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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
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
GEMS
Gems is a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain.
Period
Start ICO
10.02.2018
Ended
Necessary investments
$ 18 000 000 000 000
Stage
Pre-Alpha demo version of GEMS is available on the website.
Investment
Attractiveness
Risk and uncertainties
The market of online gig economy grew by 26% during the last year, however the part of the market where GEMS will operate - Clerical and data entry - did not grow at all in net terms.
The micro-tasks market is heavily dominated by large players, such as Amazon Mturk and CrowdFlower.
Also, there is another ICO entering the micro-tasks market that recently raised 30+ million dollar (Storm).
Market
Risk and uncertainties
There is no information regarding the number of alpha-version users.
The popularity of GEMS is heavily depending on overall cryptocurrency acceptance and the pace of crypto-to-fiat conversion mechanisms adoption. The main area where GEMS can attract more customers (developing markets) currently does not have convenient tools for crypto payments and conversion.
The date of token utilization and availability of services to use is not clear.
Even though GEMS states that they will cope with the problem of multiple verifications of the work done, they do not explain how the problem will be addressed.
The roadmap given on Medium post does not seem feasible as the team consists of 2 people.
Product
Risk and uncertainties
None of the advisors mention GEMS as their advisory-project on Linkedin.
Apart from the founders of the project, the team behind GEMS is not clear.
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.
The team says that the project will facilitate most of the transactions off-chain in order to pay less for GAS. However, GEMS does not explain how the gas payment will be paid in the end.
The proposed competitive advantage over traditional platforms is based on the assumption that using GEMS protocol, work providers will hire less workers. This assumption is not proved.
Model
Risk and uncertainties
The team of the project bans telegram channel users who ask questions about the financial side of GEMS.
GEMS does not clearly states the financial metrics. The token distribution structure is not completely clear.
The initial hard cap will be around 18 trillion USD which is tremendously huge number for a new project. As there will be 2B tokens issued, the price per token will be around 9K USD. Therefore, the ROI might be low or even negative.
According to the same post, 75% of tokens will not be available for sale and will be kept by team. Moreover, there is no information about vesting scheme for the team reserves.
The project will use Dutch auction model for its token price determination. That is why the probability of a huge price dump when GEM token hits the exchange is very likely.
There is no information about the time frames of ICO.
Finance
Risk level
2.4
High
Links
Rentberry
Rentberry is a decentralized long-term rental platform for real estate that will use Blockchain to make the rental process less costly and more convenient and secure.
Period
Start ICO
05.12.2017
Ended
Necessary investments
$ 3 000 000
Stage
The commercial version of the platform (without Blockchain) was launched in April 2017 and has data for 224K+ listed properties across 4,9K+ cities in the US. The Blockchain solutions will be implemented in 1H 2018.
Investment
Attractiveness
Risk and uncertainties
The long-term rental platforms market already has several successful projects, such as Aquilando and Spotahome. The latter one raised $13.6M in several stages, according to Crunchbase.
The competition on the market is tight on a local level: there are both startups with existing solutions and existing customers (for example, OneRent in Bay Area, ErasmusInn in Europe) and old-fashioned players (rental agencies) here trying to capture the share.
Market
Risk and uncertainties
They also plan to expand geographically in 2018. The expansion seems too fast and the compliance with local authorities’ risk has to be considered
Rentberry’s roadmap for the next two years seems too general and could be more detailed.
Product
Risk and uncertainties
None of the core team members has previous experience in real estate market and this can slow down the expansion of the project.
It is worth noting that the social media pages of Rentberry (Twitter, Facebook) seems to be pumped by subscribers with no activity.
Team
Risk and uncertainties
The large volume landlords will have incentives then to split their business on the platform to avoid fees and this risk for monetization has to be considered.
Model
Risk and uncertainties
The total amount of tokens for sale is 400M, which gives the total number of tokens ~571M. When the clarifying question about the total number of tokens was asked via Telegram chat, the team did not give clear answer and ignored the question
Pre-money valuation of Rentberry is about $7M according to their own note. This is slightly above the median pre-money valuation of the same stage companies, according to Pitchbook.
The company does not provide financial forecasts but gives an estimation of the platform’s possible growth. However, these estimations seem too ambitious.
The ICO will last for 3 months and could be prolonged for another 30 days. This of course is a downside of the project as the investor's money will be freezed on accounts for several months.
As the company offers bonuses for large buyers, the small buyers should consider the risk of price volatility.
Currently, there are no official agreements with exchanges to list BERRY tokens on them.
Rentberry provides the distribution of funds collected in percentage terms and gives short description of each section. However, the sections description does not provide detailed information about certain investment goals
As the expansion strategy supposed to be rapid, the amount of funds allocated to the expansion may not be sufficient.
Finance
Risk level
4.0
Low
Links
Raison
RAISON is an AI-based platform designed to handle investments and personal finance.
Period
Start ICO
07.12.2017
Ended
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
MARK.SPACE
MARK.SPACE is a VR-ecosystem that allows its users to create, share, and also sell a unique VR / 3D content, including this tied to real goods and services.
Period
Start ICO
31.10.2017
Ended
Necessary investments
$ 77 300 000
Stage
Product demo - prototype is ready
Investment
Attractiveness
Risk and uncertainties
High-level competition on the market by leading technology companies - despite the fact that there are no MARK.SPACE analogues yet, the market players have all the resources for replicating such business model, if its market acceptance will be fully confirmed.
Certain elements of the product offer, such as residential districts, may have problems with market acceptance due to the presence on the market of such solutions as Instagram that satisfy the same user need in a more natural way.
Market
Risk and uncertainties
Although the project provides an opportunity to use the services of the platform via PC and other standard devices, nevertheless, in the absence of VR-glasses, an expensive prerequisite and a poorly distributed device, the originally conceived customer experience concept is lost.
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 as "seamless" and even logical for the user.
Product
Risk and uncertainties
The absence among the team members of a sufficient number of specialists with experience in blockchain development.
A number of representatives of the company's management core does not provide an opportunity to verify information on competencies stated in official documents even through classical social networks, not to mention professional ones like LinkedIn.
Team
Risk and uncertainties
The MARK.SPACE business model is in a subordinate position in relation to the interest of the miners to this project.
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.
The MRK-token may not settle down as a means of payment within the platform due to the availability of a more customary alternative in the face of fiat money, therefore, the company risks losing an important component of the community's demand for its own token, which may lead to negative MRK dynamics.
Model
Risk and uncertainties
There is no mechanism for returning funds to investors.
The company does not provide any forecasts of its financial activities.
The system of discounts 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 early-stage 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 - only business angels like hockey player Evgeni Malkin.
Finance
Risk level
3.6
Middle
Links
THE KEY
THEKEY is a decentralized ecosystem of Identity Verification tool using national Big-data and Blockchain in China.
Period
Start ICO
01.02.2018
Ended
Necessary investments
$ 22 000 000
Stage
First generation of non-blockchain IDV product has been developed and implemented in Chinese cities.
Investment
Attractiveness
Risk and uncertainties
Chinese market of IDV is huge, but highly depends from government.
Market
Risk and uncertainties
Blockchain does not bring substantial benefits for the product
Product
Risk and uncertainties
Team
Risk and uncertainties
Identification process seems to be not the simplest and the most convenient for the client.
It is not explained, which side of the model have to pay for such service.
Model
Risk and uncertainties
No monetization plan has been presented.
Finance
Risk level
4.0
Low
Links
CREDITS
CREDITS is an open blockchain platform with autonomous smart contracts and an internal cryptocurrency. The platform is designed to create services for blockchain systems using self-executing smart contracts and public data registry.
Period
Start ICO
15.02.2018
Ended
Necessary investments
$ 15 000 000
Stage
As of 25th December 2017, an MVP of the platform is available on CREDITS website.
Investment
Attractiveness
Risk and uncertainties
There are already several successful platforms with large customer base, such as Ethereum, Lisk, Waves, and Stratis; that is why it might be hard for CREDITS to expand its network and attract new customers due to network effect.
Market
Risk and uncertainties
Though some functionality can be already tested, the product is still at a very early stage and the release is only planned for June 2018 and this date is subject to change.
The roadmap is only given for 1H 2018 and is split by the product development stages. It gives only the highlights of development. In general, the roadmap could be more detailed.
Product
Risk and uncertainties
The CEO of CREDITS – Igor Chugunov – has previous executive experience. However, this experience was in the area of marketing and advertising, not in tech. He previously worked at IT-finance company but again focused on marketing.
Business Development & Marketing specialists of CREDITS do not have enough relevant experience prior to joining the company.
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
CREDIT does not explain how the exact fee level will be calculated. Therefore, the commercial viability of the platform is not clear.
Mining of new tokens will not be available on the platform. That is why, it might be hard to attract new users on the platform.
Model
Risk and uncertainties
The Hard Cap of CREDITS is $20M, the Soft Cap is $15M. The Minimum Cap of $1.5M has already been reached. The Soft Cap is well above the median size of the investment round of companies at the same stage. (US software startups, seed stage, Pitchbook).
As CREDITS will sell 60% of tokens during pre-ICO and ICO, the company valuation will be around $25M in Soft Cap scenario and $33M in Hard Cap scenario. These figures are 3X and 4X times higher than the median US software seed stage post-money valuations respectively.
CREDITS will reserve 15% of tokens for the core team. The team bonus then will be around $3.75M and $5M in Soft Cap and Hard Cap scenarios respectively. Now, the team bonus is not bundled to any KPI and does not have vesting scheme.
CREDITS does not provide any financial forecasts or assumptions for their growth.
The given expenditures’ structure is too broad and is not detailed.
Finance
Risk level
3.6
Middle
Links
DEEX Exchange
DEEX is a fully functional decentralized ecosystem including DEX cryptoexchange, secure messanger, ICO platform with decentralized escrow, merchant, cryptocards and crypto ATMs.
Period
Start ICO
10.01.2018
Ended
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
3.0
Middle
Links
TokenStars TEAM
The first celebrity management platform on the blockchain, providing advanced tools and incentives for deeper interaction between stars, fans and advertisers.
Period
Start ICO
20.12.2017
Ended
Necessary investments
$ 5 000 000
Stage
Launched: the first module is out, powering the blockchain-based Crypto Xmas Charity Auction: https://tokenstars.com/charity
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
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
Ended
Necessary investments
$ 14 791 000
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
dock.io
Dock.io is a decentralized data exchange protocol that lets people connect their social profiles across different web services with privacy and security.
Period
Start ICO
21.02.2018
Ended
Necessary investments
$ 20 000 000
Stage
Alpha version available
Investment
Attractiveness
Risk and uncertainties
The market of professional networks looks quite fragmented and established, that is why it is unclear if dock.io will be able to gather all the users from different platforms in one place.
The motivation for users to switch from their current professional network platforms to dock.io is unclear.
Market
Risk and uncertainties
The platform will run on Ethereum Blockchain and will need a relatively high transaction throughput to operate with such a large number of users and applications. That is why, there are potential scaling problems.
Some of the alpha version elements (for instance, importing data from LinkedIn page) were copied from Remote.com interface.
Also, the bounty campaign of the platform looks too generous. The team gives tokens for a very simple task, such as following the company's pages on social networks.
Product
Risk and uncertainties
However, the core team of Dock is currently involved in another related but still different project - Remote.com.
Team
Risk and uncertainties
The users may not be interested in sharing their personal data without getting any reward in return.
It is not clear how the platform will make money.
Model
Risk and uncertainties
The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures.
The team aims to raise 30M USD by selling 30% of tokens. This gives company's valuation around 100M USD. This figure is way above the post-money valuation of comparable startups on the US market, according to PitchBook data.
Finance
Risk level
3.4
Middle
Links
DADI
DADI is a global, decentralized cloud platform, focused on the provision of web services to help clients build, scale and grow digital products.
Period
Start ICO
29.01.2018
Ended
Necessary investments
$ 4 000 000
Stage
DADI technology has been in active R&D for four years and some of its Web Services are already live.
Investment
Attractiveness
Risk and uncertainties
The part of the market that DADI aims to enter- Cloud Application Infrastructure Services (PaaS) – has the smallest share of Worldwide Public Cloud Services market. It will only have around 4% of the whole market by 2020.
DADI has direct competitors in the market of application infrastructure services with working products, such as Readz, woopie, and Zmags and its competitive advantages are not clear.
Market
Risk and uncertainties
As DADI will also create a built-in exchange, allowing Consumers to purchase services in their currency of choice, the security risk of exchange has to be considered as they are the main target of hacker attacks.
The product does not have competitive advantages over similar products, such as Woopie or Magloft.
Product
Risk and uncertainties
CEO’s core experience is related to digital marketing, not to the development of web tools.
There are no core Blockchain specialists in the core team.
The team of advisors is not large and does not have strong experience in related areas.
Team
Risk and uncertainties
The exact fee level is not given in WP and so the commercial viability of the platform is not clear.
Model
Risk and uncertainties
The Hard Cap valuation of DADI is $50M and is 6X times larger than the median US software companies seed stage post-money valuation.
The only motivation for purchasing DADI tokens is the usage of the platform in the future.
The given split of anticipated expenditures only gives percentage terms, not the real figures.
Despite having vesting scheme, the size of the bonus for the team is quite large.
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
18.01.2018
Ended
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
Dogezer
Dogezer is a SaaS platform integrating functionality of the tools similar to GitHub, Jira, Slack, Google Docs, and UpWork, in one ecosystem and providing all the necessary for management of software development, allowing members of the team to become product investors by the time investment and work in the developed product
Period
Start ICO
15.01.2018
Ended
Necessary investments
$ 20 000 000
Stage
Alpha version
Investment
Attractiveness
Risk and uncertainties
The value proposition formulated by the company for the target segments is not verified.
Evaluating platform application for IT startups, there is a question of long-term motivation of employees in case of absence of net profit during the long-term period.
Demand from the market isn't verified and not confirmed.
Absence of certain go-to-market strategy.
Market of tools for IT developers is highly competitive and imposes high requirements of offered tool quality.
Market
Risk and uncertainties
The current functionality of the platform copies and combines successful decisions of third-party developers (GitHub, Jira, Slack, Google Docs, and UpWork), but doesn't guarantee quality at the same level.
It is impossible to estimate a product, because of lack of its beta version.
Product has no strong competitive advantages among other outsourcing platforms.
There are no proofs of experience with big traffic, aspects of platform safety remain unaddressed.
Product
Risk and uncertainties
In team there are no specialists with competences of creation and development of large business.
In team there are no participants, who can effectively managed marketing budgets over $1 million.
Team members are in parallel involved in Wearehere Labs that can exert negative impact on focus and motivation.
Team
Risk and uncertainties
The business model relies on the overestimated expectations of developers’ transfer from existing tools to Dogezer. At the same time, motivation mechanism offered by Dogezer has a number of serious vulnerabilities in it. It is unsuitable for the projects with long-term period of reaching operational profit (in this case the employee's long-term motivation is hardly probable.
Model
Risk and uncertainties
The company plans to raised about $20 million in case of the successful scenario, herewith, post-money valuation (after investments) for analogues in IT segment in US market (according to Pitch Book) is $7M.
The average size of an investments round for the company comparable to Dogezer, is $1M. (according to PitchBook taking into account life time of the company and the status of a product).
Proceeding from DGZ tokens functionality, purchasing of it tokens is value only if the participant wishes to become the user of the platform further.
The company does not provide adequate current and achievable expected financial forecasts.
Finance
Risk level
2.8
Middle
Links
Neuromation
Neuromation is a platform on Ethereum blockchain which enables building a library of synthetic data using the distributed computing power of private and commercial mining service providers.
Period
Start ICO
07.01.2018
Ended
Necessary investments
$ 30 000 000
Stage
Some ML models was implemented to real tasks. Platform is not developed.
Investment
Attractiveness
Risk and uncertainties
Primary clients for this platform is AI system developers.
Real market size for this platform is not as huge.
Researchers are already involved in another AI ecosystem.
Market
Risk and uncertainties
No information about current stage of platform development.
Stages of platform development is connected with attracted money.
All working examples was made in Russia, despite of the fact, that nominally company is based in Tallinn.
Product
Risk and uncertainties
Team works remotely
Almost all team members involved in project part-time
Team
Risk and uncertainties
No first revenue from clients.
The miner will receive reward in NeuroTokens, but this function is not developed yet.
Neuromation Lab is crucially depends on the quality of the models and industrial solution, however, nowadays we could not predict that.
Model
Risk and uncertainties
Projects goal is not matched with the financial projections of the project.
55% of projected revenue based on unconfirmed assumptions.
Finance
Risk level
3.2
Middle
Links
Botchain
A decentralized bot registration, identification, communication, and audit platform built on the Ethereum blockchain and focused on businesses enabling the future of workplace automation and communications.
Period
Start ICO
15.01.2018
Ended
Necessary investments
$ 15 000 000
Stage
MVP is not ready yet and is expected to be launched in January 2018.
Investment
Attractiveness
Risk and uncertainties
The global chatbot market is expected to reach USD 1.25 billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand View Research, Inc.
There are already both large players in the chatbot market, including Baidu, Poncho, Kik, WeChat, Money Inc, ReplyYes and SRI International, as well as smaller companies, already providing chatbot marketplaces, such as BotMakers Chatbot Marketplace and BotList.
Market
Risk and uncertainties
As of December 2017, MVP has not been launched and is expected to be launched in January 2018 with limited functionality, providing the bot identification tools only. As the commercial product is not available yet it is hard to evaluate it further.
The roadmap of the product development provided by the team in WP seems too general and does not have enough specifics to analyze the feasibility of product development.
Product
Risk and uncertainties
The team has previous experience of working together at Talla – A.I. powered startup that raised already $12.3M. However, this focus on two projects at the same time might jeopardize growth opportunities for Botchain.
The Blockchain architect – Matt Conway – is on freelance and is not employed at Botchain.
The core team lacks marketing and sales people. This can slower the expansion of Botchain.
Team
Risk and uncertainties
As the service can only be accessed using BOT tokens, the potential customer base for Botchain might be smaller.
Botchain will charge fees for the services. However, the team does not provide the commission level or any related specifics. That is why the commercial viability of the platform is not clear.
Model
Risk and uncertainties
Botcoin does not clarify the exact amount of issued tokens. The WP and BitcoinTalk forum tells about 30M BOT tokens, while on the ICO website they tell about 40M BOT tokens.
The required investment ($22.5M) is significantly above the average size of the round of companies at the same stage. ($2M, According to Pitchbook).
The team and advisors tokens reservation will be then around $11.25M and $15M which seems excessive, especially because the reserves are not tight to any KPI.
The team does not provide any financial forecasts or assumptions for their growth.
Botchain does not provide costs structure. Therefore, it is hard to say something specific about their financial model.
The length of the ICO, the token delivery date, the exchanges where token might be listed is not given.
The issued token – BOT token – will be used to pay for the services provided in system. The team gives some examples of use cases but this list is not complete and is subject to change.
Finance
Risk level
3.6
Middle
Links
Bluzelle
Bluzelle – ecosystem allowing users to monetize their free hardware space for database storage
Period
Start ICO
18.01.2018
Ended
Necessary investments
$ 19 500 000
Stage
Alpha version with available github code
Investment
Attractiveness
Risk and uncertainties
Strong competition on market from blockchain startups and major corporations dealing with database storage and management
Market
Risk and uncertainties
Product is related to growing technologies, but still is not developed enough: funds raised are generally projected to be sent to R&D
Product
Risk and uncertainties
In spite of the strong technical team, little information is provided about non-technical specialists in marketing or legal issues, for example
Team
Risk and uncertainties
Complicated double-token system may turn an obstacle for attraction larger client
Token distribution date is set one month from the end of ICO, however no escrow is used: it means higher risk of considering this ICO as a debt investment by SEC
Token demand seems to be high with hard-cap already raised by 60%: there is the risk of fast ICO and the low availability of token
Model
Risk and uncertainties
Tokens for crowdsale are 33% of the token supply: such rate is low and contributes to token concentration
No current and projected financial indicators are provided
Soft-cap is not indicated and hard-cap of 19,5M USD is considered to be a goal
High 30% bonus for pre-sale investors increasing the risk of the rapid sell off when starting trading on exchanges
Finance
Risk level
3.8
Middle
Links
AidCoin
AidCoin is a platform connecting non-profit community setting full transparency and traceability of donations.
Period
Start ICO
16.01.2018
Ended
Necessary investments
$ 2 800 000
Stage
Smart Contract is published and available on Github. The first beta of the core technology AidChain is to be delivered in the Q1 2018 – after the ICO.
Investment
Attractiveness
Risk and uncertainties
Non-profit sector is not much attractive for investors and investments are mostly considered as philanthropic
No beta is provided leaving project’s future uncertain
Market
Risk and uncertainties
The product’s prospects are hardly evaluated as the first beta is projected to be provided after the ICO.
Product
Risk and uncertainties
The business model of the parent company and the Aidcoin’s one are not related, but the majority of team are engaged in two activities simultaneously increasing the risk of losing focus of team to the Aidcoin project
The project suffers the lack of experienced blockchain specialists in team, and they are projected to be hired after the ICO.
Team
Risk and uncertainties
Monetization model is not determined and any returns from investments are not promised
Economic model of keeping token price stable is still under development and the project still has not chosen this policy.
Model
Risk and uncertainties
No financial indicators estimation is provided as well as the monetization model
35% of funds will be sent to business development that mostly includes costs for new collaborations with charities, crowdfunding platforms and international expansion. In comparison, that amount is particularly equal to technical development (40%) and requires more details
Minimum contribution size is 1000 CHF, that is a significant entry barrier for investors
Aidcoin states plans for listing on top exchanges in January, but the company is still in negotiations
Finance
Risk level
2.8
Middle
Links
AMLT Coinfirm
AMLT is a platform for simplifying AML/CTF (Anti-Money Laundering and Counter Terrorist Financing) compliance procedures in Bitcoin, Dash and Ethereum transaction.
Period
Start ICO
12.12.2017
Ended
Necessary investments
$ 50 000 000
Stage
Company already has developed Coinfirm AML/CTF Platform. Also company has strong partners within Blockchain Industry.
Investment
Attractiveness
Risk and uncertainties
Some countries have blocked operations of Coinfirm. The biggest issue is US market. As a result, Coinfirm has high legal risks.
Such services has very strong network effect. As a result, project has high risks in competing with interbank analogs and other project. The only few leaders should remain on the market in the future.
Market
Risk and uncertainties
GitHub code is not available.
Current stage of product is "Pre 1.0". Only at stage 1.0 it would be possible to purchase reports by AMLT. There is no fixed deadline, when stage 1.0 would be realised.
Nowadays company promise discount rates for AMLT users, but does not state exact discount. As a result, it is not possible to calculate future value of AMLT tokens.
Product
Risk and uncertainties
There is not enough information on LinkedIn about founders team.
It seems, that team of more than 30 people is too much for current stage of the project.
Team
Risk and uncertainties
In fact it is b2b model. Value for private investors is unclear.
Model
Risk and uncertainties
Company has not shown any financial reports, despite of the fact, that it already has clients and partnerships.
Finance
Risk level
3.4
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
Ended
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
Ended
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

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