Review of SilkRoadCoin ICO project
The global financial system needs changes. This was thought of Satoshi Nakamoto, who created bitcoin in 2009. The same thought is bothering crypto enthusiasts to this day. That is why new cryptocurrencies continue to appear, new projects are being developed to improve the current state of affairs. One such project that challenged the system is SilkRoadCoin. It will be talked about in today's review.
Out of the 14 rating agencies analyzed by the CryptoLaboratory, only ICObench, ICOmarks and Foundico have evaluated the project at the time of writing. The agencies gave SilkRoadCoin a decent rating for the ICO Profile – ICObench gave 3.9 points out of 5 -ICOmarks gave almost 7 points out of 10 and Foundico gave 7.7 out of 10. But the experts’ opinions about the team are worlds apart from each other. Foundico scored only 2.7 out of 10 for this indicator, ICOmarks considered it worthy of a maximum score of 10 out of 10. Further analysis will allow us to determine which of them is closer to the truth.
The name of the project speaks for itself. When it was created, the team was inspired by the famous Silk Road, which once connected East and West. Now SilkRoadCoin intends to unite more than 60 countries with its token. The developers plan that it will be accepted for payment by individuals, banks, companies and even state authorities. Founder of SilkRoadCoin, the LGR Company, is a member of Silk Road Chamber of International Commerce, which greatly facilitates the task of popularizing the token among the target audience. And LGR is in the final stages of negotiation with the China Council for promotion of International Trade to support SilkRoadCoin. All this is a good help at the initial stage of the project development and makes it more respectable in the eyes of investors.
When we were studying team data available from open sources, we got a sense of confidence in success. Take at least Ali Amirliravi, the CEO and founder of SilkRoadCoin. Mr. Amirliravi has been the head of the LGP Oil Company for more than 9 years. That says a lot. Another member of the project, Doris Li, has worked for Silk Road Chamber of International Commerce for almost 4 years. For sure, Mrs. Li, having such impressive experience, will help to develop the project in the right direction. In general, the team is experienced, judging by the previous places of work.
Analysis of the SilkRoadCoin white paper allows us to better understand the reasons that prompted the team to launch the project. The document describes in detail the problems facing the modern financial system and how they can be solved through tokenization. There is also a justification for using the Waves blockchain to create SilkRoadCoin. Detailed comparison with the main blockchain platforms is given. This gives potential investors an understanding of the team's responsible approach to product development. All decisions are made on the basis of a precise analysis of the options available. Perhaps the only thing missing in the document is the analysis of the company's profits from the project. We would like to have at least roughly understanding when it will reach self-sufficiency and start to bring profit.
Crowdsale is on and the team is actively promoting the project among potential investors. Instagram has collected the most followers (more than 1,200 people). In second place is Linkedin (953 followers) facebook with 274 investors following the success of SilkRoadCoin. Telegram closes the top four with 200 subscribers. Perhaps it's not as much as the team would like, but the more valuable every investor is. Moreover, the team continues to increase the audience actively.
At the end of our review, we would like to say that most of the success of any case consists of a sought-after idea, proficient work out of its implementation and professionalism of the team. SilkRoadCoin has all these qualities. It remains only to make a little more effort to popularize their product, and the result will be forthcoming.