JRR Crypto with LongHash and BTC Inc Launches New Token Design Challenge
Bitcoin, the first cryptocurrency, was designed to offer an alternative to fiat currency. It ushered in a new era of an economy founded on cryptocurrencies. This economy is thriving today, but it could do much better than it is.
A Fundraising Tool
Few tokens and cryptocurrencies have measured up to the standards of Bitcoin. In fact, Bitcoin’s credibility has made it the symbol of all cryptocurrencies. Some use it as an investment vehicle, but at the end of the day, it is mostly used for utility purposes. This is what every cryptocurrency should be like.
Unfortunately, most newcomers are losing sight of the overall goal – creating a thriving cryptocurrency economy. Upcoming startups built on Blockchain technology have adopted a pass-through technology that focuses more on fundraising than it does on contributing to the cryptocurrency economy. To this end, ICOs are more about getting interested investors to buy tokens rather than presenting tokens that will help overcome challenges associated with fiat currencies.
To this end, most people who buy new tokens today do not do it for the utility they serve. Instead, they purchase tokens with the hope that they will appreciate in value, much like what happened with Bitcoin and other early cryptocurrencies.
This has come to the attention of several players in the industry, and JRR Crypto is among the first to take concrete measures against the growing trend.
A New Competitive Challenge
JRR Crypto has partnered with LongHash to correct what they have termed as the biggest problem in the cryptocurrency economy today: tokenization with the primary goal of fundraising.
The plan by LongHash and JRR Crypto will involve a global competition event. The event, which was launched 26th October 2018, will pit entrepreneurs seeking to utilize Blockchain technology in their startups against each other. The competitors will be required to present their ideas in the best way they can. The judges and audience will then review each idea based on certain criteria and pick several winners.
The goal of this competition event is to pick the next big discoveries in Blockchain technology. Winners will get all the support they need to bring their ideas to fruition. This includes financial resources, mentorship, and virtually anything else they may need. This is meant to save them the trouble of compromising the integrity of their businesses and tokens for fundraising purposes.
The competition will run for several weeks and registration remains open until 24th November. There are several channels for registration and applicants from all over the world are invited to try their luck.
Competitors will be graded by a panel of judges comprised of Blockchain and financial experts. There will be 6 categories for awards. Some of the factors to be assessed include the tokens’ utilization, valuation, appreciation, and distribution, among others. The winners will be announced at the end of the competition.
Fundraising through ICOs has become a popular trend in the cryptocurrency industry. It is helpful, but some fear that it may blur the ultimate goal of cryptocurrencies. This is why JRR Crypto and LongHash have joined hands in search for the next Bitcoin.