One of the terms that is synonymous with cryptocurrency is ICO or initial coin offering. The idea of preselling coins or tokens or a specific cryptocurrency of a when launching blockchain projects has transformed into a highly successful tool for raising capital. It is a thriving business model that continues to help blockchain projects receive the funding they need and pushing blockchain in a positive direction.
However, the truth is that only 20% of ICOs are legitimate, with most being scams aimed at defrauding potential investors instead of creating lasting blockchain innovations. ICOSim is one of the fascinating concepts for launching an ICO as it seeks to showcase how easy it is to launch a blockchain project. Discover more about what ICOSim offers in the following review.
What Is ICOSim?
The ICOSim blockchain project is drawing mixed reactions from most people who encounter it, with equal numbers of admirers and detractors. At its core, this project is a virtual or simulated environment in which anyone can launch an ICO, although with some limitations. It is completely legal and it helps to illustrate a few of the major aspects and features of setting up and running an ICO from start to finish.
ICOSim Blockchain Game For Creating Own ICO Token Features
The end users can utilize ICOSim to go create a custom test coin, design a roadmap for implementation and market their ICO among other relevant tasks. The platform even offers the ability to perform an exit scam once your ICO is ready, a feature that will certainly ignite debate. If you consider that nearly half of investors in the crypto sector have been scammed by such setups, it is obvious that ICOSim will become quite notorious.
Running an ICO scam on this platform will require some form of payment. ICOSim requires users to have a Nebulas wallet and some NAS currency to start playing the game. You will need to have funds in your wallet to be able to perform any activities related to launching your ICO.
An appealing feature that ICOSim offers is the ability to add a few popular advisors and business experts to your new ICO. Some of the names provided here include John McAfee, Tom Lee, Craig Grant and Roger Ver among others. The platform is specifically designed to make fun at many ICOs that depend on such cheap tactics to attract investors.
How To Get The NAS Coins
As mentioned above, ICOSim uses a distinct native NAS currency that users will need to purchase to use the platform. There are two ways you can get this currency, with the first option being getting some free NAS coins from the team’s Discord channel. The other method of adding NAS to your ICOSim account is by purchasing the token directly on Binance. However, it is worth noting that the NAS currency does not have any other notable use cases, but that could change in the future.
Most ICO projects fail in spite of being very appealing at first. Unfortunately, it seems like many of the failed projects still receive millions in investor funding. The ICOSim platform is only designed to make fun of the whole ICO sector and show how such scams are created. However, it still remains unclear as to the impact of this project and whether it will cause the incidences of these scams to reduce or increase.