I have been wary of ICOs since I first came upon Crypto alts with the Facebook promotions of PlexCoin. I put $100 in to that ICO which was just flushing money down the drain.
But after listening to Episode 10 of the Crpyto Street Podcast with the founders of Ignite Ratings I was excited to put a little bit of funding behind getting in on this one.
So I am a little late on this, as the podcast was released in December, before I started listening. But I was in time to catch the first phase of the ICO and get a 10% bonus on my token purchase.
As of Monday, the bonus goes from 10% to 8% so not too much of a penalty. And if you go over to Ignite Ratings and get involved and use my username (mikepm74) as a referrer you will get an extra 2.5% bonus.
So What is Ignite Ratings?
Ignite Ratings is a decntralized rating system for ICOs and Established Crypto. The community will be invited to research and review ICOs being listed on the Ignite Ratings website. ICOs will have to provide an in depth set of documents regarding their product and intentions to be listed on Ignite Ratings. Once listed, the community will then be able to go through these documents and provide their own reviews of the product.
Community members will be anonymous. In fact, you won't have a username in the community. For each thread of the different ICOs each contributing community member will have a unique identifier for that thread. This is meant to keep any one user, or collection of users from manipulating the rating of any given asset.
Community members will have a Reputation score based on their contributions to the platform. Much like with Steem. Users will be rewarded based on their contribution, their Reputation, and the number of Ignite Tokens they hold.
The rating system is just the first step in the plan.
Once the community is built and the ratings system is in place, the next step in the plan comes in to play.
Ignite plans to become a cross platform trading hub. So regardless of where an asset is listed, you will be able to purchase it through the Ignite Ratings Hub. Holding BTC on Binance but want to buy Dragonchain from KuCoin? No problem. Ignite Ratings will take care of that. No long wait for the BTC to transfer from one exchange to the other.
They also plan to allow users to utilize the Hub to take advantage of Arbitrage situations. In fact, the statement was made (I'm paraphrasing here) you can be riding the train and get an alert on your phone letting you know of a potential Arbitrage opportunity. It asks if you want to execute the trade, and you just click yes, and it makes the trade for you, you take the profits.
They also already have a contract in place with VISA for a Ignite Visa Debit Card, allowing users to spend their rewards in real currency.
One of the keys on this ICO is that the token you are purchasing will not be available on Exchanges. It is only available through the Crowd Sale. During the ICO phase we are purchasing IGNT tokens. But the token that will be sold on the Exchanges is IGNX. IGNT can only be acquired internally in the system and is pegged at a 100 IGNX to 1 IGNT valuation.
Read more about how that will work on the website: Token Sale.
Most importantly, you must have a minimum of 1 IGNT token to participate in the community. So people will need to get this token to get involved!
I highly recommend listening to the podcast and hear these guys talk. They lay out a really convincing plan for their product, and have a plan for something I don't think we are seeing anywhere else.
Of course, I am not a financial advisor, and you should Do Your Own Research! This is not financial advice, just one random dude on the internet talking about something he is keen on.
If you do decide to contribute, make sure to include my referral mikepm74 for an extra 2.5% bonus on your contribution!
Further Reading:
Bitcointalk post with well researched points on Ignite Ratings