The Marshall Islands is set to release its own cryptocurrency called the Sovereign after the Parliament voted to approve an official cryptocurrency as legal tender, a move that could end its reliance on the US Dollar as its official currency. The Republic of Marshall Islands (RMI), a chain of 1,156 volcanic islands and islets in the Pacific with a population of over 70,000, could see a cryptocurrency as legal tender as early as this year. Speaking to Bloomberg, senator and Speaker of Parliament Kenneth Kedi revealed members voted to pivot away from its current fiat currently – the US dollar, toward an official local cryptocurrency. The government will name the cryptocurrency as the ‘Sovereign’ and will arrange an initial coin offering to raise financing toward enriching local budgets. Further, cryptocurrency exchanges will be encouraged to apply to list and trade the Sovereign, revealed David Paul, minister-in-assistance to the islands’ President.
1. Have a clear message
If you can’t explain your vision to a 5-year-old, you don’t have a clear message. About 95% of the companies I talk to have this problem. They are smart people, surrounded by like-minded individuals who use a similar vernacular to explain their solution. By contrast, the majority of ICO investors aren’t Blockchain “experts” and are looking for a concise summary without industry jargon. Similarly, the mainstream media often has a tenuous grasp on the Blockchain concept. It’s easier for them to demonize a project they don’t understand than to sift through a poorly worded whitepaper. FUD is a symptom of misunderstanding. Formulate a way to explain your vision in three sentences or less. Strive for as few words as possible.
2. Proactively engage skeptics and influencers
If you don’t get out in front of skeptics, their voices can eclipse your marketing efforts. Inaction is one of the biggest detriments to new ICO projects. Blockchain teams often focus on building their platform and forget to build and engage their communities. If you don’t address your public early on in your ICO process, outside voices will hijack the tone and sentiment surrounding your project. Create a steady flow of information and maintain active social channels that address the media, investors and project enthusiasts. Stay engaged through your entire ICO process and address any FUD with clear, calculated responses.
3. Show your value
You must move forward with more strength than your skeptics trying to pull you back.
Demonstrated success is the quickest way to curtail the FUD cycle. ICOs that benchmark successes and broadcast wins are ten times more likely to gain and retain support. Unfortunately, many ICOs either overhype “potential” success or fail to announce critical milestones. In the first example, companies run into trouble when they prematurely announce success or tease a partnership or milestone they have yet to secure. This can destroy community trust when a company fails to deliver. In the second instance, a company that doesn’t trumpet wins will appear stagnant and lose community interest. Under promise and over deliver. Raise eyebrows in the crypto community by consistently setting goals and then publicly achieving those goals. If you can show success every step of the way, you will have no problem quashing FUD and attracting new audiences to your ICO.
The increasing ability to pay for products and services using cryptocurrency debit cards is a physical representation of the rise in crypto popularity. However, they are still relatively rare and at times complex; with so many cryptocurrencies available in conjunction with market volatility, it can be difficult for traders to know how best to utilize the contents of their cryptowallets when making purchases. Amon is a financial cryptocurrency platform that looks to solve this issue using their unique payment card which utilises artificial intelligence (AI) to ensure that users get the best value from their cryptowallets with every purchase. Their whitepaper claims that they are the only platform which enables users to use their most valuable cryptocurrencies for purchases in real time. Amon also offers their own unique Amon tokens (AMN). Amon card holders will have three purchase methods to choose from. The simplest is to instruct the wallet to allows pay with a single currency (for example, someone who is only interested in Bitcoin). The second is to personally select which of your currencies to use after swiping the Amon card. The third brings into play the unique Amon Artificial Intelligence Aystem (AAIS) which will select the best currency to use in real-time on a per transaction basis. Amon’s whitepaper uses the scenario of buying a coffee using the Amon card as an example. The AAIS algorithm will analyze the user’s cryptowallet and decide the current best performing cryptocurrency, taking into account factors such as historical data and user risk profile. The algorithm displays to the user the crypto with the highest value to them at that point. The user can then decide to accept the suggestion or pick another currency to purchase the coffee with.
Telegram closed its pre-sale ICO at record-breaking numbers. The team sent a document to the U.S. Securities and Exchange Commission (SEC) in which they claim that they have generated $850 million, so far. The SAFT backed ICO was aimed at major venture capital firms and other cryptocurrency whales. For putting money in early, these investors will receive discounts on the platform’s GRAM tokens. The public token sale is set for March and the team anticipates it will raise another $600 million more. However, that number may grow after the immediate success of the Telegram pre-sale. The messaging app was founded by Russian entrepreneurs Pavel and Nikolai Durov who banked on their social media company VKontakte. Telegram runs very similarly to WhatsApp but is said to be more secure. Its current business model currently makes no revenue, as Pavel Durov currently pays for all the app’s expenses via the $300 million made from their first social media company. Despite all the excitement around the mobile messaging application and the insane amount of money raised in its pre-ICO, some individuals remain unimpressed. There have been many critics that have questioned the app’s security in the past. The app doesn’t encrypt its messages by default and many just assume it does, but it must be turned on as an additional setting.
‘The Buy In’ is a new TV show focused on crypto and blockchain. Teams will be competing in a “Shark Tank” style competition to get their ICOs funded – and you get to be one of the sharks. That’s right, in true decentralized form, anybody watching the show will be able to participate in the outcome of the competition and can have a stake in the winning ICO. Seven teams will be competing to show off their ICOs and the power of blockchain behind the project. Over the course of five weeks, one team will be eliminated each week until there are two teams left; the winner is then chosen. Don’t worry; you won’t be making the decisions completely alone. There will be a panel of five blockchain/crypto experts there to help you decide. The panel decides which team goes home each week and who the ultimate winner will be. It is still unclear at this point how much the viewer’s opinion will come into play regarding who is eliminated and who wins. However, in week 4, the viewers will be able to participate in choosing what the teams must do to progress in the competition. In the end, the winning team will be awarded up to 1 million seed tokens, 50% of which will be issued when the ICO goes live.