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Comprehensive assessment of ICOs

Name
Description
Period
Necessary investments
Stage
Investment attractiveness
Risk level
Links
Solve.Care
Solve.Care is a platform that utilizes blockchain technology to decrease clinical and IT costs associated with healthcare.
Period
Start ICO
31.03.2018
Ended
Necessary investments
$ 29 750 000
Stage
The product development started around Q1 2017, and by Q1 2018 Solve.Care signed first commercial customer with more than 250 000 clients.
Investment
Attractiveness
Risk and uncertainties
Healthcare industry is subject to extensive regulation at both the federal and the state level.
There are various projects trying to benefit the healthcare segment via decentralized platforms conducting ICOs.
Market
Risk and uncertainties
Now, only the Care.Wallet 1.0 is ready.
It is not possible to test the app now, the team only gives a short demo video of the product.
Product
Risk and uncertainties
The project team is spread around 3 locations which may cause discoordinations and slower pace of project development.
It is not clear who is responsible for blockchain technology development competencies in the team.
The web development TL has degrees in economics and law, though he had some previous programming experience.
Team
Risk and uncertainties
The team does not give an estimation of the size of fees collected.
The adoption of the business model is subject to heavy regulations from the state.
Model
Risk and uncertainties
The amount of tokens reserved for the team (18%, 180000000 CAN) is a relatively large number.
The existence of two different digital currencies may confuse some costumers.
The project post-money valuation, which is 100M USD, is way above the median number for comparable projects.
Finance
Risk level
3.2
Middle
Links
OneToTwo
The first gaming platform with the simplest algorithm and the highest winning percentage
Period
Start ICO
15.03.2018
Ended
Necessary investments
$ 6 000 000
Stage
Concept
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
2.6
Middle
Links
LocalCoinSwap
P2P Crypto marketplace
Period
Start ICO
15.03.2018
Ended
Necessary investments
$ 500 000
Stage
Concept
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
Quark Chain
Quark Chain aims to create a high-throughput blockchain with 1000000+ TPS (Transactions Per Second).
Period
Start ICO
15.05.2018
Ended
Necessary investments
$ 20 000 000
Stage
Testnet 0.1 and Wallet 0.1 were released in March 2018. The Testnet had throughput of 2000+ TPS.
Investment
Attractiveness
Risk and uncertainties
Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.
In order to solve this problem, several projects have already launched the alternative protocols that aim to significantly increase the throughput of the blockchain protocols. For instance, EOS launched its infrastructure for dApps, which Test Network can sustain over 10,000 TPS. EOS raised 197M during its ICO in June 2017 and now is the 5th largest cryptocurrency in the world by market cap. IOTA is able to process 500-800 TPS, raised 400M and now 11th by market cap in the world of cryptocurrencies. That is why the potential growth and community attention to Quark Chain might be lower.
Market
Risk and uncertainties
The test net Alpha Version was released in March 2018 and it supported 2000+ TPS. It is a decent result but it is too far from the declared througput of 1M+ TPS.
The product has been in development for 4 months only, according to GitHub.
There is no information about patent applications
Product
Risk and uncertainties
Some of the declared team members does not have Quark Chain as a workplace on their Linkedin Pages.
There are 3 Research Scientists in the project team and it is unclear what roles they have.
The team has strong technical background but this experience mainly comes from large corporations. There is no one in the team with track record of launching and scaling startups.
Team
Risk and uncertainties
Now there is no information on the expected size of the fee.
Model
Risk and uncertainties
Most of the financial details have not yet been released and are TBA.
Finance
Risk level
4.2
Low
Links
Airchain Network
Airchain - a platform implementing blockchain in freight industry
Period
Start ICO
14.05.2018
Ended
Necessary investments
$ 25 000 000
Stage
MVP
Investment
Attractiveness
Risk and uncertainties
Tough competition from the established companies
Poor Value Proposition for a potential user
Market
Risk and uncertainties
Scalability problem due to the poor motivation for third-party travelers and their poor coverage together with possible lack of trust from senders
Demo stage of the product with no significant functions working
Product
Risk and uncertainties
The lack of industry experience in the team
Half of team members do not have LinkedIn profiles
Team
Risk and uncertainties
Own token and further own blockchain do not give significant advantages to the product
Model
Risk and uncertainties
High token share for team and advisors – 33%
Overestimated Hardcap – 25M USD
No financial estimation available
No detailed information on funds raised usage
Finance
Risk level
2.4
High
Links
OneLedger
OneLedger – decentralized platform for different blockchains integration
Period
Start ICO
10.05.2018
Ended
Necessary investments
$ 15 000 000
Stage
Technical documents
Investment
Attractiveness
Risk and uncertainties
Tough competition in sidechain development
OneLedger is lagging behind in product development in comparison to competitors
Lack of competitors’ analysis and market-entry strategy
Market
Risk and uncertainties
No prototype available
Unclear milestones for launching product modules
Product
Risk and uncertainties
Poor team experience in blockchain projects
Lack of marketing and legal specialists
Team
Risk and uncertainties
Monetization model is unclear
Model
Risk and uncertainties
Product options for different fundraising scenarios are nor described
No financial estimation and detailed usage of funds raised
Finance
Risk level
3.6
Middle
Links
Dynaitq
On Dynatiq, you can sell your online business (including domains, websites, source codes). Dynatiq is decentralized service with 0% fee.
Period
Start ICO
25.04.2018
Ended
Necessary investments
$ 2 000 000
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
Cypherium
Cypherium is a highly scalable blockchain infrastructure based on hybrid proof-of-work and Byzantine fault tolerance consensus.
Period
Start ICO
15.12.2017
Ended
Necessary investments
$ 33 000 000
Stage
Current road map: private sell ongoing, early 2018 ICO, listed on exchange shortly after ICO, 2018 Q2 test net released and then main net
Investment
Attractiveness
Risk and uncertainties
Cypherium, due to the lack of a marketing campaign, will have problems with rmarket acceptance.
High-level competition on the market by leading technology companies t, the market players have all the resources for replicating such business model, if its market acceptance will be fully confirmed.
Market
Risk and uncertainties
Most solutions are only conceptually developed, i.e. there is no test net to proof concept.
The product development roadmap is devoid of useful information and noted timelines.
Product
Risk and uncertainties
Blockchain specialist - Anker Chen - is not employed at Cypherium (according to LinkedIn)
The amount of tokens saved for the team - 35% seems excessive
The team does not have participants with successful experience in creating and scaling international business
Team
Risk and uncertainties
Model
Risk and uncertainties
The Cypherium team will receive 35% of all generated tokens, and there is any binding to KPI.
Due to 1 ETH = 200 cypher tokens during pre-ico and total amount of tokens the total token pool valuation around 100M ETH or $833M which is above the average valuation of the same stage companies (With an ETH price of $833).
Finance
Risk level
3.4
Middle
Links
CryptonsGame
CryptonsGame is the first gamified crypto-universe based on blockchain with rich history and endless possiblities, including a marketplace, missions, video games and even a series of card games
Period
Start ICO
06.04.2018
Ended
Necessary investments
$ 250 000
Stage
Development
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
Adblurb
Adblurb not only offers Unique Ad marketplace but also solve issues regarding current e-commerce and crowdfunding.
Period
Start ICO
01.03.2018
Ended
Necessary investments
$ 10 000 000
Stage
Concept
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
3.6
Middle
Links
Skrumble
Skrumble – application setting a secure connection and providing decentralized and encrypted file storage
Period
Start ICO
28.04.2018
Ended
Necessary investments
$ 12 000 000
Stage
Beta version
Investment
Attractiveness
Risk and uncertainties
Risks of government influence due to the function of restriction avoidance
Market
Risk and uncertainties
Beta is available only for private testing
Product
Risk and uncertainties
Possible poor focus on project if the team continues to be engaged in projects of Skrumble’s clients
Lack of legal specialists
Team
Risk and uncertainties
Uncertainty regarding the Practical Byzantine fault tolerance consensus algorithm application
Model
Risk and uncertainties
Low tokensale share – 26% only
More than half of tokens is held by the team and advisors – 54%
The lack of target financial estimations
Finance
Risk level
4.0
Low
Links
AIDA Service
AIDA SERVICE provides automated sales and services without intermediaries. Our users are Customers, Producers, Logisticians, Warehouses and Network Partners.
Period
Start ICO
28.02.2018
Ended
Necessary investments
$ 15 000 000
Stage
Alpha version of the platform
Investment
Attractiveness
Risk and uncertainties
AIDA aims to deliver mainly construction materials through its services. The supply chain of construction materials is considered as a capital-intensive industry and so the team has to take it into consideration.
There are several crypto startups in logistics that already raised money(Shipchain, Slogn). For instance, ShipChain raised 30M USD in by January 2018.
Market
Risk and uncertainties
The sphere AIDA is entering requires taking into consideration the country-specific characteristics of supply chain. However, the team wants to expand globally but does not provide the expansion roadmap and target countries.
Currently, the MVP is not available, so it is not possible to test the product. Also, AIDA has no customers now.
The team says that they will use Blockchain for a faster settlement of trades between counterparties. However, the team will use Ethereum Blockchain which is not highly scalable and can only support 15 transactions per second.
The team aims to enter all CIS markets by Q4 2018 and expand to Americas in Q3 2019. However, the team has no previous experience of scaling any projects at the global level. Therefore, the provided expansion road map does not seem convincing.
Also, the problem of corruption in supply chain that AIDA tries to tackle is not globally common. That is why, the team has to rethink its main goal during global expansion.
Product
Risk and uncertainties
CEO of AIDA (Nysanov Ualikhan) does not have strong previous experience in technology. Even though he has profile on LinkedIn, his previous experience is not clear.
IT Director's experience (Denis Goncharenko) cannot be verified using linkedin.
Several developers of the platform are still students and AIDA is their first experience.
To sum up, the whole team experience is not clear and there are strong doubts that they will be able to deliver everything outlined in WP.
Team
Risk and uncertainties
AIDA will charge its customers 1%, while the average among competitors is around 15-20%. The team does not explain how this lower level commission will lead to profitability of the project.
AIDA aims to deliver mainly construction materials through its services. The supply chain of construction materials is considered as a capital-intensive industry. The team does not explain how they will avoid or optimize these costs.
Model
Risk and uncertainties
The team does not clearly state how many funds they aim to raise. There is no information about neither soft cap nor hard cap.
The team does not state how many tokens they will issue.
AIDA will reserve 20% of tokens for the core team. This figure seems high and there is no vesting scheme for bonus.
Finance
Risk level
2.2
High
Links
NKN
NKN (New Kind of Network) is the new generation of highly scalable, self-evolving and self-incentivised, decentralised network.
Period
Start ICO
19.04.2018
Ended
Necessary investments
$ 6 000 000
Stage
No working product yet. According to the roadmap, test launch is going to be in Q1-2 2019. As a result, there would not be a working prototype for a long time.
Investment
Attractiveness
Risk and uncertainties
Market has almost no growth and strong market leaders.
Market
Risk and uncertainties
Product is not ready jet.
Product
Risk and uncertainties
Team
Risk and uncertainties
Bandwith of most users is restricted by their providers.
Model
Risk and uncertainties
The incentive to share data transmission capabilities should be higher than costs for doing that.
Finance
Risk level
4.2
Low
Links
WELL
WELL is a healthcare Blockchain platform that aims to connect healthcare specialists and patients worldwide.
Period
Start ICO
16.04.2018
Ended
Necessary investments
$ 3 000 000
Stage
MVP was launched in 2017 and is now available.
Investment
Attractiveness
Risk and uncertainties
The main competitors of WELL are local players, such as Teledoc in the US, Chunyu Yisheng in China, or Doc+ in Russia, with a long-lasting local market expertise.
There are many potential legal issues regarding telehealth that have to be considered during the global expansion.
Market
Risk and uncertainties
As WELL aims to expand globally it has to pay significant attention to potential legal issues with local authorities regarding processing sensitive patients' health data.
As telehealth is a relatively new method of healthcare assistance, its standards and boundaries has not yet been defined in every country, so this regulation aspect has to be considered.
The legislation of online prescribing is not clearly regulated, and this legal risk has to be considered.
The Roadmap only highlights the main steps and does not give detailed information about product development.
Product
Risk and uncertainties
The founder and CEO of Well - Ildar Fazulyanov - has strong experience but it is mainly related to the area of finance, not healthcare. Co-founder's of the company experience is also mainly focused on finance, fintech and private equity, not medicine.
According to Development TL's experience on Linkedin, he is not currently employed at Well. Moreover, he resides in Bankok, Thailand, not in Los Angeles as the rest of the team.
To sum up, the business development part of the team is quite strong, while it seems that WELL lacks technical and industry expertise.
Team
Risk and uncertainties
The business model is only conceptually described so there are no figures that can clarify the commercial viability of the platform.
Model
Risk and uncertainties
The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures.
Including pre-sale, the ICO will last for 5+ months. That means freezing investors' money for almost half a year and definitely has to be taken into consideration. Moreover, there is no information about the token delivery date in WP.
The company aims to raise 28 million USD via selling 40% of tokens. This gives us post-money valuation of WELL at the level of 70 million USD. This figure is significantly above the valuation of comparable companies on the US market, according to Gartner.
WELL does not provide financial forecasts for the company growth.
As of now, there is no information about potential listing of tokens.
As WELL will give generous bonuses for early-contributors, the pump and dump risk right after the end of ICO should be considered.
Finance
Risk level
3.2
Middle
Links
Unibright
Unibright is the first platform for fast and easy integration of blockchain based solutions to business and ERP systems.
Period
Start ICO
20.04.2018
Ended
Necessary investments
$ 2 200 000
Stage
All the components needed for the complete business integration lifecycle are available for usage in the Ethereum blockchain.
Investment
Attractiveness
Risk and uncertainties
Uncertain regulatory status and a common set of standards might hinder the overall growth of the market.
Market
Risk and uncertainties
It is impossible to try beta-versions of the product, as a result, it is impossible to verify development status.
Product
Risk and uncertainties
Risks and uncertainties were not identified.
Team
Risk and uncertainties
Risks and uncertainties were not identified.
Model
Risk and uncertainties
Financial model is not prepared, as a result, it is impossible to estimate future profits.
Finance
Risk level
4.2
Low
Links
PATRON
PATRON is a one stop shop for social media influencers worldwide.
Period
Start ICO
27.03.2018
Ended
Necessary investments
$ 40 000 000
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
3.4
Middle
Links
Merculet
Merculet is a decentralized platform that aims to save the lost attention of customers in digital fields and pay them for the quality attention.
Period
Start ICO
25.04.2018
Ended
Necessary investments
$ 15 700 000
Stage
The project development started in 2017. MVP is not ready yet.
Investment
Attractiveness
Risk and uncertainties
There are several digital advertising decentralized platforms that are in some way similar to Merculet: Basic Attention Token - BAT (195M USD), AdToken (17M USD), Adbank (4.3M USD).
The market of digital advertising has moderate growth rates at around 7% per year.
Market
Risk and uncertainties
The stage of product development for now is not clear. Beta version only planned for Q2 2018.
MVP is not ready yet.
Despite the fact that the team describes and aims to develop several technical layers on the platform, there is no technical description of the tools.
Product
Risk and uncertainties
The whole size of the team is not clear.
Team
Risk and uncertainties
The model description is very sketchy and the value added is not clear.
It is not clear how the project will earn.
Model
Risk and uncertainties
Post-money valuation of Merculet (if ETH is 430USD) will be around 52M USD, which is a huge number for a project without MVP.
There is no information about vesting scheme for the 20% tokens reserved for the team.
Finance
Risk level
3.2
Middle
Links
VRT World
VRT World is developing a decentralized global platform for virtual reality, which will bring together developers, consumers, and investors in VR sector all across the globe.
Period
Start ICO
14.03.2018
Ended
Necessary investments
$ 16 000 000
Stage
End-product, pre-ico launched on 05.12.2017
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
BeEasy
BeEasy - blockchain ecosystem for mining, trading and crypto assets investments.
Period
Start ICO
01.02.2018
Ended
Necessary investments
$ 38 400 000
Stage
MVP ( https://easypool.me)
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
3.0
Middle
Links
Nebula AI
Nebula AI is committed to building a decentralized artificial intelligence computing blockchain (NBAI) that reduces the energy costs of traditional Proof of Work by converting GPU mining machines into AI computing services.
Period
Start ICO
02.04.2018
Ended
Necessary investments
$ 11 000 000
Stage
The Beta version of the product is available on company's website.
Investment
Attractiveness
Risk and uncertainties
Innovative companies are rushing to create real-world business applications that combine artificial intelligence (AI) and blockchain technology. For example, JD.Com, the largest retailer in China, recently launched a new accelerator, AI Catapult, to build new businesses and applications using AI and blockchain technology. Separately, Porsche is introducing various blockchain and AI solutions into its smart cars.
Market
Risk and uncertainties
Product
Risk and uncertainties
The founder is involved at his previous startup and this might be in conflict with the project development.
Some of the team members does not work at Nebula AI, according to his Linkedin
Expereience of some of the team members cannot be verified via Linkedin
The page of the blockcahin developer was not found on Linkedin
Team
Risk and uncertainties
Model
Risk and uncertainties
There is no information on how the funds will be spent.
Post-money valuation is well above the median valuation of comparable companies.
Finance
Risk level
3.4
Middle
Links
Traceto
Traceto – service conducting KYC/AML procedures and verifications for ICO and non-ICO projects
Period
Start ICO
01.04.2018
Ended
Necessary investments
$ 30 000 000
Stage
Technical documents
Investment
Attractiveness
Risk and uncertainties
Competitors are close to their product release final stages
Poor token price performance of comparable projects when entering exchanges
Lack of detailed market-entry strategy
Market
Risk and uncertainties
No prototype available
Product
Risk and uncertainties
Traceto and Cynopsis are simultaneously developed by the team increasing the risk of softening the focus
CEO is engaged in 3 projects including other ICO projects being an advisor
No specialist with strong marketing experience
Team
Risk and uncertainties
Lack of decentralization and not reasonable blockchain application
Model
Risk and uncertainties
Overestimated and pointless hardcap for project realization
Too high token pool capitalization of 100M USD
Poor share of tokens for tokensale (30%) with high team share (>50%) breaking decentralization principles and makes it possible to influence on token price
Company does not provide any financial estimations of its business
Finance
Risk level
3.2
Middle
Links
BitCar
Peer-to-Peer exotic car trading platform
Period
Start ICO
31.01.2018
Ended
Necessary investments
$ 22 000 000
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
3.4
Middle
Links
NEX
NEX - cryptocurrency exchange, combining advantages of both decentralized and centralized exchanges
Period
Start ICO
15.04.2018
Ended
Necessary investments
$ 25 000 000
Stage
Alpha
Investment
Attractiveness
Risk and uncertainties
NEX is likely to face strong competition among cryptocurrency exchanges
Market
Risk and uncertainties
No prototype available
The roadmap is not detailed enough
Product
Risk and uncertainties
Poor marketing experience in the team
It is not clear who manages the team
Lack of an experienced legal specialist who could cover a security issue of the token
Team
Risk and uncertainties
Legal risk of token being a security
The team assumes changing the role and functions of the token
Model
Risk and uncertainties
It is not clear how NEX will distribute funds raised in ICO
Not financial estimations available. As the token gives an opportunity to get a part of profit, investors should understand it
Finance
Risk level
3.8
Middle
Links
Sentinel Protocol
Security intelligence platform for blockchain.
Period
Start ICO
10.04.2018
Ended
Necessary investments
$ 30 000 000
Stage
Product is not developed yet. Fully developed product would be realized in 2019.
Investment
Attractiveness
Risk and uncertainties
Currently there is no incentives for cybersecurity experts to share information with each other.
Market
Risk and uncertainties
The product is not ready now.
The product value highly depends on cybersecurity experts.
Product
Risk and uncertainties
Team is located in different countries – South Korea, Japan, Singapore and USA.
Team has just been formed. There is no evidence that prove their efficiency.
Team
Risk and uncertainties
The biggest risk – cooperation with exchanges.
If most part of exchanges does not implement this protocol, it will have small value.
Indirect way of compensation could be unattractive for cybersecurity experts.
Model
Risk and uncertainties
Absolutely no information about finances now.
Revenue streams are not clear.
Finance
Risk level
3.6
Middle
Links
Moss Coin
Moss Coin is a currency to buy real estate and real estate accessories inside of the AG mobile game
Period
Start ICO
12.03.2018
Ended
Necessary investments
$ 60 000 000
Stage
Concept
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
3.2
Middle
Links
Ocean Protocol
Ocean Protocol – платформа для продажи и покупки массивов данных для обучения Искусственного Интеллекта
Period
Start ICO
07.03.2018
Ended
Necessary investments
$ 22 300 000
Stage
Техническая документация
Investment
Attractiveness
Risk and uncertainties
Потенциальная конкуренция со стороны похожих блокчейн-проектов
Market
Risk and uncertainties
Отсутствие прототипа продукта
Дорожная карта проекта недостаточно детальна, чтобы можно было судить о проработки плана развития продукта
Product
Risk and uncertainties
В команде не хватает юридических специалистов
Team
Risk and uncertainties
Токены попадут на биржу и будут доступны для обмена не менее, чем через год
Model
Risk and uncertainties
Токены блокируются на год, что сильно подвергает риску инвесторов, особенно в случае проекта без MVP и на фоне активного государственного регулирования ICO
Низкая доля токенов в открытой продаже, что оставляет неопределенность по волатильности цены токена в будущем
Крайне высокая капитализация токенов в 300M USD, что повышает риск переоценки цены токена
Компания не предоставляет прогнозных показателей своей деятельности
Finance
Risk level
3.6
Middle
Links
Ocean Protocol
Ocean Protocol – a database trading platform for Artificial Intelligence technology development.
Period
Start ICO
07.03.2018
Ended
Necessary investments
$ 22 300 000
Stage
Technical papers
Investment
Attractiveness
Risk and uncertainties
Strong potential competition from similar blockchain projects
Market
Risk and uncertainties
No prototype or MVP available
The roadmap is not detailed enough so that it would possible to judge project’s plan
Product
Risk and uncertainties
No legal specialist in the team was found
Team
Risk and uncertainties
Tokens will be available on exchanges only in 2019
Model
Risk and uncertainties
Lock up period of 1 year is very risky with the project with no MVP and unpredictable government ICO regulations
Low share of tokens for crowdsale raising the uncertainty about the token price volatility in the future
High maximum cap of token pool of 300M USD raising the risk of overestimation
No financial estimations and model provided
Finance
Risk level
3.6
Middle
Links
NKOR
NKOR is going to create blockchain-based ecosystem for registering, tracking, and distributing digital data.
Period
Start ICO
03.03.2018
Ended
Necessary investments
$ 8 000 000
Stage
No product, beta version have to be developed at Q2 2018.
Investment
Attractiveness
Risk and uncertainties
It is extremely hard to enter to the market due to strong network effect.
Competition between content distribution platforms is enormous.
Target markets and client’s profile is not stated at all.
Market
Risk and uncertainties
Product is not developed.
Blockchain technology makes content distribution process inconvenient for final consumers.
Product does not have clear focus on one type of content.
Roadmap shows, that at the end of the year platform has to be developed, which seems unrealistic.
Product
Risk and uncertainties
Team do not have enough developers to reach roadmap
Team members lives in different location and work remotely
Founders have legal education and experience, as a result, white paper has detailed disclaimer and company registered in Giblartar. Team do not have any responsibilities to potential investors.
Team
Risk and uncertainties
Content consumption market has extremely strong network effect.
Platforms without audience is not interesting for content owners.
Unless NKOR is only one content provider, project cannot protect IP.
Model
Risk and uncertainties
Project is overvalued.
There is no monetization plan.
Expected fund distribution is not proved by any calculations.
Inconsistent information on website and white paper.
Finance
Risk level
2.4
High
Links
Telegram Open Network (TON)
Telegram Open Network (TON) is a fast and inherently scalable multi-blockchain architecture. TON can be regarded as a decentralized supercomputer and value transfer system. By combining minimum transaction time with maximum security, TON can become a VISA/Mastercard alternative for the new decentralized economy.
Period
Start ICO
01.03.2018
Ended
Necessary investments
$ 1 100 000 000
Stage
The development of the TON project began in Q2 2017, the MVP network is scheduled to be launched in Q2 2018.
Investment
Attractiveness
Risk and uncertainties
There are already tons of large players in the market, ranging from banking wallets (CitiPay) to Fintechs (PayPal, Venmo).
TON has direct competitors across different services the company would like to build – from messaging to decentralized VPN services.
As of Proof-of-Stake consensus mechanism, it’s also in several large Blockchain projects, including Ethereum, immediate roadmap.
Market
Risk and uncertainties
The main product risk for TON is that many of the services have already been introduced by competitors and therefore might gain significant market share by the time TON launching its services.
As WhatsApp and Facebook messenger already have large market shares among western countries, it might be hard for the project to expand its market share in western countries.
All TON services are now only concepts and the characteristics of the final system may ultimately be very different from those claimed in WP, especially in terms of network bandwidth.
Product
Risk and uncertainties
At the moment, the whole project team is involved in Telegram. Despite the fact that TON and Telegram are strongly interrelated projects, their development should be separated.
Team
Risk and uncertainties
The model has a complex structure, and there is no prioritization of the selected directions. In this regard, it is not clear which direction of the development will be the main focus at early stages.
There is no data on the evaluation of economic effects of each of the indicated areas.
Model
Risk and uncertainties
The given cost distribution is not detailed and only highlights the use of funds.
The price per customer might be significantly lower than $40 for WhatsApp, as there are many customers of Telegram among countries with oppressive regimes. That is why the valuation of the company is arbitrary.
Since the outlines of the TON and Telegram projects are very diffused, this can eventually lead to the fact that not the ICO participants, but the founders of Telegram will be the main beneficiaries of the sale process.
The collected funds will finance Telegram roadmap, which is in fact closely related to TON, but still a different project.
Finance
Risk level
4.2
Low
Links
Pingvalue
Pingvalue is a people-centric open platform that innovates the current socio-economic model by enabling relevant and trustworthy interactions/transactions between people and businesses/institutions.
Period
Start ICO
11.02.2018
Ended
Necessary investments
$ 30 000 000
Stage
Mobile application and web version of product is ready, however, there is no blockchain-based product.
Investment
Attractiveness
Risk and uncertainties
Highly competitive market of online advertising and social network
Strong network effect on both markets.
Project is going to become local player.
Market
Risk and uncertainties
Product does not include blockchain-technology.
Less than 500 loads of mobile app throughout whole 2017 year.
Product
Risk and uncertainties
Team consist of 33 people, which is too much for current stage.
Tech and R&D team consist of 18 people, but white label does not have technical part.
Team
Risk and uncertainties
Roadmap of product does not include development of blockchain-based solutions.
Model
Risk and uncertainties
Project is overvalued.
Second round of financing was less than the first one.
Finance
Risk level
2.4
High
Links
Origin Protocol
Origin provides a simple and powerful javascript library for developers to build decentralized marketplaces, allowing buyers and sellers to meet and transact without requiring any trusted intermediaries.
Period
Start ICO
01.03.2018
Ended
Necessary investments
No data
Stage
Alpha version of the platform is available.
Investment
Attractiveness
Risk and uncertainties
There are several Blockchain projects that do not have the same features as Origin Protocol but aim to create similar products and already gained public attention and raised money, such as District0x and Openbazar. District0x, which creates a network of decentralized markets and communities, has already raised 10M USD during ICO last August.
The market of protocols seems to be heavily dependent on the "first-mover advantage", as the protocols will grow faster if they are unified and comply with the current solutions on the market.
Market
Risk and uncertainties
The team aims to create a complex product which requires vast amount of resources. That is why the feasibility of all the proposed features is unclear.
Origin Protocol will have to compete with large, established marketplaces across different industries. It is unclear if the team will be able to scale the project so that it will be possible to compete with companies like Airbnb, Fiverr or Uber.
Origin aims to expand its services globally but does not focus on any particular markets.
As the prices will be shown in fiat currencies but will be paid in crypto, which is way more volatile than the former one, it may lead to price differences. This can harm the customer experience.
The given roadmap is not enough detailed and only highlights some of the product development stages.
Product
Risk and uncertainties
The team is spread between Colorado and California.
Team
Risk and uncertainties
As the platform will require participants to deposit small amounts of token before creating a new listing or user profile, it might lower the attractiveness of the platform for the early users. As the users might be penalized if they falsely challenge legitimate listings or accounts, it may also decrease the attractiveness of the platform.
There is no information on how Origin Protocol will earn its money, so the commercial viability of the platform is not clear.
Model
Risk and uncertainties
Finance
Risk level
3.4
Middle
Links
TomoCoin
TomoCoin - an efficient blockchain infrastructure for decentralized applications, token issuance and integration.
Period
Start ICO
01.03.2018
Ended
Necessary investments
$ 8 500 000
Stage
Alpha version
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
3.6
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
Ended
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
Forty Seven Bank
Project connect the economy of fiat money and the economy of cryptocurrency and build platform for fintech developers.
Period
Start ICO
16.11.2017
Ended
Necessary investments
$ 4 000 000
Stage
Product is not developed. Banking license is going to be on June 1, 2019.
Investment
Attractiveness
Risk and uncertainties
The full-usage product will be ready only in the middle of 2019, as a result, competition level will be substantially higher
There are high regulatory risks in chosen market
Market
Risk and uncertainties
Now there is no developed product
Project does not have focus at all.
Product
Risk and uncertainties
Team
Risk and uncertainties
FSBT tokens are not crucial for banking services.
Due to the fact, that most part of the project’s profit comes from commissions, FSBT is not involved in profit generation.
Model
Risk and uncertainties
There is absolutely no information about income or costs from exchange and derivatives trading, rating agency business and ICO due-diligence, nothing about service for developers and income from developing the complicated ecosystem of developers.
Finance model is based on opportunistic assumption and take into account only part of the business
The team has unrealistically high expected income from trading (20%).
Commission income constitutes more than 70% of total income
Finance
Risk level
3.4
Middle
Links
Eroiy
The anonymous and safe payment method of the adult industry.
Period
Start ICO
01.03.2018
Ended
Necessary investments
$ 48 000 000
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
Right Mesh
RightMesh – mobile mesh network platform and protocol aiming to promote decentralized Internet in developing countries
Period
Start ICO
15.02.2018
Ended
Necessary investments
$ 30 000 000
Stage
Concept
Investment
Attractiveness
Risk and uncertainties
Larger market players are able to overcome the problem stated by Rightmesh more effectively with their vast experience
Not detailed market entry strategy
Market
Risk and uncertainties
No prototype available for testing
The project is considered to be complicated enough and tries to overcome a global problem, such aims are too optimistic on the current stage of development
The obstacles may rise when buying cryptocurrency in developing countries that may be a barrier for Rightmesh
Product
Risk and uncertainties
Generally the team combines the work under the project with work at another companies including CEO
The project includes serious technology implementation but the project suffers the lack of experienced technical specialists
Team
Risk and uncertainties
Rightmesh uses too categorical speech concerning their competitors, government and blockchain projects highlighting an unfair situation with the Internet in the world and the uniqueness of Rightmesh’s concept without any constructive analysis. It seems that Rightmesh hopes to attract investors mostly on emotional level
Token utility for project functionality is not proven, so the token price rise stimulus is not clear
Model
Risk and uncertainties
Low share of tokens for crowdsale – 30%, breaking market mechanism of setting the fair price for token
No financial estimation provided
Funds raised usage is not described in details so required funds may be unreasonable
Finance
Risk level
2.6
Middle
Links
Skychain
Skychain intends to provide an infrastructure to radically increase the efficiency of healthcare AI development and training.
Period
Start ICO
26.02.2018
Ended
Necessary investments
$ 30 000 000
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
3.0
Middle
Links
BeefCoin
BeefCoin - production of organic beef from farm to table.
Period
Start ICO
01.01.2018
Ended
Necessary investments
$ 2 000 000
Stage
Funding for expanding the production
Investment
Attractiveness
Risk and uncertainties
Market
Risk and uncertainties
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
Finance
Risk level
3.0
Middle
Links
Noxbox
Noxbox - blockchain service that allows you to obtain the service you need in the right place at fair price and at convenient time
Period
Start ICO
01.03.2018
Ended
Necessary investments
$ 4 000 000
Stage
beta-version
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
Winco
Decentralize the financing of startups, the franchise market and the real estate market and integrating physical and digital assets, used in these ventures as a payment form.
Period
Start ICO
19.02.2018
Ended
Necessary investments
$ 84 000 000
Stage
App development
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
2.4
High
Links
Globcoin
Globcoin is a platform providing the infrastructure to build baskets of 15 currencies and gold for the variety of uses including multicurrency payments and savings.
Period
Start ICO
12.02.2018
Ended
Necessary investments
$ 6 000 000
Stage
Globcoin has been providing a multicurrency prepaid card together with an app since 2016 (only 6 currencies are currently available: GBP, EUR, CHF, USD, PLN, CAD). SimilarWeb data on Apple Store and Google Play apps also are available. Globcoin’s app and services have their customers and comments. Proposing basket has already been successfully tested on major costumers. Smart contract code is published.
Investment
Attractiveness
Risk and uncertainties
Tough competition with fintech and blockchain companies as well as with traditional banking
Tough competition with ETHs and their diverse product range leaving Globcoin basket lagging behind.
Market
Risk and uncertainties
Lack of agreements with exchanges
No mechanism indicated of ensuring tokenholder’s returns.
Product
Risk and uncertainties
No blockchain specialist is found in the team
Technical specialists do not have previous significant experience before entering Globcoin
Some members combine Globcoin activity with working at other companies what may result in softening the focus on ICO project.
Team
Risk and uncertainties
Development strategy is based on Globcoin’s current products but the company does not disclose its previous performance results.
Model
Risk and uncertainties
Lack of Revenue, Profit margin, Net profit and FCF forecasting
Team and consultants’ part in token structure is high and equals to 20%. Also their compensation does not appear to be related to KPIs
Transaction fees concept and forecasts stated are not described in clear way
Funds usage process and plans are not disclosed
High pre-sale discount (40%), that increases the risk of rapid token sell-offs after ICO start date and further falling token prices.
Finance
Risk level
3.6
Middle
Links
EXMO Coin
EXMO Coin is a unique business model in the cryptocurrency world, as it enables investors to grow their crypto capital while staying confident about their investment security.
Period
Start ICO
26.02.2018
Ended
Necessary investments
$ 300 000 000
Stage
end-product
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
3.2
Middle
Links
Etheera
The Future of Global Real Estate including Portal + ALL IN ONE Software.
Period
Start ICO
16.01.2018
Ended
Necessary investments
$ 6 000 000
Stage
Graphical and Project Vision
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
3.0
Middle
Links
Refereum
Решение от Refereum позволяет обходиться без маркетингового посредника, напрямую вознаграждая influencers и геймеров за продвижение и активное участие в играх.
Period
Start ICO
12.02.2018
Ended
Necessary investments
$ 50 000 000
Stage
Прототип продукта
Investment
Attractiveness
Risk and uncertainties
Большая конкуренция в данном сегменте рынка – биржи influencers, многочисленные стриминг- и хостинг-платформы, работающие в сегменте eSports (и активно привлекающие VC-финансирование в последние 2 года).
Также в ближайшее время стоит ожидать выхода крупных игроков рынка рекламы в сегмент eSports, что еще сильнее обострит конкуренцию.
Market
Risk and uncertainties
Продукт Award.Network еще не готов, представлен только прототип.
Подключится к API Twitch может любой желающий – данный факт не является конкурентным преимуществом.
На данный момент подключена всего одна игра - hyperfleet- , которая по геймплею похожа на «танчики», что вряд ли обеспечит большую аудиторию, интерес influencers и удержание пользователей в ближайшее время.
Product
Risk and uncertainties
Все ключевые сотрудники компании параллельно заняты еще как минимум в одном проекте.
Team
Risk and uncertainties
Механика вознаграждения, заложенная в текущей бизнес-модели, будет интересна influencers только если токены Refereum будут высоколиквидными и расти в цене, либо плагин Refereum будет установлен в самых популярных играх от топ-разработчиков.
Model
Risk and uncertainties
На разработку и развитие платформы планируется потратить 25% от объема выпущенных токенов, что составляет $12,5M; учитывая, что компании необходимо создать просто платформу для influencers, затраты на разработку кажутся раздутыми.
Согласно данным PitchBook за последние 3 года, компании, работающие в сегменте influencer marketing, в среднем, привлекали от $400K до $1M в ходе раунда, при средней post-money оценке от $2 до $9M – следовательно, оценка Refereum явно завышена.
После проведения ICO, создатели намерены выделить $5M (в переводе цены токена на доллары) на собственные нужды, при этом на столь важные статьи затрат как мотивировка разработчиков игр и привлечение influencers выделяется всего $5M и $2,5M, соответственно – последние две цифры также выглядят чрезмерными.
Finance
Risk level
3.4
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
12.02.2018
Ended
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
Globitex
Globitex is a Bitcoin exchange with API capabilities for direct market access.
Period
Start ICO
10.02.2018
Ended
Necessary investments
$ 5 000 000
Stage
Launched in the summer of 2017 as a working prototype, it is being tested in a limited Beta mode and is expected to begin open public operations by the beginning of the year 2018.
Investment
Attractiveness
Risk and uncertainties
Digital currency operators and Bitcoin exchanges are the most common targets of distributed denial of service (DDoS) attacks according to a report titled “Q3 2017 Global DDoS Threat Landscape.”
The highest risk factor for small exchanges is security breach that could result in a loss of funds.
Market
Risk and uncertainties
The main risk for the product in the EU is that virtual currency exchange platforms and custodian wallet providers will be added to the list of obliged entities within the scope of the EU money laundering or terrorist financing directives.
Also, Globitex product should comply with the upcoming MIFID II regulations in EU which obliges OTF operators to provide pre-trade and post-trade transparency.
The roadmap is not clearly given in WP. The provided product development description only highlights the stages is not detailed.
Product
Risk and uncertainties
CTO of Globitex – Maris Kaneps – has 10+ years’ experience in managing IT development. However, the field of specialization cannot be verified and thus might not be relevant.
As the company will operate in the area of financial transactions, it is strongly recommended for the project to have experts in the area of IT security. The IT Security expert of Globitex – Pierre Roberge – is not employed at the company and develops EdTech Stratup for kids, according to linkedin.
What is more, the whole team is spread around the globe according to Linkedin. That is why robust development of the project might be at risk.
Team
Risk and uncertainties
The team does not explain how the exact fee level will be calculated. Therefore, the commercial viability of the platform is not clear.
The business model relies on the assumption of high demand and large amount of transactions that might not held due to significant number of already operating cryptocurrency exchanges.
Model
Risk and uncertainties
The Hard Cap valuation of Globitex is $15M and is 2X larger than the median US software companies seed stage post-money valuation.
Globitex does not provide any financial forecasts or assumptions for their growth.
Globitex team does not provide the split of anticipated expenditures.
Finance
Risk level
3.6
Middle
Links
PolicyPal Network
PolicyPal Network is a new generation of an insurance company. It would provide insurance for crypto assets and P2P Mutual Aid Products for Emerging Markets.
Period
Start ICO
08.03.2018
Ended
Necessary investments
$ 21 000 000
Stage
Head company PolicyPal has app with more than 50k downloads on Google Play and AppStore. Although PolicyPal is a running company, PolicyPal Network itself does not yet have an alpha or prototype.
Investment
Attractiveness
Risk and uncertainties
Market
Risk and uncertainties
There is no even alpha version of the blockchain product.
Roadmap is extremely ambitious, within 1 year almost everything have to be done.
Product
Risk and uncertainties
Founders have great, but mostly corporate experience.
Team
Risk and uncertainties
Model
Risk and uncertainties
The financial model was not presented.
Finance
Risk level
4.2
Low
Links
Insights Network
The Insights Network is a conglomerate of Consumer Applications on mobile and web specializing in the collection of targeted consumer data that rewards users in digital currency for participating.
Period
Start ICO
05.02.2018
Ended
Necessary investments
$ 24 000 000
Stage
The product is only on a concept stage of development
Investment
Attractiveness
Risk and uncertainties
The main concern for the consumer data market growth is the risk of compromising Vital Consumer Data.
The largest players of this segment are Acxiom, Nielsen, and Experian which cover more than a half of the American consumer data market.
Market
Risk and uncertainties
The product is only on a concept stage and the alpha version has not yet been launched.
It is worth noticing that the issued ERC-20 tokens will be later replaced by EOS tokens. The EOS Blockchain has not been itself launched.
The popularity of the platform will heavily depend on the network effect i.e. how many people will register on Insights Network.
The given roadmap is not enough detailed and only highlights some of the product development stages.
Product
Risk and uncertainties
The team is spread around the globe. According to Linkedin, the employees are located in San Francisco, Chicago, and Copenhagen.
Team
Risk and uncertainties
There is no information on how INSTAR will earn its money, so the commercial viability of the platform is not clear.
The popularity of the platform will heavily depend on the network effect i.e. how many people will register on Insights Network.
Model
Risk and uncertainties
The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures.
There is no information about Soft Cap.
30% of tokens will not be available for sale and will be kept by team. There is no information about vesting scheme for the team reserves.
There is no information about escrow in case the hard cap will not be reached.
Finance
Risk level
3.4
Middle
Links
Datawallet
DataWallet is a Consumer-to-Business (C2B) data marketplace with a mission to allow personal internet users to reclaim the profits made with their data, and give enterprise clients access to the best data of all times.
Period
Start ICO
05.02.2018
Ended
Necessary investments
$ 30 000 000
Stage
Mobile app is ready. Blockchain project is not ready. Roadmap does not state dates, when it have to be ready.
Investment
Attractiveness
Risk and uncertainties
The CEO provides forecast from 2012 year.
Potential use cases have strong non-blockchain competitors.
Market
Risk and uncertainties
Blockchain product is not ready and there is no deadline for it.
There is no incentives for developers to use Datawallet API.
Product
Risk and uncertainties
Most part of founders team joined in the last 3 months.
Founders lives in 3 countries: USA, Germany and Italy.
Some of team members does not mention connections with the project in LinkedIn
Team
Risk and uncertainties
There is no incentives for users to share their data on the platform.
Model
Risk and uncertainties
There is no monetization plan.
The last founding round was 100 times less, than current goal.
Finance
Risk level
3.0
Middle
Links
KickCity
KickCity is building Decentralized Event Management & Marketing Protocol on Blockchain
Period
Start ICO
01.02.2018
Ended
Necessary investments
$ 12 500 000
Stage
Working Product
Investment
Attractiveness
Risk and uncertainties
Market
Risk and uncertainties
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
Finance
Risk level
3.6
Middle
Links

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