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Comprehensive assessment of ICOs

Name
Description
Period
Necessary investments
Stage
Investment attractiveness
Risk level
Links
Kasko2go
Kasko2go is a smartphone-based insurance solution on demand, that already offers an individual approach to every client in Russia and Ukraine. The insurance coverage is per minute, kilometer or day.
Period
Start ICO
25.05.2018
End: 32 d
Necessary investments
$ 3 000 000
Stage
Mobile app is available on App Store and Google play, however, it has only few hundred downloads and does not have any blockchain solutions build-in it.
Investment
Attractiveness
Risk and uncertainties
The insurance market is highly regulated in many countries.
First markets for the project is Russian Federation and Ukraine.
Market
Risk and uncertainties
There is only few hundreds downloads of current version of mobile app. According to roadmap, already there have to be 15000 users in Russia.
The earlies version of the mobile app was realized in December 2017.
It is almost impossible to calculate repair costs after accident without detailed analysis of the car. (only by photo)
There is no own insurance company. Usage-based Insurance is going to be in partnerships with other insurance companies.
Product
Risk and uncertainties
All Kasko2go team located in Ukraine and Russia, except Advisors and investors.
Team
Risk and uncertainties
Business model is not proved nowadays. It is unclear, why insurance companies should work with Kasko2go.
All business fully depends on partnerships with insurance companies, there is no own insurance company.
Model
Risk and uncertainties
Substantial decrease of insurance premium would not lead to maximum profitability.
No exact expenses are presented.
Finance
Risk level
3.2
Middle
Links
OneLedger
OneLedger – decentralized platform for different blockchains integration
Period
Start ICO
10.05.2018
End: 32 d
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
End: 46 d
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
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
End: 6 d
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
Seele
Seele is powered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and is able to form a unique heterogeneous forest multi-chain ecosystem.
Period
Start ICO
TBD
Necessary investments
$ 30 000 000
Stage
Concept stage. MVP is not available.
Investment
Attractiveness
Risk and uncertainties
The project aims to create Blockchain 4.0. The team names Bitcoin "Blockchain 1.0", Ethereum "Blockchain 2.0", EOS "Blockchain 3.0". This gradation does not seem convincing, as neither so called "Blockchain 2.0" nor "Blockchain 3.0" has been developed.
Market
Risk and uncertainties
The team banns people asking clarifying about the project on telegram chat.
it claims to be "Blockchain 4.0", meanwhile its GitHub is only 15 days old. Claiming to be "blockchain 4.0", while putting Ethereum as "Blockchain 2.0" and Bitcoin as "Blockchain 1.0" is completely irresponsible.
Project claims to be "multi-chain ecosystem" and Blockchain 4.0, meanwhile it creates ERC-20 standard tokens based on Ethereum blockchain.
According to the white paper, "From the random selection of nodes in the consensus process,... the user calculates from his private key whether or not it is selected... this random selection process is non-interactive, the attacker could not in advance know which nodes are selected". It's not an accurate statement, since attacker knows HIS OWN private key
According to the whitepaper "with s not less than 20%, for the system that failure of the node does not exceed 40%, are able to achieve the overall system convergence. If the value of s is high, the fewer number of convergences are required, the better" That's a completely incoherent statement.
Twitter account and Bitcointalk thread were created at the end of January,
Heterogeneous Forest Network is supposed to be a multi-layer blockchain structure, while this structure is absolutely possible, we don't have any practical tests or calculations that can prove scalability of this particular network; There are no confirmations and tests from verified by independent 3d party;
Per official website "Our network and consensus not only concept proven, but also prototype verification in our test network. we're trying to test in more larger scale network", however there are no publicly available prototype that is opened for public test therefore this statement can't be supported by evidence;
The whitepaper has references to Wikipedia,
Product
Risk and uncertainties
The CEOs are not blockchain experts. If you search for the CEOs and others in their universities homepage, such as Dr. Bi Wei, you can see that he was a Glaucoma researcher there. If you do it with the other members, too, you'll see that they have been PhD students there but that's it. Nothing blockchain related at all.
Lack of advisers: only two advisers are represented on the official website, both do not seem trustworthy and do not have sufficient experience.
UCL CBT confirmed that Seele does not have partnership with the society. All other partnerships on the website were not confirmed.
Team
Risk and uncertainties
The project aims to create "Blockchain 4.0" but issues ERC-20 tokens based on Ethereum. Seele aims to create a platform for new blockchain and does not provide information regarding the commercial viability of the platform.
Model
Risk and uncertainties
The project aims to raise 30M USD by selling 48.25% of SEELE tokens. This gives post-money company valuation around 62M USD. This figure seems way above the median valuation of comparable companies, using Pithcbook data.
There is no information on the distribution of expenses.
The minimum contribution-level during ICO is not given.
It is worth noticing that the investors in the ICO of the project were scammed and robbed for $2 million worth of ETH. The scammers were the impersonators of Seele ICO employees.
Finance
Risk level
2.2
High
Links
Bottr
Bottr is an ecosystem powered by smart messaging that rewards you for doing and sharing with others what you love and know.
Period
Pre-ICO
17.03.2018
End: 8 d
Necessary investments
$ 2 000 000
Stage
Chat bot platform is ready and Botcoins are implemented and transferable within the platform.
Investment
Attractiveness
Risk and uncertainties
Competition on chatbots market is huge, only the best project will survive.
Market
Risk and uncertainties
For some reasons, responses in current chatbots are extremely slow.
Product
Risk and uncertainties
CEO and Founder have only corporative experience.
Team
Risk and uncertainties
Model
Risk and uncertainties
The monetization of the chatbots would not happen in near future.
Finance
Risk level
4.6
Low
Links
Nousplatofrm
Platform that provides escrow, technical and legal framework for decentralized managed investment funds based on blockchain technology.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
Currently the product is not available to test, there is no public beta and no information if MVP is ready.
Investment
Attractiveness
Risk and uncertainties
There are already several projects aiming to create tokenization protocols, which already raised money. For instance, BankEx which creates PoA protocol to tokenize different types of assets, already raised 70M USD and is about to launch asset-backed exchange.
The regulation behind investment funds might be a significant barrier to growth for Nousplatform.
Market
Risk and uncertainties
Facebook page seems pumped. There are 26K+ likes, while the average activity for the other social networks is no more than 3K.
As Nousplatform will provide its services to investment funds, the legal framework for establishing Nousplatform is one of the most critical aspects of the business.
Currently the product is not available to test, there is no public beta and no information if MVP is ready.
Product
Risk and uncertainties
The CEO of Nousplatform was only selected in January and is still employed at his previous job.
The core team is spread around the globe and is not fully operates from Edinburgh - the city where Nousplatform is registered.
Blockchain developer of the product is not employed by Nousplatform, according to his LinkedIn profile.
The technical part of the team does not have strong expereince. The front-end developer is majored in education and does not have prior relevant development experience.
The experience of several developers of Nousplatform cannot be verified via Linkedin.
Team
Risk and uncertainties
The model might be unsuccesful if not compliant with the current investment funds regulations.
Model
Risk and uncertainties
The amount of kept tokens - 80% - is high.
Nousplatform may have high levels of complicance risk in case all the requirements of Regulation D of the United States Securities Act will not be followed.
The expenses distribution is not given in a detailed manner.
Hard Cap is above the median values for comparable companies.
The rationale behind issuing two types of tokens is not clear.
Finance
Risk level
3.2
Middle
Links
Codex
The Codex is a decentralised title registry for Art & Collectibles backed by a strong consortium industry.
Period
Start ICO
TBD
Necessary investments
$ 20 000 000
Stage
It is not clear if any of the product are now in Beta version or MVP.
Investment
Attractiveness
Risk and uncertainties
Codex isn’t the first to see the benefits of blockchain in the art world. Verisart is a Los Angeles-based startup founded by the former CEO of Saatchi Online and Sedition Art, that launched in 2015. Verisart’s mobile app uses the bitcoin blockchain to let artists, collectors and dealers verify provenance in real time.
Artchain.info is another startup using blockchain to generate certificates of authenticity. In this field, it is also worth noticing Everledger, Ascribe, Blockai, and Monegraph.
The further steps of product development(i.e. after launching Biddable and Sellable) are not clear from WP.
Market
Risk and uncertainties
It is not clear how the registration of A&C items with history of ownership will be conducted.
Even though the team explains how they will address the risk of linking physical items to digital records, this question still has to be considered.
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
It is worth noticing that the company will issue two tokens: one is ERC-20 compliant and the second is ERC720-compliant i.e. the second token is non-fungible.
Now, there is no information regarding hard/soft cap, expenses distribution, etc.
Finance
Risk level
3.6
Middle
Links
Atonomy
Atonomi provides a new security protocol and infrastructure to enable billions of IoT devices to have trusted interoperability for both data and commerce.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
Product is not developed. Parent company – CENTRI Technology provides security solutions for IoT. Some developed technologies of CENTRI Technology will be implemented to Autonomi.
Investment
Attractiveness
Risk and uncertainties
Project do not have exact focus on certain markets.
Market
Risk and uncertainties
Current development stage is not clear.
Roadmap is not presented in current version.
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
Financial model has not been presented.
Hard cap has not been presented.
Finance
Risk level
4.0
Low
Links
Loki
Loki combines a private transaction network based on Monero with economically incentivised service nodes to create a trustless quorum based networking protocol. This protocol allows anyone to route small packets of data in an anonymous and decentralised way
Period
Pre-ICO
01.03.2018
End: 9 d
Necessary investments
$ 9 027 000
Stage
MVP not ready yet.
Investment
Attractiveness
Risk and uncertainties
Status and Mainframe are two blockchain messaging service projects that provide people with the ability to communicate with one another and carry out transactions in a secure and private manner.
Market
Risk and uncertainties
Many of the solutions that Loki is working on are in fact proposed by the team behind Monero itself, should the Monero Network undergo an upgrade, it might be able to stand next to Loki.
There is no information about how will the Loki token’s value be sustained and increased other than using them to incentivize the running of service nodes and mining
The project is still in an early state, SNApp prototypes and the SNApp Software development kit will not be introduced before 2019.
It is not clear if another messenger will be demanded by the larger audience.
Product
Risk and uncertainties
CEO of the project does not have strong technical background and is majored in Music.
CTO of the project is still studying his Bachelor's Degree in Computer Science.
One of the engineers does not mention Loki on his social network pages.
No team member with significant token sale structure expertise
No team member with significant token economics expertise
Team
Risk and uncertainties
Does little to ensure the sustainability of its native currency other than having it play a role in the node operation of the network
Model
Risk and uncertainties
Currently, there is not any information available on how funds from the token will be allocated.
Finance
Risk level
3.4
Middle
Links
Wireline
Wireline is a full-service platform that ecompasses the entire development process — from design, implementation, and testing, through to deployment and management.
Period
Pre-ICO
16.10.2017
Ended
Necessary investments
$ 20 000 000
Stage
Wireline is in developer preview.
Investment
Attractiveness
Risk and uncertainties
Wireline has direct competitors in the market of application infrastructure services with working products, such as Readz, woopie, and Zmags.
There are a couple of blockchain projects also aiming to build decentralized micro-services infrastructure - DADI and Golem which already raised funds and have their tokens traded on exchanges.
Market
Risk and uncertainties
Admins of the telegram chat are not active.
There are messages on Bitcointalk thread saying that the project is dead, the activity stopped in January 2018.
It is not clear if the project can attract a large enough sub-sector of the global open-source developer community to make the project a success.
As of March 15, the companies website says that "Wireline is in developer preview". Any further information about the product development is not clear.
Product
Risk and uncertainties
According to some of the team members Linkedin profiles, they are not employed at Wireline.io
Team
Risk and uncertainties
Model
Risk and uncertainties
Post-money valuation will be around 300M USD which is a tremendously high number and is way above the comparable companies
The amount of tokens held by the foundation is high and may cause a massive sell off by the team, which will cause fast devaluation of tokens
The description of anticipated expenditures is quite broad and not specified.
Finance
Risk level
3.2
Middle
Links
Hedera Hashgraph
Hedera Hashgraph is a distributed platform built on the basis of hashgraph-consensus, which is more effective than ordinary blockchain algorithm.
Period
Start ICO
TBD
Necessary investments
$ 200 000 000
Stage
Beta version is not available.
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 Hedera Hashgraph to expand its network and attract new customers due to network effect.
The development of so-called "Blockchain 3.0/4.0" projects can be a serious risk for the growth of popularity of Hedera Hashgraph.
Market
Risk and uncertainties
Beta version of the network is not available and the launch date is not clear.
The roadmap is not given.
The SDK with demo apps is provided by Swirdls, not by Hedera Hashgraph.
It is worth taking into account the possible risk associated with the patent law, which can arise in the event of the growth of Hedera Hashgraph and the occurrence of claims from the Swirlds.
Product
Risk and uncertainties
Most of the team members are still working for Swirlds, so it might slower the pace of Hedera project development.
Team
Risk and uncertainties
As Hashgraph creates multiple acyclic graphs, this leads to the impossibility to reward Miners.
Model
Risk and uncertainties
The team would like to raise 200M USD. This figure is way above the median valuation of comparable companies.
The amount of total token supply is not given.
The exact token distribution is not given.
Finance
Risk level
3.4
Middle
Links
Wireline
Wireline is a full-service platform that ecompasses the entire development process — from design, implementation, and testing, through to deployment and management.
Period
Pre-ICO
16.10.2017
Ended
Necessary investments
$ 20 000 000
Stage
Wireline is in developer preview.
Investment
Attractiveness
Risk and uncertainties
Wireline has direct competitors in the market of application infrastructure services with working products, such as Readz, woopie, and Zmags.
There are a couple of blockchain projects also aiming to build decentralized micro-services infrastructure - DADI and Golem which already raised funds and have their tokens traded on exchanges.
Market
Risk and uncertainties
Admins of the telegram chat are not active.
There are messages on Bitcointalk thread saying that the project is dead, the activity stopped in January 2018.
It is not clear if the project can attract a large enough sub-sector of the global open-source developer community to make the project a success.
As of March 15, the companies website says that "Wireline is in developer preview". Any further information about the product development is not clear.
Product
Risk and uncertainties
According to some of the team members Linkedin profiles, they are not employed at Wireline.io
Team
Risk and uncertainties
Model
Risk and uncertainties
Post-money valuation will be around 300M USD which is a tremendously high number and is way above the comparable companies
The amount of tokens held by the foundation is high and may cause a massive sell off by the team, which will cause fast devaluation of tokens
The description of anticipated expenditures is quite broad and not specified.
Finance
Risk level
3.2
Middle
Links
Pchain
PCHAIN is the first native multi-chain system which supports EVM which makes it possible to apply blockchain at large scale.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
The product is not ready. Partnerships with government and industry agencies.
Investment
Attractiveness
Risk and uncertainties
The market of blockchain platforms is highly competitive.
A lot of projects are entering this market with the familiar entering.
Market
Risk and uncertainties
Product has not been developed yet.
Product
Risk and uncertainties
No information about the company in team’s LinkedIn Profiles.
The team has technical focus, the business part of the team is not strong enough.
Team
Risk and uncertainties
There is no information about mining conditions and opportunities.
Benefits for token holders is not described.
Model
Risk and uncertainties
The project is overvalued for current development stage.
The financial model has not been presented.
Finance
Risk level
3.2
Middle
Links
SuperBloom
SuperBloom is a decentralized platform for trading crypto assets and participating in private sale events.
Period
Start ICO
TBD
Necessary investments
$ 29 000 000
Stage
Project development started in June 2017, the first version was launched in Macau in Q1 2018.
Investment
Attractiveness
Risk and uncertainties
The regulation behind managing and investing funds might be a significant barrier to growth for SuperBloom.
In order to simplify and structure ICO investing process for customers, several platforms have already been launched. SuperBloom solution will have to compete with IndigeGoGo ICO, Fund Platform, FastInvest, NousPlatform.
Market
Risk and uncertainties
The validity of the results obtained by the platform are unclear and have to be empirically tested
It is not possible to test the private beta, the team only provides the screenshots of the product in WP.
There are no links to GIthub for tracking the project development
Product
Risk and uncertainties
There are no links to verify the teams experience on company's website
The whole size of the project team is not clear.
According to her Linkedin profile, the founder of the project is still employed at her previous startup - Future League. This may slower the pace of SuperBloom development.
Some of the team members do not work at SuperBloom, according to their LinkedIn profiles.
The experience of the third founder and CTO was not verified as there is no linkedin profile of him.
Team
Risk and uncertainties
The information about the size of the fee is not given.
Model
Risk and uncertainties
Post-money valuation of the project will be around 58M USD which is well above the median valuation of comparable companies on the market.
The team bonus which will be around 4.4M USD is not frozen via vesting scheme.
Finance
Risk level
3.4
Middle
Links
EdenChain
EdenChain – new generation blockchain and platform for dApps
Period
Pre-ICO
01.03.2018
End: 9 d
Necessary investments
$ 24 000 000
Stage
Technical documents
Investment
Attractiveness
Risk and uncertainties
Strategical focus on Korean market may appear to be not rational
Tough competition from established dApps platforms and next-gen ones
Market
Risk and uncertainties
Higher blockchain speed does not have detailed numerical characteristics
No prototype available yet
Product
Risk and uncertainties
Poor team experience in blockchain projects
Lack of marketing legal specialists
Team
Risk and uncertainties
Edenchain tokens will be available in the 1Q of 2019 only
Model
Risk and uncertainties
Overestimated hardcap of 24M USD
Overestimated token pool capitalization of 60M USD
Team, advisors and partners share of token pool is 43% increasing the risk of token price dramatic impact
Finance
Risk level
3.6
Middle
Links
Power
Power is a hybrid multi-chain platform for trust interaction between buyers and sellers, based on a scalable proprietary blockchain.
Period
Start ICO
TBD
Necessary investments
$ 12 500 000
Stage
Seed stage. MVP is available.
Investment
Attractiveness
Risk and uncertainties
Even though Power does not have direct competitors, there are several projects that have already created and launched somewhat similar products. They are NEM, HyperLedger, Exonum, EOS, Cosmos Network. EOS has one of the largest caps in the market and is supported by a large community, Cosmos.Network has a good technical background, the rest also have larger communities and have already released products to the audience.
Market
Risk and uncertainties
The usage of Rust programming language for smart contracts instead of Solidity may lower the expansion rate of the system
The process of products integration into the blockchain system of Power does not seem clear and might be complicated in reality.
The team aims to develop various elements of the product which may take signifcant amounts of time. However, the team does not give clear timeframes for the development of elements.
There is no information about the tehcnial audit of the platform and the bandwith of the chain
The patents has not yet been claimed.
Product
Risk and uncertainties
the experience of the team members does not seem enough for the project development, considering the amount of work needed to be done.
The LinkedIn profiles of some of the team members are not available to check.
There is no information about the previous experience of the CTO of Power.
Team
Risk and uncertainties
It is hard to measure the commercial viability of the platform due to the wide variety of commission models possible to implement
The economics of the token is not given. It is unclear how the tokens will be used in the system.
Model
Risk and uncertainties
The token distribution is not given so the company valuation is unclear.
The hardcap is not given.
The provided expenses distribution is sketchy and does not give a clear understanding of the funds allocation.
The price of the token is not given.
Finance
Risk level
3.0
Middle
Links

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