offering an innovative solution to help you determine whether it’s worth investing in.
What is Best1Coin?
The first impression delivered by the Best1Coin platform is that it’s extremely basic. Potential investors visiting the Best1Coin website aren’t provided with any concise or summary information regarding the purpose of the platform, and are instead greeted with a wallet address and a brief description: Best1Coin: The best block chain asset online trading platform.
Best1Coin is extremely quick to present the conversion ratio of it’s upcoming ICO, the distribution of funds generated during the ICO, and provide investors with guidance on how to invest. An explanation of the Best1Coin platform only appears halfway down the page, after a link to the white paper.
The Best1Coin platform proposition is an absolute mess of crypto-related word salad. Potential investors are greeted with complex glossolalia that outlines basic leveraged trading and position management functionality, futures and options trading, an “in chat instant payment feature”, web and mobile wallet services, and a bare-bones development plan.
Why indeed. Best1Coin doesn’t present any paradigm-shifting ideas or innovation, and instead aims to establish yet another trading platform. The Best1Coin platform offers features that are already incorporated into most professional exchanges, and appears to be somewhat confused regarding what they actually plan to deliver.
The Best1Coin white paper, instead of explaining the function of the Best1Coin platform, instead takes a meandering journey into the fundamentals of game theory. The white paper doesn’t provide any information about the blockchain network upon which the platform will be built, how Best1Coin tokens will be used, or even outline the architecture of their proposed exchange.
The Best1Coin ICO
The only comprehensive and detailed information on the Best1Coin ICO website is the information regarding buying into the ICO itself. Best1Coin have not set a date on their ICO, and as it appears to currently be live, we can only assume that it is ongoing.
During the Best1Coin ICO- for however long it lasts- 210,000,000 BiC tokens will be generated. It’s safe to assume that these will be ERC20 tokens, given the lack of effort in the Best1Coin ICO and the relative ease with which ERC20 tokens can be created.
The BEST1COIN Verdict
The Best1Coin ICO is an absolute mess, and doesn’t present a clear image of what they actually plan to achieve or present any innovative concepts whatsoever. This ICO is one best left alone.