ICO Alert Quick Facts
- Self-regulated investment rating platform powered by crowdsourcing.
- 1 ETH = 156 IGNT tokens
- January 15, 2018 — February 28, 2018
- 10,000,000 total available / 60,000,000 total supply
- Fully compliant KYC/AML through partnership w/ Coinfirm
What is Ignite Ratings?
Ignite RATINGS is the world’s first, truly decentralised, investment intelligence and ratings platform. Quite simply, we aim to improve anyone’s ability to access reliable, verifiable and curated information about digital assets by leveraging swarm theory, applying our proprietary reputation engine and linking incentivisation with real-world asset performance, which is something which has never been seen before in the traditional ratings industry. — Damon Barnard | Co-Founder
ICO Alert: How does the Ignite Ratings token (IGNT) function within the platform and why is it needed?
Barnard: By being committed to the platform, the IGNT token acts as a “proof of membership” and “ proof of stake” within the Ignite RATINGS ecosystem. IGNT commitment is required to access the advanced features of the Ignite platform and only IGNT holders are eligible to participate in the ratings process and, potentially, receive financial rewards for their efforts. The amount of IGNT “committed” to the system also has an arithmetical effect on the rewards that a user can expect to receive, if participating in the ratings process.
ICO Alert: Can you describe the Master Index and explain how it functions with the Ignite Ratings platform?
Barnard: The Ignite MASTER INDEX exists purely as a means of incentivising those committed to the ratings process without any danger of generating a conflict of interest, as exists with the traditional, centralised ratings model. For the first time in history, a ratings provider (our community!) will be incentivised by the actual real-world performance of the assets they have rated most highly. The way this works is that the Index will take a financial position in every asset that surpasses a certain ratings threshold, as generated by the Ignite RATINGS community’s hive mind, and allow the community to decide when that trade should be closed (if a gaining trade). For every closed gaining trade, those that participated in the ratings process for the asset are rewarded with a share of 50% of Ignite’s trading gains, with an additional 30% being added back into the deployable capital base of the Index. Risk is absorbed and managed by Ignite by ensuring that no more than 1% of the then current net asset value of the Index is deployed in backing any given asset — there is no offset or direct detriment to our community members when certain trades are in a “losing” position.
ICO Alert: In your opinion why have crowd-sourced ratings gained popularity in the cryptocurrency space? What benefits does it provide over more traditional investment systems?
Barnard: First, we are not aware of any service that provides a truly crowd-sourced ratings platform, the likes of which Ignite is building. What we have seen in recent times, is an increase in the number of binary “sentiment” apps and platforms available but, not only do these fall short in terms of data-gathering and functionality, the vast majority also retain some form of centralised processing, such as applying their own trading algorithms to data etc. We believe that the rise in prominence of these kinds of projects, that look to tap into crowd-sourced sentiment, is due to the fact that swarm theory is, very quickly, becoming an undeniable phenomenon that can truly rival AI in many applications — we are looking to leverage it in order to provide the most accurate, up-to-date, opinion and sentiment available regarding crypto and, indeed, any financial assets.
ICO Alert: Is the user’s influence in the platform based on the amount of tokens held? What keeps certain users or groups from manipulating the ratings systems?
Barnard: No, the number of IGNT held has no bearing on influence whatsoever — it does, however, have an influence on the amount of rewards that a user may be entitled to.
The system is non-corruptible due to our proprietary reputation engine. In short, in order to have an influence on the ratings process, a user is required to have sufficient reputation. As in the real world, reputation is earned — by participating in the ratings process and submitting opinions/content etc. that is considered helpful by his/her peers, a user gains reputation and, therefore, influence. The flip side is that reputation is also very quickly lost, therefore influence is diminished very, very quickly once the community get a sniff of something being a little “off”. In this way, the Ignite ecosystem is self-regulating and the system is being built in such a way that the best way to profit from it is not to try to cheat it, but actually participate as was intended. Even those seeking to “game” the system would have to help Ignite, and its other community members, achieve significant trading gains before having a hope of being in a position to influence an asset rating score in a manner that is even approaching materially influential.
ICO Alert: Can you take us through an explanation of the Ignite Hive structure and how it fits into the entire Ignite Ratings ecosystem?
Barnard: The Ignite HIVE is the CPU of the Ignite ecosystem — our platform is powered by crowd-sourced opinion and swarm theory. The entire project is built on the premise that, working together, the crowd will always outperform the individual, when it comes to accuracy. We draw from the variety and breadth of experience, skills and opinions exhibited by our individual community members to generate asset ratings scores and aggregate, and present, this data in a meaningful way.
As for the structure, the HIVE is not an elitist club — any individual holding more than 1 IGNT is eligible to participate in the ratings process as a member of the HIVE. There is no pre-screening, no application process, no assessment of abilities etc. — anyone that is capable of making an investment decision, should be capable of explaining and justifying that decision to others. The HIVE is responsible for moderating the reputation, and thus the influence, of each constituent member.
ICO Alert: You have partnered with a payment card provider to offer your users the capability to transfer their reward tokens to an Ignite Ratings debit card. Why did you decide to offer this debit card to your users?
Barnard: The debit card was not intended to be a core feature of the product, but rather a convenient means by which a participating member of the Ignite HIVE could extract their rewards in a format that they could readily spend in the real world. It is important to note that rewards will not be distributed as tokens but, most likely, Ethereum or Bitcoin (other base currencies may be used) — thus the card should act as a very convenient means for transferring these popular cryptocurrencies to fiat currency.
The Ignite CARD will not be a launch feature, but is something that we would hope to introduce as soon as possible.
ICO Alert: Please explain your decision to use a Dual Token “segregation” strategy and why this model is beneficial.
Barnard: The idea came about, initially, due to our trying to navigate the regulatory uncertainty that currently exists in the space, especially around KYC and AML requirements — with more and more of these types of initiatives being forced onto projects, not by regulation, but by potential commercial partners such as exchanges and banks who, themselves, are trying to mould their existing compliance obligations to fit a market they were never designed for. We saw more and more projects having to slam on the brakes of their fundraising, or back-pedalling trying to complete after-the-fact KYC on every single contributor, and we saw what an operational disadvantage these projects suffered as a result. So we devised a strategy to completely segregate the utility aspects of our token (this being their primary reason for being), from the exchange tradeable aspects which may, or may not, require further compliance steps as part of our exchange listing programme. Implementing this strategy, also affords us an operational advantage in allowing us to treat IGNT holders completely differently from those holding IGNX:
Being an IGNT holder entitles you to participate in the ratings process and benefit from the rewards generated; it is also intended to provide access to additional benefits over time, such as preferential “early access” pricing for pre-ICO projects, introductory and/or preferential rates for partner exchanges, access to exclusive tools and features (including Ignite’s own smart-routed trading suite), the Ignite debit card, exclusive HIVE-member loyalty promotions etc.
Being an IGNX holder entitles you to: 1) sell IGNX on an exchange; or 2) use it to purchase IGNT, thus gaining full access to the Ignite ecosystem, and the benefits that come with it.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? Please feel free to share any recent updates.
Barnard: Actually much further along than people expect or realise. We keep being asked for product demos, which would require a nice, shiny, at least partially-functional, frontend — but much of our current development effort is focused on what will be going on “under the hood”, in terms of the Reputation Engine, our aggregation and weighting algorithms, the smart-routing solution etc. All of these are making excellent progress, but are not the easiest things to meaningfully demo until the frontend is a little more complete — work continues on this alongside the backend work.
The platform will break cover in some sort of useable form, we anticipate, in early Q2 with, maybe, some closed beta testing offered to the community in the run up to that — so we are still well on track to have our first proper release candidate available towards the end of Q2, as stated in our white paper. Not all of the features we wish the platform to have will be released in the first version, but the system is being built in a modular fashion to ensure that we can add new features with ease during our development sprints. Desktop and native mobile apps should also follow later in the year, the initial release being a cross-device compatible web app.
One thing is for sure, the Ignite RATINGS platform will be a dynamic, living, breathing and evolving beast — the platform we see this year, will look and function very differently to the versions that exist 12 months from now.
ICO Alert: As a non-Ignite Ratings question we like to ask for unique predictions for the ICO and crypto currency space in the future. Where do you see both in the next 3–5 years?
Barnard: The ICO space — we find ourselves at something of a crossroads currently, and it is very, very hard to say where we might be in 3 to 5 years, ICOs could be thriving under sensible regulation, in a professionalised industry that embraces innovation, or they could have disappeared altogether as a means for startups to raise funding. One thing is for certain, regulation is coming and we openly support any regulatory initiative that seeks to protect the average investor and to professionalise this space, but regulation must be imposed in the right way. Lastly, we cannot ignore that ICO funding threatens to topple a VERY big money industry, that being the venture capital space and that a lot of banks, hedge funds, VC firms will soon start to realise that their opportunities to make big money from innovative tech projects are drying up, as more and more people start to back projects directly — this could have a very real impact on the industry should these types of player start to militarise their lobbyists…
Cryptocurrency, and the technology behind it, should continue to thrive as adoption increases and more and more use cases come into being. I expect the banking networks to be entirely reimagined such that distributed ledger technology drives the fiat currency economy. I expect a paradigm shift in the concept of what is, and what is not, “currency” and, as technology continues to play an increasingly important role in our everyday lives, you will see more and more individuals able, and choosing, to live their lives with minimal contact with fiat currency. I think this is even the case if centralised government tries to heavily legislate and regulate these concepts — as we have seen with file-sharing technology and its, eventual, adoption and presentation in legitimate forms such as Spotify, Netflix and Apple Music, decentralisation and the power of those individuals that adopt and support it, can cause big changes in the world.
The Pre-ICO began on December 15, 2017 and ended on January 15, 2018. There were a total of 2,500,000 Ignite Ratings tokens (IGNT) available during this period, representing 4% of the total IGNT supply.
The main ICO will begin on January 15, 2018 and will end on February 28, 2018. There are a total of 7,500,000 Ignite Ratings tokens (IGNT) available during the main ICO, representing 8% of the total IGNT supply. Current accepted currencies for Ignite Ratings include ETH.
Token Distribution Information
There are a total 60,000,000 IGNT tokens being created, with 10,000,000 available during main ICO.
Ignite Ratings is an ERC-20 token, so it’s important that contributors use ERC-20 compatible wallets to send funds to the ICO smart contract, and to receive the Ignite Ratings tokens.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the Ignite Ratings website for more information and the contribution address.
83%: 12 month vesting period*
Use of ICO Proceeds
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View the Ignite Ratings website here.
View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.
- Ignite Ratings Website, Ignite Ratings (2018)
- Ignite Ratings Whitepaper, Ignite Ratings (2018)