• Friday , 24 November 2017

How MySmarty Founder Sagiv Koren Wants to Simplify ICOs

By Jen Wieczner 

September 27, 2017

MySmarty ( מייסמארטי) international creator Sagiv Koren, who is so influential, claims that in his upcoming ICO he has come up with a way and an idea of how to control the industry’s hottest trend: ICOs.

An initial coin offering, as a nascent fundraising way has become so popular in the recent months that more than 1.3 billion USD has already been raised this year through this method. Companies actually sell digital tokens in exchange for virtual coins such as Ethereum or Bitcoin. According to reports, that’s nearly the same amount which has been raised through traditional venture capital for the same period of time.

Now, Koren has issued a new white paper for his international and successful platform: MySmarty. “We have created the first search engine for merchant which is connected to an interactive chat system” mentions Koren proudly. “Our platform provides to each merchant a business page and a personal app, and for every client the possibility to chat directly with his favorite business, shop and earn real money for his feedbacks. Our chat system is connected to blockchain technology and allows the client also to pay through his virtual wallet” explains Koren.

MySmarty has published this week an outline with refreshing kind of ICO that Sagiv Koren (שגיב קורן  ) calls : “interactive coin offering.”

Koren is trying to put fundamental principles of market value in his worldwide platform MySmarty’s ICO, as opposed to other ICOs which so far have been suffering from a lack of objective free-advertise financial aspects, enabling buildup and advancement to use outsized impact. “By a lack of rational economics, when a new company is preparing ICO, because their tokens have never existed before, there is no way to come up with an appropriate valuation, we name it “traditional analysis fails.” Explains Koren.

“Capped sales can reach tens of millions of dollars and sell out in a matter of minutes, leaving buyers unable to participate, disappointed, and frustrated,” explains Koren. “We are trying to solve this in two key ways. First, by “token crowd sales”.

With this ICO model, there will be no upfront cap on the amount of money raised. “We can actually avoid the stampede mentality that has overpowered rational buying behavior in certain capped ICOs, such as one in June that only 30 seconds, with just 130 individuals ready to purchase tokens“.

“We are going to allow ICO investors to cancel their purchase – this procedure has so far not been possible in token sales” claims Koren.    The “interactive” component will help ensure that the law of supply and demand plays a healthy role in the process. “Potential buyers may enter and exit the crowd sale based time limit.”

To make this happen, on MySmarty ICO, Koren is planning to create a new system – “limit order.” This system is well known in stock trading, and we are going to penetrate it into the upcoming Mysmarty’s ICO. Rather than requesting that financial specialists purchase tokens at a self-assertively set value, the purchasers could likewise set a most extreme cost, or farthest point, at which they are agreeable to take an interest. In effect, we aren’t suggesting creating a new blockchain altogether; ICOs structured the way he proposes would still originate from Ethereum. But ideally, these simple tweaks, which we break down in greater detail in our paper, would make token prices more reasonable and fair”

If Bitcoin—which famously sprung to life from a white paper in 2009—in any guide, it may not take long for this idea to catch on. You can visit MySmarty site at www.MySmarty.io .

 

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