The birth of Coinschedule
When I started Coinschedule earlier in 2016, I was looking to give people access to the same list of ICOs I had been maintaining since 2013. Back then, Bitcoin was touching $100 and most crowdfunding projects were around ASIC miners. These were mostly announced in the Bitcointalk forum, and in order to participate you had to trust a few posts which were quickly dominated by trolls, or if you were lucky the ICO was being done in one of the few of centralised exchanges so you just had to pray for the exchange not to be hacked before the ICO was over.
Even the word ICO, that we use today to describe blockchain-based crowdfunding wasn’t widely used yet. I don’t know when exactly it started to be used, or who coined the term (let me know in the comments if you do) but as far as I can remember, it became widespread sometime in 2014.
Dapps, Tokens, Assets… it’s getting complicated.
The cryptocurrency world has come a long way since then. We now have blockchain 2.0 systems that allow smart contracts and assets to be created. Ethereum and Waves are paving the way with blockchains developed from scratch that allow users to do much more than just exchange value like you do in Bitcoin.
With Ethereum, people can create Dapps – Descentralised Applications which make use of the Ethereum blockchain and its smart contract infrastructure. Waves on the other hands focuses on Tokens or Assets that can be created with their blockchain. I will not get into the details of what exactly these are, as this will be part of another post. Suffice to say, I am pretty confident that in the coming months and years, we are going to see more and more projects being created on top of these blockchain 2.0 systems.
My friend Sasha, CEO of Waves writing in the official Waves blog made a point about how we are now entering a new stage where assets created on top of blockchain 2.0 are going to become ubiquitous. In his post entitled “Why CATs are the immediate future of crypto adoption” he even went as far as suggesting a new name for these tokens: meet the Custom Application-specific Tokens – CATs.
All of this is great, we are entering an era where anyone can easily transfer money across borders with Bitcoin, create Apps that are completely descentralised using the Ethereum world computer, and create assets in Waves to crowdfund the project. But with all this flexibility, comes some complexity.
Back in 2013 I decided to invest all the Bitcoin i had in a project that was being advertised in the Bitcointalk forum. Long story short, I lost all my money. The project really seemed legit, it was about building a new ASIC chip which would make mining Bitcoin very lucrative. The founder took all the money and vanished, and some of the investors are still trying to get their money back.
With all the possibilities of Ethereum and Waves, the added complexity and the number people starting to enter this world, I am concerned that scammers may find this a fertile ground to mislead people.
It’s time to become more organised
If we are going to have a thriving community around blockchain 2.0, we need to find a way of organising all the information in an easy to digest form. This is what I am trying to do with Coinschedule.
It’s obviously not just about helping prevent scams, it’s also about helping people decide what the best ICO investments are. In the coming weeks and months you will see more and more useful information about each ICO. My hope is that by having the relevant information in Coinschedule, people will be empowered to make better decisions and help make the crypto blockchain 2.0 systems a great ecosystem that can generate value and innovation for everyone.