Four Ways to Check the Legitimacy of an ICO Project

More than half of token events in 2017 were confirmed to be failures and it’s important for investors to ensure that they gain results for their efforts. Here are ways to find trustworthy initial coin offerings:

1. Check the Website and Whitepaper: A legitimate ICO project always has solid-looking website and whitepaper. Make sure that you can gain an insight into the company and understand its vision. It’s common for the company to claim promising financial rewards in the future, but make sure that they are sensible. If the website and whitepaper fail to fill you with much confidence, then you may need to look for other ICOs.

2. Make Sure That They are Transparent: The team must have active social media account, such as LinkedIn and Twitter that provide potential investors with latest bit of information. Avoid investing if the team appears to be entirely or partially anonymous with limited online track record. This should raise a warning sign. In some cases, LinkedIn profiles are faked, so make sure that you check their networks/connections, qualifications and employment history.

3. Check Their GitHub Repository: If you are interested in an ICO for open source projects, check GitHub for their code base. Make sure that everyone can review their code and identify potential improvements that you can make. Even for non open-source projects, there should still be some publicly accessible source code that you can scrutinize. Empty or non-existent GitHub repository should raise major concerns. If you struggle to understand how the company or the technology works, you may consider it as a potential scam.

4. Check Regulatory Compliance: ICO already has well-established guidelines and rules. As an example, a rigidly followed anti money laundering procedure is a strong indication for the legitimacy of the ICO project. Check whether the company is already properly registered and investors know where it’s located.

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