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Past ICOs

139Past ICOs 1Ongoing ICOs 52Upcoming ICOs
Description
Period
Raising funds
Risks
Score
Links
MakerDAO
MakerDAO - stablecoin and lending platform
Start
TBA
End
31.12.2018
N/A
Market
Product
Team
Model
Finance
Market

- Strong competition and available alternatives on the market

 

Product

- Tough and long product development process with some changes

- Complicated infrastructure designed

Team

- 68 members in the team

- Uncertain corporate structure

Model

- Complicated token structure

 

Finance

- Investment is not available

3.6
Medium
Qiibee
Qiibee - loyalty on the blockchain.
Start
24.09.2018
End
30.09.2018
$ 9 000 000
Market
Product
Team
Model
Finance
Market

• This product is mostly interested for SME, which is not the biggest players on loyalty programs.

Product
N/A
Team

• The company was founded by two brothers without enough previous experience.

• Only 2 developers are non-remote.

Model

• There are no initiatives to pay for creating own brand tokens by QBX tokens. It is better to pay in fiat money.

• The opportunity to exchange brand loyal tokens for another brand loyal tokens or fiat money makes such brand loyal tokens useless.

Finance

• On the one hand, the product is ready, on the other, 49% of funds would be allocated to further product development.

• Huge difference between seed, private and public sale - investors are in unequal conditions.

3.6
Medium
Allsporter
AllSporter is a decentralized P2P sports marketplace where sports enthusiasts can book training, rent equipment and monetize personal data.
Start
30.10.2018
End
28.12.2018
$ 19 000 000
Market
Product
Team
Model
Finance
Market

- Currently, the project decided to not verify their publishing via the system of grades and risks

 

Product

- Currently, the project decided to not verify their publishing via a system of grades and risks

 

Team
N/A
Model

- Currently, project decided to not verify their publishing via system of grades and risks

 

Finance

- Currently, project decided to not verify their publishing via system of grades and risks

 

2.8
Low
PDX
PDX creates a next-generation public blockchain for infrastructure.
Start
17.07.2018
End
18.07.2018
$ 10 000 000
Market
Product
Team
Model
Finance
Market

- Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.

- The existing blockchains, though not as scalable as Alza might become, still have first- mover advantage and might be better off if they introduce scalability features, such as Lightning network, Sharding, Plasma, State Channels.

Product

- Low GItHub activity.

- Testnet is not available for public.

- There is no explanation on what the base consensus algorithm will be.

- PDX aims to create a blockchain for small amd medium-size businesses. However, the team members do not have experience in working with such businesses.

Team

- Several team members experience cannot be validated.

- None of the team members has blockchain experience.

Model

- The token role description is vague.

Finance

- There will be only 20% of the tokens available for sale. 80% of the tokens will be reserved by the project.

- Lenovo Capital investment in PDX can't be validated.

- The company valuation of $60M seems too high.

3.4
Medium
Caspian Tech
Caspian is a complete asset management solution for crypto that covers the full lifecycle of the trade.
Start
30.09.2018
End
31.10.2018
N/A
Market
Product
Team
Model
Finance
Market
N/A
Product

- The websites of Tora and Caspian look very similar.

- There is no link to GitHub to track the product development.

- It is unclear when the product development has been started.

- The motivation of blockchain integration into the system is unclear.

- The team claims that they already connected 10 exchanges to its system. The list of exchanges is unknown.

Team

- The team is scattered between Hong Kong, Tokyo, San Francisco, and London.

- Most of the team members still work at Tora and have to work at two companies simultaneously.

- None of the core team members has blockchain related experience.

Model

- The rationale behind issuing native token is unclear.

- The list of CSP token holders benefits is unclear.

Finance
N/A
3.0
Medium
AERGO
AERGO aims to create a scalable blockchain with 1M+ TPS.
Start
13.09.2018
End
07.10.2018
$ 32 000 000
Market
Product
Team
Model
Finance
Market

- Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.

- The existing blockchains, though not as scalable as AERGO might become, still have first-mover advantage and might be better off if they introduce scalability features, such as Lightning network, Sharding, Plasma, State Channels.

Product

- Technical paper and smart contract links are missing.

- There is no link to Github.

Team

- The team is scattered across different time zones. They are located in London, South Korea, Hong Kong, and New York.

- Several team members are still employed at Blocko, according to their LinkedIn pages.

Model
N/A
Finance

- AERGO will sell only 30% of the tokens. Therefore, most of the tokens will be centralized in the project.

3.4
Medium
BOLT
Bolt is building a decentralized mobile-focused video content platform.
Start
18.09.2018
End
22.09.2018
$ 12 000 000
Market
Product
Team
Model
Finance
Market

- The market for online entertainment content is quite saturated and has several large players, including YouTube, Instagram, Snapchat, and others.

Product

- The mainnet of the underlying Blockchain - Zilliqa - has not been launched yet. There is no guarantee that it will be launched as expected.

- The product usecase is weak and does not seem to overtake YouTube.

- The requirement to pay fees for the YouTube-like service makes the use-case feasibility even lower.

- The roadmap is mediocre.

Team

- Overall the team does not seem outstanding.

- The fact of co-founding "Channel 9" by one of the team members cannot be validated.

- The team is scattered around UK, Hong Kong, and Malaysia.

- There are no people with blockchain experience within the team.

- There are no advisors from Zilliqa while BOLT aims to launch its platform on their blockchain platform.

Model

- NEP-5 tokens are supported on far less exchanges than ERC-20 tokens and usually suffer from low liquidity.

- The fact that users can pay with fiat money or Bolt tokens could limit token adoption. Even though there are savings to be made by paying with tokens, people tend to stick to what they know.

Finance

- DApps generally have low upside potential in terms of market cap.

- The valuation of $30M is quite high for a dApp.

3.2
Medium
Kadena
Kadena is developing the next generation of public and private blockchain platforms for enterprise with own smart contract language - Pact.
Start
15.10.2018
End
15.12.2018
N/A
Market
Product
Team
Model
Finance
Market

• No clear focus of the project.
• High competition on the public blockchain market.

Product
N/A
Team
N/A
Model

• The rise of the platform will not lead to rising of the token price.

Finance

• Next level of funding could be too expensive.

• Equity investment would be highly preferable, but it is not available.

3.6
Medium
Dusk Network
Dusk Network - decentralized infrastructure enabling anonymous and secure data transmission
Start
01.11.2018
End
09.11.2018
$ 14 400 000
Market
Product
Team
Model
Finance
Market

- Government regulation uncertainty regarding the infrastructure of privacy blockchains

Product

- One of the strongest features of the project (Security Token issuing) strongly depends on government regulation of cryptocurrency, that appears to be unpredictable

- Designed infrastructure appears to be too complicated for such a fast roadmap - some delays are expected

- No prototype available yet

Team

- Lack of strong legal expert - it is essential for the project's plans

Model

- Token functions are limited (but with the proven model)

Finance

- It is not clear how much will be raised on private sale stage

3.6
Medium
PayGine
PayGine is an open financial platform with an open API used to operate within its proprietary banking structure to serve FinTech and crypto-business.
Start
18.06.2018
End
17.08.2018
$ 30 000 000
Market
Product
Team
Model
Finance
Market

There are plenty of similar projects that were trying to issue the same solutions but did not succeed. The services provided by PayGine have already been introduced by Revolut and is in active development and global expansion.

Product

The idea is not unique and several other larger projects already working on the same solutions for a while. It is unclear what has been done by Best2Pay and PayGine separately. There are legal risks pegged to the bank acquisition procedure. The current stage of PayGine development is unclear.

Team

There are no people with blockchain experience within the team. Most of the team members have corporate management experience and did not start and scale companies by themselves. The team members are scattered around different time zones. They live in Florida, Singapore, Moscow, Donetsk, and Saint Petersburg.

Model
N/A
Finance

The range between Soft and Hard Cap is quite high and equals to $27M. When compared to the similar projects, the valuation seems too high. Only 27% of the tokens will be available for sale. Most of the ICO collected funds - almost 65% - will be used for a bank acquisition. There are huge bonuses (up to 20%) for the public sale participants.

2.8
Low
Ncent Labs
nCent develops an incentive decentralized protocol for incentive networks.
Start
TBA
End
31.12.2018
N/A
Market
Product
Team
Model
Finance
Market

Huge competition in the industry of incentivization protocols.

Product

Beta version of the protocol is unavailable. The current stage of development is unclear.

Team

The founders work experience cannot be validated on Linkedin. The core software development team consists of intern students.

Model
N/A
Finance

The token metrics have not been announced yet.

3.4
Medium
Lambda
Lambda is a scalable data storage infrastructure project for blockchain.
Start
19.09.2018
End
02.10.2018
N/A
Market
Product
Team
Model
Finance
Market

- The high competition in the filed os decentralized storage platforms might be a downside for Lightstreams development.

Product

- There is no link to GitHub to validate the product development.

- The testnet is only expected in Q1 2019. By then, the competing projects will already have their mainnets in operation for a while.

Team

- None of the team members gives the links to their LinkedIn profiles.

- Some of the team members do not claim Lambda as a workplace on LinkedIn.

- There are no people with blockchain experience.

Model

- Lambda will use basic Proof of Work consensus mechanism.

Finance

- The project valuation of $80M seems too high.

- Lambda will sell only 30% of the tokens.

3.2
Medium
Emotiq
Emotiq is a next-generation blockchain with powerful scalability and privacy with a natural-language approach to smart contracts.
Start
01.02.2018
End
31.10.2018
$ 60 000 000
Market
Product
Team
Model
Finance
Market

- High competition in the sphere of smart-contracts development tools.

- The most successful ICOs in this field were launched back in 2016 i.e. have early mover advantages.

Product

- Testnet is not available yet.

- The motivation for the customers to issue tokens on Emotiq platform and not somewhere else is unclear.

- The development of a proprietary programming language - Ring - may not be adopted by communities.

Team

- The team members are located in Moscow, Zug, Tucson, Mexico, Los Angeles, and Toronto.

- David McClain does not have any experience except Emotiq mentioned on his Linkedin page.

Model

- Now there is not enough information available on the business model of the platform.

- Token economics is not given in a detailed manner.

Finance

- The unsold tokens will be kept in reserve by Emotiq, to be used for future funding needs.

- Post-ICO valuation will be equal to $120M which seems extremely expensive.

- There is no information on the use of proceeds.

3.4
Medium
MoonX
MoonX – decentralized exchange with higher transaction speed
Start
10.10.2018
End
14.11.2018
$ 30 500 000
Market
Product
Team
Model
Finance
Market

• Tough competition among exchanges

• Not significant and vague edge on competitors

• Strategic goal is to outperform crypto exchanges in volumes thanks to the token model designed but this parament does not indicate a fundamental leadership

Product

• Technical specifications are not available

• Prototype is not available yet

• Roadmap is not detailed and includes not relevant information

Team

• Lack of experienced blockchain developers

Model

• The model is likely to attract doubtful and questionable tokens for listing

• Token functions are poor and do not add significant and fundamental value to the project

Finance

• Maximum cap and Hardcap are overvalued

3.0
Medium
Fysical
Fysical is the infrastructure for the transparent and compliant exchange of location data.
Start
15.10.2018
End
30.10.2018
$ 18 000 000
Market
Product
Team
Model
Finance
Market

A lot of location data is freely available for most usecases. The biggest part of location data is owned and used within huge corporations.

Product

Last information about numbers of transaction is dated Oct 2017. There is no opportunity to freely use the final product of Fysical or Fysical Labs. Only landing pages is available. No information of app, which provides an location data or about any buyers.

Team

Not clear the role of founders of Fysical Labs in new project Fysical. Almost no technical team.

Model

According to information on site, currently marketplace model is not balanced. (only 20 buyers and 1000+ suppliers)

Finance

There is no clear mechanism for token value growth.

2.6
Low
Harmony
Harmony Protocol aims to scale blockchain to 10M TPS.
Start
TBA
End
31.12.2018
$ 30 000 000
Market
Product
Team
Model
Finance
Market

Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration. Several projects have already launched alternative protocols that aim to significantly increase the throughput of the blockchain protocols. That is why the potential growth and community attention to Harmony might be lower.

Product

The current Testnet throughput of 13K TPS at 1800 nodes cannot be validated. MVP of the platform is not available. Public Testnet is expected only in Q4 2018. There are already several projects aiming to create decentralized AI data marketplace. The strategy of creating a new programming language might be at risk due to a slow adoption of the new language by existing projects and users. The current roadmap looks mediocre and gives only rough outlines of the product development.

Team
Only a couple of employees mention Harmony as a workplace on their LinkedIn accounts. It seems that the claimed team works on the project only part-time.There are no marketing specialists in the team.
Model

The claimed fee size of 0.1% at max is subject to change. There is only little information available on the token economics.

Finance

The lockup scheme looks quite long. If the rumors about the TGE allocation are correct, then the post-ICO valuation will be $150 million which as an inflated number. The expenses distribution gives only a rough estimate and not detailed. The token price has not been given yet.

3.4
Medium
Bottr
Bottr is an ecosystem powered by smart messaging that rewards you for doing and sharing with others what you love and know.
Start
17.03.2018
End
30.04.2018
$ 2 000 000
Market
Product
Team
Model
Finance
Market

Competition on chatbots market is huge, only the best project will survive.

Product

For some reasons, responses in current chatbots are extremely slow.

Team

CEO and Founder have only corporative experience.

Model
N/A
Finance

The monetization of the chatbots would not happen in near future.

3.4
Medium
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.
Start
01.03.2018
End
01.04.2018
N/A
Market
Product
Team
Model
Finance
Market

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\u2019s also in several large Blockchain projects, including Ethereum, immediate roadmap.

Product

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.

Team

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.

Model

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.

Finance

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.

4.2
High
GEMS
Gems is a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain.
Start
10.02.2018
End
01.03.2018
N/A
Market
Product
Team
Model
Finance
Market

 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).

Product

 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.

Team

 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.

Model

 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.

Finance

 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.

2.4
Low
ioeX
P2P network for transferring and storing data based on blockchain technology.
Start
01.11.2018
End
30.11.2018
$ 27 200 000
Market
Product
Team
Model
Finance
Market

The competitive advantage over similar IoT blockchains is unclear The current low level of blockchain scalability poses significant limits to the growth of blockchain in IoT.

Product

The roadmap is vague and does not give a deep understanding of the product development. The competitive advantage over similar IoT blockchains is unclear There is no link to GitHub to track the product development.

Team

The blockchain experience cannot be verified. The experience of most of the team members cannot be verified.

Model

It is unclear if the token is ERC20 compliant

Finance

The Soft and Hard Caps have not been released yet. There is no information about the token lockup schemes for founders and early investors. There is no information about the sale rounds terms The similar projects, except IOTA, did not gain high ROI since ICO

3.4
Medium
3.6
MakerDAO
MakerDAO - stablecoin and lending platform
Raising funds
N/A
Market
Product
Team
Model
Finance
3.6
Qiibee
Qiibee - loyalty on the blockchain.
Raising funds
9 000 000
Market
Product
Team
Model
Finance
2.8
Allsporter
AllSporter is a decentralized P2P sports marketplace where sports enthusiasts can book training, rent equipment and monetize personal data.
Raising funds
$ 19 000 000
Market
Product
Team
Model
Finance
3.4
PDX
PDX creates a next-generation public blockchain for infrastructure.
Raising funds
$ 10 000 000
Market
Product
Team
Model
Finance
3.0
Caspian Tech
Caspian is a complete asset management solution for crypto that covers the full lifecycle of the trade.
Raising funds
N/A
Market
Product
Team
Model
Finance
3.4
AERGO
AERGO aims to create a scalable blockchain with 1M+ TPS.
Raising funds
$ 32 000 000
Market
Product
Team
Model
Finance
3.2
BOLT
Bolt is building a decentralized mobile-focused video content platform.
Raising funds
$ 12 000 000
Market
Product
Team
Model
Finance
3.6
Kadena
Kadena is developing the next generation of public and private blockchain platforms for enterprise with own smart contract language - Pact.
Raising funds
N/A
Market
Product
Team
Model
Finance
3.6
Dusk Network
Dusk Network - decentralized infrastructure enabling anonymous and secure data transmission
Raising funds
$ 14 400 000
Market
Product
Team
Model
Finance
2.8
PayGine
PayGine is an open financial platform with an open API used to operate within its proprietary banking structure to serve FinTech and crypto-business.
Raising funds
30 000 000
Market
Product
Team
Model
Finance
3.4
Ncent Labs
nCent develops an incentive decentralized protocol for incentive networks.
Raising funds
N/A
Market
Product
Team
Model
Finance
3.2
Lambda
Lambda is a scalable data storage infrastructure project for blockchain.
Raising funds
N/A
Market
Product
Team
Model
Finance
3.4
Emotiq
Emotiq is a next-generation blockchain with powerful scalability and privacy with a natural-language approach to smart contracts.
Raising funds
$ 60 000 000
Market
Product
Team
Model
Finance
3.0
MoonX
MoonX – decentralized exchange with higher transaction speed
Raising funds
$ 30 500 000
Market
Product
Team
Model
Finance
2.6
Fysical
Fysical is the infrastructure for the transparent and compliant exchange of location data.
Raising funds
$ 18 000 000
Market
Product
Team
Model
Finance
3.4
Harmony
Harmony Protocol aims to scale blockchain to 10M TPS.
Raising funds
$ 30 000 000
Market
Product
Team
Model
Finance
3.4
Bottr
Bottr is an ecosystem powered by smart messaging that rewards you for doing and sharing with others what you love and know.
Raising funds
$ 2 000 000
Market
Product
Team
Model
Finance
4.2
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.
Raising funds
N/A
Market
Product
Team
Model
Finance
2.4
GEMS
Gems is a decentralized, open-sourced, human task crowdsourcing protocol built on top of the Ethereum blockchain.
Raising funds
N/A
Market
Product
Team
Model
Finance
3.4
ioeX
P2P network for transferring and storing data based on blockchain technology.
Raising funds
$ 27 200 000
Market
Product
Team
Model
Finance
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