ICO Spotlight: Cryptoping
This post is part of the ICO Spotlight series, where we interview the team behind the ICO.
Hello, let’s start by explaining to readers what Cryptoping is, give me your one liner elevator pitch.
The shortest possible pitch would be this one: currently CryptoPing is a bot that monitors cryptocurrency markets and notifies users about changes to markets that stick out, and we want it to be able to forecast trends to a degree and build a social trading platform for altcoins on top of it.
That’s nice, so if I use Cryptoping I would know about pumps before everyone else does? What should I do then once I get a signal from Cryptoping?
You’d have to get to the market and see what that signal might mean. Could it be a suspicious volume spike without big price movement? Could it be a breakout out of a consolidation region? What if it was an initial price action minutes before a real pump? Right now it’s up to you to decide and act, but, as I’ve mentioned earlier, we aim to make it much smarter and more functional than that.
Can you explain a little bit about how it actually works?
It’s quite straightforward. Exchanges like Poloniex, Bittrex and such provide public data feeds with the list of trade operations as they happen, and some extra data on the coins, like order book. Our service is subscribed to these data feeds and receives all the information about market action in real time for every coin on an exchange. It looks at certain parameters, like volume, or price, or current moving average values on various time frames, and tries to determine if the activity displayed by the market differs from the current trend, and in what way. If the bot decides that something is off, a signal is generated and sent to users.
Here’s a basic flowchart of how the bot works:
Let’s talk about the ICO. Why are you doing an ICO?
Our team has created the first version of this bot just to use it among a group of friends, but then we felt like exposing it to a wider audience and studying the reaction. We didn’t know for sure if anybody else would even make use of it. From our initial “outer circle” testing group of 30 people we somehow ended up with a group of about 200 users, and then people just started to share the bot with friends and the numbers kept growing.
We recognised the potential and decided to initiate the ICO to secure funds for further bot development and maintenance, to get community feedback on our ideas about bot’s future, to make it possible for us to build more products than just a bot, faster and with more resources, and to contribute to the crypto ecosystem variety: the more competition among market tools, the better. We’re getting asked this question a lot of course, but without extra funds we won’t be able to operate on a larger scale. For example, the social trading platform for altcoins, as we plan it, requires a lot more resources than the current version of the bot, and it would be a very cool thing to do, so there’s that.
What do investors get by investing in the ICO?
Investors get PING tokens. The tokens can be used to pay subscription fees for the bot in the near future and for our other upcoming products too. PING is created on Waves platform, and investors will be able to withdraw them to their Waves wallets, transfer to exchanges and sell them if they so desire. We have plans to decrease token supply by burning certain amount of tokens from subscription fees, and to increase demand for tokens by developing new features and products, so we expect the price of PING to keep rising. As a result, if you buy tokens now, you’ll have a bigger pool of tokens to pay for our services for longer compared to if you would buy them on exchanges after for the same amount of, say, Bitcoin. If you don’t intend to use our services, you can sell your tokens when the return is high enough for you, there’s nothing wrong about that and we’re very clear about our plans to bring the token price up.
A nice thing about Cryptoping is that you are not just selling a promise, you already have a working product, right?
That is correct, our product is fully functional for every user at the moment and is free to try even if you don’t participate in ICO. Although we will introduce the subscription later, we will have a free tier and make sure that the functionality is not crippled and the free tier is actually useful. We have just crossed the 15,000 users mark, the numbers keep growing, and frankly we’re overwhelmed by the feedback we get. Some of our users are new to crypto scene and keep asking us about how to make trading decisions from CryptoPing signals, when to sell and so on. We are working on some guides on how we would recommend to use the bot, but we strongly advise all of our users to do their own research and at least get a grasp of basic technical analysis and market psychology.
One questions we get often about any project is “who is the team”. This is especially important when projects are selling promises and don’t have an actual product to show. In your case, you do have a working product but could you tell us a bit about the team? Is it just you, or are there other people in the team? Are you an active member the Waves community?
The team has 5 people spread across the world, some of us work remotely, some of us hang out or travel together. We will most likely expand the team after ICO. We don’t think that revealing somebody’s identity automatically guarantees that your funds won’t be stolen, because the team or even escrow can simply be hired just to be displayed on your website after all. But it’s not the way we do things. We also don’t like the early signs of regulation or taxation attempts from authorities, and we’re not really fond of authorities in general, so staying anonymous is partly a security measure. We really want our product to speak for itself and see how that works. As for Waves community, we’re not very active there.
What is the first thing you will do once the ICO is over?
Ensure that the security of our cold wallets is not compromised! After that, have a small party perhaps. And after that, audit the funds, publish the ICO report, and proceed to adding PING to exchanges along with releasing some new features to the bot. After that? Detail our roadmap, set nearest deadlines, start hiring and keep working.
Thanks for your time. Please share a link to your main website and other relevant information.
Visit our website: https://cryptoping.tech/
Our ICO page: https://cryptoping.tech/ico/
Our roadmap: https://cryptoping.tech/roadmap/
ICO FAQ: https://cryptoping.tech/faq/ico
CryptoPing Guides: https://cryptoping.tech/guides/signal-anatomy
You can reach us at [email protected], or on Twitter @CryptoPing.