What Is Noscam?
NOSCAM is a platform that allows its users to vote on upcoming ICOs and collectively determine whether or not they are scams. The group is also releasing its own cryptocurrency, the NSC token. NOSCAM has an interesting idea that could encourage meaningful interaction among cryptocurrency enthusiasts and prevent people from losing money in fraudulent ICOs, but the English translations of its website and whitepaper omit several important details.
Who Is Behind Noscam?
NOSCAM identifies only four team members: Sergei Ivanov, Vladislav Kuchmin, Maksim Krasnokutskiy, and Lily Lee. No biographical information is provided about any of the team members. The team is based in Ukraine, Russia, and Europe, and has published its whitepaper in both Russian and English. However, the English translation could use improvement; it has several odd word choices and grammar mistakes that could alienate investors.
The company has received some coverage from websites that collect data on ICOs, but its actual voting platform has not gained much attention. It has attracted a decent following on social media, with just shy of 4,000 followers on both Telegram and Twitter.
Noscam Alt Crypto Coin Technology
NOSCAM's primary product is a platform that will allow users to vote on the legitimacy of upcoming ICOs. The ICOs can be declared scams if they meet one of three criteria: they are explicitly fraudulent, they are legitimate but their team is incompetent, or the idea is inherently flawed even if the sale is legitimate and well-run. Users are asked to investigate all sides of an ICO before voting on it through the platform, including an examination of its development team, whitepaper, and partnerships.
NOSCAM claims that it will release a beta version of its voting app in the third quarter of 2018, and a full release in early 2019. It notes that the full release will be “decentralized,” perhaps storing all votes in a blockchain, but it doesn't go into detail about this.
The company is still very early in its development, and mentions several facets of its product without elaborating: it will feature a rating system that gives greater weight to voters who participate often and frequently agree with the group's consensus, and the platform will apparently pay users in NSC tokens for their participation. More details will likely emerge as the company moves forward with its ICO and develops a prototype of its app, and it's very possible that these missing details are simply the result of poor translation.
Noscam NSC Token ICO Details
NOSCAM's ICO will begin on April 15, 2018, and continue for exactly one month. A total of 3,000,000,000 tokens have been created, 75% of which will be sold to the public. Of the remaining quarter not being sold, 80% are reserved to reward the system's voters, 16% will pay for partnerships, and 4% will be distributed to users through bounty promotions. The NSC token is ERC-20 compliant, meaning it must be stored in a wallet designed for Ethereum.
During the ICO, one NSC token costs the equivalent of $0.01 USD, and the company has not mentioned any discounts for early buyers. Only Ethereum will be accepted, and investors are required to spend between 0.1 and 1,000 ETH. The NSC tokens will be delivered to users' wallets approximately two weeks after the end of the ICO. While the group mentions that it hopes to list the currency on “the exchange” by the third quarter of 2018, it doesn't identify which one.
NOSCAM's central idea is very powerful; if cryptocurrency investors themselves identify the best and worst upcoming ICOs, then more people will notice strong projects, and fewer will lose money on bad ones. However, the group must clarify several important points about the role of the NSC token, the organization's measures to comply with anti-money laundering regulations, and the system's safeguards to prevent hackers from artificially voting to promote an ICO or earn NSC tokens. Investors curious about the NSC should wait for more information about the company and its product, and note that the full product won't be released for nearly a year after the ICO.