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Overall situation with ICO scams
There is no real numbers and statistics but some say that around 98% of ICOs in 2017-2018 didn’t fulfill their obligations, or let’s be straight – they scammed you. More real numbers are given by ICO advisory firm Statis Group – more than 80% of ICOs in 2017 were identified as scams. In a numbers, it is around $1.34 billion! The largest scam was Pincoin with $660 millions collected in their ICO. In a platform called DeadCoins there are about 900 names on August 13, 2018.
Unexpected turn – someone buys your “dead” coin!
What can one do with these “dead” coins? Here comes an unusual and unexpected idea from a team in Belarus – they are offering to buy out these dead coins! Of course, there are certain rules and conditions that you have to meet in order to get rid of these “shitcoins” – called by the developers of the project Jullar
One cannot exchange just any coin on the platform GES of project Jullar. Rules of the project say that the JULLAR project will hold a voting in the community about including new Shitcoin tokens on the GES* platform.
The users of GES platform will receive financial compensation equivalent of the Ethereum cryptocurrency equal to 0.00004 ETH per one Shitcoin. Not more than 1,000 Shitcoin tokens at one time can be placed in the liquidation queue on the GES platform. But good news is, that every user can take the 20th place in the queue right after the first placement. Of course, there is a limitation to liquidation and it is not more than 10,000 tokens of each denomination from the Shitcoin list placed on the GES platform. List of Shitcoins can be found on their whitepaper.
Where is the benefit of the project itself?
This sounds pretty nice for those who are planning to get rid of their “nightmare” coins and move forward with their investment plans. But what about the benefits of Jullar project itself, one could ask?
Going through the project’s whitepaper we got to know that the Developers of Jullar give an exact explanation of raising funds for such “charity” work as an exchange of dead coins against viable cryptocurrency Ethereum.
As the project consists of several parts, therefore other activities of the project will be involved in the financing strategy of the exchange of dead coins.
The first source of funds.
Blockchain Joust Jullar platform is a tournament for owners of all kinds of cryptocurrencies, created according to the standards of ERC-20. So, 50% of project’s income from this tournament will go to GES platform for exchange of Shitcoins.
Second source of funds.
ICO Scanning Jullar is a service of deep verification of ICO projects, which will bring another portion of funds that is needed for GES. There will be a catalogue and application of the “ICO Scanning Jullar” that will give deep and trustful information about new ICOs.
And third source of funds.
As project is intended to create community of like minded people and those who wants to support these activities, Jullar team plans to attract additional funds. These funds could come from investors who have successfully reinvested funds thanks to Jullar exchange of Shitcoins, as well as from companies or people who want to support this community and their activities.
It is Important to know, that all these features of the platform can be used by those who have at least 200 Jullar tokens (JUL) that is 0.042 ETH between August 20 and September 8, 2018, during pre-ICO sales. If you miss this round, the next will start from September 20 and end October 13, 2018. Price will rise 3 times for this ICO round. There will be three more rounds – one more in 2018, but last two – during 2019 and 2020.
A little more about these two other features of the project.
Modern scams of ICOs
There are many attempts to recognize ICO or blockchain project scams. Plenty of articles telling you what are the most significant red flags that will help you to spot scams and avoid them. But honestly – even these scammers are becoming more advanced, experienced and sometimes it is almost impossible to get the clear picture.
Blockchain projects that helps to avoid ICO scams
AML**, PEP***, KYC**** and more. Those are also some of the other ways to check and identify projects, if they are real or fake. Global Spy, Clearify, Verified ICOs, or KYD***** team’s project review. Each one of them has their own methods and tricks of how to spot out scams and “shed pearls from the chaff”.
Jullar announces upcoming platform “ICO Scanning Jullar” that is a service for verification of new ICO projects. There will be ratings of reliability of ICO projects collected in the Jullar’s catalogue. Besides informative part, the most encouraging seems checking of documentation for plagiarism (this is how one can “fish” out scam projects), checking of social networks, deep check of the project’s team, personal meetings with team, checking of location of the company, and more.
Hard to forecast today how Jullar project will differ from other projects attempts to bring truth closer to the end user – but overall aims are good and perspective.
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* GES stands for the global eradication of Shitcoins
** AML stands for anti money laundering
*** PEP stands for
**** KYC stands for know-your-customer
***** KYD stands for know-your-developer
