Žiga Martinjak: Summary of the Cofound.it General AMA from July 10th, 2018tuesdama development cofound-it blockchain ama
This TuesdAMA, we were talking about the developments at Cofound.it, looking at the recent decisions and plans. Your questions were taken up by Daniel Zakrisson (CEO), Liz Grayson (Head of Advisory), Vlado Milošević (Advisory) and Mayank Jain (Cofound.it India).
We are holding AMA’s every week and we will be trying out a new timeslot next time, so join us next Tuesday, July 17th at 7pm CEST.
N.B. I have rephrased the Q&A in my own words. I’ve also reordered and grouped questions into common themes to make it coherent for reading. If you feel there is a mistake or something is unclear, let me know.
Q1: How does Cofound.it anticipate the community might get more involved in some of the new business directions?
A (Vlado): We are working very hard to set up and test tools aimed at helping startups that will allow the community to utilise CFI. Although not obvious, for the last year, we have been on the market, working with startups and investors helping startups get funded, getting a lot of information and experience and now we are taking all that we’ve learned into tools that we believe will be of real help to startups and investors and will help decentralise the investment opportunities worldwide — effectively levelling the playing ground so that any really good startup can get funded no matter the location, and the same goes for investing.
A (Daniel): By creating products and sub communities focused on these products. Clear example is the community evaluators, that we are working closely together with. Right now the community evaluation is close to come out of beta, and we have two more products/use cases where we will involve this sub community that will go into beta soon.
Q2: Recently, Cofound.it has created a lot of hype around previous ICO projects like Mae, San and Etherisc. Why don’t you hype Cofound.it more?
A (Daniel): No hyping :-) helping building products and networks together. The value of Cofound.it is in being a valuable network to help startups. Right now, what is most visible is the projects we’ve been involved with. Helping them gives us the best chance to create success cases, and it helps the large part of our community that supported them. 50% of ICOs projects are dead within 4 months it seems, we intend to change those numbers.
Q3: Is the reason that so many ICOs are dead because they are scams at first? Is the reason that there is no regulation? Is it possible that some startups scam you?
A (Daniel): We put a lot of effort into avoiding being scammed. Actually, we’ve spent a lot of effort creating a efficient process to quickly evaluate projects for red flags (remember, that’s where I started in 2014). It’s also somehow related to project no. 2 in the works, regarding the evaluator community above.
A (Vlado): We actually don’t think most go into fundraising to scam anyone, but most definitely underestimate the difficulty of building a successful company. Even without incorporating decentralized ledger tech it’s hard, but with it it’s even harder.
A (Daniel): There are different numbers around, but around 90% of regular startups fail. With blockchain it’s just a quicker cycle.
A (Vlado): The lack of regulation is apparent, but things are slowly evolving on this front. Just 2 weeks ago, The EU commission issued an article that basically states that countries should not ban crypto-currencies along with some other positive stuff. But at first they had to act in a way that would protect investors.
Virtual currencies and central banks monetary policy: challenges ahead
Q4: Can we look forward to a Q2 report at the end of the month?
A (Daniel): I’m probably going to change the format somewhat. We want a more frequent report, with indicators that show what actual progress we are making with the network and products.
Thank you for your contributions, we appreciate all the feedback and involvement. If you have any further questions, ask away in our Telegram channel anytime, and don’t forget to join us next week. We will try another time slot on Tuesday 17th, at 7 pm CEST.
Summary of the Cofound.it General AMA from July 10th, 2018 was originally published in Cofound.it Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Original article was created by: Žiga Martinjak at blog.cofound.itDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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