StopTheFakes ICO review
StopTheFakes is a blockchain service which is designed to help everyone track and record cases of illegal or illegitimate use of their trademark or logo. This applies to any intellectual property. Upon discovering an illegal use of your property, you can take legal action in order to stop such an imposter from ruining your brand. StopTheFakes is the first blockchain-based service meant to stop counterfeiting and infringement of copyright, and other related intellectual property rights.
Businesses will now have a chance to detect, pinpoint the location of fraudsters, document such violations and take appropriate legal action fast.
How the StopTheFakes (STF) works
Ideally, ‘requestors’ or the persons who believe their property is stolen will submit requests showing how and where they think their IP might be accessed by the criminals. They should also state the evidence they are looking for. The network of ‘doers’ will then select the requests to investigate and then look into the infractions. The doers submit their answers to the system after which the answers are vetted to remove bad input. The filtered answers are then passed on to the requestor for validation and even potential enforcement. For the success of the STF concept, the doors must remain anonymous to everyone but STF.
The STF ICO
The idea of STF was born in June 2016. The team worked on the concept for months and in December 2016, an analysis of issues relating to the protection of intellectual property rights was done.
In May 2017, negotiations with potential applicants on using the service were held. The launch of the website for token distribution was done in September 2017. In January 2018, the big stage for token sales was set and the ICO will start on 31st March.
The success of STF is going to be mainly based on the increase in the number of requestors. This will lead to STF tokens appreciating in price. The initial ICO valuation is 1STF = $0.45 which comes without any bonus. The floor price for doer payment is around $5 for one of the simplest tasks at STF. The main problem which might face StopTheFakes is the median of payment as the $5 might only buy a cup of tea at a restaurant while in other parts of the world it is a whole 2 days’ wages. The other issue which STF might be forced to deal with sooner rather than later is the issue of volatility. If volatility is high, STF might be forced to base their pricing on fiat currency instead of STF tokens.