W12: Eradicating fraud in crypto ICO

mcmich (33)in #w12 • 6 years ago

The idea of running ICO (Initial Coin Offering) in crypto business of today is basically meant to raise a substantial amount of funds to augment coin project development. Majority of crypto coin project developers do make use of the ICO by assigning a certain amount of their developed tokens as an offering to the project’s community or interested minds who believes and have interest in certain project and the team. This token would be like an offer to the early supporters of the project and the coin offering would be in exchange of certain amount per token. Most of these coin projects do make use of Bitcoin (BTC) or Ethereum (ETH) as a currency means of buying the token at ICO price.

However, crypto investors keep investing in many projects as the introduction of ICO keeps growing by the day. Once Investors noticed any slight great future promises of a project, they embrace it and fully invest in it believing that the project would definitely give them a good return once it hits an exchange after ICO as promised by the developers. But unfortunately, reverse is the case in today’s ICOs as project developers are becoming fraudsters running away with the investors hard earn funds. Many of today’s developers are not developing projects for a future reference nor to favor the community; they do only to favor themselves in other to gather a certain amount of investor’s money during the ICO and run away abandoning such project. This has really made investors not to have interest or trust in ICO anymore, and this is why some good investors are introducing a Crowd Sale in their projects now, still trust is still missing.

Meanwhile, to put a stop to this evil act of fake project and restore back investor’s trust in crypto projects, there came a great platform called W12!

What is W12?

W12 is a platform created to eradicate anomalies in how fund are being raised by project developers through ICO. It’s a platform built to create a decentralized and environment where all problems can be addressed swiftly with pure transparency and without the need to bother about trust between parties.

W12 Protocl, the way out!

W12 gives chance to anybody who wishes to build smart contracts as W12 protocol can be used for running of any crowd sale in a decentralized way without the need of programming knowledge.
W12 also make use of oracle network to forward true information from the outer world to the blockchain using smart contracts executes scenarios programmed.
As a platform that built to offer the service of monitoring crowd and ICO sales in place of project developers to make sure there is a security in sales.

How does W12 protocol service works?

Project developers would have to register on w12.io and registering of their project information like roadmap, token and milestones would be required as well. Meanwhile, W12 will work as an intermediary between developers and buyers that interested in buying a certain token, such token developers would have already signed a contract with W12. Such transaction is being conducted by W12 using smart contract to make sure the project receives its fund if they strictly implement what they in their roadmap accordingly with any failure.
In situation where such project fails to reach their target in sales leading to the failure of such project, W12 being an intermediary that monitors the sales would make sure a refund is being made to buyers to the tune of 99,9% of their capital. This refund is being made in series of ways.
Token is being sold using some algorithm in such a way that a letter “W” would be added to such token name signifying the it is been issued by W12 smart contract.
Part or the whole of the original token would be transferred to W12 digital contract address according to the said token developer’s decision. They might decide to sell the whole token through W12 platform or sell the part on other seller’s platforms.
Buyers would get the same amount of secured “W” added token in exact exchange of the fund they sent to the address to purchase the token at the sale’s price being set by the project owner.
Meanwhile, after the success of the project buyers could decide to exchange the secured W added token to the original token by sending it to w12 token changer smart contract address. The project can also decide to make us of “Token Hold” function to set a certain period for lock-up and discounts would be added for any buyer that holds the token.
If the project fails to reach their target, a refund would make to buyers through the help of W12 platform to avoid any loss from buyers.

W12 Token

This is a blockchain based backup token for W12 digital contracts, it is a token used to store the funds raised by projects and users can make use of W12 token to purchase any ICO project on the W12 platform. This coin would be used to fuel all the services including oracle network function on W12 platform.