Interesting take - we wrote something similar on ICO Analysis Framework, but should probably add referencing Git hub to the process.
Are you strictly an investor / analyst or do you get into mining as well?
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This doesn't really apply to ICO's as much as it does to projects past the ICO stage. Many ICO's wait until their ICO is complete to release code or to even develop code, since ICO's are a funding vehicle. ICO Due Diligence is different than general cryptocurrency due diligence.