Ever since it came under the spotlight, the blockchain technology has been changing the world. Thanks to its improvements and constant evolution in the past decade, there are now many blockchain projects, supporting many new coins, and promising to solve all kinds of different problems in almost every industry in the world.
It is safe to say that blockchain technology is not going anywhere. It has attracted many, including even the crypto skeptics, which puts its value way above that of cryptocurrencies themselves. But, with all of these positives, there are still a few drawbacks at the blockchain that we know today.
It continues to overly complicated for those who are not especially attuned to this kind of tech, meaning that it will be that much harder for it to reach mass adoption. It is necessary for it to become simple and available to average users as well.
With that said, it should also be noted that developers have been aware of this issue, and that they have been working on resolving it for some time. There are multiple projects that are working on it right now, helping it evolve further, and leave its early shape. One such project is IOV, which held its ICO earlier this year.
IOV is a project that aims to solve the problem of complexity, the lack of interoperability, and the issue of human error when it comes to exchanging digital assets via the blockchain. It also managed to create its own Blockchain Communication Protocol that enables autonomous blockchains to be accessed efficiently.
Simply put, the project and its team aim to provide a universal protocol for blockchains and wallet users. Their goal is to allow anyone in the world to create their own blockchain, and add it to the global blockchain ecosystem.
IOV provides the Blockchain Name Service, which is the first DNS for all participating blockchains. It will use its new token to allow users to register and transfer human-readable names in their blockchain ecosystem. In other words, the project wishes to create a major blockchain network that would solve the issues of interoperability. Their blockchain network would grow an entire web of different chains, all connected in the same ecosystem, and capable of supporting transactions between different users directly.
As mentioned, it needed its own native cryptocurrency to do this, which is why the project decided to launch its ICO earlier this year.
IOV ICO has already ended, and it sold the token called IOV, just like the project itself. This is a utility token, based on the ERC-20 model. The project started its preICO stage on March 31st, 2018, and it ended on August 20th last year. The ICO itself, however, took place in 2019.
It started on January 15th, and ended on January 30th of this year, lasting significantly shorter than the preICO itself. The token's ICO price was $0.1147 per 1 IOV. The project accepted Ethereum, Bitcoin, as well as fiat currencies. It had a soft cap of 2 million EUR, and a hard cap of 25 million EUR. However, it is not known how much it managed to raise during its two-week token sale.
What is known is that the project was registered in France, which is becoming increasingly crypto-friendly in 2019. However, it also had three restricted areas — the United States, New Zealand, and China. Everyone else could have joined the ICO after going through KYC and whitelist procedures.
|Start||January 15, 2019|
|End||January 30, 2019|
The project seems rather interesting, but it has a few flaws that investors have pointed out, which posed a problem for them. For example, it only had a single advisor who is largely unknown, which doesn't bode well when it comes to trusting the project or the advisor's expertise. Not to mention that its team is rather small for such an ambitious project, and they are not verified. Its white paper was also very technical and difficult to read, with some crucial information missing, including the number of tokens created.
Communication was also nearly non-existent, which did not make the project seem especially trustworthy. Its community was generally very underdeveloped at the time, which could have been a red flag for many.
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