download

CoinFox discusses where ICOs are heading and how to choose the best tokens with Oleg Poskotin, CEO of the ICO platform and consultancy firm Cryptonomos

CoinFox: 2017 is likely to be remembered as the year of the ICO boom. What do you think of the current situation of the ICO market and what potential changes do you expect in the next six to twelve months?

Oleg Poskotin: It is indisputable that 2017 is the year of the ICO. When predicting the future of the ICO, it’s clear that regulation is inevitable. Today we see booming growth in the market, yet the law lags behind. There are some really strong teams trying to carry out innovative ideas, yet there are also a great number of projects aimed purely at collecting money. That is the reason behind the obstructive moves of the Chinese and Korean governments. In the United States the regulating bodies are traditionally more restrained and prefer to let industries develop. The SEC and other regulators are sure to take occasional measures – terminating the obviously fraudulent ICOs as well as those that are in serious violation of existing laws. I believe that in the near future we will face regulatory initiatives that explain controversial legislative aspects of the ICO sphere. In general, regulation will benefit the market because it will open the doors to institutional investors.

CF: The list of your projects is substantial. You led the development of Xsolla, a system for the support and distribution of online games, you created Enkrypt, a safe messenger for legal communication, and you co-founded Viar.Live, the virtual reality content platform. Tell us, how did you become interested in blockchain and cryptocurrencies?

OP: I started to follow blockchain technology in 2013 when I first heard about Bitcoin. I was interested in using this instrument as a means of payment. At that time, I worked with international finance in Xsolla where our system allowed for payments in online games from any part of the world. Bitcoin was an ideal means for small and medium international transactions. Since that time, my interest in cryptocurrencies and blockchain technology never stopped growing. That is why I did not think twice when I got an opportunity to join the talented team at Cryptonomos.

CF: The Cryptonomos platform enables innovative projects to issue their own tokens and conduct crowdfunding campaigns. What is the mission of Cryptonomos? How does it differ from the well-known Waves platform?

OP: Cryptonomos helps startups reach ambitious goals and attracts the resources necessary for them to implement their projects. We created a marketplace where any startup accepted by our analysts can place its ICO. We support the startups at each and every stage, from helping them develop smart contracts to attracting buyers. Unlike other ICO clients, Cryptonomos is not just a platform – we have experts ready to share their knowledge to help startups bring their project to the market with much more efficiency and a far bigger impact.

CF: How do you choose the projects for token sale through your platform?

OP: Every project undergoes rigorous testing. First of all, we examine the team, the idea, the product and the token functionality. The team structure has to instill confidence and we have to feel sure that the company can carry out their plans. The team must have a balance of technical, marketing, and operational experts. Besides the main team we pay attention to advisers. It is a good sign if the project has managed to attract specialists from the industry or distinguished people from the blockchain community. It testifies to the validity of their idea and shows that the founders are committed enough to attract top people. We try to only give place on our platform to the startups that have an existing technology. For instance, Playkey has already been present for several years in the videogame market offering cloud gaming services. When examining the functionality of the token, we analyze the benefits of the blockchain technology in the given sector and within the interpretation proposed by the startup. Besides the advantages of blockchain, the token should include several unique functions. We inquire whether the token can be replaced by one of the existing cryptocurrencies such as Ethereum or Bitcoin and give our preference to the tokens that have more unique functions.

CF: There are currently the tokens of three projects available for purchase on the Cryptonomos website: Playkey.io, ICOS and WTT. Tell us about them.

OP: On the Cryptonomos platform you can currently only buy PKT tokens issued by the Playkey company. PKT tokens will be traded as currency on the cloud gaming market place. The sale of ICOS and WTT tokens issued by ICOBox and Giga Watt respectively is already over. We are currently preparing several new projects with multiple token sales soon to launch.

CF: The Cryptonomos team also gives marketing and legal advice on ICOs. Tell us about that.

OP: Many projects ask us to advise them on their ICO. Our team includes experts that have conducted many crowdfunding campaigns. An ICO places an intricate task before a startup: it has to expound the complicated concepts of its idea in a way that makes them easily understood by their target audience. In addition, the startup is limited by the rigid time framework of the ICO. Our specialists help to lay down the message so it will include the depth of the idea and at the same time, make the point quickly and clearly. Our marketing specialists help to single out the target audience and concentrate the force of effort in that direction.

CF: Does Cryptonomos itself plan an ICO? If yes, what the function of the internal token will be?

OP: Follow the news. We will surely have something interesting to tell you about.