Several concerns about Initial Coin Offering (ICO) are circulating right now, even though the industry is at a high level of popularity. It is obvious that a significant change is urgent given the fraudulent ICOs and fundraising scams. Eric Ly, the co-founder and former director of LinkedIn, claims to own the solution. It launched Hub, also known as the Human Trust Protocol, to help foreigners securely interact on the Internet and build a digital reputation based on their transaction history.
Highlight the reputation of individuals and entities
"It's extremely difficult to build trust on the Internet, especially when money is changing hands and corporations are collecting millions of dollars without regulation," admits Eric Ly. The solution he presents is ICOHub This is a new platform for verifying the integrity of ICO teams. Investors and stakeholders can also refer to it to get an idea of the real situation, by fostering trust or mistrust.Although it is up to investors to conduct their own research before investing in any project, such a service is valuable today. Often, they are only attracted by hype and advertising in relation to project goals. This trend has become evident in recent months. The scammers are extremely talented to make believe the legitimacy of their company.
Stand out from competition
Although solid guidelines exonerating investors from scams exist, many are the bad guys who manage to slip through the cracks.
Ly said:
"The ICOHup project seeks to represent the reputation not only of individuals but also of entities. "He added, "The reputation of an entity can come from individuals, but also from past business transactions, such as previous financings, partnerships and customers, which would increase their confidence score. ICOHub will rely on a "trusted network" based on multiple data sources to determine scores. "
Those who hide their identity should be quickly discovered, according to the statements of the co-founder and former director of LinkedIn. "Individual founders can work under assumed names, but in this case, their reputation will be almost nonexistent and will add very little to or even subtract confidence scores attributed to an ICO project," said Ly. Unlike existing ICO classification sites, the scoring methodology and the manner in which the data was collected are quite transparent with the Blockchain's distributed ledger."Our vision is that billions of Internet users will eventually migrate their reputation to a Blockchain for all its benefits," said Ly. "They will use a Blockchain to create trusting relationships with each other for all online activities where this trust is needed. Hub's future is to be the ubiquitous "trust layer" that people can rely on, perhaps unknowingly, in the same way that people rely on TCP / IP without being aware of it. For ICOHub, this is one of the first ways to demonstrate the value of the protocol to a small but growing community while gaining initial traction on the technology. "
Another key benefit of ICOHub is that it is free.
According to Ly:
Users will be able to check the reputation of various ICO projects [...] They will be able to participate in the evaluation of ICOs by means of a voting system at the start. Emphasis will be placed on creating a quality reputation data source on the ICO market and increasing the reliability of ICOs.Taklimakan: a natural competitor
Meanwhile, another project, Taklimakan, is doing an ICO . The platform will bring together expert traders and ICO analysts. Each participant will be able to participate in the joint creation of a cryptocurrency, tokens, and ICO information database, and the best of them will even be able to conduct webinars. The stated objective of the project is to improve the general public's knowledge by educating them and enabling the best to become experts in their turn. The platform will use the "wisdom of the crowds" to determine trading signals in partnership with CCIN, and also established an agreement with Achain.What do you think of ICOHub, the solution brought by Eric Ly to eliminate scams and fraud associated with ICOs? Would you be willing to become an analyst on the Taklimakan platform? Let us know in the comments section.
Posted from my blog with SteemPress : https://infos.link/linkedin-co-founder-launches-icohub-to-evaluate-ico-teams/