Choosing an ICO to invest in? Make sure the answer is “Yes” to this question first

What next ICO is the next prospective buy? Read below

On the market, there are many ICOs being announced daily but most of them fail one key question. If you haven’t asked this question when you are evaluating an ICO, we encourage you to start! After reading the whitepaper from beginning to end, you must ask yourself:

Does this project/idea/service need to be done on the blockchain, and does it need a new cryptocurrency for it work?
Many projects being started in the crypto-world are great ideas in theory, but many have no real need or benefit to be done over blockchain. If the service or project already exists today, unless recreating the idea on the blockchain is revolutionary enough to convince people to change the behaviors they have been doing for years, it’s impossible to believe that the project will be successful in the long run. Projects created solely for the purpose of creating your own cryptocurrency are doomed to fail.
Just because it’s not being done on the blockchain or with cryptocurrency, doesn’t mean it should be

One of the trends with ICOs right now is currently to take services or ideas in the non-crypto world and recreate them with a cryptocurrency tied to it. While blockchain technology and cryptocurrency is revolutionizing many industries, it’s hard to believe people will ever pay for dental services using cryptocurrency. Dentacoin has a market cap of $40m at the time of this writing, but how many people are using it in the dental world on a day-to-day basis? Valuations of many of these ICOs are being blown of proportion, because they don’t meet a need. There is no reason for a cryptocurrency to be involved in the world dental industry.

So what ICOs are worth pursuing?

Evaluating an ICO can be difficult, but with some time and effort, you should be able to get a grasp for what the project is aiming to do, the problem it currently solves, and the future growth it could achieve. There are many different factors in how you should evaluate an ICO. Reading through the whitepaper should always be the priority. The White Paper is the ICO’s reason for existence. They should lay their entire business model out, including what’s been done, who is working on the project, how they plan to implement the project, what will be done in the future, how the ICO is structured, and what the money will be used for that is raised. If you read through a white paper, and find it to be interesting… remember to ask yourself the question.
Does this project/idea/service need to be done on the blockchain, and does it need a new cryptocurrency for it work?
Is the answer yes?

Great! You’ve found an ICO that looks promising, now it’s time to join their community. One of the steps many investors fail to take is they don’t ask questions. Before investing in an ICO try to join a slack or telegram channel and communicate with people on the team. Is the team approachable? Do they answer questions in a timely manner? Are they taking feedback and giving updates on progress? ICOs that can’t communicate well with their community, and are not very transparent in their dealings should raise a red flag to any potential investor. Many of these companies are in the early stages of development. If they can’t communicate with the earliest of people interested in their idea… it likely will not get better if their community grows even larger.
One ICO I currently love

One of the ICO’s I currently love is Covesting. The entire team and community are investors and traders just like you. They created a project, and have started a successful Pre-ICO because they are able to answer the biggest question for investors when investing in an ICO.
Does this project/idea/service need to be done on the blockchain, and does it need a new cryptocurrency for it work?
The Covesting platform (whitepaper), when launched, already has a live use case with thousands of people using the service. While many new startup ICOs and cryptocurrencies have no real use case today, only a plan to somehow build a use case for it in the future, Covesting has already established one. Trading and investing is by far the main use case of all cryptocurrency today.
There is no cryptocurrency in the world today that is being used for the reason it was made for more than it is being used by investors trading it. Even Bitcoin, Ethereum and Ripple have more transactions centered around trading and investing than they do the actual use case of the project or currency. Covesting is unique in that aspect, in that their entire platform and token are for trading and investing.

3rd Party Ratings
Coinhills- 5/5
ICOBazaar- 4.6/5
Cryptocurrency Reports- 9/10
Covesting has been rated very highly by all third parties, primarily because there is a use case for thousands of people as soon as the platform goes live. With partnerships including Bittrex, Bitfinex, HitBTC, C2C and other exchanges, Covesting will be the first copy-trading platform on the market, and will allow traders to make traders with the same exchanges they do today.

65% of the Pre-ICO goal reached in just one week
Covesting has reached 65% of their goal in the Pre-ICO in just the first week alone. With a telegram community of over 1,300 eager to get their hands on the copy-trading platform, the Pre-ICO is a great chance to get double the return on your investment, as the platform is set to have an MVP release right before the Public ICO goes live, which will surely draw attention from all corners of the crypto world.