Cryptocurrency ICOs continues to produce headlines for all of the wrong factors. A complete great deal of tasks suffers from hacks these times. However, in the whole case of REX, the issue was entirely their fault. The work lost $1.3m in Ethereum credited to a coding concern. By offering a misquoted JavaScript hex sequence, the money transferred by traders was sent to an motionless address. This is usually another validation of how anyone can run their very own ICO but shouldn’t always perform, therefore. Traders will get their tokens ultimately, though.
Every week it appears there is something wrong with at least one cryptocurrency ICO. Last week, a pre-ICO web page was hacked task’s, defrauding investors effectively. The week the REX group announced they had a significant pest in this wise contract as well this. By using a wrong JavaScript hex thread, 6,687 Ether was delivered to an inactive address. As the group does not possess the personnel essential for this wallet, traders are screwed out of their cash effectively. Or they would end up being, but it looks as if things shall sort themselves out eventually.
REX Team Screw up ICO in the Main Way
Even more specifically, the missing funds sit in the wrong wallet still, brain you. Nevertheless, the REX group provides elevated $1.3m in various another financing to concern these tokens to traders regardless. A vital advancement, to state the least. If they can cobble jointly $1.3m thus quickly, as to why is a need for an ICO in the initial place there? Irrespective, the investors will receive the tokens they originally paid for. It’s not their fault the group messed severely up their ICO therefore, after all. On a first property system startup, one wouldn’t expect these problems to happen.
Misquoting delicate information throughout the fundraising stage is undoubtedly devastating. It does not bode all as well well for the potential of this task either. After all, no one in their right brain will make use of a business incapable of doing things correct at such an early stage. The real estate sector already is very competitive. Any business playing will not end up being around for lengthy in this particular sector up, that much is ordinarily noticeable. Again then, REX promises to perform something somewhat unprecedented. Hooking up suppliers, purchasers, and agents through a free of global charge program sounds quite interesting.
Unfortunately, this can be yet another example of how cryptocurrency ICOs may end up being quite dangerous. Not really for the project searching to increase money, but also for investors. In this era of intelligent technology, it only takes an individual mistake to trigger significant harm. That is undoubtedly once again what we discover in the case of REX. We can wish their upcoming code skills are even more on stage. If their global marketing system has some insects, the task will be over before it gets off the floor. It does appear the issue is resolved and money is trickling in once again today.
REX Token
The REX token is used to pay those who supply list data to the RexDex. Without any more information, it noises like a no-go, since there’s nor income model up front side:
Right here we see that the symbol will have some utility, but right now we’re approaching a problem that many ICOs face: the token’s worth appears dependent on people, in fact, using the nascent item. Agents would buy the souvenirs to verify listings in the way laid out above, to ensure that they would be working with significant data, and their data would be more correct than the competing players ultimately, but the entire thing would appear even more appealing if there had been gain access to charge. We’re talking about professional data, and the marketplace is undoubtedly paying out for this data, so why should we not continue to charge? There's a total lot of space to cost much less, especially since the whole process shall be automated and decentralized and crowd-sourced, but charging nothing at all is probably a poor idea.
There is also the psychological idea of worth in data. Wikipedia is usually recognized as much less valuable details because it is undoubtedly crowd-sourced, despite the many Ph.experts and d’s who contribute to its pages and despite its dedicated community of editors and fact-checkers. Many professional institutions do not enable citations from Wikipedia still, and we can easily foresee various professional broker organizations, in concert with the MLSs they work with (for whatever cause, cronyism being chief), disheartening usage of the “free of charge data system.”
Therefore what we’re still left with for a worth proposition in the REX symbol is that it will be worthy to the people who use the system, and later on, it shall be valued when actual transactions begin to take place on the platform. That's where the rubber will meet the street, and very much like Property, it shall end up being a delicate circumstance because it relies on many unpredictable human individuals.
ROADMAP
2018 August ICO preparation (white paper, website)
2018 October TXT release on some exchanges
2018 December TXT site release
2019 March Release TXT on iOS
2019 April Wallet Integration on iOS
2019 July Cancel Android App
2019 November Release version 1.0 (user can use VTXT to purchase songs)
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