Latest Posts

Sorry, no posts matched your criteria.

Stay in Touch With Us

Odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore.

Email
[email protected]

Phone
+32 458 623 874

Addresse
302 2nd St
Brooklyn, NY 11215, USA
40.674386 – 73.984783

Follow us on social

A beginner's guide to Wings and its WINGS coin

A beginner’s guide to the Wings platform and its WINGS coin

Rate this post

Wings is a platform that allows crowdfunded projects, primarily Initial Coin Offerings ( ICOs), to have their ideas evaluated by an online community to determine feasibility. The users of the Wings platform can make forecasts about various aspects of submitted projects, such as how much funding it could receive via a crowdsale, and then receive rewards if they are correct.

What is Wings?

The goal of Wings is to create a community of expert forecasters who can provide valuable feedback to projects that list on the platform. Wings call itself a decentralized autonomous organization (DAO), which is the idea that a company or other organization can be run without a hierarchical organization. Instead, DAO’s are supposed to use smart contracts and a blockchain-based ledger to make management decisions and track data. Wings is run by the Wings Foundation.

Wings, as explained by its white paper, works by creating a framework to evaluate and manage the projects submitted to it. The projects submitted to Wings also described in the white paper as DAOs. Thus, Wings is a DAO that can create other DAOs.

The process works by creating prediction markets which can be used for evaluating the performance of projects submitted. Most of the projects involved with Wings could be characterized as ICOs, with projects promising a certain amount of new ICO tokens and/or another cryptocurrency as a reward to users who make accurate predictions. The project founders are willing to offer their tokens in order to gain insight into how their project may perform. Issues commonly asked about this include:

  • How likely is the project to succeed?
  • How much money will the token sale generate?
  • How likely it is that the project will meet the milestones on its roadmap?

The idea is that ICO startups will find the information they glean from Wings useful enough to be worth giving up a portion of their tokens for it.

 

Wings Coin Price

WINGS is currently listed at 0.46 USD per token, with a market cap of $41.8 million USD, per Coinmarketcap.

 

Wings ICO

The Wings ICO was held between November 2016 and January 2017, according to Icobench and Icotracker. There was a total of 100,000,000 WINGS tokens issued. The tokens began trading on exchanges in April 2017.

ICO Price
75,000,000 tokens were sold in the ICO, raising $1,706,156 USD. This equates to around .026 USD per token.

ICO Review
The Wings Foundation, team, bounty, advisors, and referrals received 25,000,000, or 25 percent of the total supply of tokens created. This is a fairly large supply of the total. The Wings Foundation has not released any publication information about the ICO.

 

How Wings works and its key features

Wings has two main user groups: those who want to propose a listing project on Wings, and those who make forecasts (and provide marketing). If someone wants to list their project on Wings, they follow a wizard on the Wings website.

The creator can create a proposal presentation by uploading media such as photos and video, as well as and any documentation she wants. At this, the creator also specifies a project’s initial governance model, which could either be direct DAO governance or a liquid DAO governance.

Proposal milestones can also be set, which release funding upon being completed. A creator sets the initial token supply for the project and the rules of supply distribution. In order to complete the proposal, the creator has to pay a listing fee in WINGS tokens.

Next, the proposal is voted on by WINGS token holders to see if it will be accepted. If it is, then it enters a forecasting period, where token holders enter predictions about the future prospects of the project. Once this period is complete, the proposal is activated on the WINGS platform, and a set of DAO smart contracts tokens are assigned to the newly created DAO project. Then, the ICO begins, and once it is finished the project is finalized and can begin receiving funds via its smart contracts. Information can be seen at their help site.

 

Wings coin: Use and utilities

The Wings token (WINGS) is an ERC-20 token. It can be used in several different ways.

  1. They are to forecast the projects that are proposed on the WINGS Platform. The number of tokens each forecaster holds is a factor when calculating the potential reward for the forecast, although many other factors come into play.
  2. They are an anti-spam mechanism and are needed for all transactions such as creating a new project proposal, forecasting or transferring tokens between accounts.
  3. They are used as a mechanism to govern the WINGS Platform.

Platform and technology

WINGS is an Ethereum-based platform that can run on Ethereum or the RSK sidechain. It makes extensive use of smart contracts to achieve its core functions

 

Wings competitors

WINGS has no direct competitors, though there are other ways that ICOs can market themselves.

 

Team and founders

There is no information about team members on either the Wings Foundation website, the Wings website or the white paper. In a May 2017 blog post, the company mentioned they were expanding their development team, which is based out of St. Petersburg, Russia.

 

Wallets

As an ERC-20 token, Wings can be stored in the Parity wallet, MyEtherWallet, and IMToken mobile wallet or any other ERC-20-compliant wallet.

 

Can you mine Wings coin?

No, it is not minable, all WINGS were pre-mined.

 

Roadmap

There is no clear roadmap for Wings provided in any of their media materials. The latest news on the Wings roadmap came in January 2017. It mentions chatbots, UX/UI improvements, a bounty program, and a standalone client.

 

Wings community

The Wings Foundation Twitter page lists over 38,000 followers. Their Reddit page, /r/WingsDAO has about 1200 readers. Their Telegram group has 4,580 followers. And on their Medium blog, they post a few times a month on average.

 

How to buy Wings

Buy at these exchanges:
It’s listed on Binance, Bittrex, Liqui, Upbit and other exchanges, as can be seen on Coinmarketcap.

Other ways to buy it:
Exchanges are the best way to buy WINGS.

 

Wings review

Wings appears to have had some success with their ICO forecasting project. They claim to have forecasted over 30 projects which raised over $425 million in 2017. They created a unique system for forecasting and promoting ICOs. However, ICOs are highly speculative and in a grey zone in terms of financial regulation. Wings relies on the continued vitality of the ICO ecosystem going forward, which is highly uncertain at the present time.

 

Final thoughts

While Wings appears to have a working product that has helped quite a few ICOs with their marketing, the white paper is vague and doesn’t do a good job explaining what Wings actually does. It is also strange that none of the team members appear on any of the company’s media materials. Also, the information available from Wings seems outdated and incomplete.

You don't have permission to register