Follow Coin (FLLW) - ICO Review 2017
Follow Coin (FLLW) - ICO review

Follow Coin (FLLW)

ICO Status: Ended

Follow Coin ICO Review
3
Real-world utility
3
Market Size
5
Roadmap
decrptd review 3.7 / 10
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Review

Have you heard of eToro? Well, Follow Coin pretty much sounds identical to that but for the cryptocurrency world. Already dubious? So am I…

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Start DateEnd DateTotal SupplyICO Token PriceICO Website
27-Oct-1727-Nov-171,000,000,000$0.03ICO Website

60 second ICO review

Follow Coin (FLLW) – ICO review

What is Follow Coin?

Have you heard of eToro? Well, Follow Coin pretty much sounds identical to that but for the cryptocurrency world. Already dubious? So am I. Let’s try to remain impartial for the time being! From their whitepaper, “Follow Coin is a platform that gives new and novice traders the opportunity to follow experienced cryptocurrency Influencers. Based on their scorecards, you can follow Influencers and check them against the market and your portfolio. Follow the best performing investors and trade exactly like them with the FIT feature (Follow Influencer Trading).”

How does Follow Coin work?

The Follow Coin community is essential comprised of two types of people: Followers, and Influencers. Initially, new users joining the platform will be categorised as Followers, with Influencers being ‘upgraded’ by invitation. Followers will be able to review the bio and scorecard of all Influencers on the site, selectively choosing the ones they wish to follow.

Followers will then receive notifications via a mobile app every time an Influencer places a trade. This leads to what Follow Coin have dubbed ‘Follow Influencer Trading (FIT). FIT is one of the main features of Follow Coin and allows the Follower to ‘benefit from an Influencer’s experience’. When a Follower receives a Trade Suggestion based on a trade made by an Influencer, they will be able to duplicate the trade via the mobile app or dashboard.

And it gets even more dangerous… AutoFIT. With this feature, Followers can automatically FIT any Influencer they like. Followers can allocate all or a portion of their funds for automatic FIT trading. Since they can specify how much to allocate, a Follower could potentially enable this for multiple Influencers.

FLLW (the cryptocurrency token fuelling the Follow Coin blockchain) rewards are what drive FIT and Auto-FIT trades. When an Influencer makes a trade and creates a Trade Suggestion, a Follower pays for a FIT trade with FLLW. If the trade is deemed successful, the Influencer receives an FLLW reward based on the profit realised by the Follower. Trading will only be successful when the Influencer sells on a higher rate, than when the initial buy order was made.

If, in the meantime, the follower decides to sell his position, rather than wait for the suggested sell moment by the influencer, the influencer will still receive a kickback (if the trade is profitable). If the position is closed with a loss, due to the ‘manual’ closure of the follower, the scorecard of the influencer won’t be affected.

Real World Utility

Sadly, this type of application has a real world use. The sad part is that while services like these claim to be solving the relative complexity of trading and investing in cryptocurrencies, they are (in my opinion) actually maintaining the status quo of that complexity by mitigating the need for people to actually LEARN themselves and take responsibility for their own investment decisions.

Having said that, from an ICO / token investment perspective, if eToro is anything to go by – there will be a constant stream of people flocking to services like Follow Coin providing the User Experience design is world class.

Market Size

We all know that the cryptocurrency market is still in its infancy. This is expected to change exponentially over the next few years, with crypto-trading and investment becoming an accepted (and expected) part of all many investment portfolios and funds. And just as with forex trading, this will exponential growth will undoubtedly benefit services like Follow Coin as people flock towards what they hope will be the easy road.

How will the value of Follow Coin increase?

As far as can be determined from the whitepaper, the value of FLLW tokens will only increase as members join and generate more and more transactions on the Follow Coin blockchain. As the currency fuelling the platform, demand (and the commensurate value of FLLW) will increase in proportion to the numbers of active users, the quantity of transactions made.

Follow Coin Team

The founders of Follow Coin are CEO Thomas van der Bijl and CTO Joren Frielink. Both are also founders of a digital agency in the Netherlands called Knijbel, employing 8 people (according to LinkedIn. Judging from their company and individual profiles, they certainly have the skills and experience to build a platform that delivers a beautiful and compelling User Experience; something which is of paramount importance if the venture is to succeed.

The only grey area is expertise with Blockchain technology. Follow Coin list Rosa-May Postma as the consultant providing this service. And that’s the problem – she’s just a consultant, not a permanent part of the Follow Coin team. And her CV doesn’t really shine with ‘blockchain and computer science’ as a strong point of emphasis.

Follow Coin Roadmap

The alpha version of the Follow Coin app is already available in the iTunes App and Google Play stores. FIT trading is scheduled for release in Q1 of 2018, with full platform integration following shortly after in Q2 2018. By the end of 2018, the team plan to have their AutoFIT feature in operation.

So whilst they don’t have a fully working platform available already, the fact they have already published their mobile app and have a development roadmap that sees adoption and usage following within 6 months is a positive sign.

Follow Coin ICO Sale Details

There will be a total of 1 billion FLLW tokens in existence – 49% of which will be available through their ICO. These will be ERC-20 tokens priced at 10,000 FLLW / 1 ETH, making the ICO price $0.03 at the time of writing. This keeps FLLW tokens in line with other ICOs and makes this ICO appealing for speculators.

Conclusion

As much as I hate to admit it, if the User Interface is intuitive and compelling, then it is likely that Follow Coin will be a success. I’m saying that because of human nature; the majority of people prefer the easy route, especially when information is new and challenging to comprehend. So the problem Follow Coin are seeking to solve is real, and their solution will likely appeal to the masses.

Sadly though, I believe this is likely to hurt people – at least in the short term until they either exit the market, or learn to think for themselves. Blindly following the actions of others in an investment context feels irresponsible and lazy – especially when everything you need to know in order to own your own choices is freely available.

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Blair Keen<div class="row" id="mycred-users-badges"><div class="col-xs-12"><div class="the-badge"></div><div class="the-badge"></div><div class="the-badge"></div><div class="the-badge"><img src="https://www.decrptd.com/wp-content/uploads/2017/10/badges-TUTOR.png" class="mycred-badge-image badge-level0" title="Tutor" alt="Tutor" width="100" height="100" /></div></div></div>
Blair Keen
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I'm an avid cryptocurrency and ICO investor. I'm also a HODL'er ;)

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