Rivetz ICO is on its way here: https://rivetzintl.com/
The project is really interesting as it solves an actual need. The team is solid and the potential is huge. That alone would have been reason to invest.
In general terms, what they are doing (from their website is):
Rivetz is a state-of-the-art toolkit for harnessing the Trusted Execution Environment (TEE) to protect your secrets, your finances, and your privacy. It's like a hidden vault (already embedded in most phones) that no OS or software can eavesdrop on. More information in the Whitepaper which is also an interesting read (but one should note that is also lacking, with no detailed roadmap whatosever).
So why I'm not investing?
Due to the valuation and lack of transparency.
I have asked for the hard cap and got an answer (hard cap is 70,000,000 RVT). Well, that is hardly a hard cap but the number of tokens to be sold. At ICO prices (average) is between ETH 180,000 to 200,000 which translates around USD 60,000,000. I am not sure why they are not being transparent there.
However one should note that they are only selling 35% of the available tokens. The rest are NOT being burnt, but used for propotional purposes (30%) and for future needs (35%) at different vesting times.
Considering that, the valuation they are seeking is around USD 170,000,000 - which is extremely high for a project like this and makes me worried about the potential growth of my investment.
Other issue, their website shows that there is currently 20% bonus on tokens. Also no longer true: it is 10%. I only found out because I was reading the Telegram channel, this was stated over there by the Token Market team (who is running the ICO).
This is misleading - by NOT keeping the website updated, they are in fact deceiving investors by showing inexact information.
In summary I like the project and will keep an eye on it. But at the valuation it does not make sense for me to participate in the ICO. Maybe I am wrong (Crypto markets sometimes are irrational) but I believe one should be very careful and selective with your investments (and I don't have unlimited money to put in many ICOs).
I prefer to see what prices are in the market after it begins trading, and see if it makes sense to invest at that time (or when the project is more mature and roadmap clear). I do wish them success though.
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