EOS ICO working against its own objective
Introduction
We were all waiting in anticipation to participate in EOS ICO until the ICO on itself started. I went to the website to participate but after reading the technicalities of participating, I told myself the honest truth that I could not do it.
I have seen different ICO design but this one is extremely complecated. We all know when the Mobilego ICO was done and many more ICO that everyone could participate in. For most of those other ICOs, you just have to send your crypto coin to the prescribed address after registration and your token will be for you.
The EOS Token ICO is not exactly like that. It is different. Very complicated process of participation.
EOS Token For Everyone
This is one aspect that got me attracted to the EOS token even before the ICO started. Apart from being championed by a visionary leader, @dan, the design and ICO plan was meant to accommodate everyone.
Going from what I read about the ICO, It was designed to last long so that many people can buy into it. They wanted the EOS Token to be evenly distributed and thus very decentralized. However, without them knowing it, the technicalities of participating in the ICO has not afforded many people like me the opportunity to participate.
For an ordinary investor who does not know much about the blockchain technicalities, investing in EOS ICO is not an easy task. You need to be a tech geek especially someone with blockchain knowledge to participate in this ICO. If you just send your coin anyhow as you would do with many other ICO, you could lose your money.
EOS ICO Technicalities
To say that the ICO participation is highly technical is actually an understatement. Indeed, it is technical and that is not helping the purpose of getting majority of crypto investors to participate.
Considering that a lot more people are getting crypto-aware now and are coming in to invest in cryptocurrency, this type of ICO should be made to be as easy as ABCD in terms of how to participate.
An ICO of this class, targeted at the people, should be made in such a way that the people it is targeting will be able to participate.
What you have now is such that only the people who have the technical knowledge to go through the process are the ones participating. This will not give rise to the level of decentralization desired.
Implication
Many people will rather buy EOS token from exchange at a higher price than go through a process they are not sure they can complete to avoid loosing money.
What you have now is that those that have the technical know-how to buy into the ICO is making a kill. The reason is not far fetched. The price of EOS token in the market is skyrocketing because ordinary people without the technical know-how will rather buy from exchanges than put their money in ICO they are not sure how to navigate fully.
Recommendation
The promoters of this ICO should look at it again and find a way to simplfy it such that ordinary people with simple knowledge of cryto can invest.
A portal can be created for people to participate with their email, web wallet address and stuffs like that.
Someone can be dedicated to now follow up and make purchases for people who register through the portal and deposited money. This can be shared to them through their ethereum wallet address.
I want to know how you feel about this article. If you have found a way of buying EOS that is easy please kindly drop the procedure using the comment box.
Thank you.
Upvote, resteem and follow @richguy
I agree that the EOS ICO is technically challenging to participate in. Although MetaMask made it quite easy for me (my first experience with Ethereum), I had to move towards tricks with MEW to claim tokens after MetaMask was temporarily overloaded and switched off for this ICO.
Besides actually participating in the ICO, the details of the deal are not encouraging for a third party not familiar with cryptocurrency. Investors have to take a leap of faith that EOS will be build and that someone will start it with the genesis block included so that ICO token holders will get EOS in the end. The whole deal with in theory useless ICO tokens within ETH (complex!) does not help the non-tech savvy either.
So from that perspective, the ICO is for tech elites with money to spend; basically the first world. But that applies to most cryptocurrencies.
All of this does not bother me in terms of investing some in EOS. I do not care for the Lambo talk but just want Dan and his team to build something that will further help the world achieve frictionless decentralised economies of scale. Indirectly, we all benefit from that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Kindly let me know in a layman's term how I can participate. It is selling at about $2.3 now in many exchange far above the ico price. Do you think it makes sense to buy it from exchange now?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am not really following the price right now. My own perception is that price should come down further down the road. The ICO will go on for a long time and there will be 2 million extra tokens each round (23hrs). But if market sentiment picks up and all kinds of coins reach and exceed ATH again, the EOS ICO price for future rounds will probably jump up as well. So that thought warrants a strategy of small purchases during the whole ICO round to spread the risk.
Hmm, choices... choices...
In terms of participating in the ICO, Steemit has a lot of hands-on tutorials. Search for postings of @sandwhich
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True Flip {ICO} - Already running a transparent blockchain lottery! Bomb! Bonus 20%! Hurry! :)
The platform is already working and making a profit :)
https://steemit.com/ico/@happycoin/true-flip-ico-already-running-a-transparent-blockchain-lottery-bomb-bonus-20-hurry
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good article
We'll it is what it is
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by richguy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
As someone who is new to the cryptocurrency scene wanting to invest in EOS, I found it quite difficult to figure out how exactly to take part in the pre-sale. Agree with your thoughts @richguy.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks. I only have Bitcoin & a few other coins. But I'm learning. The EOS or the ICO are new to me. Still trying to understand it. Thanks for writing. Upvoted. Resteemed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
EOS token is a token that will run on EOS platform which is still being coded. The promoters include the founder of Steem blaockchain @dan. His involvement got people like me to know that it is going to be a very good investment.
However, in my own understanding, buying the ICO is not that simple prompting me to write this article. Happy Sunday
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received a sweet gift of Dank Amps in the flavor of 7.03 % upvote from @lovejuice thanks to: @richguy. Vote for Aggroed!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit