Two hands are already not enough to count the token sales that have decided to participate in the ICO Race, the competition promoted by Eidoo ICO Engine to be held on the 6th-7th of June at the Palazzo dei Congressi in Lugano, Switzerland.
It will be a sort of Grand Prix for Initial Coin Offerings, with a million dollars being raffled off for the three queens on the podium.
In addition, there’s the chance to win an automatic listing on one of the three largest exchanges in the world.
Explains Simone Conti, Head of ICO at Cryptolab, “We have demands at international level, not just from Europe. There are registrations from Switzerland and Italy. Some coming from Russia, where we are also evaluating an agreement with a local ICO promotion agency.”
The event will also present some speakers of international prestige, characters well-known in the “Crypto & Blockchain” world. “I’d rather not make names,” adds Conti, “I’m just saying the main participants travel with a Russian passport.”
As mentioned, the main sponsor of the event is ICO Engine, Eidoo’s platform for the launch of new Initial Coin Offering projects.
Alongside ICO Engine, various entities that focus their activities on cryptocurrencies and blockchain, such as Cryptolab, a crypto-world advisory firm for hedge funds and institutions or our own online magazine, The Cryptonomist.
The first prize will be 600,000 dollars and the chance to be 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.
To join, the teams with an ICO project can send their application and be invited to participate with the information necessary for a first screening.
A whitepaper with a clear description of both the business model and the operation of the token, including the financial data at the basis of the future token sale, is required.
Another prerequisite is that the ICO has to be launched after 6th of June but by the end of 2018.
Continues to explain Conti: “There will be a careful pre-selection made by an internal team of analysts, with the aim of avoiding scams.A first group of 15 ICOs will go directly to the final, while a second group will reach 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 a significant experience in the crypto world that will select five candidates, who will join the other 15 in the next day’s final.
The 7th of June will be the day of the real event, in summary: 20 token sales will have 10 minutes of pitch each and will be evaluated by an exclusive jury composed, among others, by Lars Schlichting, Partner of Kellerhals-Carrard, Thomas Bertani, CEO of Eidoo and founder of Oraclize, Paolo Ardoino, CTO of Bitfinex.
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.
On the basis of this, we will assess the market potential of the product, the consequent future demand 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.
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 terms of the ICO 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 teams and partners.
For more information about ICOs or to attend the event please refer to the site www.icorace.ch