CORION Platform extends ICO by a month
CORION Platform is an ecosystem with a stable digital asset to serve the global economy, with tools for payment, finance and trading. It is decentralized and based on blockchain technology. CORION aims to keep the price of 1 CORION around $1 by price stabilization mechanisms; only if that cannot be achieved; the second line of stabilization comes though the intervention of the Stability Fund (29% of the issued CORION Coins). Interventions are varied level of Crypto & FIAT vs. CORION funding.
CORION’s ICO was intended to end on 30 July 30 2017. However, on 27 July, four days before the projected end, CORION announced an extension of the ICO duration.
According to the dashboard release by Mike Denkler, CORION CEO (http://blog.corion.io/media/corion-ico-announcement/), CORION ordered a 3rd party security review of the platform. The review revealed a major security bug affecting not only their own secure wallet, but a backdoor to a majority of exchanges and wallet providers.
As of 27 July, the secure wallet of CORION is secured for this bug. The solution is available via GitHub (https://github.com/CORIONplatform/SafetyLook) as an open-source solution to all industry, i.e. including competitors.
The actions of the CORION team are commendable far as it concerns security. One has to wander, though, how is the sake of security related to the extension of CORION’s ICO period? It is reasonable to assume that all the essential security work could be done post-ICO, halting the further development until all is resolved.
The white paper states that during ICO the investors will be accredited with 0.2% accrued coins; post-ICO this will jump to up to 2.5%. Also, clearly, the longer ICO coupled with the aforementioned announcement will attract more buyers, giving CORION larger funding. These are the gained positives for CORION.
In contrast, existing investors may not be too happy about this, as the exclusivity of the coin thus its desirability and price might be reduced.
In these wild times of ICO’s, CORION performs well with regards to communicating their progress to the investors. Yet it seems there is a room left to improve the emphasis on increasing the bottom value to the investors.
Image from https://www.corion.io taken on 28 July 2017.
And important update. I am planning a larger coverage of this issue, but for now. Objections have been raised on the Corion behaviour and the dev team responded by deleteing all evidence. This is a major red flag. I repost the article that they erased from their forum: Balázs, you should know that some legitimate objections were raised on bug subject of the extended ISO and the security bug and Miklos Denkler of Corion responded by deleting all evidence. This is seriously worrying, a major red flag. Here is the link: http://www.notanotheryard.com/fraud-watch-corion-discovers-wallet-bug-extends-ico/
As Corion team working on the solution we would like to keep the investors in good faith. We are extending our ICO for august 27th, but we will keep giving the 0.2% to every investors. We are proud of our project and we do not want to release it with a possible bug in it. Furthermore, the more community members we reach in this extended period the more secure will our system be! More investors mean more coins in circulation means less vulnerable for price manipulation.
More investors mean more coins in circulation means less vulnerable for price manipulation.
This I understand and agree. More coins = more stability.
...the more community members we reach in this extended period the more secure will our system be...
Sorry, but not so. Security is only dependent on the dev team. Some contributors may be recruited from the community, but it's hard to sell this as a base for the extension.
Nevertheless, thanks for the comment. I do think that Corion is an interesting project and the reason I report on it is because I think it is going to be successful.
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STOPVery commendable for their transparency
I agree and disagree. The frequent updates are indeed commendable, but the complete silence on all questions regarding the extension on the ICO is a major red flag. An update on the security issue is about due as well, otherwise we have a second red flag coming and that's an out.