If you think the ICOs last week for Civic and Status wreaked havoc... then strap in because this weekend is going to be a complete shit show.
Here's a few reasons I'm predicting Tezos will be one the biggest ICOs ever... AND why the Ethereum network will yet again have a massive backlog of transactions:
- The Tezos ICO is uncapped. Also, there's a nice juicy 20% bonus for contributing early and that goes down as time goes on. You think some licking of the chops may go on??
Granted, the way they are determining who contributed when is based on the block number, not how much you paid in gas to push your transaction through. So while that's a great way to improve fairness, it's actually just an acknowledgment to how crowded things will get.
- ICOs backed by Tim Draper clearly draw more interest. Bancor completed the largest ICO in record time. Want to read about what happened to the ETH network then? http://www.coindesk.com/150-million-tim-draper-backed-bancor-completes-largest-ever-ico/
This one may absolutely smash Bancor's record. I'm thinking it may go to the Billion dollar mark even if things get cray.
The Tezos concept has not really been done before. The "governance" code essentially guarantees that there will never be a chain split of this particular blockchain. Considering that's what Bitcoin is facing right now, that's a pretty nice sentiment to get behind.
General ICO fever.
Oh, and Tezos is allowing US persons to participate, which you don't see much these days anymore. That's an entire hungry market of ICO participants that has largely been sitting on the sidelines until now.
Luckily (or maybe not), Tezos will also be accepting Bitcoin. So perhaps Bitcoin will take some of the strain off the ETH network. But I doubt it will make much of a difference with people rushing to send transactions to this ICO in droves.
Expect crazy amounts of price action this weekend. You can only invest ETH or Bitcoin into Tezos... so that may drive the price bananas. Then again, the major players may look to depress the price beforehand to get a leg up.
Either way, expect exchanges to put on the breaks and for confidence in ETH to wain even more if it gets backed up again - only calling more attention to its already ready apparent scaling concerns. Overall, get ready for the July ICO mania this weekend.