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Name
Description
Period
Necessary investments
Stage
Investment attractiveness
Risk level
Links
EGGS Datacenter
The distributed data center for cheap remote workspaces and internet connection. Hosters (business) receive cheap Internet at a price 30-50% below the market, instead allowing them to host mobile servers based on the Mini-ITX form factors.
Period
Start ICO
15.10.2017
End: 2 d
Necessary investments
$ 150 000 000
Stage
A working prototype is presented
Investment
Attractiveness
Risk and uncertainties
Current host partners are clients from the previous projec - Eggs TV, therefore, you can not refer to these figures as an indicator of the real interest of the Russian market in the product Eggs Datacenter.
Some of the potential customers of Eggs Datacenter, seriously concerned about the security issue when working remotely with their employees, begin to develop their own projects in the field of blockchain.
Emerging markets can be institutionally not ready to such hi-tech solution of their problems – besides, according to the report of Hype Cycle from Gartner, interest in technology of a blockchain in the real sector so far is only made out and will pass on average from 5 to 10 years before the steady markets with this technology are created.
Market
Risk and uncertainties
There is no clear roadmap for product development: activities are called, but their terms are not reported.
Hosts can not agree to store someone else's data of the unknown nature because of possible legal risks + nobody cancelled factors like the competition in a situation when the companies from one branch are engaged in a hosting. Thus, the product needs more detailed description because of basic novelty for the market of the technology which is its cornerstone.
At the moment there is no consensus on prospects of a WaaS segment – by this moment this rather niche, a little advancing time decision, besides conceptually unevident.
Product
Risk and uncertainties
Eggs Datacenter is not the only one project in which its top management is engaged, therefore, there is a risk of dispersion of attention between projects, which can affect the quality of management and strategic decisions.
The team lacks a clear experience in the field of blockchain technology (exception of interaction with partners from Emercoin during of work on the CryptoVault project)
Team
Risk and uncertainties
Will token become a widely used unit of account ?
A part of revenue which generated in tokens will be subject to a volatility factor.
The business model is overloaded with stakeholders and is basically based on inflated Internet tariffs for business. There is a risk that in the future the situation may change, and Eggs will have nothing to offer partners.
Model
Risk and uncertainties
The mechanism of returning funds to the investors is not provided.
Theoretically, based on the results of ICO, the company's capitalization can grow to USD 150 million - close to the record on the ICO market, an extremely ambitious estimate, which requires the company's operating performance indicators that are outstanding for the startup, therefore, there is a risk of a collapse in the price of EGS after the formation of the secondary market of tokens .
Eggs does not provide any financial forecasts of its future activities.
At the presale stage, the tokens are sold at a 50% and 20% discount so there is a risk that most of the investors investing during the pre-ICO
A significant part of the expenses (25%) is allocated to the salary of the project team, the full list of members of which the company does not disclose.
Finance
Risk level
3.2
Middle
Links
Worldcore
Worldcore is an innovative licensed Internet financial services provider operating since 2015 and combining features of the bank, payment system and card payment gateway, which plans to expand its business by entering the blockchain – environment and changing its structure with the use of blockchain technology.
Period
Start ICO
14.10.2017
End: 2 d
Necessary investments
$ 50 000 000
Stage
Worldcore traditional payment solutions are successful market products.The most developed among the platform solutions is the platform for trading crypto – currencies, presented by a demo version.
Investment
Attractiveness
Risk and uncertainties
A high level of competition from both fintech and blockchain start – ups and traditional banking.
Market
Risk and uncertainties
Poor functions of worldcore retail products with respect to traditional banking standards.
Not all elements of the future product mix are adequate to the company's business.
The WP only indicates the outline of the solutions being developed, while their details are disclosed by the company in the minimum amount
Product
Risk and uncertainties
Uncertain experience of the company founders.
There are no product experts in the team.
Team
Risk and uncertainties
The utility – component of the token is not worked through to the end;
The company business model, by and large, is not unique. A similar one is implemented by a large number of competitors in the market.
Monetization is too biased towards paying fees for issuing cards and commissions for transactions. Firstly, it will not be possible to monetize low-activity users at the expense of service fees, and secondly, the need to pay in the beginning can scare off customers.
Model
Risk and uncertainties
There is no mechanism to protect the investors interests, which can lead to the mechanism collapse for ensuring profitability and to the company's unstable dividend policy, in particular.
The so – called security tokens, which the WRC belongs to, have ambiguous legal status. They are either banned in certain jurisdictions or the same stringent regulatory requirements are made demands on them as well as on securities (for example, in the USA).
The inadequacy of certain areas of attracted funds spending like Worldcore TV. In general, along the entire project road map, there is a certain bias toward marketing activities, taking into account the fact that Worldcore's marketing budget is already about 600 thousand euros a year.
Selectivity in the disclosure of the company's financial statements.
The volume of attracted funds repeatedly (almost 17 times) exceeds the average size of early – stage transactions involving venture analogues (the median size of round A and B in 2017 will be 6 million USD, according to Pitchbook data).
Finance
Risk level
3.8
Middle
Links
Maxitube
The robotic transport system for cargo transfer including express delivery directly home to the buyer, delivery directly in the refrigerator (in-fridge delivery) and p2p-delivery between users
Period
Start ICO
20.11.2017
End: 7 d
Necessary investments
$ 2 000 000
Stage
MVP
Investment
Attractiveness
Risk and uncertainties
The main fight in a segment to delivery will be started between the large players (Amazon, Postmates, Delivery Hero) providing the following types ways of delivery: the automated vehicles (drones and robot-couriers) and bicycle delivery
We didn't manage to find other companies proposing the same solution, as MAXITUBE (delivery of products/goods on special pipes in the client's house/refrigerator) which managed to raise funds from the qualified, professional investors
Market
Risk and uncertainties
Implementation of the similar project will demand cardinal revision of city infrastructure, billion investments and the state support. About gravity of implementation of the similar decision it is possible to judge by the April Fools' joke published on April 1st, 2013 allegedly on behalf of Amazon on the website pc.net – news "comes to an end with the following phrase with These users, not-so-creatively called \"test tubes, \" are already enjoying same-hour delivery of many of their favorite products. The company plans to roll out Amazon Tube nationwide by June 30, 2075
Founders of WP give reports of the consulting agencies McKinsey, Accenture and KPMG as confirmation of innovation of the decision.", "In the report of McKinsey there is no information concerning use of special pipes (tube) for delivery of goods directly to the client and, in particular, delivery in the refrigerator. Here the direct quote from the report of McKinsey (Parcel delivery The future of last mile): "Three X2C delivery models are likely to dominate the last mile in the future, driven by consumer preferences and drop density (e.g., longer distances in rural areas significantly increase last-mile costs): AGVs with parcel lockers, drones, and bike couriers. Autonomous vehicles including drones will deliver close to 100 percent of X2C and 80 percent of all items. Only ~ 2 percent will be delivered by bike couriers in the relatively small instant delivery segment
And updating of services of delivery in general aren't mentioned in the report of KPMG (Export opportunities of the Dutch ICT sector to Germany) of modification at all.",
In the report of Accenture (THE NEW Achieving High Performance in the Post and Parcel Industry 2016), also, as well as in the report of McKinsey, as the main trends autonomous vehicles of delivery for performance of tasks on the earth and in air are allocated, but there is nothing about use of special pipes.
In the report of Accenture (Adding Value to Parcel Delivery) delivery with use of pipes is also not given as a trend; besides, analysts of Accenture have made the list of the perspective startups working in the sphere of delivery including Maxitube don't have last-mile – among them (date of release of the report – on September 29, 2015)
Product
Risk and uncertainties
In team are absent the specialist in blockchain and the person with experience in the large infrastructure projects connected with smart-cities
Besides, the main technological experts were engaged in development of pneumatic systems and calculation of aerodynamic systems, but they have no experience with the most advanced technologies in the field – for example, HyperLoop One.
Team
Risk and uncertainties
The company works on a product about 5 years, but is at the moment ready to offer only MVP.
Prerequisites on the basis of which it is possible to confirm that the planned payback period will make only 6 months aren't presented.",
here are no data on the paying clients which are ready to develop the MAXITUBE system.
The company initially planned to attract financing from venture funds, but, apparently, couldn't make it.
Model
Risk and uncertainties
Factors which will allow to increase revenue and EBITDA by 10 times by 4th year after ICO, and by 20 times to the 5th, in comparison with the last periods aren't specified and to reach $1,2 billion EBITDA of everything in five years.
Expenses grow in proportion to revenue – it means that the company plans to grow only at the expense of scale, but not due to increase in efficiency of activity.
At the moment (14.10), according to etherscan, only about $13,5K are collected.
First" of the presented ways of ensuring profitability of owners of tokens is obviously speculative that can distort real idea of the state of affairs in the company for the new investor.
Nearly $5M for start of the pilot project on the working platform (one house, business center).",
Finance
Risk level
1.4
High
Links
Kevin
Kevin – is a service for the provision of online banking services in the field of payments and personal finance management through the application aggregator of bank accounts and cryptowallets.
Period
Start ICO
17.10.2017
End: 9 d
Necessary investments
$ 15 000 000
Stage
The Kevin application and debit card are ready to be launched. The readiness degree of the key decision to aggregate client accounts lies more in the legal, rather than technical, plane – everything depends on the lightness of the European regulator.
Investment
Attractiveness
Risk and uncertainties
The payment market is characterized, on the one hand, by the high level of competition from payment services and IT companies and, accordingly, by low entry barriers to the market, on the other hand, by additional competition in the face of traditional banking that dominates the European region.
The boundaries of the market for Kevin largely depend on what kind of PSD2 will be implemented in reality – but even with a favorable situation in the legal field, nothing prevents the nearest competitors - the same PayPal – to take advantage of the new opportunities in the European market, therefore, because of low market advantages are depreciating the advantage of the first player in the market.
Kevin, due to the lack of a marketing campaign, will have problems with rmarket acceptance.
Kevin's business, by virtue of its reliance on PSD2, closes around the Eurozone, as it is unlikely that regulators in other countries will come to the same vision of the institutional structure of the financial market in the medium term, which in advance puts the cross on the full-fledged Kevin international expansion service offering.
Market
Risk and uncertainties
At the moment Kevin underestimates the potential of its solution for aggregating accounts – in its current form for the user is not obvious the difference between it and the same PayPal with its binding of cards.
Debit card Functionality does not differ in variety and clearly loses to traditional competitors: the same cashback applies only to spending in virtual currencies, which, considering only about 500 thousand VC users (virtual currencies) throughout the EU, will be of little relevance to the Kevin audience. In general, Kevin is not able to oppose anything to loyalty programs in the context of the so-called «Daily banking».
Product
Risk and uncertainties
The lack of top-tier legal consultants in the project.
Most of the team, including the management core, is not represented on LinkedIn - there is no way to verify and supplement through the social network the information about the team members in white paper.
Not all the members of the team respond to the position they have taken from the point of view of their previous experience, in particular, Sergei Kolodii, who came to the position of Director for Business Development (CBDO), a management position close to the CEO of the organization, after working in the wholesale business in commodity markets.
The team clearly does not have enough sales professionals and marketing specialist.
Team
Risk and uncertainties
In an effort to maximize the economic attractiveness of its card products for customers, Kevin has significantly limited the channels for monetizing its services.
The company does not disclose any information about the significant points related to the pricing of both its own services and those placed on the platform by the developers.
Part of the revenue will come in the form of tokens and, possibly, crypto-currency, therefore, the company takes on currency risks in connection with the chosen model.
The need to use the token to gain access to Kevin services narrows the circle of the potential audience of the project to just 500,000 + people dealing with the crypto – currencies in the EU
Model
Risk and uncertainties
The company does not provide a mechanism to ensure profitability to the token holders.
The structure of the distribution of tokens is very untypical – 100% (250 million) is for sale, there are no attempts to reserve part of the offer of tokens as a compensation package to the team members in order to stimulate the adoption of weighted long – term management decisions, and for secondary market operations for management purposes dynamics of the KVT price.
The company does not provide financial forecasts for its activities.
Kevin clearly overestimates the final effect of marketing activities – the customer base at the level of 4 million users in 2 years, i.e. an average of about 5,500 new customers every day - obviously trying to find justification for a bloated 40 million marketing budget.
More than 140 million potential charges are not described in terms of their spending directions.
There is no scenario approach to spending the funds collected within ICO.
The size of the ICO round, even at the soft cap level, is significantly higher than the average size of a venture involving early stage venture capitalists, approximately 6 million (according to Pitchbook data).
Finance
Risk level
3.0
Middle
Links
SAAVcoin
New MMO RTS Game Features Innovative Cryptocurrency
Period
Start ICO
22.10.2017
End: 10 d
Necessary investments
$ 300 000
Stage
Private beta
Investment
Attractiveness
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Market
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Product
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Team
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Model
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Finance
Risk level
2.0
High
Links
INS
INS - first global decentralized ecosystem directly connecting grocery manufacturers and consumers
Period
Start ICO
04.12.2017
End: 12 d
Necessary investments
$ 18 000 000
Stage
Product is not ready
Investment
Attractiveness
Risk and uncertainties
At the moment it is unclear, since the INS platform has not yet been launched, how successfully it will be able to compete with other players - Amazon, which is actively developing food delivery segment (Amazon Fresh), eco-products (purchase of Whole Foods), reduces costs and seeks to digitize offline retail (a new format of stores without cashboxes); a large number of companies specializing in the delivery of products from farms; and also classic ones – markets, where manufacturers represent their goods, as well as wholesale centers.
Market
Risk and uncertainties
The idea of INS set forth in the WP sounds very reasonable, but currently, it's just a concept - development of the platform will begin in Q1 2018; a full-fledged launch is scheduled for Q4 2018.
Product
Risk and uncertainties
All key positions, both in team and in advisory, are staffed by professionals with relevant experience; perhaps, in the future team will need CTO with experience of developing projects for retail segment.
Peter Fedchenkov and Dmitry Zhulin are in parallel actively involved in management of Instamart, which can negatively affect to functioning of INS.
Team
Risk and uncertainties
The WP contains list of 8 cities (Los Angeles, New York, London, Paris, Seoul, Hong Kong, Tokyo and Singapore), which, at the moment, are considered as a site for launching INS. Herewith, there is no detailed information - why they were chosen; current stage of negotiations for each of them.
In company’s thesis "directly connect manufacturers and suppliers" there is an archness: INS’s model also includes fulfillment centers and couriers that must meet very strict requirements for storage and delivery of goods, since they work with food products, hence the high quality and punctuality of their work will undoubtedly affect to final cost of goods for the consumer.
Also, in WP does not specify who exactly pays for delivery of goods to the end user. Considering delivery to fulfillment center: it is possible that a large manufacturer will simply not benefit from sending partially loaded vehicles to the fulfillment center - if there is no sufficient number of orders and the product will be perishable; nearly the same problem farmer can meet - the cost of delivery may be excessive for him.
Model
Risk and uncertainties
Financial model is absent - so there is no way to see any planned structure of costs and revenues, nor predicted values of the economy per user.
The INS team will receive 15% of all generated tokens, and there is any binding to KPI.
Tokens will be issued only during ICO, additional emissions are not planned - this, in theory, may limit the company's scaling or lead to speculative growth of tokens’ prices, not related to business development.
Finance
Risk level
3.4
Middle
Links
Eristica
Global Decentralized Platform of Personal and Mass Challenges on Smart Contracts
Period
Start ICO
07.12.2017
End: 16 d
Necessary investments
$ 10 000 000
Stage
MVP
Investment
Attractiveness
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Market
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Product
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Team
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Model
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Finance
Risk level
2.8
Middle
Links
SingularityNET
SingularityNET is an open-source protocol and collection of smart contracts for a decentralized market of coordinated AI services.
Period
Start ICO
08.12.2017
End: 17 d
Necessary investments
$ 36 000 000
Stage
Currently, the Alpha version of SingularityNET is engineered by team, it should be launched in December 2017. The Beta Version is expected to be launched in July 2018
Investment
Attractiveness
Risk and uncertainties
SingularityNET enters the market of "API for AI" marketplace
Hundreds APIs get published every month; therefore, this market is highly competitive. There are both big players(Amazon, Google, Facebook, IBM, Microsoft), as well as small ones(Nara Logics, Clarifai, Algorithmia, Bonseyes) trying to capture the market of "AI for all"
AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. Of this, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from consumption side effects. According to PwC.
As SingularityNET is aiming to create marketplace for AI, it should consider the sectors that will gain maximum growth rates among AI spheres. The most beneficial areas are healthcare, automotive, financial services.
To sum up, the market for SingularityNET has growth potential. However, the competition might be harsh as large players have significant power and existing solutions in this area.
Market
Risk and uncertainties
SingularityNET is a set of smart contract templates which AI Agents can use to request AI work to be done, to exchange data, and to supply the results of AI work.
SingularityNET can be accessed through its own token, the AGI token, that is used for sharing the AI work and paying for it.
Currently, the Alpha version of SingularityNET is engineered by team, it should be launched in December 2017
The Beta Version is expected to be launched in July 2018
The release of 1.0 version is planned for December 2018
Product
Risk and uncertainties
The team has solid background in all areas related to the core product. There are people who have strong track record in Artificial Intelligence, Machine Learning and related areas.
SingularityNET CEO – Dr. Ben Goertzel – had previously launched a company with David Hanson - HansonRobotics – human robots development company that created working prototypes of human robots.
SingularityNET has strong technologists but does not have people with high-level management experience. Currently, there are no people with previous management experience in large corporations at SingularityNet. Moreover, all of the technologists worked only in small- or mid-size companies before joining SingularityNET.
Team
Risk and uncertainties
SingularityNet will not charge any transaction fees for the platform usage. Rather, network operations will be funded via decisions of participants to direct a fraction of newly created tokens toward entities providing and enhancing network infrastructure.
The main challenge for the company will be the creation of API’s that will be used by large audience. Also, SingularityNET will have to compete with Google, Amazon, etc solutions already available in the market.
What is more, main focus on particular areas of AI application in the beginning (language processing, biomedical analytics, image processing, finance and robot dialogue) could make SingularityNet growth across other AI applicable areas weaker.
Model
Risk and uncertainties
SingularityNet aims to raise 36M USD hard cap during its token sale event. After the amount of funds will be raised, the ICO will stop.
The company will sale up to 500M tokens out of 1B. The price will be nominated in ETH and has not yet been disclosed. ETH cap will be determined the day of the sale.
SingularityNET plans to hold 18% of tokens as bonus for the core team.
The company will use 32% of the funds raised for business development, 26% for blockchain platform, 20% for AI solutions, and 22% for Internet of Things integration.
Finance
Risk level
3.8
Middle
Links
Birdchain
Birdchain is an SMS marketing platform that allows users to earn a profit on unused SMS, providing them as a channel for advertising/information letters.
Period
Start ICO
18.11.2017
End: 18 d
Necessary investments
$ 2 850 000
Stage
Concept, there is no prototype.
Investment
Attractiveness
Risk and uncertainties
The project does not consider possible technical and legal limitations of the possibilities of A2P SMS from both the government and the operators.
The project does not consider the issue of traffic flow and users to messengers.
The forecast for 2018-2020. - A2P traffic starts to grow, but the average annual growth rate is a few percent, the market stagnates and you can talk about the saturation of the market in the medium term.
In the structure of all A2P SMS, the most significant segments are banks and retail companies. which includes a segment of advertising messages. At present, these segments together account for 90% of all traffic. However, large customers are increasingly using the direct purchase of SMS from operators.
Market
Risk and uncertainties
There is no prototype of the Birdchain platform.
Birdchain's solution does not have sustainable competitive advantages and product can be easily copied.
The product development roadmap is devoid of useful information and noted timelines are stretched over a longe period of time.
The company presents a convincing analysis of the attractiveness of the platform only for customers of A2P SMS - organizations, but the success of the solution will depend on whether the critical mass of users in the ecosystem is typed, ready to provide unused SMS for distribution.
Product
Risk and uncertainties
Bonus Schemes (27% of the tokens.) should Not Be Linked to KPIs Performance.
Part of the project participants work full time in JSC "Vertex".
Team
Risk and uncertainties
The business model of the project is trivial and quite typical for its sector - it does not provide the company any competitive advantages and easy to copy.
The business model of the company has a serious vulnerability in the form of response from mobile network operators for which the Birdchain business is not complimentary.
The readiness of the critical mass of users to work on the model proposed by Birdchain is not verified.
Model
Risk and uncertainties
The company does not provide a detailed cost structure and justification of the investment needs.
The company does not provide adequate current and achievable financial forecast.
The average size of the investment round for a company comparable to Birdchain is $ 1M. (according to PitchBook given the company's lifetime and product status).
The bonus pool for team is 27% of the tokens.
There are no mechanisms to ensure future distribution of profit for the tokens holders.
Finance
Risk level
3.2
Middle
Links
ViMarket
ViMarket is a 3D marketplace that allows users to create and share virtual reality (VR) experiences, ViMarket promises to bring about a much-needed breakthrough in the global e-commerce ecosystem..
Period
Start ICO
07.12.2017
End: 25 d
Necessary investments
$ 125 000 000
Stage
Product beta is ready (only ViMarket editor)
Investment
Attractiveness
Risk and uncertainties
High-level competition on the market by leading technology companies - despite the fact that there are no ViMarket analogues yet, the market players have all the resources for replicating such business model, if its market acceptance will be fully confirmed.
It should be noted that there are a lot of strong players in each target segment of ViMarket: Houzz in interior design, mark.space and inVRsion in e-commerce.
Currently, there are no confirmed agreements with potential clients
Market
Risk and uncertainties
Most solutions are only conceptually developed, i.e. there is no MVP. To the number of functioning, services can be attributed only ViMarket editor.
The concept of the product is rather unintuitive, there is a need to work on integrating the service into the existing Internet space in order to make the transition to the platform logical for the user.
The product development roadmap is devoid of useful information and noted timelines are stretched over a long period of time.
There's no competitive landscape analysis in WP.
Product
Risk and uncertainties
The absence among the team members of a sufficient number of specialists with experience in blockchain development.
Team remenuration (16% of the tokens.) should Not Be Linked to KPIs Performance.
Team has been developing ViMarket since 2015, but couldn't achieve stable traction and raised venture capital for the next stage of development (Round A).
Team
Risk and uncertainties
There is a risk that it will not be possible to establish relations with corporate clients, who by their presence on the platform create the bulk of the value of the service.
Use of blockchain technology doesn't have any positive impact on operational and economic components of the project.
ViMarket will be launching their own proprietary and secure exchange
Model
Risk and uncertainties
There is no mechanism for returning funds to investors.
The company does not provide any forecasts of its financial activities (estimating revenue, net income and free cash flow for future periods)
The system of huge discounts (30-60%) to the base token price creates a risk of premature exit from the investment of a significant part of the investors (especially those who entered the project at the stage of open preliminary sales) and, as a result, the risk of token price collapse.
Judging by the hard cap, the potential size of this ICO round seems to be too high relative to the size of comparable venture capital transactions in the early stages of project development: according to the Pitchbook report, the median size of the Round A rounds in the US venture market in the end of 2017 promises to be 6 million USD.
Apparently, the project had no experience of attracting the funds of "qualified" venture investors.
Finance
Risk level
3.4
Middle
Links
BitClave
BitClave is a platform based on Ethereum for the direct interaction between business and users without mediators, the system of decentralized search with open current code basing on which the third-party developers can create their own add-ons - applications and services.
Period
Start ICO
08.11.2017
End: 26 d
Necessary investments
$ 40 000 000
Stage
MVP is absent
Investment
Attractiveness
Risk and uncertainties
The monopoly of traditional market players do not give BitClave any chances to scale its solution in the right way.
BitClave has not proven market acceptance, so talking about scaling the platform and taking any significant market share prematurely.
Market
Risk and uncertainties
The company provides the convincing platform appeal analysis for one consumer group – organizations. However, the solution success will depend on the growth of such critical amount of users in the ecosystem in order to be beneficial for the companies to cooperate with BitClave.
There is no MVP at the moment ( minimally viable product)
Not any personal information is monetized but only the one which is relevant for concrete consolidated companies in the ecosystem.
Product
Risk and uncertainties
The founders either lack the experience of developing entrepreneurial projects in the block chain environment or in principle the experience in projects related to block chain and crypto- currencies.
Team
Risk and uncertainties
At the initial stages of the project development the company is going to provide subsidies to partner companies to maintain interest in the project until it eventually becomes interesting in itself. The main risk is that, firstly, it is not clear how long the fund of collected money/ collected funds are going to be burned through in this way. Secondly, a lack of a clear monetization project scheme does not allow to shift part of the load from the fund to revenues from basic operations. As a result, the funds can trivially ran out ( you should remember about the possible depreciation of the long-term budget nominated in the tokens) and with this business model partners have nothing to offer.
BitClave does not clearly formulate the sin directions of project monetization. The point at issue is mainly about “additional services” however it is not clear how relevant this will all be to organizations. Obviously, taking into account the availability of subsidies it is meant that initially before confirming the platform’s robustness for marketing purposes, the partnership with organizations will not be monetized but, on the contrary, subsidized.
The planned remuneration system based on CAT-tokens, contains significant risks of unfair behavior on the part of users. The users will be provided with tokens as an encouragement for the ad view In this case there is a high probability of forming an entire layer or even the whole community of users, monetizing passive ad. Bots should also be remembered. However, it is not yet clear how to deal with fake personal information ( the user is anonymous and cannot be verified) and cheating activity.
At the same time, too serious set of conditions for obtaining tokens can lead to loss of interest of users to the project.
Model
Risk and uncertainties
The company does not provide the mechanism of return on investment
The mechanism of returning funds to the investors is not provided.
BitClave does not provide any financial forecasts of its future activities.
There is only one way of project development – scenario approach is not available evidently arising from possible mismatch of the team plans.
The significant part of the tokens (30%) is reserved by the team for the long-term project development budget. BitClave risks losing this source if the token becomes devalued.
Hard cap ICO makes up 50 million USD. However, within two rounds of preliminary sales the company collected more than 16 million USD. that has already covered the volume of median rounds in comparable venture transactions with the participation of an average of more mature and developed businesses in 10-16 times.
As part of the presale, the tokens were sold at a 75% discount regarding the main ICO round. Such a layout stimulates the early exit from investment of the presale participants on the formation of the secondary market and the collapse of the token exchange value.
Finance
Risk level
2.8
Middle
Links
Refereum
Refereum's solution allows remove marketing intermediary by directly rewarding of influencers and gamers for "buzzing" and active using of games.
Period
Start ICO
12.12.2017
End: 30 d
Necessary investments
$ 50 000 000
Stage
Product prototype
Investment
Attractiveness
Risk and uncertainties
The big competition in this segment of the market – the influencers exchanges, numerous striming-and a hosting platform, working in an eSports segment (and actively involving VC financing in the last 2 years).
Also in the nearest future it is worth expecting an exit of large players of the market of advertizing in an eSports segment that will even stronger aggravate the competition.
Market
Risk and uncertainties
The product of Award.Network isn't ready, presented only a prototype yet.
Anyone will be able to connect to API Twitch – this fact isn't competitive advantage
Only one game - hyperfleet-which on a gameplay is similar to "tanchik" that will hardly provide large audience, the interest of influencers and deduction of users in the nearest future is at the moment connected.
Product
Risk and uncertainties
All key members of the company is in parallel engaged still at least in one project.
Team
Risk and uncertainties
The mechanics of reward put in the current business model will be interesting to influencers only if tokens of Refereum are highly liquid and grow in the price, or the plug-in of Refereum will be installed in the most popular games from top developer."
Model
Risk and uncertainties
For development and promotion of the platform it is planned to spend 25% of volume of the released tokens that makes $12,5 of M; considering that the company needs to create just the platform for influencers, costs of development seem exaggerated.
According to data of PitchBook for the last 3 years, the companies working in an influencer marketing segment, on average, attracted from of $400K up to $1 of M during a round, at average post-money to assessment from $2 to $9 of M – therefore, assessment of Refereum is obviously overestimated.
After the ICO, creators intend to allocate $5 of M (in transfer of the price of a token to dollars) for own needs, at the same time for so important item of expenditure as the motivation of developers of games and attraction of influencers is distinguished to only $5 M and $2,5 M, respectively – the last two figures also look excessive.
Finance
Risk level
3.4
Middle
Links
STK (Stack)
Stack is a project which aims to create digital multi-currency wallet, including both fiat and crypto, that will allow real-time cryptocurrency transactions at point of sale.
Period
Start ICO
11.12.2017
End: 33 d
Necessary investments
$ 1 656 000
Stage
The private beta is available. The commercial app with crypto wallet will be launched by Q3 2018
Investment
Attractiveness
Risk and uncertainties
Stack’s focus on developed markets – Canada, US – may yield lower returns.
The industry of mobile payments is considered as highly competitive with low barriers to entry. There are players ranging from IT-Startups (TenX, CryptoPay, Monaco) to traditional banks and payment systems (PayPal, Visa, MasterCard)
There are already several competitors in the area of crypto to fiat conversion/spending with existing products available for customers (TenX)
The market for instant mobile payments does not have large growth potential for Stack
Market
Risk and uncertainties
The company aims to create digital multi-currency wallet that will allow tap-to-pay payments via both fiat and cryptocurrencies using both virtual and physical prepaid card
Stack will only charge fees for transactions via State Channel, the amount of fees is not given in WP.
As of 1st December 2017, only the private beta app was launched (August 2017)
The crypto part of the wallet will be only available in Q3 2018. Therefore, until Q3 2018 it will be just ordinary fiat mobile payment service with prepaid card. This kind of products have already been available in the market for a while
In September, Stack announced partnership with MasterCard that added a mobile tap-to-pay option to the digital wallet app
Stack does not offer any loyalty programs so it might be hard to attract customers from traditional banking
According to GitHub, there is just one repository of the project and the last update was made 24 days ago. There are just 2 contributors and both were not active for the last month.
Product
Risk and uncertainties
Several team members have experience in payments/digital payments industry working at MasterCard
There is no one in the team who launched and managed startups in the past. All of the team members only had experience in large corporations.
It seems like the team lacks technological expertise: the team of developers consists only of 2 people who do not have blockchain expertise
Blockchain specialist - Adam Lemmon - is not employed at Stack (according to LinkedIn)
It is worth to notice that Ethan Wilding is employed as Head of Strategy and is on advisory board simultaneously.
Jeffrey Ace Fulgar Head of Design - has been a freelance worker for the last 11 years
The amount of tokens saved for the team - 15% seems excessive
Team
Risk and uncertainties
Stack implements classical commission business model although they narrow down the range of customers’ activities that can be monetized only to transaction execution fees.
The company will create liquidity pool that will be used for instant crypto-to-fiat conversions
The liquidity risk should be considered as during the peak hours the pool may face liquidity shortages because of the lack of fiat currency and long waiting time for the cryptocurrency transactions execution
The business model Stack wants to implement already exist and is typical for the digital payments industry.
In fact, it has already been implemented in fiat currencies by “digital banks”, such as Monzo, Monesee, and others.
Model
Risk and uncertainties
During ICO, Stack is planning to raise from 3 600 ETH to 155 172 ETH, which is roughly equivalent to 1 656 000 USD soft cap and 72 000 000 USD Hard Cap (as of 1.12.17)
Stack only provides the percentage terms of expenses, which can significantly vary depending on the number of funds raised, as the hard/soft cap ratio is high
Financial forecasts of the Stack’s activities are not disclosed
Stack does not state that the funds will be returned back to the buyers, in case the soft cap will not be reached
Stack is aiming to raise at least 1.6M USD, which is above peer average and seems excessive
Finance
Risk level
3.0
Middle
Links
AppCoins
AppCoins is an open and distributed protocol for App Stores using blockchain technology and smart contracts.
Period
Start ICO
13.11.2017
End: 33 d
Necessary investments
$ 15 300 000
Stage
First version of the open source reference implementation of the protocol will be released in Q2 2018
Investment
Attractiveness
Risk and uncertainties
The companies strategy completion requires engaging 4 to 6 app stores like Aptoid. However, there is no information about the willingness of such app stores to implement AppCoins
If there is a significant economic effect from the implementation of the token, other app stores will go along the path of Aptoid.
Market
Risk and uncertainties
The project can be characterized as the part of Aptoid's roadmap. The main benificaries of ICO are Aptoid's shareholders.
A minimum viable product (MVP) is not presented.
Product
Risk and uncertainties
AppCoins supported by Aptoide Team so team remenurations is include in previous Aptoid's investments.
Team
Risk and uncertainties
The business model of the project is trivial and quite typical for its sector - it does not provide the company any competitive advantages, it is easily replicable.
Model
Risk and uncertainties
Regarding the AppCoins ICO (chapter 7), 40% of all tokens generated will be offered in pre-sales with significant (30%) discount.
Hard cap ICO makes up 15.3 million USD. However within two rounds of financing parent Aptoide raised to date $5 mln.
The financial forecasts provided by the project are unrealistic (the breakeven point occurs within 6 months).
Finance
Risk level
3.4
Middle
Links
Retainly
Retainly - a project that creates loyalty programs and solutions for digital marketing based on Blockchain technology
Period
Start ICO
07.12.2017
End: 33 d
Necessary investments
$ 50 000 000
Stage
End-product
Investment
Attractiveness
Risk and uncertainties
Technologies of marketing automation and provision of services to increase loyalty are not new - these markets are mature enough, with a high level of competition on each of them.
The leader in the marketing automation market is MailChimp, however, a comprehensive solution - a platform for increasing loyalty + marketing automation – definitely may occupy a certain niche market.
Market
Risk and uncertainties
It is unclear whether the implementation of blockchain technology is critical for segments of increasing loyalty and marketing automation.
Product
Risk and uncertainties
The lack of advisory from large companies - potential customers - and the developer of blockchain (which deals only with the “crypto” component).
Currently, Palash Bagchi is also the director of STPL Global – it can negatively affect to Retainly’s business; the same is true for Soujanya Kurelly.
Team
Risk and uncertainties
RETN tokens can be purchased only for ETH and BTC - this binds the RETN to the rate of cryptocurrencies; it is possible that the option of buying for fiat currencies would help hedge this risk and increase interest from large Internet businesses.
Tokens will be issued only during pre-ICO and ICO, additional emissions are not planned - this, in theory, may limit the company's scaling or lead to speculative growth of tokens’ prices, not related to business development.
We also think that the company should pay attention to a very promising segment of eSports.
Model
Risk and uncertainties
Extremely high forecasted growth rates of revenue in 2020 compared to 2019 - by 430%. In addition, according to P&L report presented in WP, revenue in January 2018 will exceed the same indicator in December 2017 by 12 times.
According to WP of Retainly, from January to March of 2018 the company's revenue will be about $120M, while the expected revenue for the entire fiscal year of 2018 (April 2018 - March 2019) is $126M; for 2017 (April 2017 - March 2018) - $12M – obviously there is some inconsistency or an error in the calculations.
The main share of revenue will come from operations with tokens; in our opinion, an increase in the share of revenue from subscriptions and corporate contracts would help hedge some of risks and increase the interest of potential corporate clients.
Finance
Risk level
3.8
Middle
Links
Bank4You
Bank4You (Mobile Money Remittance System) - first convergence of cryptocurrencies with mobile network operator’s accounts based on blockchain.
Period
Start ICO
06.11.2017
End: 49 d
Necessary investments
$ 50 000 000
Stage
2017 Q4 ICO Mobile Money Remittance System project launch
Investment
Attractiveness
Risk and uncertainties
The Mobile Money Remittance market is highly competitive and has high barriers to entry.
There are a lot of strong players on the market, for example WorldRemit, which can quickly implement crypto-currency money transfer servicies.
The company doesn't describe the market entry strategy into new markets.
Bottleneck of expansion's strategy is choise of target markets.
Market
Risk and uncertainties
There are no test releases available at this time.
Product does not have sustainable competitive advantages.
According to Similar Web, current mobile applications of Bank4you do not demonstrate good traction (Total Installs: 500 - 1K).
Product
Risk and uncertainties
Founder and CEO of the Hirefone Group and VC backed Gosim.com, David specializes in developing successful strategies that deliver sustainable high growth. But neither Hirefone Group nor Gosim.com have not showed good traction.
Team
Risk and uncertainties
The key component of project's business model is to set up a consortium of mobile operators. All mobile operators that have concluded partnership agreements will be able to give their subscribers the opportunity to receive or send cross-border payments to subscribers of all other partner mobile operators. HOWEVER, there is no information about arrangements and their status with each partner
Model
Risk and uncertainties
The company does not provide the mechanism of return on investment
The financial forecasts provided by the project are unrealistic (total expanses is less than 7% of revenue)
A hard cap of 50 million USD seem excessive in comparison with companies, which was raised money at the same stage of development ((according to Pitchbook data)
There is no detailed plan of spending the funds collected within ICO.
Finance
Risk level
3.2
Middle
Links
IUNGO
Open-source solution that enables anyone to become a local internet provider in the global Wi-Fi network
Period
Start ICO
07.12.2017
End: 49 d
Necessary investments
$ 19 200 000
Stage
MVP
Investment
Attractiveness
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Market
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Product
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Team
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Model
Risk and uncertainties
Currently, project decided to not verify their publishing via system of grades and risks
Finance
Risk level
2.8
Middle
Links
HOQU
HOQU is a decentralized affiliate marketing platform. The aim of the project is to create a decentralized ecosystem, which will be used to build CPA services, ranging from affiliate programs to affiliate networks and related products.
Period
Start ICO
27.11.2017
End: 75 d
Necessary investments
$ 16 400 000
Stage
Concept
Investment
Attractiveness
Risk and uncertainties
There is a number of strong players-leaders on the target market, incl. such players as Tune (Hasoffers), Mediatrust, Affise.
Market
Risk and uncertainties
Currently, there is no product - launch is planning on May 2018.
The product development roadmap is devoid of useful information and noted timelines are stretched over a long period of time.
There's no competitive landscape analysis in WP.
Product
Risk and uncertainties
Bonus Schemes (30% of the tokens.) should Be Linked to KPIs Performance.
The founders either lack the experience of developing entrepreneurial projects in the block chain environment or in principle the experience in projects related to block chain and crypto- currencies.
It is possible that the current employment in Marketcall will prevent some key employees from fully focusing on working in HOQU.
Team
Risk and uncertainties
The business model of the project is trivial and quite typical for its sector - it does not provide the company any competitive advantages, it is easily replicable.
Model
Risk and uncertainties
The system of huge discounts (Pre-sale bonus is 40% of the price in the main sale) to the base token price creates a risk of premature exit from the investment of a significant part of the investors (especially those who entered the project at the stage of open preliminary sales) and, as a result, the risk of token price collapse.
Tune and Mediatrust raised to date (since inception) $34M and $23M correspondingly from big name investors such as Accel. So the potential size of this ICO round ($15M) seems to be too high relative to the size of comparables.
The company does not provide any forecasts of its financial activities (estimating revenue, net income and free cash flow for future periods)
Finance
Risk level
3.4
Middle
Links
Raison
RAISON is an AI-based platform designed to handle investments and personal finance.
Period
Start ICO
07.12.2017
End: 77 d
Necessary investments
$ 5 000 000
Stage
Product is not ready
Investment
Attractiveness
Risk and uncertainties
Most experts believe that the share of banks in the global financial ecosystem will constantly decline, and their place will be occupied by various fintech start-ups. The question is how successfully Raison will be able to compete with major projects that attracted tens of millions of venture capital investments.
Market
Risk and uncertainties
Currently, there is no product - launch is planning on May 2018.
The automated forecasting system uses neural networks and machine learning technologies; to confirm the performance of their algorithms, the company should present results of forecasting, to allow users to check their accuracy.
Product
Risk and uncertainties
The lack of advisory from large companies working in the financial sector - banks, fintech-projects.
For the CEO and COO there are no links to their LinkedIn.
It is possible that the current employment in Threesixty Elements will prevent some key employees from fully focusing on working in Raison.
Team
Risk and uncertainties
Most of the decisions vital to the operation of Raison will be launched only in 2018-2019.
Question of collaboration with European regulators is still open.
Model
Risk and uncertainties
In WP is written: “The main expenditure items for RAISON will be the operating costs, namely licensing, office rent, personnel and IT development. A more detailed breakdown is provided in the full financial model, which is available separately”. The point is that structure of costs and, therefore, forecast of EBITDA are not provided initially.
> 20% in revenue structure of 2020, and ~ 30% of revenue in 2021 accounted for a commission from transactions, but currently there are no guarantees that Raison will receive a banking license.
“A portion of the collected funds, but not more than 20 million EUR, will be equally distributed between the Element ONE and Element Blockchain” - without any guarantees for the owners of tokens; investment strategy is also not disclosed.
The main revenue channels, which in 2020 and 2021 will provide more than 50% of its total volume, will be margin loans for the purchase of classic (shares, bonds) and crypto-assets. The rate of yield on loans for buying classic assets, specified in the WP, is 1.2%; revenue in 2020 is € 33.6M, in 2021 - € 82.2M, so Raison needs to raise € 2.8bn in 2020 and € 6.85bn in 2021 - and so far, there are no guarantees, that large financial organizations will be ready to provide such funds.
Finance
Risk level
3.0
Middle
Links
Darenta
Darenta is decentralized P2P-carsharing for owners who rent out their private cars with insurance. At the moment almost 1000 cars are registered in the database.
Period
Start ICO
15.11.2017
End: 108 d
Necessary investments
$ 69 000 000
Stage
There is an MVP, an ICO is needed to expansion.
Investment
Attractiveness
Risk and uncertainties
In the last 2-3 years, there have appeared a lot of carsharing operators who have taken over a part of the market in large cities.
The company was founded in 2014 and for this time could not take any significant share in the market.
In the database of the project at the moment there are only 974 cars distributed to 121 cities.
Market
Risk and uncertainties
The website and the application have a primitive architecture and low quality UX design.
According to the similar Web service https://darenta.ru/ has an extremely low attendance, at the level of 3 thousand visitors monthly.
The project for years of existence (since 2014) has shown the dynamics significantly below the market.
Product
Risk and uncertainties
The project reserves 31% of the tokens for team remuneration.
The team does not have participants with successful experience in creating and scaling international business.
Team
Risk and uncertainties
The company points out as a competitive advantage that other services spend their funds or raised funds to purchase new cars in order of expansion. However, the information does not correspond to reality, since the operators of the carsharing use the car leasing scheme.
The company business model, by and large, is not unique. A similar one is implemented by a large number of competitors in the market.
Monetization is too biased towards paying fees for issuing cards and commissions for transactions. Firstly, it will not be possible to monetize low-activity users at the expense of service fees, and secondly, the need to pay in the beginning can scare off customers.
Model
Risk and uncertainties
According to the DCF analysis presented on page 11 WP, the total investment requirement of the project is only 3 million rubles.
Data on the company's expenditure forecast does not correspond to the provided Road map of development. Indicators for some of the costs are much higher than those for competitors.
In 2017 the company attracted a seed round of investments in the amount of less than $ 20 thousand, which is ten times lower than the average volume of seed rounds (according to PitchBook), which can indirectly speak of low investment attractiveness of the project. Investments were made by the business angel Alexander Rumyantsev in exchange for 10% of the company - that is, the pre-money estimate was about $0,17M.
Hard cap of $ 60 million is seems extremely overestimated for projects in the segment due to dynamics of the development of the company since 2014 and the previous volume of investments.
Lack information about legal components of the ICO, which further increases the risk of investing.
Finance
Risk level
2.2
High
Links

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