Token Sale (ICO) Smith + Crown Research Categories - Smith + Crown
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Token Sale (ICO) Smith + Crown Research Categories

Smith + Crown has updated its Token Sale (ICO) Dashboard and added a new category of coverage.

As Smith + Crown has expanded its research across the ICO space, we’ve broadened the types of content we produce about different projects. We publish these at our own discretion. We do not solicit or accept payments or tokens for listing or reading projects.

In brief, these are:

  • Summary: Basic description of the project with information about the token sale.
  • Profile: Overview of the project, technology, token, roadmap, team, and information about the token sale.
  • Report: In-depth explanation of the project, research into the market, and commentary on the team’s strategy


ICO summaries provide a brief description of the project’s goals and proposed technology as well as essential information about the token and the sale terms. Every project listed on the Smith + Crown ICO dashboard will minimally have a summary.


In order to be considered eligible for listing, Smith + Crown requires project teams to respond to our ICO project intake survey. The survey is ten questions long and takes about fifteen minutes to complete. Moving forward, Smith + Crown will also require some degree of team self-identification or an identified third-party escrow.

Summary examples


Profiles are a one-stop resource for all the vital information about a project and their token sale. Profiles include a full overview of the project’s technology, their proposed token economy, their plans for the future, and due diligence reporting about the founding team. Profiles also include a discussion of anticipated challenges the project must overcome in order to be successful and a description of potential competitors.


We look at a variety of factors when determining whether to offer a profile to the project: is the white paper technical and does it explain the product? Is the team transparent about team member identities? Do the website and marketing materials reflect a serious team? Is a community coalescing around them?

Before we write a profile for a project, the founders or a member of their team must participate in a live interview with Smith + Crown. Interviews give us the opportunity to engage teams in a deep discussion about their proposed technology and their plans for the future. It also helps Smith + Crown verify the identity of the founding team and provide our readers with the most up to date information possible about the state of project development. Interviews are off the record except where we have explicit consent from the project team. These interviews typically last between thirty minutes and an hour.

Profile examples


Smith + Crown ICO reports contain all the information of the profile plus an in-depth analysis of the project with a critical assessment of its strengths and weaknesses. Reports will include at least one in-depth memo that looks at the external market for the token and the economic drivers that will help determine its value.

In a market analysis, Smith + Crown will use third-party data to estimate market size, give a comprehensive description of potential sources of competition, and provide projections of profit estimations. Market analysis memos avoid evaluating a project’s go-to-market strategy (which can be adjusted on the fly) and instead deal primarily with the project’s core product offering. An evaluation of a project’s token economy examines the feasibility of their internal economy in order to assess if it will sufficiently incentivise good actors to use the product. A token economy memo will also include projections of future token value based on different adoption scenarios.

Report (supplementary analysis) examples


There are no strict requirements for being eligible for a report above and beyond the requirements for a profile. However, projects Smith + Crown has done reports for in the past have typically made themselves available for multiple interviews, are responsive to requests for additional information, and begin outreach to the crypto community well in advance of their ICO start date. Reports take time and energy to complete; Smith + Crown generally won’t write reports for projects that don’t budget time during their pre-ICO stage to allow for third party review.

Smith + Crown does not solicit or accept funds for these types of coverage, and we retain the right to choose the research approach for each project. Smith + Crown does offer an audit service, which does not guarantee coverage of the types listed above but could involve a published critique. Please use for any inquiries.