Trying to separate the great ICOs from the poor or outright fraudulent ones can be tough. This is true both for relatively new entrants to this nascent investment space and for seasoned operators for a whole host of reasons but they all pretty much fall under the same issue – that it’s almost impossible to accurately assess every aspect of even a handful of some of the available ICO options out there, never mind the full spectrum of those ongoing at any one time.
Well, now, there’s an app for that.
Coinswipe, the company behind the eponymous application, has designed its offering as a sort of Tinder-type app but for ICOs, not hookups.
When a user downloads the application to their mobile device (it’s currently available as an iOS application here), they are presented with the Coinswipe database of current and ongoing ICOs through a Tinder-style interface. That is, an ICO will display on their screen alongside a whole host of pertinent data – who is behind the ICO, what the company is trying to do, why it’s raising money, how much it’s raising, roadmap, all that sort of thing.
And here’s the interesting thing – once the user has made up his or her mind as to how they feel about the ICO with which they are being presented, they put forward their verdict by way of a Tinder-style swipe. If they like the ICO and their opinion is favorable, they can swipe right. If they don’t like it, they can swipe left.
In Tinder, these actions lead to a messenger type function (well, one of them does) but this is where Coinswipe differs from its matchmaking counterpart.
Instead of being rewarded with a match facility and the ability to message the person with which they are matched (assuming, that is, that said person also swiped right), the user is rewarded with tokens. These tokens, presumably, will be exchangeable for other cryptocurrencies (and, in turn, fiat) once the application expands and the tokens are listed on the major exchanges in the space.
This presents a scenario in which everybody wins. Well, nearly everybody.
The users of the application receive tokens in return for their individual and informed assessment of the ICOs that comprise the Coinswipe database. The same users also gain access to the collective wisdom of everyone using the application and contributing to its rating-type database, allowing them to harness a sort of hive-mind system as the basis for their investment decisions. The strong projects (the good ICOs) benefit from a fair and reasonable crowd assessment of what they are trying to do and why they need the money they are seeking to raise, as opposed to exposure (and, in turn, the amount of capital raised at ICO) being largely dependent on marketing budget (and we’re not talking post development/product marketing here, we’re talking about who has the most money to market the ICO).
The only party that doesn’t win is the bad ICO – the startup or company that the collective hive mind of the Coinswipe users has deemed not worthy of investment and, in turn, a subpar ICO.
Here’s a quote from one of the application’s users:
“Coinswipe has proven to be simple & valuable educational tool for me to understand blockchain and tokens. It was so easy to use that I was quickly able to discover an ICO of interest based on the valuable data provided. I opened my first account using a separate app not associated with Coinswipe and made a profit rather quickly. As a business owner, I’m curious to create a coin of my own to help combat the epidemic of diabetes & other healthcare issues related to hidden hunger. When I spoke with the Coinswipe team about it I was pleasantly surprised to find out that the points I earned on Coinswipe could be used to generate my own tokens and smart contracts for free! The social impact opportunity sealed the deal!”
Stacy Tucker, RN, Founder Almeda Labs
In a space where regulation is very much needed but, right now, seems a long way off (in terms of top level, effective regulation), applications like Coinswipe have the potential to help those looking to gain exposure to the next tech wave the chance to do so while also minimizing the risk they are being asked to take on when picking up the exposure in question.
Check out the company’s website here.
We will be updating our subscribers as soon as we know more. For the latest on Coinswipe, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Bitcoin Price Dumps Below $41,000 Amid Uncertainty
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
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The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
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