If there is one thing to take away from most cryptocurrency ICOs as of late, it is how most of them run into some issue sooner or later. The Status ICO, for example, caused quite a few issues. The Monaco ICO needs to get tokens reissued, a process which is expected to be completed soon. It is evident there are a lot of issues behind the scenes which need to be worked out sooner or later. Below is a brief recap of recent ICOs currently resolving initial issues.
3. SONM Refunds and Token Allocation
Although the SONM ICO has been quite successful in its own right, it is not without flaws by any means. A lot of people were surprised when the team announced they would accept multiple cryptocurrencies other than Ether. In hindsight, that was probably a bad decision, as it is causing major delays for ICO investors. More specifically, the team is still in the process of allocating tokens to investors who used currencies other than ETH to invest in the ICO. A very problematic development, and one that can linger for quite some time.
To make things even worse, a fair few investors are not too happy about the way things have been run. It is a bit unclear where this “beef” is coming from, but some investors have demanded a refund. Sorting out these issues takes up a lot of valuable time as well, which further delays the SNM token from getting listed on big exchanges. It appears SONM will sort things out shortly, but it is something to take into account.
2. Status ICO Contract Issues
The Status ICO has been subject to a lot of speculation and misinformation over the past week or so. It appears the smart contract used for the ICO was not full, but with the large pending queue of transactions, a lot of investors could not make a contribution. As a result, the Ethereum network got clogged up and started slowing down quite significantly The team feels this is no one’s fault, as “blockchains are highly experimental technology, and Ethereum is still in the testing phase”. An interesting statement, although not a lot of people will agree.
Moreover, the Status team somewhat regrets using a “dynamic ceiling” for their cryptocurrency ICO. It is one of the main reasons why so many Ethereum transactions took place, as the maximum amount of Ether was a lot higher compared to what the team initially hoped to raise. It caused quite a bit of confusion and a lot of scaling issues for the network. It is evident this “test” was a good one, as it shows the Ethereum network is far less capable in this regard than most people think.
1. Monaco Tokens Have to be Reissued
The Monaco ICO has proven to be quite successful, as many people feel this cryptocurrency debit card can make a big impact. Unfortunately, the ICO has been a bit of a hit-and-miss so far. Granted, the project raised a good amount of money, and people from all over the world invested in the crowdsale. That is where the good news ends, though, as none of the investors have received their official MCO tokens so far. The team is working together with TokenMarket to reissue the coins as quickly as possible.
The tokens have to be reissued because of an issue in the initial smart contract, which could cause multisig wallet incompatibility. All of the tokens have been issued on the Kovan testnet, and so far, things appear to be going quite well. However, it will take a few more days until all tokens are issued to investors, due to the ongoing Ethereum network issues. If all things go according to plan, tokens should be issued and tradeable by June 27th in the evening, at the latest. It is good to see TokenMarket work on this matter alongside the Monaco team.
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