Stephen Hawking liked to talk to his students about big bang theory. This is an idea about starting the universe and about galaxies, how they expand, moved away from each other and what happened after the big bang. But in his mind, nothing was before the big bang and nobody talk about it or assume that might it be. As far as we concerned, events before the big bang can have no concequences.
But before blockchain was 3000 years, starting from the market in ancient Rome business as usual. There was paterfamilias, libre and mancipatio, legal entities and mutual agreements. And we all know how to operate this world.
After the blockchains related tokens presented, usual business start in some sense, in some areas or venues little bit crack.
There are several issues, but today I want to talk about Naked tokens. The name is my idea and it characterized very well widely released smart contracts without the team, company, token agreement, whitepaper, address, country and even developer.
We all know classic token ICO ordinance. We can monitor ICOs on several web services and make decisions relay on presented data. Everybody can check background, who team members are, call and write them, talk about the project on the forums and so on. After ICO most of the projects try to list on marketplaces and wide userbase can trade the tokens openly.
And yes there is another possibility to release tokens. The token is the only smart contract. In Ethereum Blockchain case we monitor token on the Etherscan.io. There is a number of tokens, decimals, and other significant info.
Naked token work with minimal info. Mostly the only number of tokens, the name of tokens, decimals. No links, no webpage address. And some cases there is the same name two or even three contract in same name and number of tokens.
Naked token open Twitter page, it is not rare when they buy some old Twitter feed with some 5000 followers. And of course webpage, there is no email address, team, country.
As we all know the most important document is the token contract, agreement, usage agreement…
This looks like tabu for several real token ICOs and Naked token people probably do not know that this token agreement is.
The first expression is that it cant be the legal business and there are no good possibilities to the Naked token to try to attract funds.
But developers (persons behind) Naked tokens try to list their tokens to the tokens exchanges. It means that they try to fund through the selling tokens on markets not using ICO ordinance.
Still. There might be teams, who release Naked token with good will. Maybe they learn during the process, they produce whitepaper, draft exceptional token agreement, present product, repair they etherscan.io links, find and collect exemplary social followers, list Naked tokens on the exchanges and will that way fund development.
The dilemma occurs then Naked token fill application for listing. It is impossible to predict who is who. One and the most important thing that asks from the Naked token is a key person full KYC process. The second thing is the price. The naked token has to pay for the higher risk. And third is the subjective assessment by the evaluator to a particular idea.
Let’s leave this market to decide what a good project is and what not. Projects, different tokens or coins listed can develop and succeed in time. If the project is poor then its price will fall and enterprise will end his existence. The laws of nature are also valid on the crypto world.
Tallinn 2nd of September