It was in January 2022 when the concepts of fair and equitable distribution , democratic governance and transparency were not very common in ICO platforms and the desire to invest with users and low money brought the idea of Bicot to our minds.
In our one-on-one conversations with users, there was a perception that popular ICO platforms only make more money for those who have a lot of money, and it was understood that small investors no longer follow pre-sales. For example: when an investor who invests $10K makes a 5X-10X profit, removing his money from the pool also causes inflation and small investors are negatively affected by this. However, it is a fact that the largest investment amounts are collected from small investors.
In the meetings we held with our software developers, investors and business analysts, we thought that conducting a survey based on research would have important results in determining the real need.
A total of 50 people from Turkey, Germany, Russia and Azerbaijan participated in this research.
The average age of the participants in the study was between 25–35 years.
36% of the participants were female and 64% were male.
- How does the equal and fair distribution of everyone on an ICO platform affect your decision to choose that platform?
- When I join the DAO community of an ICO platform, being asked about the projects to be listed is a positive reason for me to use the platform.
- Asking me about the projects to be listed when I join the DAO community of an ICO platform positively affects my investment decisions in those projects.
- When I join the DAO community of an ICO platform, it is very important for me to report the shortcomings of the projects to be listed in the light of the information written in the white paper and road map.
- How satisfied is it that an ICO platform does security research without listing a project, in terms of trusting and investing in that project?
- Have you ever invested in projects launched from ICO/Launchpad platforms such as Solanium, Avalaunch, BSCPad, Tenset etc. If you did, what do you think about the shortcomings and prominent benefits?
How does the equal and fair distribution of everyone on an ICO platform affect your decision to choose that platform?
A) I can not decide.
B) It affects positively.
C) It affects positively.
Looking at the answer to this question; 81.6% think that the right to equal and fair distribution will positively affect the reason for choosing that platform. However, it should not be overlooked that 16.3% will negatively affect their investment decision. We think that this segment generally enters Launchpad and ICO platforms with high investment amount. In this way, you can increase your income and earn more.
When I join the DAO community of an ICO platform, being asked about the projects to be listed is a positive reason for me to use the platform.
Looking at the answer to this question: we can deduce that they think it will be a positive reason to use this platform, as 85.8% of the total percentage after 5 points is asked about the projects that will be launched on the ICO platform. Although this inference is not clear, it may shed some light on us. However, 14.2% stated that asking them about the projects to be launched would not be a valid reason to use the platform. We can deduce that this segment generally needs an expert to examine the technical infrastructure of the projects listed on Launchpad and ICO platforms. At this point, we think that inquisitive officers with the title of “Listing Manager”, who are more experienced than themselves, can respond to the call of this section.
Asking me about the projects to be listed when I join the DAO community of an ICO platform positively affects my investment decisions in those projects.
Looking at the answer to this question: of the total percentage after 5 points, 81.7% stated that asking them about the projects to be launched on the ICO platform can positively affect their investment decisions. From this, we can say that a more willing investor profile to participate in the projects that will be asked for listing is formed. However, 18.3% of the respondents stated that, as in the second question, asking them about the projects to be launched would not affect their investment decision positively. We believe that this segment holds the view that the listing questions to be asked to the DAO will not positively affect their investment decisions, and that they do not trust the DAO system much, directly or indirectly. Here again, we can deduce that an expert is needed.
When I join the DAO community of an ICO platform, it is very important for me to report the shortcomings of the projects to be listed in the light of the information written in the white paper and road map.
Looking at the answer to this question; 89.9% of the total percentage after 5 points stated that it is very important to ask themselves and the community about the shortcomings and feedback of the projects to be launched on the ICO platform. From here, we can mention that events like Bugbounty can be beneficial and there is an investor profile willing to participate. However, we can easily say that 10.1% of them only focus on the high return on their investment. Bugbounty events are one of the most effective methods used by democratic and transparent company managements in the world to interact one-on-one with their users or customers.
How satisfied is it that an ICO platform does security research without listing a project, in terms of trusting and investing in that project?
Looking at the answer to this question; 98% of the total percentage after 5 points stated that it is very important to conduct security inquiries and research before listing the projects to be launched on the ICO platform. We can say that the 2% before 5 points are undecided. Pre-listing security research and monitoring audit processes is a feature that many launch platforms do not look for in the first place. In particular, the security sensitivity of Turkish investors on ICO platforms reveals that previous fraud cases are still in effect.
Have you ever invested in projects launched from ICO/Launchpad platforms such as Solanium, Avalaunch, BSCPad, Tenset etc. If you did, what do you think about the shortcomings and prominent benefits?
A total of 36 participants answered this comment-based question. Since we could not write all the answers of the participants in the research result, we state the problems they experienced below in percentiles;
- 5% think that Pre-sale platforms make a loss.
- 14% did not win any ticket.
- 20% complain of Whaling and high Tier prices.
- 7% think that they should explain the projects in a transparent, accountable and descriptive manner.
- 14% want an even distribution.
- 10% feel that every applicant project should not be listed and thoroughly researched.
- 20% of them have never participated in a pre-sale before.
- 5% want a safeguard against doing harm. (Like a refund.)
- 5% think it should be a Gradual opening.
If we come to the summary of the research and our conclusion, we can conclude that Turkish investors want more trust for ICO platforms and Launchpads. In addition, the unfair distribution scheme and high Tier prices of major ICO platforms reinforce the view that “The one with the money makes more money”. Participating in the pre-sale with the lowest Tier choice of investors also reduces the chance of drawing considerably. Whaling seems to be present on almost all Launchpads and ICO platforms. This allows the platforms to earn more, while the investment of the small investor almost melts away. Making task-based Bugbounties, such as reporting the pros and cons of projects participating in the platforms, allows investors to interact a lot with the project. This situation also contributes to the establishment of an environment of trust. While most investors are positive to be asked whether to list the project or not, more than 18% think this will not change their investment decision. Here, it can be seen as a small indication that the pluralistic effect of the DAO concept on the administration may reflect negatively in some situations. That is, it can be said that not all investors think that “The Community always makes the right decision”. From this point of view, it is understood that Bicot developers acting on the basis of these research results will contribute to both investors and the ecosystem.
In the Bicot algorithm, according to the results of this research, the following titles have been carefully created and taken to the testing phase;
- An equal and fair distribution process for all, which will prevent whaling,
- Participation away from the concept of tier,
- High research and security investigation process,
- Explaining the listed projects in a clear language and transparently,
- Designing a Bugbounty process where feedbacks can be received,
- DAO’s decision process with a Listing Manager,
We thank the participants for their assistance.