October 15 marked the start of the ICO for Genesis Vision, a platform for private trust management. The same day, Google blocked the company’s account on Adwords, the advertising channel it was counting on most. The company’s CEO, Ruslan Kamensky, talks about how Genesis Vision managed to conduct a successful fundraising round and raise $3 million.
Our project is a platform for trust management that unites stock markets, traders, and investors into a single ecosystem, where profits are distributed automatically among the participants. Since the goal we set for ourselves is to build a truly decentralized system, we decided to seek investors through an ICO to the community, so that we would be entirely independent of large investors that could have their own stake in this kind of solution.
We thoroughly prepared for conducting our public fundraising round. The project itself started back in November 2016, when we won a national Russian hackathon in the Finance and Blockchain category. In September 2017 we were certified by the Financial Commission, an independent organization involved in resolving disputes in the financial sector. We found support from authoritative experts in finance and cryptocurrency. Jacob Maas of AtoZForex.com recognized Genesis Vision as October’s best issuance. During our pre-sale in late September, we raised our stated goal two weeks ahead of schedule.
We were fully prepared for the ICO, and it launched on October 15. The same day, Google blocked our Adwords account, which we were really counting on to attract clients. We discovered that their action was due to numerous phishing attacks, which led Google to mistakenly block us. We were able to block a few phishing domains, but for about a week on Google you could see contextual ads through Adwords that led to phishing sites. Unfortunately, Google’s support team took a very long time to review our messages, and it took over two weeks to prove that we are the real Genesis Vision, not a phishing scam. Difficulties in conducting the ICO also stemmed from two planned forks, a fork in Ethereum and a fork in the Bitcoin network, which also affected investor activity.
To weather all the storms and reach our planned fundraising goal, we ended up pulling strings in our personal networks. During the ICO we gained wonderful new friends in the cryptocurrency world and built a large and active community. That was what helped us raise $3 million. Of course, based on the pre-sale results, we had expected more. But this will be plenty to set our plans into motion, losing no time and keeping on track with the Roadmap.
Launching an ICO was a new, but very useful experience for our team. Often we acted based on gut feeling, and it felt like we were making a ton of mistakes. But when we analyze those decisions now, we realize that many of them were right, because they were not aimed at increasing the fundraising total at all costs. In all, we are satisfied with the result.
Currently, too many projects launch ICOs, and as many could see in the past year, amounts raised during ICOs mean little. As I see it, a true evaluation of an ICO project has to take place at least a year after the ICO ends. It’s true that our token is active on the market, and in two weeks from the end of the ICO it had given our ICO investors an approximately tenfold potential profit. Profit in the short term is good and not typical for ICO tokens, but it does not show the currency’s full potential nor the real state of affairs. Our goal for the near term is to launch the platform and engage all our partners to participate, so that we not only provide not only speculative profit, but actually implement what we set out to do.