Crypto, ICO and Token Sale Review Sites are Failing – Opinion

Opinion | August 31, 2018 By:

Token sale and ICO research is not getting easier, even with the growing number of platforms and sites offering varying amounts of utility and accuracy. For longtime market participants and new crypto entrants, these sites and platforms are often the first place they visit to gather information on a project or token. This may result in a serious financial decision for someone who places trust in these sources.

While these platforms have existed for quite some time, few have deviated from a centralized model of verification and listing inclusion. We find this quite ironic, considering that the blockchain industry advocates decentralization at every turn. One would surmise they may be better off utilizing amore collaborative and transparent approach to research. Sadly, this is very rarely the case.

The biggest issue by far with any centralized approach to supposedly verified and impartial information review is the ability to purchase a sponsored listing to bypass many necessary vetting processes and procedure. This alone bypasses the collaborative verification approach and instead puts the power of education within the hands of the highest bidder.

For 5 BTC, we will give your crypto-company 4 out of 5 stars, give you a top spot on all lists, etc.

We receive these inquiries about two to three times a week. Moreover, we receive emails from listing and research sites that list Svandis with an arbitrary rating and offer us to improve the score if we pay a fee. For example, here is a typical email we get at Svandis from these platforms and sites.

For instance, one of the more popular platforms has premium packages from as little as 1 Bitcoin to as many as 41 Bitcoin in pricing. At time of writing, that is nearly $250,000 USD for a premium package.

Another popular site offers packages for approximately 5 ether. More affordable, but still lacking the core that keeps information unbiased and impartial. Keep in mind, we are not against the concept of generating revenue for business sustainability and growth. Quite the opposite. More specifically, we are against paid influence for supposed accuracy and more importantly perceived popularity of a given token or project in the industry. Svandis also takes Sybil Resilience seriously, as we work to ensure that the right users are building on chain reputation you can trust.

At the very core of Svandis, the entirety of the platform is built upon the concept of community-sourced and corroborated information, supported by reputation-based verification and professional data analyzing.

Users are able to earn access (through SVN token rewards) or pay with tokens to access the data. All users are verified in a multi step process, connecting their unique Svandis ID with an Ethereum wallet address. This process and structure ensures that meaningful, impactful, and verifiable information is continuing to funnel through the collaborative community process, thereby proving an impartial and unbiased product and ecosystem. Transparency is crucial and disincentivizing bad actors is key.

Users of the platform and ecosystem will experience significant trust of the data accuracy and reliability, as a result of the blockchain. Svandis enables transparency of data submission. By leveraging two-factor verification of Json Web Token and Ethereum Private Key authentication mechanisms, and the immutability of the blockchain, the data submitted to Svandis will reflect truthfulness.

Over time, bad actors, with a track record of poor performance (e.g., submitting inaccurate or biased data), will have their submission power decreased. Good actors, on the other hand, will be given more benefits from trust in the system by submitting more and more reliable data over time. Moreover, rather than Svandis simply flagging users for poor or excellent performance, all users will be able to see a user’s record and performance on the blockchain, for decades to come.

While a centralized approach offers an aggregate system, it — more often than not — enables sponsorship opportunities for the largest budgets to secure high visibility within the given platform. With Svandis, the true power lies in the community and the participants submitting verifiable information for token incentives and increased access to the data, not to increased data submission. Users with greater reputation and certain KYC data will be able to submit for more complex or valuable data fields about a project, and continue on to become more involved in the ecosystem as a mediator or analyst. By structuring Svandis in this manner, the integrity of the verification process is secured. It is our belief that with the ongoing evolution and organic growth of the industry, the market and industry participant base will continue to seek out methods of research that allow for impartial verification of data pertaining to the blockchain and cryptocurrency space.

This process is progressed by ensuring a decentralized method and limiting access by those that can profit from more positive informatics or review. On this path, Svandis will maintain a community that creates value from within, while further fostering an environment of impartial, unbiased review and information sharing.