It will be the ICO Grand Prix, with a fierce pre-selection, pole-position style.
At the starting grid, 20 aspiring token sales will try to win more than one million dollars and services put on the table by the organizers.
For example, the ICO can win the listing on one of the three largest exchanges in the world.
We are talking about ICO Race, the event to be held on the 6th and 7th of June at the Palazzo dei Congressi in Lugano.
Alongside ICO Engine, a series of entities that are focused around cryptocurrencies and blockchain technology, such as Cryptolab, a crypto-world advisory firm for hedge funds and institutions and our own online newspaper The Cryptonomist.
But how will the possibility of getting on the podium work? What type of selection is expected? Simone Conti, Head of ICO at Cryptolab, explains it.
Can you describe ICO Race and how do you participate?
ICO Race will be the event with the highest reward in the world of cryptocurrencies. The teams with an ICO project can send their application and be invited to participate with the information necessary for a first screening.
You will need an articulated whitepaper with a clear explanation of the business model, a description of the token’s operation and the financial data behind the future token sale. Another necessary condition is that the ICO has to launch by the end of 2018.
How will the selection work?
There will be a careful pre-selection made by an internal team of analysts, with the aim of avoiding scams.
A primary group of 15 aspiring ICOs will go directly to the finals while a second group will go to the semifinals which will take place on the 6th of June, the day before the event. This second group will meet a jury formed by people with significant experience in the crypto world and select five candidates, which will join the other 15 in the next day’s finals.
The main event will take place on the 7th of June. In summary: 20 token sales will have a 10 minutes pitch each and will be evaluated by an exclusive jury composed by Lars Schlichting, Partner of Kellerhals-Carrard, Thomas Bertani, CEO of Eidoo and founder of Oraclize, Paolo Ardoino, CTO of Bitfinex and others.
What are the rewards?
The first prize will be 600,000 dollars, in addition to the possibility of being listed on one of the three largest exchanges in the world, the second prize will be 300,000 dollars plus another 100,000 discount on the services offered by ICO Engine. The third runner-up will receive 100,000 dollars plus another 100,000 of discounts on the ICO Engine services.
According to which criteria will the jury evaluate the ICOs?
The judges will express themselves on the following variables: Solution to the Problem, Business and Token Sale Model, Token Sale Terms, Team and Pitch. In other words, as in the traditional economy, ICOs must be able to solve specific problems with their product/service.
Using these criteria we will assess the market potential of the product, the demand in the future and the scalability of the project. Of significant importance will be the level of maturity of the product and the Go To Market strategy compared to other competitors.
Not only that: the business model will have to be clear. A high-quality, well-developed whitepaper is important, including a detailed description of the product’s technical aspects and a roadmap with defined objectives and deadlines.
For the jury, it will be important to understand different aspects, such as: Why a new token and why an on-chain solution?
Obviously, the ICO’s terms will be relevant: the sale of the tokens must be equitable in terms of percentage sold to the public and to the hard cap. Other relevant assessment factors will be the process of issuing tokens, pricing, and lockups for the team and partners.
For more information for ICOs or to attend the event please refer to the site www.icorace.ch