Root Project (ROOTS) ICO

updated 24 September 2018

The World's First Effectively Tax-Subsidized Cryptocurrency

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Status: ended
Public sale: 10 Apr`18-13 Apr`18
Cap: 200 000 ETH
(17 592 000 USD)
Goal: No info
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Laborless Crowdfunding

A new crowdfunding model creates supply and demand for community projects. Project initiators don't need to complete the project or know anything about cryptocurrencies. Donors get tax deductions. Socially visible projects enhance reputations.

Cryptocurrency

A portion of a project's crowdfunded proceeds go to token purchases, driving currency demand. The rest goes to material, one supervisor's wages, and wages for those stuck in poverty to complete the project. The currency's supply is hard capped, so each project reduces liquid token supply.

'Pension' Fund and Interest Alignment

In addition to hourly wages, paid in USD, cryptocurrency worth half of the day's earnings is deposited into a medium-term pension fund-like entity - further reducing liquid token supply and aligning the interests of investors and society's most vulnerable.

Comments1

1
Overall - 1/5
the idea is to be a crowdfunding platform for community-driven charity projects and to
align interests of investors and people in need (aka for who charity projects are made).

One of their main ‘value’ claims is that you don’t need to understand cryptocurrency to use their platform as an investor and/or as a project creator...But their product (the site/ ‘platform’) is so non intuitive that a person would have way more trouble figuring out what the project actually does than ‘understanding cryptocurrencies.

token
Their token design is very unclear. In their whitepaper they write that 10% of funds raised for a given crowdfunding campaign go to purchasing ROOTS tokens on the market ‘increasing token demand’. But what the token is actually for and who owns the tokens purchased with that 10% is totally unclear.

product
Website is unprofessional and painfully poorly designed. There’s almost no information about the project, except for vague, fluffy descriptions, like  “restructure capitalism” and “end extreme poverty.”
Their isn’t even a link to their whitepaper on the site (!!). Some real red flags.

Conclusion: If this project ISN’T a scam then it’s super unfortunate that it truly seems like one, especcially given their high-minded, 'world-changing' intentions.