Announcing Legion 🪽
Legion emerges from stealth with a promise: we will democratize access to early-stage investments.
Here’s how ICOs were dethroned and how we’ll even the playing field for all investors 🧵👇
👉 1/ In 2014, a visionary young programmer named @vitalik.eth announced an ambitious ICO: Ethereum.
Anyone, anywhere in the world, could participate, he said, by sending in a small amount of #bitcoin.
👉 2/ Orange coin flowed, Ethereum went live, and this ICO possibly became the fairest, most open, and most successful community-based fundraising model in history.
In a word, ICOs freed early-stage capital markets from the Silicon Valley Citadel.
👉 3/ Suddenly, baristas, Uber drivers, and mechanics found themselves on equal footing with turtle-neck-wearing VCs.
This revolution in early-stage funding had an unforeseen side effect, too… 5 replies
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👉 4/ Since anyone could participate, projects attracted more than money… they attracted true believers.
Armies of legendary communities – the LINKMARINES, THORCHADS and SPARTANS – weren’t just invested in the projects they’d backed, they lived and breathed them.
👉 5/ With the light, came shadows.
Like fat rats, grifters emerged from the sewers promising blockchain solutions that would revolutionize the web and take down Google, Amazon and Airbnb in one fell swoop.
👉 6/ Lies piled on top of lies. “Founders” absconded with cash. Lawsuits and regulations ensued, and almost overnight, the Golden Age of ICOs was laid to rest.
Today, public crypto sales are a hollowed out shell of their former selves.
👉 7/ By the time early users and community members have access to invest, there’s little to no upside left.
The sales that do occur take place in a legal gray area. That attracts lower-quality projects desperate for capital. 1 reply
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