Crowd Machine (CMCT) ICO Review

Conor Maloney

Crowd Machine is a project aimed at disrupting and enhancing the decentralized app (DApp) industry. CM plans to launch the first ever DAPP marketplace and enable developers to build and release DApps up to 45 times faster than current capabilities. The project is creating a intelligent decentralized cloud called Crowd Computer by harnessing the excess processing power of the many devices of users joining the project around the world, including mobile, laptop, tablet, and desktop devices with plans to include IoT devices in the future.

The Crowd Computer will use these devices to host DApps and execute smart contracts throughout the network. CM uses DApp creation technology to allow users to create new blockchains, apps, and source code without needing to code anything. The process is automated and uses templates on a ‘drag and drop’ interface, and the apps can be released to crowd share to be monetized online. Developers can use the Crowd App Suite to create ‘Patterns’ or templates which they can upload and monetize for each time they are used to create new apps. The project is blockchain agnostic, meaning DApps will not be limited to functioning on only one blockchain such as Ethereum and developers can migrate their app from one blockchain to another.

Why Does it Need a Blockchain?

The nature of the Crowd Machine project is that it will be dealing with blockchain products, and the project team claim furthering the global adoption of blockchain as one of the project goals. Decentralized app developers can use the Crowd Machine interface to create new apps to be launched on the marketplace, and the CMTC token is required for all stages of this process. The Crowd App Suite allows developers to create and monetize Patterns for DApps which can be launched on any blockchain and migrated between blockchains.

The CMTC token itself, however, will operate on the Ethereum blockchain - Crowd Machine is built to utilize any blockchain but will not require or use a blockchain to operate the network.

Core Team

Craig Sproule - CEO and Founder

Craig Sproule is a systems engineer and was CEO of Metavine and Softworks Group software companies before founding Crowd Machine. Sproule is responsible for product management, financial management, overseas marketing and strategic technical programs as well as other day-to-day business admin tasks.

Kurt Pfluger - CSO

Pfluger has been the CEO and founder of four different companies including 4DS Memory Limited and Big Wave Technologies Inc. prior to his current role, all for what he describes as breakthrough technology companies. He handles community development an Crowd Machine strategic partnerships.

Ben Gorlick - CTO

Gorlick is a product architect and Bitcoin and blockchain expert, and co-founded PeerNova which dealt in mining and blockchain financial applications.  As CTO for Crowd Machine he handles Crowd Computer architecture and development.

James Duchenne - COO

Duchenne is the co-founder of Sutton Stone, a venture building and investment network dewaling in cryptocurrency, and Vaults Markets, a trading platform on the Ethereum network. He is a Mauritius Honorable Representative in the US for blockchain initiatives and a Legal Practitioner of the High Court of Australia.

Tokenomics and ICO Sale

The token is an ERC20 token called CMTC. The price will be determined based on the overall amount invested.

Crowd Machine ICO Review

App owners will use CMTC tokens to pay for the usage of their app on the Crowd Computer. The tokens will also reward node operators on the network for contributing their resources, and developers will be rewarded in CMTC for their software being executed on the network. 

Donations will be accepted in Ether, Bitcoin, and fiat currencies. 80% of the tokens will be allocated to investors, and the remaining 20% will be allocated to the team.

The team has not released how they will be using the ICO proceeds specifically, stating that they will be allocated to CM products, developer community, sales and marketing, product and community support, and other business proceeds.

The tokens will be divided into 5 lots as follows:

Crowd Machine ICO review

Resources

Total supply: 2 billion
Ticker: CMTC
Soft cap: $30,000,000
Hard cap:  N/A

There was a private sale with a minimum investment of $100,000 USD which is now closed. The public sale was scheduled for 28 April but has been postponed with no date set as of yet. Tokens will be received within 4 hours of the close of sale.

Citizens of North Korea, Cuba, Iran, Lebanon, Syria, Sudan, Libya, and Somalia are unable to invest in this ICO.

SEC Accuses California Scammers of Using Fake Crypto Trading Bot to Defraud Investors

Michael LaVere
  • The SEC has accused the founders of Dropil, Inc. of defrauding investors with a fake crypto trading bot and falsified profitability reports.
  • The complaint alleges the Dropil founders diverted investor funds from the DROP ICO to their personal digital asset and bank accounts. 

The U.S. Securities & Exchange Commission (SEC) alleges three California scammers defrauded investors of millions using a fake crypto trading bot and falsified reports. 

According to the complaint filed by the SEC on April 23, the SEC has charged Dropil, Inc. and it’s three California-based founders with defrauding investors in a “fraudulent and unregistered” initial coin offering (ICO) which raised more than $1.8 million from thousands of investors. 

Dropil, Inc. founders Jeremy McAlpine, Zachary Matar and Patrick O’Hara were accused of selling DROP tokens from January to March 2018. The complaint states investors were told their funds would be pooled and used to trade various digital assets by a “trading bot” named Dex, using a proprietary algorithm designed by Dropil. Investors were promised a distribution of the profit in DROP tokens every 15 days. 

However, the complaint alleges investor money was diverted to other projects, as well as the founders’ “personal digital asset” and bank accounts. Dropil also allegedly created false profitability reports, giving the appearance that the program was profitable. 

The founders were accused of misrepresenting the volume and value of DROP sold during and after the ICO, claiming they had raised $54 million from 34,000 investors despite only receiving $1.9 million from less than 2,500 participants. 

Featured Image Credit: Photo via Pixabay.com