Follow coin: A starter’s guide
Don’t know how to get started investing in cryptocurrency? With over 1,600 cryptocurrencies, it can definitely be hard to choose. Recognizing the need for cryptocurrency investment guidance, the team behind Follow Coin has launched a project letting you follow top cryptocurrency investors and mimic their trades.
What is Follow Coin?
Follow Coin connects beginner cryptocurrency traders with more experienced ones.
By downloading the Follow Coin app (iOS, Android), users can see what trades expert traders are making, engage with other community members, receive real-time notifications about trending crypto topics, view the latest cryptocurrency statistics, and of course, stay up to date with Follow Coin development and news.
Follow Coin Coin Price
Follow Coin (FLLW) is not listed on Coinmarketcap probably because of non-existent trading volume. The exchanges listed on Follow Coin’s “buy/invest (in) Follow Coin” page do not have any significant FLLW trading so it is difficult to give FLLW a price.
Follow Coin ICO
(For example, the token sale page says that 490 million FLLW were sold in the token sale while the whitepaper puts that number at 375 million).
It’s not clear what the ICO price was but if we go with 3rd party site ICObench, the ICO price was 1 Ethereum (ETH) = 10,000 FLLW. According to the whitepaper, of the token sale proceeds, 21% went to the team, 9% to the advisors, 59% to the community, 1% to the bounty program, and 10% to strategic partners.
Follow Coin: How it works and its key features
The way Follow Coin’s platform works is similar to popular social platforms like Instagram and Twitter. Users “follow” traders, who can post-trading advice.
Followers can grow to become influencers, join groups, and participate in Follow Coin’s Trading Academy.
At first, influencers are chosen by the Follow Coin team from the Trading Academy. As Follow Coin progresses, followers will be able to become influencers if they continue to make successful trades. Influencers are given scorecards based on their trading performance.
Follow Coin will set up a Trading Academy for the community for users who want to learn how to trade and potentially become influencers. Those that try to become influencers will have to undergo Know Your Customer (KYC) processes to ensure that they are legitimate. The Trading Academy will also set guidelines for the influencer scorecards.
Follow Coin: Use and utilities
Follow Coin’s FLLW token has two usages:
1) Follow Influencer Trade (FIT)
Follow Influencer Trades allow Follow Coin platform users to mimic trades of influencers that they are following. To perform a FIT, a follower has to pay FLLW based on their trade amount.
Part of this FLLW goes to the platform and the rest goes to the influencer if the trade is profitable. If the trade isn’t profitable, the FLLW minus the part sent to the platform is refunded to the follower.
Followers can also set up Auto-FITs to automatically FIT certain influencers.
2) Influencer Rewards
As mentioned above, influencers are rewarded with FLLW if their follower(s) make successful trades based on their advice. The reward amount is based on the number and value of FIT trades.
Follow Coin Competitors
While we are unaware of any competitors that directly use influencers to provide crypto trading advice, there are many projects out there that aim to provide investors and traders with better market intelligence.
Among them is Cindicator, which uses “hybrid intelligence”, or data based on both artificial intelligence algorithms and input from its active community to provide trading signals.
Compared to Follow Coin, Cindicator is much more established as in May 2018, Cindicator surpassed 100,000 analysts on its platform that provide their input on crypto as well as traditional finance trading and investment.
Follow Coin: Team and Founders
Follow Coin is led by CEO Thomas van der Bijl and was co-founded by van der Bijl and VP PR Jamal Boykin, CCO Jan Kras, and CTO Joren Frielink. Van der Bijl and Frielink also work together at Knijbel, a full-service digital agency where van der Bijl is CEO and Co-Founder and Frielink is CTO.
Boykin was a professional basketball player and Kras has years of experience in graphic design, web design, and marketing. Van der Bijl came up with Follow Coin when he realized that there was no universal solution that connected influencers and cryptocurrency traders.
Follow Coin: Wallets
FLLW can be stored in any wallet that supports Ethereum-based tokens, such as MyEtherWallet.
Can You Mine Follow Coin?
As with most Ethereum-based tokens that have ICOs, Follow Coin cannot be mined as all tokens were generated at the outset.
Follow Coin: Roadmap
According to the whitepaper, Follow Coin’s roadmap is still under development.
Follow Coin: Community
Follow Coin is active on the following social platforms:
How to Buy Follow Coin (FLLW)
As of press time, FLLW can be purchased at these exchanges:
Follow Coin: Review
Follow Coin Positives
1. Good idea with potential
On paper, Follow Coin has a great idea, and it would be great to connect experienced crypto traders with aspiring ones so that the latter can learn from the best.
Follow Coin Negatives
1. No trading volume
While the idea is good on paper, the project has failed to gain any traction and there is currently no demand for FLLW tokens as evidenced by the absence of FLLW trading volume.
2. Bad app reviews
While connecting influencers and followers on the topic of cryptocurrency trading could be great for both sides, Follow Coin has yet to follow through and it remains to be seen whether or not the project will be a success.