Meet Ilan Rakhmanov, the founder of ChainGPT, a platform revolutionizing the crypto space with AI. In an exclusive chat with BeInCrypto, Ilan takes us through his journey from MarcoIsland.io, where his passion for AI began, to creating ChainGPT.
His goal? To make advanced AI tools accessible in the Web3 world. Ilan explains how ChainGPT carefully selects new crypto projects, focusing on unique technology, market needs, skilled teams, and top-notch security. Let’s get into it!
Introduction and Background of Ilan Rakhmanov
Q: Before starting ChainGPT, you already had AI experience (MarcoIsland.io). Can you share a bit about your journey and what led you to create ChainGPT?
A: Definitely! My passion for AI started with MarcoIsland.io, where I got to dive deep into building intelligent systems that could make complex processes simpler. Seeing how powerful AI could be, I was inspired to create ChainGPT to bring these capabilities to the Web3 space. Our tools, like the AI-powered trading assistant and smart contract generator, aim to make advanced technology accessible to everyone.
Q: You are a strategic advisor for numerous crypto projects. What key factors do you consider when evaluating the potential of a new crypto project?
A: When I look at a new crypto project, I focus on a few key things:
- Innovative Technology: Is it solving a real problem in a unique way?
- Market Fit: Is there a demand for what they’re offering?
- Team Competence: Do they have the right skills and experience?
- Security Measures: Are they serious about security?
- Community Engagement: Is there an active and supportive community around them?
- Narrative: Is this product or project within the current narrative?
Key Evaluation Criteria of Web3 Projects
Q: Can you walk us through the evaluation process that the team at ChainGPT follows to select projects for the launchpad?
A: Sure! Our process involves several steps:
- Initial Screening: We review the project’s concept, whitepaper, and team background.
- Technical Review: Our experts dive into the tech stack and check its feasibility.
- Market Analysis: We look at market demand and potential user base.
- Security Audit: We conduct thorough audits to identify any vulnerabilities.
- Community Feedback: We assess interest and feedback from the community.
Q: How do you assess the technical feasibility and innovation potential of a project’s underlying (AI) technology?
A: We dig into their technical documentation, prototype, or MVP to get a sense of the project’s foundation. Our AI specialists then evaluate how innovative their approach is and how it stacks up against existing solutions. We also look at scalability, performance, and how well it can integrate with other systems.
Team Assessment
Q: How important is the founding team in your evaluation process? What qualities do you look for in a team?
A: The founding team is incredibly important. We look for:
- Expertise: Relevant experience and technical skills.
- Vision: A clear understanding and passion for their project’s goals.
- Track Record: Previous successes and learnings from failures.
- Cohesion: Ability to work well together and resolve conflicts.
- Adaptability: Openness to feedback and willingness to pivot if necessary.
Q: Can you share an example of a project where the team’s background was pivotal in your decision?
A: Sure! Engines of Fury is a great example. Saulius Aleksa and his team had a strong background in gaming and Web2 development. We knew this experience would be invaluable as they transitioned to Web3. The team’s professionalism, initiative, and honest work ethic made a significant impact, helping them succeed and stand out in the crowded space of gaming projects.
Market Potential
Q: How do you determine the market potential and demand for a new crypto project?
A: We conduct thorough market research, including competitor analysis, user surveys, and industry trends. We also consider the project’s unique value proposition and how well it addresses existing market gaps.
Q: What role do market trends and user needs play in your evaluation process?
A: Market trends and user needs are crucial. We stay updated on the latest trends in the blockchain and AI sectors and prioritize projects that align with these trends. User needs guide us in identifying projects that offer practical and in-demand solutions.
Security Measures
Q: How does ChainGPT ensure the security of the projects it evaluates and supports?
A: We take security very seriously. We conduct rigorous smart contract audits, implement best practices for security in development and deployment, and continuously monitor projects post-launch to detect and mitigate any emerging threats.
Due Diligence
Q: What steps are involved in the due diligence process for a project before it is launched on the ChainGPT platform?
A: Our due diligence process includes:
- Document Verification: Ensuring all submitted documents are authentic.
- Background Checks: Investigate the project’s team and advisors.
- Technical Audits: Comprehensive technical evaluation and security audits.
- Market Validation: Assessing market potential and community interest.
Q: How do you verify the authenticity and credibility of a project’s claims and documentation?
A: We cross-verify information through independent sources, conduct interviews with the team, and use third-party verification services for document authenticity.
Risk Management
Q: How does ChainGPT approach risk management when evaluating new projects?
A: We take a proactive approach to risk management:
- Risk Assessment: Identifying potential risks during the evaluation process.
- Mitigation Strategies: Implementing strategies to mitigate identified risks.
- Regular Reviews: Conducting periodic reviews and updates to our risk management protocols.
Regulatory Compliance
Q: How do you ensure that the projects you support comply with regulatory requirements?
A: We work closely with legal experts to ensure all projects comply with relevant regulations. This includes KYC/AML procedures, legal audits, and ensuring transparency in all operations.
Community and Ecosystem
Q: How important is the community aspect for a new crypto project, and how do you evaluate it?
A: The community aspect is vital. We evaluate it by looking at:
- Engagement Levels: Active participation in forums and social media.
- Support: The strength and enthusiasm of the community backing the project.
- Feedback: Constructive feedback and involvement in the project’s development.
Success Stories
Q: Can you share a success story of a project that was launched through ChainGPT and how your evaluation process contributed to its success?
A: Absolutely! One of our standout success stories is Solidus AI Tech. During their incubation phase, we provided extensive support, helping them refine their product and launch successfully. They managed to raise $4.45 million, achieve a 700% growth in social engagement, and establish 84 partnerships. Their token saw an impressive 41x return on investment at its peak. Our evaluation and continued support played a crucial role in their achievements.
Q: What lessons were learned from this project that you apply to future evaluations?
A: Key lessons from Solidus AI Tech include the importance of thorough technical validation, the value of a strong and engaged community, and the need for continuous innovation and adaptability. These insights help us refine our evaluation process and support other projects more effectively.
Challenges and Future
Q: What are some of the biggest challenges you face when evaluating crypto projects, and how do you overcome them?
A: Challenges include:
- Technological Complexity: Overcome by leveraging expert knowledge and thorough technical evaluations.
- Market Volatility: Mitigated through comprehensive market analysis and adaptable strategies.
- Regulatory Uncertainty: Managed by staying informed on regulatory developments and working with legal experts.
Q: What advancements or trends do you believe will shape the way crypto projects are assessed and launched?
A: Future trends include increased use of AI for project evaluation, more sophisticated security protocols, and greater emphasis on regulatory compliance. Additionally, we anticipate a rise in community-driven project selection and funding mechanisms.
Final Thoughts
Ilan Rakhmanov’s journey from MarcoIsland.io to ChainGPT shows his dedication to merging AI with blockchain technology. Through ChainGPT, he’s making AI tools accessible to the Web3 community, setting new standards for project evaluation and support.
His emphasis on innovative tech, market fit, and security ensures that only the most promising projects succeed. Ilan’s vision for the future, where AI plays a crucial role in crypto project assessment, showcases his forward-thinking approach.
We would like to thank Ilan for this interview! To learn more about ChainGPT, make sure to check out their website.
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