Before diving deeper into ICO pools let’s look at the ICO process as a whole.
What is an ICO?
ICO’s typically have three phases: private sale, presale, and crowd sale. However, there are no set rules how ICO’s are structured. Some may elect to skip the private sale phase because they want a wider public sale and others reach the hard cap at the second phase, so they do not even go public.
During the private sale and pre-sale phase, tokens are sold in bulk at the lowest price.
What are the three phases of an ICO?
Furthermore, by pooling their funds together investors benefit from significant discounts. As mentioned earlier, the bigger the contribution is, the bigger the discounts are.
What are the advantages of an ICO pool?
- Access to private sales and presales thanks to the administrator awareness and network
- Access to bonuses
- Contributors can purchase tokens before they are sold out, some of the ICOs reach the hard cap in a few minutes.
- Avoiding gas wars: thanks to ICO pools there is less competition between contributors who raise the gas price to accelerate a transaction
- The administrator does a screening and shares his research with the rest of the pool, handles the negotiation and management, making the entire process consume less time and making it less energy intensive for the rest of the investors
What is the risk of participating in an ICO pool?
How does an ICO pool work?
2. If the pool leader wants to keep the funds for himself he can.
3. Security issues. There have been many cases of online wallets hacked. In June $10 million was stolen from a cryptocurrency wallet of a Japanese syndicate. Instead of using a secure solution, the pool managed their ether and tokens manually in an online cryptocurrency wallet. 👉 Read the article.
What are the advantages of using PrimaBlock to pool funds?
- Safety: The PrimaBlock smart contract is battle tested and flexible enough to handle a variety of different failure scenarios. PrimaBlock’s entire tech stack has been audited externally multiple times by security experts. 👉Read the article “Why your funds are safe with PrimaBlock”.
- Excellent tech support.
- Convenience: If you create an account on PrimaBlock you will be able to keep track of all the pools you have created and participated in.
- Notifications: You can receive email and/or telegram notifications about important pool events (e.g. tokens have arrived in the pool and are ready for you to collect).
- Security: If you create a pool and your wallet is compromised the attacker will not be able to manipulate your pool unless they also have access to your PrimaBlock account. If you have 2FA enabled on your PrimaBlock account then the attacker would need to compromise 3 factors of authentication (your phone, your PrimaBlock login, and your wallet address) in order to manipulate your pools.
How to find ICO pools?
If you are more of a “behind the screen” person, you can join groups and conversations on forums like Bitcointalk, Reddit, Telegram, Facebook chats and create connections by joining online communities.
A piece of advice: do not try to get something out of contacts you make, always ask yourself first, what you could bring to them 😉
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