What is LyticTail?
The new company is a non-profit organization setup as a virtual economy management platform to help create tax-breaks for businesses, save money with discounts for consumers and then give back to communities all over the world.
How Does LyticTail Work?
The platform works through a proof-of-merit system that is considered to be absolutely revolutionary. It uses an algorithm that the team at LycticTail has created. The algorithm is essentially a consensus that can be used to determine the value of assets in the real world, it’s ideal for stake holders and people with assets.
They will issue a custom designed token through an ICO that will be used for fundraising. The token will be based on the ERC-20 system. Luckily, they understand the power of using a token that is already proven solid, and not attempting to create a new token when it’s not necessary. By using an ERC20 based token, they avoid any type of hang-ups or the system getting frozen because of third party interference like regulations or hackers.
Tax breaks are created thanks to LycticTail’s rating as a 501(c)3 Public Charity. The system is setup so everything they receive is considered to be tax-deductible. Also, apparently businesses are never responsible for any transactions that are not completed using real money or fiat. And it’s because of this that they can’t be taxed on any of the non-fiat transactions. In turn, businesses who take advantage of this will ultimately save money and be able to give discounts to customers on their good and services.
The non-profit LycticTail, promises to give back 90% of all funds to partnered charities. And anyone involved in the system can vote for a charity of their choosing the LycticTail app. Charities that are selected on the app via voting will receive funding from the company.
One of the main purposes of LycticTail, is to protect consumers from the onslaught of fake ICOs appearing online. There’s a type of epidemic happening right now in which innocent, naïve people are being taken advantage of by heartless individuals promising huge returns from a fake company. LycticTail is looking to change this by auditing these companies before they are donated to.
Once they pass the audit, they are ready to be invested into. Now, this all sounds great, but there is problem with LycticTail themselves, and I will disclose this in the next section.
Who is Behind Lytictail LYT?
The problem with LycticTail is there is no information on the team developing the system. Also, they provide nothing about the location of the company. Also, the website has broken links. These three things together, throw up major red-flags when considering investing.
A startup must operate with total transparency to be trusted. Especially when getting started and asking for investors. Not providing any of information on the founders, team or location of the headquarters is a bad sign they are not authentic, possibly hiding something.
Lytictail LYT ICO Conclusion
The platform has some majorly great ideas that would greatly help the industry. Also, the fact they are non-profit is awesome, still – the fact they give no information on founders, team or the company headquarters, makes me too uncomfortable to invest with the company.
Not only that, but it’s enough to advise anyone else to stay clear of LycticTail until they provide more information on who’s running the show, and from where. The old adage, never give money to anonymous people on the internet still holds up to this day. If you truly want to see this company success, attempt reaching out to the founders or wait until the provide more info on who they are.