One complaint about ICO's currently is that they don't really have a way to regulate whitepapers and be put through their due diligence. Then I had a really cool idea, one that someone sooner or later was bound to have, eventually: there should be cryptocurrency whose entire purpose is to validate ICO's and whitepapers. People could still do ICO's outside of this transparent system, but as time went on ICO's outside of this platform would be facing an uphill battle as investors are obviously highly incentivized to go with options that allow them to do due diligence on any given ICO more easily.
How would such a system work? Well, one idea is to give each ICO founder an id on the verification platform. Founders who have a history of being involved with good deals will receive more Reputation on the site platform and thus each ICO can have a risk score that comes from all of it's founder's individual scores and a witness evaluation score. Moreover, the coin of our system, Diligence, could become the main currency used to invest in ICO's, and thus the platform could serve as an intermediary that lowers the risk by controlling the distribution rate for the ICO. People with more Rep could receive their coin faster...
There's almost certainly about a billion better ways to implement this, but my point is that we need to come up with a blockchain solution for this. All it takes is one major scam, and the regulatory muscles may well begin to come down on ICO's. Why not create a solution ourselves, beforehand?
And while we're at it, why don't we start brainstorming a blockchain alternative to the credit system. I really, really couldn't be more overjoyed to put a frown on the current rulers of the credit system's faces. But I suppose the blockchain will have to be a lot more pervasive before this can be managed. However, it's coming and they can feel it. Minor trembles, nothing to see here, it'll be fine... But they're voices are getting shakier.
Anyway, this post isn't really about implementation, it's about the idea itself. And anyone that can implement this idea is welcome to it.
Wednesday, October 25th, 2017
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