The core team behind COLECT met on a telegram channel for what seemed to be a legitimate token project. On the outside, the contract looked safe as liquidity was locked for a year, it had an audit, and contract ownership was renounced. The only thing missing was an official website. The developer announced the website was in production and would be finished shortly. After an hour the developer shared the link to the freshly made “official website” which consisted of a poorly written and designed Wix template. Once holders saw how unprofessional the website looked, a selling spree started and in came a slew of complaints from holders which made the developer realize it was time to pull the plug. So, he stopped answering messages, left and started selling his tokens until the token price went down to near 0.
Instead of just feeling sorry for ourselves, we decided to persevere and do something to try and save not only our own investment but the whole community and token too. Without not even knowing each other, we banded together to take over the project.
The first step was creating a secondary Telegram group in case the old developer deleted the main group. This way we would have been able to still communicate between holders. Within our group we found that we each had the vital skills necessary to do our own project. One of us happened to be a professional web developer and online
security expert, which kindly offered his help and time to create a new and proper website for the token.
Then, we tried to contact all members of the old group and tell them to join us in the newly created one. Once we had a nice group of members we explained the situation and how we planned to proceed. This is where the idea to make the token 100% community-driven came into effect.
We started making polls so that every person in the community could make decisions on the next step. For example, we polled the group asking if we should set up a marketing wallet that would accept donations to get the project back up off the ground. The community voted yes, and within minutes people who we had just met were already donating to the cause.
In a very short amount of time, the price of the token increased by 600%. We all were so proud of the work we accomplished, and for the first time a group of strangers managed to turn a horrible situation into something that had potential to be great.
However, we quickly found out that taking over this original project would not be the best long term solution. The ownership in the contract was renounced, but the original developer was nowhere to be found, so we were unable to change any contract details. We also did further investigation into the token and discovered that the original developer created 200 different wallets that all still held the token. This meant that if we continued with the project, at any point he could sell and tank the price. The only option for us was to sell the token and figure out our next step.
Slowly the team increased in size through telegram and members shared important ideas. In the next few days, we came up with a revolutionary utility through community input and started putting those ideas into action. Thus, COLECT was born.
Our main goal was to create an ultra safe token and keep the trust of our community. And, because the token is community-driven, the community is our most important asset. So, we decided to hold the contract in a multi-signature wallet between the core team of five developers. This means, that any decision regarding the contract must be agreed upon by at least three of those five members. This also applies to the marketing wallet. This ensures the token will be as safe as possible.
From day one, our goal has been to form a rare gem in a sea of useless projects and fradulent tokens. COLECT was launched to give back to the community and become a beacon of hope for anyone who lost their hard-earned money in something they believed was a safe investment with hollow promises that turned out to be untrue.
We are one. We are united. We are COLECT.