Oh yes, I know it sounded like an ICO, but there is something that I didn’t mention to show why a BTO is different.
If I want to launch a BTO I need to have a service or product ready, not just ask money to build something.
Why? because some people ask for money to build something and at the end they don’t deliver what they promised, it seems more like an excuses factory software once they have the funds. If you want to experiment just say the money is for research and development, but don’t promise results!
ICO vs BTO
(THE FOLLOWING ARE EXAMPLES, I’M NOT ASKING YOU FOR XEM OR ANY OTHER REPRESENTATION OF VALUE BECAUSE THERE IS NOT ANY ADDRESS OR ACCOUNT TO DEPOSIT PUBLISHED IN THIS ARTICLE. IM NOT LAUNCHING MY BTO BY WRITING HERE) [MEANING OF THE WORD EXAMPLE] (https://dictionary.cambridge.org/dictionary/english/example)
BTO: Hello I have this product or service; I want to offer it to you for a good price so you can try it in exchange if you like it you will become a regular costumer, also you will ge giving early access as an investor if you choose to become one. The first goal I want to accomplish is to raise 100.000 xem, all the funds will be in a multi signature wallet, as an assurance that Im serious about my offer the xem from my sales will be there too in the multi signature wallet that I will be not be able to control ,because my signature wont be there or the other signatures are required, so if I don’t deliver what I promise I get nothing, once the 100.000 xem are deposited in the wallet it will be used for legal advice, it will be beneficial to both parties to have a clear legal opinion, once that goal is reached, I will write what Is the next goal to be reached, If you like the results I hope we can build a business relation based in trust and mutual respect.
Results: if you like the product you can get to know better the project (build trust) and decide if it makes sense to invest, if you don’t like it don’t use it. this approach uses risk management for both parties because once the first goal is achieved they now the only way to build trust is by delivering the promised results and is also clear the funds are there to start; IS A WIN-WIN.
ICO: Hello I have the following (product or service) that is the next revolution and you don’t want to miss the boat, here you can read our white paper and clearly see why you have to participate in our ICO, visit our extraordinary web site and the social networks, yes we do have a road map, so because we have all that, now you know you can trust our ICO we are following the industry standards, we just need 100.000.000 xem and that will bring everything forth, remember when each bitcoin costed less than 2 cents? so come with us and jump into the future. the clock Is ticking!
Results: it may vary, some people once they have the funds just used the money for really good salaries and step of delivering the product they deliver why the product is not ready, but hey it takes time and don’t pressure me im doing something really important, and don’t tell me im stealing your money because that’s not true in the white paper I wrote how much is for salaries: So stop crying like a baby be an adult, we have the money now you have to wait.(if this description sounds familiar is just by pure coincidence, I don’t have any kind of investment or coin in any ICO based in nem or any other blockchain or system)
On the other side there is also really good people with great ideas and they deliver what the promise.
So there is a difference between the two approaches, I don’t know if somebody else tried the same concept before, this is just a really small part of my algorithm called BTO, I hope you enjoy this article.