Have you always wanted to get into cryptocurrency investment, but everything seemed so distant and complicated? Well, if you’re answer’s “yes”, then you have come to the right place. Today I would like to tell you about Follow coin, and all of the topics that relate to it.
I’ll introduce the coin and tell you why you should care and pay some close attention to it. We’ll talk about the history of the company, how they came up with the idea of “following”, what was their motivation and so on. Then we’ll look over the coin itself - its price changes, ICO, plans, etc.
I can tell you in advance, though, that if you're looking to buy some Follow coins, you'll have to do it in a designated crypto exchange, and with some other cryptocurrencies. The optimal way of going about it is to buy some Ethereum (ETH) on exchanges such as KuCoin, Kraken, or Binance, and then go and get yourself some Follow coins.
So, without further ado, let’s jump straight into it.
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Pros
- A unique concept for a cryptocurrency
- Eliminates a lot of the effort from cryptocurrency-related research
Cons
- Inexperienced team behind the project
- Lack of direction
- Lack of company transparency
Table of Contents
Follow Coin Origins
Let’s take it from the top - what is Follow coin?
According to the company behind it, Follow coin is a revolutionary new wave of cryptocurrency and blockchain technology. The main focus of this new coin is to bridge the gap between long-time crypto investors and absolute crypto beginners.
If you’re a beginner at cryptocurrency trading, things can get very confusing and tough - there’s just too much information concerning the market, coin ICOs, prices, etc. It might simply get overwhelming - it’s not easy to decide which information is valuable and will make a change, and which is just plain speculation.
This is where Follow coin comes along - this brand-new platform is designed to not only refresh the cryptocurrency market, but also help beginner traders find and get in touch with trading experts from all around the world.
How Does it Work?
Follow the coin lets you find various cryptocurrency investors from around the world. A lot of these investors have been delving in cryptocurrencies ever since the early days of Bitcoin, so they generally do know what they’re doing.
The investors have special portfolio tabs where you can go and view their past activities, successful trade rates, and so on. Once you decide that you like a certain specific investor, all you need to do is to “follow” them.
Once you follow the investors, you’ll get notified whenever he makes some moves in the crypto market - whether it be trading, buying, or selling.
There is an option available for you called “Duplicate Trade”. If you choose to do this, you will automatically duplicate and mimic the trade that the investor performed.
If the above-mentioned trade is successful, both you and the investor benefit. You benefit because, well… It was a successful trade and you didn’t need to do anything but press a button (no research, no prior knowledge, no nothing), and the investor benefits by getting a certain amount of Follow coins for their contribution.
This is great for a couple of reasons.
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Trade Duplication
First of all, the coin truly does seems like a great gateway into the cryptocurrency trading industry for people who have always wanted to try their luck out, but have never actually gone around and did their research. It might be because they simply lack the time, or they don’t have sufficient means to access the information.
Whatever the reason might be, Follow coin provides an awesome solution - you don’t need to spend hours and hours on end looking for the best investors and tips on how to trade cryptocurrencies - the “following” platform does all of the hard work for you.
It’s also great for investors - all they have to do is create their profiles and then just continue trading, buying and selling various cryptocurrencies, just as they would on a normal day. Whenever they make a successful trade, there’s always a chance that they’ll receive additional revenue - all because someone duplicated their trade.
The Company
The company behind the Follow coin is called exactly that - “Follow Coin”. They are based in Amsterdam and are a subsidiary of Knijbel, a Dutch software development company.
Follow Coin have released their first product - the “following” - back at the end of 2017. They have done this after the initial funding that they had received around that time.
As the company itself states, they have had great opportunities to further their experience in the field of cryptocurrencies, and to make themselves some sort of a name in the crypto company community.
Currently, the team is keen on rebranding and overhauling their White Paper - they say that they have learned a whole lot from their initial ICO and app launch, and are eager to start working on Follow coin 2.0.
The company also has something that they call “The Follow Coin Academy” - a place where you can go learn all about cryptocurrency-related topics. They have three levels - Beginner, Intermediate and Expert -, and the information provided is categorized accordingly.
Follow Coin Market Presence and ICO
The Follow coin hasn’t been an active participant in the cryptocurrency market.
The Follow coin token - the FLLW - is based on the Ethereum platform of the blockchain. This means that the token has some certain characteristics that we would find in ETH or any other ERC-20-based cryptocurrency.
During the Follow coin’s initial coin offering (ICO), 490 million FLLW tokens were offered to the public. The initial price of a token was $0,0470. This means that the whole ICO was valued at around $23 million. Also, you could only buy FLLW tokens with Ethereum - no fiat or other cryptocurrencies were accepted.
When it comes to the current Follow coin price, however, things seem quite a bit different.
The FLLW token has been dropping rather steadily in price. Even though the cryptocurrency market is experiencing some tough times ever since the end of 2017 and the beginning of 2018, it’s still an unseen fall in price for almost any token in the market.
The current Follow coin price is $0,00032. If we compare this price with the one that we saw during the ICO - $0,0470 - we can see just what kind of a drop this is.
It is quite evident that the price drop has been more than notable… But why is that?
The Price Drop
There are many reasons why the Follow coin price could have dropped the way it did. One of the more commonly mentioned of these reasons is that the company and team behind the Follow coin cryptocurrency were simply too greedy and didn’t understand what they were doing. It's honestly a harsh claim. Let's see how people back it up.
If we take a look at the amounts of money that were circulating back in the ICO period, things start making sense. By popular opinion, the team simply expected fantastical amounts of money without really having a solid product to offer to the community.
Sure, the idea of bridging the gap between beginners and pros is definitely a noble one, but judging from some certain factors (i.e. the team being quite inexperienced, not really having a transparent business and development plan, etc.), the company behind the Follow coin cryptocurrency didn’t seem to know what they were getting into.
The lack of transparency and experience in the field seemingly wasn’t a HUGE hurdle, and the initial coin offering did happen. However, if we take a look at the Follow coin price graphs, it is quite evident that the fall of the token’s price happened soon after.
As I’ve mentioned earlier, another huge part of this could be the lack of transparency on the team’s side when it came to the development of the platform.
There wasn’t a lot of information provided to the public before the ICO of the token. The team explained their main goals and visions on their official website and gave some feedback & updates on sites like Reddit, but that was it. The lack of technical information (the whats, wheres, and whys) was a bit alarming in itself, but probably the part that stood out the most was the explanation provided by the Follow Coin company on “why they need so much money”.
The company emphasized that it is not that THEY need such amounts of money, but rather it is US - the user base. All of the money would be used for (mostly) two big objectives: platform development and marketing.
The team had a goal of creating “the best user experience-based platform” out there. This is a tough goal in itself, especially considering that the company was still quite new and that the ICO hadn’t even happened yet.
Transparency Issues
When it comes to marketing, a lot of people noticed that even the new users that come in and take interest in the company don’t understand how exactly do things work.
With the lack of transparency (even their latest Reddit update post was made more than five months ago) and a few other key factors, the Follow coin ended up in the situation that it is in now - its price has reached an all-time low.
You don’t need to be a cryptocurrency expert to understand that the project wasn’t an outright success - even the company itself states that they have learned their lessons and are now focused on rebranding and creating a new and improved version of Follow Coin.
In addition to everything, it is probably worth mentioning that a lack of direction was also a big contributor to the Follow coin’s fall in price and market position.
It seemed as if the team behind the platform knew that they needed a lot of money for marketing and user & investor attraction, but didn’t have a clear plan on how to do it.
With all of these factors (and a few others) falling into place, it is quite evident why the Follow coin cryptocurrency experienced as big of a crash as it did. There are, however, believers in the coin left - when you take a look at online forums and chat rooms (especially the ones that are ICO-based), you can see that there still are people that believe in the platform and are urging others to HODL (as in, hold) their tokens, and not sell them.
These people are mostly believers in the idea itself - it’s not every day that you come across a platform that’s offering people a chance to connect with professionals and (figuratively speaking) work with them in earning cryptocurrencies.
Did you know?
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Conclusion
You only need to take one single look at the cryptocurrency market to see how many different startups, companies, projects, and other crypto-related ideas are emerging out of it every single day.
Follow coin was one of these emerging startups. It started as a great idea for a platform that would unite beginner cryptocurrency traders and experts alike - all for a single, objective goal of cryptocurrency trading.
The idea for the project was not only a noble one but also very practical - you would no longer need to focus on doing endless amounts of research, spending hours on online forums and performing guesswork when it came to the best experts in the field (and their predictions). Now, all that you had to do was download an app, sign up and simply choose the experts that you wanted from a list. Comfortable, easy to use and fully functional - what else could you want from a platform?
Even though it was a great idea in itself, there were a few key factors that made it so that the price and market position of the Follow coin crashed down almost immediately after the ICO.
The main attributes of this are considered to be the company's lack of transparency and experience.
While the company needed a huge sum of money for its ICO, they didn’t seem to have a concrete and step-by-step plan for how they’re going to reach their goals. This was quite evident by their statement later on: the company said that they have learned their lessons and are ready to work on and release their next project - Follow coin 2.0.
Whether you believe in the company’s success or not, the project that they’re working on is noble and would help many people in the crypto communities around the world. That said, if you'd like to purchase some Follow coins yourself, do keep in mind that there are much better cryptocurrencies out there - check out Kraken, Kucoin, or Binance to find one that would suit you best!
UPDATE 2023:
As of 2023, it would seem that the Follow Coin project has been abandoned, since there is no new information regarding the company, or the cryptocurrency behind it.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
About Article's Experts & Analysts
- + A unique concept for a cryptocurrency
- + Eliminates a lot of the effort from cryptocurrency-related research
- - Inexperienced team behind the project
- - Lack of direction
- - Lack of company transparency
A unique concept, but there are much better cryptocurrencies (crypto tokens) around.
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