2018 was a tough year for cryptocurrencies. As soon as the prices started dropping in January, everyone who wasn't a HODLer sold their coins, which helped drive the prices even further down. The media kept calling Bitcoin dead, and investors lost their optimism, as well as a large amount of their investments.
The overall sentiment was not good, and the bears dominated the market for over a year. Needless to say, this was not a good time for ICOs. They were still on-going for months to come, but only due to the fact that they were scheduled and prepared for months prior to the price crash. Developers had no choice but to hold them or give up on their projects entirely.
After the first half of the year went by, ICOs dried up, and many believed that the model was extinct, or at least, replaced with other, safer alternatives. These days, we see ICOs returning, but what we are interested in right now is checking out a project that held its ICO back in June and July of 2018, as it holds a lot of potential, and would have likely received a lot more attention if it were held today. The project in question is known as Xsearch.
As the name suggests, Xsearch is an innovative research system that aims to do a similar thing as several other projects, which is fixing online advertising. You have probably heard of other projects that had the same idea — eliminating third parties, and allowing sellers and users to interact directly, for the mutual benefit.
Online advertising, as it is right now, is not very profitable for anyone. Sellers need to advertise themselves on social media, as that is where most people tend to spend their time. These networks charge massive fees, and then bombard users with ads so much, that they eventually go for ad-blockers and other means of avoiding them. Sellers lose money, users don't even see the ads, or get annoyed by them enough to completely ignore them, and large websites get all the money.
Xsearch comes with a solution that utilizes the blockchain in order to establish the connection between sellers and buyers, eliminate the middleman, and save up a lot of money while doing it. It provides searches in large data sets, it motivates participants to watch ads and provides customers with anonymity and data privacy.
As mentioned, Xsearch already held its ICO, which started on June 10th, 2018, and ended on July 10th of the same year. It did not see a lot of hype, nor did its rating skyrocket, but this is not particularly surprising, given the general mistrust of ICOs at the time.
Its token, XSE, was developed on Ethereum's network, meaning that it is an ERC-20 token, and it was designed to serve as a utility. Its ICO price was equal to 0.001 ETH. However, the token also has quite a low total supply, of only 30 million units. It had a hard cap of 17,500 ETH during its ICO, and a 2,500 ETH during its preICO, which was held on a month earlier. While the preICO hard cap was reached, there is no information regarding the amount raised during the ICO itself.
The project was registered in Norway, and according to its roadmap, it is currently analyzing its system for vulnerabilities and conducting a security audit, with its future plans including marketing and customer count growth.
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As mentioned before, the project is not unique. However, there is clearly a massive demand for a revolution in online advertising, where social networks basically hold a monopoly and take all the money. Nobody else benefits in such a situation, and least of all users that ads are meant for, or sellers who actually do all the work.
With that being said, the project also had the misfortune to launch an ICO when not a lot of people were interested in ICOs. Many were suspicious of it being a scam, although there were no confirmations of it to this day, which likely means that the suspicions are unjustified. At any rate, the project did not blow up as many had hoped for, but its idea is still pretty good, and necessary if things are to change.
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