GoCryptoMe (GCME) could be a defi solution that came along at the right time.
To explain, GoCryptoMe is a Decentralized Autonomous Organization (DAO) that is trying to build an anonymous blockchain crowdfunding platform. Essentially, GoCryptoMe is trying to build a GoFundMe for the blockchain.
Four state attorney generals are investigating GoFundMe for blocking payments intended for truckers and other protesters in Canada, CBS News reports. The fear is politicians or authorities can force traditional crowdfunding mechanisms such as GoFundMe to withhold funds from activists or protesters.
For example, critics allege GoFundMe blocks payments to Canadian protesters because some people dislike the protesters’ politics. Currently, the left is ignoring the GoFundMe controversy because they are withholding funds from right-wing protesters. However, the Left could change its mind if GoFundMe withholds funds from peace activists or union organizations.
Is Controversy Driving GoCryptoMe’s Success?
I think the GoFundMe controversy is driving interest in GoCryptoMe. For example, GoCryptoMe (GCME) was CoinMarketCap’s second most-trending cryptocurrency on 1 March 2022.
However, GoCryptoMe’s has limited resources and value. For instance, CoinMarketCap gave GoCryptoMe a Market Capitalization of $15.780 million, a Fully Diluted Market Cap of $15.968 million, a 24-Hour Market Volume of $2.370 million, and a Coin Price of 15.94₵ on 3 March 2022. They based those numbers on a Self-Reported Circulating Supply of 100 million GCME.
CoinMarketCap estimated GoCryptoMe was the 3,015th largest cryptocurrency on 3 March 2022. Hence, GoCryptoMe’s value is small.
What is GoCryptoMe?
GoCryptoMe (GCME) is a crowdfunding platform run by an advanced DeFi protocol that operates on several blockchains.
For example, they claim GoCryptoMe runs on the Binance Smart Chain, Ethereum, Avalanche, and Polygon blockchains. Hence, GoCryptoMe could accept and make payments in BEP20, AVAX, ERC20, and MATIC tokens.
The hope is that GoCryptoMe payments will be anonymous and hard-to-trace. Hence, authorities will not be able to stop GoCryptoMe payments to activists or protesters.
For example, people could use GoCryptoMe to send Ethereum (ETH), Avalanche, or Binance (BNB) payments to resistance fighters in Ukraine or Uyghur activists in Xinjiang.
In addition, they claim GoCryptoMe can reduce crowdfunding fraud by offering tighter security measures. For example, they claim, GoCryptoMe can protect intellectual property.
How GoCryptoMe could work
How GoCryptoMe could work
They claim GoCryptoMe offers tighter security through tokenization and smart contracts. In tokenization, the platform turns crowdfunding into tokenized payments.
Smart contracts are digital robots that perform a task. You can build smart contracts into cryptocurrencies. For example, they could build a smart contract into a token that pays crowdfunded money only to certain individuals.
Plus, they claim GoCryptoMe will charge lower fees and save users money. Instead, GoCryptoMe will make money by charging a 3% fee on each campaign. Of the fee 1% will cover the platform’s operating expense, 1% will back the GCME token staking pools, 0.5% will reward GoCryptoMe DAO NFT holders, and they 0.% to buyback and burn GCME tokens.
GoCryptoMe participants will use GoCryptoMe (GCME) to purchase DAO NFTs. The platform will charge a 5% blockchain transaction fee on each DAO NFT purchase.
They hope to launch the GoCryptoMe DAO, platform, and token in the first quarter of 2022. They hope to hold marketing campaigns, attract 50,000 token holders, and raise $1 billion assets by the end of the fourth quarter of 2022.
What Value Could GoCryptoMe Achieve?
There is a growing market for GoCryptoMe’s services. For example, Statista estimates US crowdfunding grew from $491.4 million in 2020 to $537.1 million in 2021.
Moreover, Statista forecasts US crowdfunding could grow to $556.3 million in 2022, $565 million in 2023, $570.50 million in 2024 , and $574.3 million in 2025. Similarly, Statista estimates the average American crowdfunding campaign raised $8,575 in 2022. That amount will rise to $9,395 in 2025, Statista claims.
In contrast, Absolute Reports estimates the global crowdfunding market could grow from $13.34 billion in 2021 to $28.8 billion in 2028. Hence, crowdfunding is a growing market.
Is GoCryptoMe Illegal?
However, I think GoCryptoMe could run afoul of the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations that govern banking and money transfer. These laws purpose it to prevent people from transferring money for criminal purposes.
For example, criminals trying to pay for drugs and other contraband. The danger is crooks could abuse GoCryptoMe. For example, gangsters could hold a campaign to raise money to hire an assassin to kill the informant who ratted them out.
Hence, authorities could have good reason to ban or shutdown GoCryptoMe. So yes, GoCryptoMe could find a market and find itself in deep legal trouble.
Despite that, Mr. Market gives GoCryptoMe (GCME) some value. For example, CoinBase gave GoCryptoMe a Coin Price of 16₵, and a 24-Hour Market Volume of $2.4 million on 3 March 2022. I think these numbers show GoCryptoMe’s potential value is small. For example, Coin Base gave GoCryptoMe an all-time high of 26₵.
Thus, GoCryptoMe’s value is small. I advise investors to avoid GoCryptoMe because I think has a limited value. However, there is a demand for crowdfunding, so GCME could be a cryptocurrency and DAO for speculators to watch.
Originally published at https://marketmadhouse.com on March 3, 2022.