ICOs are once again gaining popularity, as the crypto winter of 2018 finally ended a few months back. While the ICO model did not exactly go extinct as many were assuming it would, this particular token sale model became very rare, and not at all trustworthy.
But, things started to change once again, and with rising prices, the popularity of new altcoins continues to surge. As a result, more and more Initial Coin Offerings are being held even now. Some of them already took place, and many new ones are scheduled to occur in the future.
However, there are also multiple projects that are in their earliest stages and are currently only being announced. CodeTract is one such project.
CodeTract is an Ethereum-based smart contract auction platform that allows its users to exchange tokens. The project sees tremendous potential in Ethereum, which is why it will allow settling daily transactions, high price efficiency, low counterparty risk, high volume transacting, no frequency bots, and more — all within the ETH ecosystem.
Further, the project believes that average users might need help getting into Ethereum's network. By helping the users enter it with ease, the project's team hopes to achieve mass adoption or at least contribute to achieving it. It plans to launch two different coins, both stablecoins, and both resistant to volatility. USD Token (USDCT) is fully backed by the USD, while Gold Token (GCT) is backed by physical gold.
The use of the platform will be extremely simple, and users would simply have to enter the amount they wish to buy or sell, and click the button.
As coins are developed on Ethereum's platform and are designed to be used in Ethereum's ecosystem, they will be ERC-20 tokens. They are designed to be used as utilities, and their country of origin is Singapore.
To participate, investors will have to go through a KYC procedure, which is standard procedure, as experienced investors undoubtedly know.
So far, there is not much else known about the project's ICO, as it has yet to be announced. Not even the date is known now, much less the details such as soft and hard cap, possible restricted areas, or even the project's preICO stage. However, the project is coming at some point in the future, and investors who might be interested in the coin are advised to take this time and study the project, its' white paper, goals, and more. It is always best to know what you are investing in before making a commitment, as ICOs are still highly risky, even today.
Risk is the right word for projects like this, as there are plenty of them when it comes to using gold-backed ETH tokens. As many undoubtedly know, there is no reversing blockchain transactions, and sending payment already requires users to be careful. When it comes to gold-backed coins, users need to be even more careful.
But, the use of Ethereum blockchain currently sees a lot of competition from other projects, many of which are trying to become more efficient. Even so, there is a certain dependence on the purpose of Ethereum with multiple blockchain ventures, which are using it at the core even now. In other words, CodeTract does have significant potential to attract new users and drive adoption further.
While this is by no means a new effort, and there are other similar projects that are focusing on ease of use, CodeTract might become one of the leading ones if it plays its cards right.
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I wouldn’t want to label CodeTract as scammers right away, but there are more reasons to do so than not. First of all, the overall appearance of the project is primitive: the simplistic website, the hastily concocted whitepaper, and the promises of gold backing which aren’t substantiated by any evidence. Who knows, maybe CodeTract is the real deal, and they just don’t like to show off, but they definitely failed to impress me.
Dani July 28, 2019 Reply
People at CodeTract are either some downshifters or scammers, because one can’t claim to be capable of backing the tokens by precious metals and have such a poorly designed website. Maybe I am being bias, but I am not sure that any serious investor would want to give money to a startup whose website looks like it’s been designed in the 90s. I think you have already guessed that I don’t recommend getting anywhere near CodeTract.
Harold July 9, 2019 Reply
Whenever I see the combination of words “token backed by something”, I immediately choose to disregard it. And I strongly advise to give it a good thought before investing into the projects like CodeTract. These people didn’t even bother to create a decent website. Doing a one-pager and thinking that someone would devote their money to you, that is so arrogant and silly at the same time. But then again, there will be people who’d buy into that stuff.
Melory June 20, 2019 Reply