Тhe Abyss ICO aims to build a system of rewards and tokenization based on the booming gaming industry. Gamers have been one of the most active groups to adopt and spread awareness about cryptocurrencies, and most of all, Ethereum.
The Abyss ICO is one of the few ICOs out there that plan to deploy an entirely different model of governance. Instead of the team and founders deciding on the ICO proceeds distribution, buyers would vote on a monthly distribution of funds, depending on goals and the pace of development.
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What is the Abyss Project?
- Abyss White Paper
- Country of origin: Switzerland
- Ticker: ABYSS
- ICO Dates: 7 March – 7 April
- Hard Cap: $40 million, 30,000 BNB
- Funds raised: Unknown
- Industry: Gaming
- Funds accepted: Ethereum, Binance Coin BNB
- My Rating: 2/5
Abyss Social Media
Gaming communities have driven innovation in the past- and they are a formidable force behind blockchain adoption. Now, the Abyss offers a project that would add a layer of referrals and bonuses on top of various types of games. Gaming has many elements that have been monetized in the past, but more companies are adding a token to the mix, instead of direct payment. This would not only allow for making gains based on in-game auctions, referrals, and other incentives but also have a permanent, unalterable record of all activities.
The Abyss platform aims to cover all games, including in-browser games, new arrivals for testing, and especially blockchain-based games. The platform will feature a social media side, where reviews, recommendations and other content will thrive.
The third prominent feature would be the five-level referral system, allowing for rewards, inviting friends to games, as well as incentives for actively using the platform's features.
In the future, the Abyss system would also feature an internal crowdfunding platform.
The Abyss Team
The Abyss team consists of prominent gamers with a taste for crypto. The Abyss was founded by Konstantyn Boyko-Romanovsky, an architect by education but a gamer by vocation. The rest of the team was brought in from the thriving Russian gamer community, complete with design and art experts, as well as blockchain developers.
About Abyss Token
The ABYSS token will be the chief medium for in-game purchases, as well as being used in the rewards system. ABYSS is an Ethereum-baser digital asset known as ERC-20. While fiat payments will also be allowed within the platform, using ABYSS will bring extra discounts and incentives. The project's reason to include fiat is to bring a wider acceptance to the gaming system, as crypto coins are still gaining popularity at the moment.
The Abyss token requires the creation and use of MyEtherWallet in the whitelisting, as well as sending Ethereum from a MyEtherWallet address.
Investing in Abyss: The Pros
The Abyss ICO is perfect for those who believe in the Russian gamer industry. With a thriving community and many new games on board, the Abyss project could find itself thriving.
Then, there is the opportunity for widespread, international investment through Binance Coin tokens. This means that the ICO would be open to anyone, especially crypto coin traders.
But perhaps the biggest advantage of this ICO is the clear token status – the Abyss team has received a statement from the US Securities and Exchange Commission, which solves the problem of an unknown token status. Thus, the Abyss ICO may not expect any penalties or regulatory hurdles, and after the completion of the white listing process would be open to US-based investors.
The Risk of Abyss
The Abyss ICO holds risks related to the ABYSS token market price. Since the project is focused on the Russian market, and backed by Russian developers and experts, it is unknown if the community could manage to lead the token to exchanges, or even then, to provide enough liquidity.
The Abyss ICO reminds me of the the KickICO event, a project where gaming crowd sales were a staple. But the KICK token suffered, being traded only on a handful of exchanges. The KICK token also revolves around Russian gaming products, but so far, its price fluctuation has been largely speculation and pumps.
The other risk is that the revenues in the Abyss ecosystem depend on referrals, adding a touch of a Ponzi scheme, or a pyramid of rewards. This may always bring dishonesty and attempts to game the system.
The other drawback is large competitors such as Steam, and other gaming systems with rewards and already-established communities. Whether the addition of a token could boost the Abyss is anyone's guess.
What is even more mystifying is the usage of the BNB token for fundraising. The BNB digital asset is a rather volatile one, and its chief aim is to form trading pairs on the Binance exchange. The market is one of the liveliest, and BNB is extremely liquid at least when trading against other crypto coins. The BNB token also gives out rewards based on the trading fees on Binance, so this may be one of the reasons why it was preferred. But choosing an asset that is more of a utility token, used in trading, rather than one of the “store of value” coins looks worrying.
There may be one reason – a referrer with a high level position is listed as CZBinance. There is no knowing whether the real “CZ”, Changpeng Zhao, the founder of the exchange.
Final Thoughts on Abyss
The Abyss ICO offers an opportunity for international buyers to test the waters with an ICO run in Switzerland, but tapping the Russian gamer development talent. While this market may have many unknowns, it is also promising. The best part about the Abyss project is that it follows the idea of Vitalik Buterin for a so-called Distributed ICO, or DAICO. This means that in the future, the distribution of funds would be subject to voting, and the progress of the team would be closely monitored.
The project has set its goal to release a beta version quite far in the future, toward the end of 2019. This is a lot of time by the standards of the cryptocurrency world. And while locking up 0.1 Litecoins may not be such a big problem, My Rating for this project is 2/5, since there are less risky ICOs out there. Remember, just because a project has promise and is an interesting topic, doesn't mean it's worth investing your money.
The Abyss ICO is big on ideas, and perhaps a bit ambitious on its intended proceeds, potentially reaching $60 million. Despite the promised transparency of the first DAICO in the sector, the project still looks controversial.
Plus, the token sale is tied up with tiers and referrals, which may continue to exist within the Abyss economic ecosystem.
Another thorn in the side of phishers and scammers! Watch out for the green address bar in your browser when visiting https://t.co/t4lROpuUI4 as well as exclusive admins' nicknames on our Telegram channels saying [Will never DM u 1st] #Blockchain #Ethereum #TheAbyss #ICO #DAICO
— The Abyss (@TheAbyss) March 1, 2018
Last but not least, the Abyss ICO is still in the preliminary white listing phase. At this point, there is the risk of scammers trying to divert funds to fake addresses.
Should YOU Invest?
Honestly, most people looking to invest in altcoins, tokens, and ICOs are hoping they discover the next Bitcoin or Ethereum. The chances of that are rare.
So where is your money best invested? My recommendation might surprise you. It's free to join, and won't require that you invest in risky cryptos!