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ICO Analysis: Enjin Coin

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We like when entrenched or existing players in industries see the power of the blockchain and identify their own opportunities within it. This is what we see with Enjin, who launched their online gaming-centric content management system in the same year that Bitcoin was getting off the ground. Enjin therefore gets the benefits of extolling its own virtues before pitching a new idea: millions in monthly revenue across over a quarter-million gaming communities around the globe.

While we have to avoid the fallacious idea that just because an idea worked in fiat sytems it will work even better on a blockchain, it is encouraging to know that the people approaching the project in question are deeply familiar with the subject matter. We lent Rex[] additional points on these grounds, being that their progenitors are established property development professionals and Rex is meant to serve that demographic. In the case of Enjin, they really took some time to find the right tool set for their task: they’re building a Bancor Protocol token, not just any ERC20 token.

The idea of Enjin’s ENJ token is not necessarily a new one. Brock Pierce originally made his real money from a firm that allowed people to sell virtual goods acquired through gaming. What Enjin would like to build is a system wherein players will be able to seamlessly do this, enabling content creators and players to have a much better experience when it comes to the dollars and dimes of gaming. Everyone agrees that game developers and studios should be paid, even subscriptions in the cases where ongoing content and services are in order. What is debatable is whether it should be a zero sum system when it comes to the digital goods and services offered inside of such a platform. It would seem that cryptocurrencies, native to the same way in the same way that massively multiplayer games themselves are, will fit right in to service the need of a solution.

Enjin will develop tools that enable game publishers, game servers, and communities to manage virtual goods and in-game items across multiple platforms. Monetization using Enjin Coin will be a key focus with robust features and toolsets provided. Great benefits will be gained by utilizing a decentralized platform and the supporting frameworks.

Building on Bancor

Enjin says on the token ICO page that they will be using Bancor to issue the tokens, but they don’t mention much in their whitepaper about their thinking here, or how this makes things better. In any case, Bancor is an established way of issuing tokens. It’s one of the purposes of the Bancor protocol, and one of its use-cases.

Nevertheless, having just enough technical grasp of what is going on with Bancor and Enjin, we can deduce that Enjin is using Bancor for its enhanced smart token capabilities. Bancor explains smart tokens, in part, in the following way:

Smart tokens are compatible with the ERC20 standard and can be used by any softwarethat supports this standard, such as Ethereum wallets. However, smart tokens offer additional functionality not available to regular tokens. Each smart token holds a reservebalance in one or more other ERC20 tokens, thereby enabling anyone to exchangebetween itself and any of its reserve token(s). The smart token’s smart contract issuesnew tokens (expanding the supply) to anyone who purchases it with any of its reservetokens, and withdraws tokens from the reserves (contracting supply) for anyone choosingto liquidate the smart token.

Presumably, ENJ, along with BNT and ETH, will act as base currencies for tokens issued within the Enjin platform.

But Who Needs It?

Enjin are good at identifying their market above all others. This harkens back to our earlier assertion that the best blockchain technologies will derive from those who are already familiar with the industries they intend to disrupt. In Enjin’s case, they’ve been able to install themselves as a medium between game publishers and their communities. In many ways, their company, at over 8 years old, has already outlived many of the games people probably first encountered them through.

Their goal is to produce a platform on which developers, community members, and players will be able to freely transact in digital goods and services related to interests they are already engaged in. Their first target market, although obviously they can expand to new games easier through native integrations, is an existing, global community of players already willing to spend money in a similar fashion.

They are entirely serious about this last aspect, with several developer tools built into their roadmap, one of which being a plugin for Unity, which is a popular engine on which modern video games are built.

The Unity C# SDK will allow creation of transaction requests, reading account balances, creation of subscriptions, and querying toplists.

There are a few other developer tools they speak of implementing right away. Making it easy for developers is a primarily important thing in the early phases. However, Enjin will already see some adoption regardless of this because it will be leveraging existing communities and relationships built over many years.

So far, so good. Where the rubber meets the road is in both the economic purposes and design and design of the ENJ token. We must now get to the heart of that.

Enjin Token (ENJ)

The Enjin platform itself can be seen as a sub-Ethereum, although it is technically sub-Bancor, protocol. Within it, an unlimited number of other tokens can be generated by the individual participant games and communities. These tokens can be used in a variety of ways. One important thing that we must determine before deciding on ENJ is whether or not they ever intend to go full ENJ. Meaning, will they always accept alternative payment methods for developers getting into the network? If so, there would also be a dilution of funds by virtue of arbitrage as well as attrition.

The answer to this question is made in part in the following statement:

Enjin Coin features will be integrated across the entire Enjin CMS platform and natively supported by over 250,000 existing gaming websites.

They go on to stress that it will be much cheaper for developers to accept payments through Enjin Coin and while this may be rue, it is not the confidence builder we’re looking for. We need systems that force the issue, or else the tokens are only a maybe sort of proposition. The systems that will yield more valuable tokens for token investors are those which build demand by having utility. Enjin’s token platform, and the many tokens that can be issued upon it, have such utility, but they are not going to allow themselves room to grow their network effect. A simple fix to this is forcing other payment rails off the site, and only competing with new platforms that want to integrate Enjin Coin in addition. This would create a more valuable token for competitive purposes, anyway.

Nevertheless, they do list out a number of interesting and valid use cases for the Enjin Coin:

  • Promotion on Enjin platform, perhaps within games there.
  • Payment gateway with almost no cost for usage.
  • Donation and reward setups for players and customers.
  • Automated payments.

We have confidence that the Enjin team are far more than capable of completing their technical goals. To this end, they have developed a UI concept which they share in their whitepaper:

Distribution

In total, the sale will allow for the creation of 1 billion ENJ tokens. Since this is not a mineable currency, this appears to be all the tokens that will be created. The presale has been ongoing, and during this time a total $4,143,821.96 had already been raised at time of writing. Adding confusion to the issue, their bonus structure works opposite to the normal way, such that:

$2,000,000 USD and over receives a 50% bonus.

We won’t let this distract too much from the core values of the coin, which outweigh the one setback. Additionally, only 20% of the coins are being held back, whereas in many recent ICOs we have seen ratios as high as 50%, which can be problematic in determining an actual price on something.

The Verdict

The crucial part of a tokenized system is missing, but this doesn’t mean it can’t be repaired level. The author’s gripe with the system is simple enough: Enjin Coin will only be an additional payment option in the Enjin platform. But it will be a competitive one, and the decision to force the issue is at the discretion of a company which might benefit from that handsomely.

Risks

  • Without sufficient motivation, which is to say lack of choice in order to participate in the Enjin platform or any of its games, people will still often choose other payment rails even where Enjin would actually work out better for everyone involved. -3
  • Push-back from companies like Steam could add up to a mighty, unforeseen force of competition. -1

Growth Potential

  • We like building this on Bancor, which is steadily gaining momentum in terms of value, as people begin begin to realize its potential and things are built on its protocol. Like Ethereum or anything else, Bancor’s value relies on the tokens beneath it, which in turn will benefit from the stability provided therein. A similar effect is had on Enjin by its own design, and since it comes on board with a quarter-million compatible platforms, we see dollar signs. +3
  • The variety of developer toolkits will likely add up to actual integration, especially if some of the reserved tokens are used to incentivize user demand through bounty campaigns. Such campaigns could focus on getting developers to build on Enjin. We can foresee a company like Enjin being wise enough to do as much. +2.5
  • The cost of platforms continues to goes down, the adoption of games continues to rise. Enjin will be positioned to profit from the nexus of the rise of both gaming and the blockchain. +2
  • As exhaustively noted heretofore, this company knows what it is doing. That it already has a community to leverage money from, which already willingly pays it money through other means, means that it will be able to extract more value via the blockchain, and provide more value as well, since there will be fewer fees yet more possibilities. +2

Disposition

We arrive at a solid 5.5 for this initial coin offering, with room to go either way depending on developments of the actual rollout. This won’t take long to see, since the company backing it will certainly deliver something.

Investment Details

The presale is ongoing. The total coins generated will be 1 billion. Please follow all instructions carefully when reviewing this ICO and do your own additional research before sending money anywhere.

Further investment details are available at https://enjincoin.io/.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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5 Comments

5 Comments

  1. kyenneti

    September 2, 2017 at 2:09 am

    Hi,
    P. H. Madore, How do the ratings work? Does a 5.5 means a buy or not a buy? Is there a range for strong buy/Buy/Buy with caution/Not a Buy? Are you buying these tokens?

  2. claudio_101

    September 2, 2017 at 11:58 am

    Hey,
    Do you have any idea if the ENJIN coin is going to be traded on exchanges? Because I can imagine that not only gamers would want to invest in this ICO. Well what I’m asking is how are non gamers going to profit from this ICO?
    Thx

  3. cryptonoob

    September 6, 2017 at 6:49 pm

    This one looks like a really great idea with a realistic but ambitious roadmap and a team that looks up to the challenge.

    So, what are we missing ? Why does the presale does not sell completely out yet ?

    Is it because there is no first mover advantage (first blood) or no real marketing effort yet ?

  4. jagrmeister

    September 12, 2017 at 9:18 am

    One thing I’m not clear on: is the team putting this together part of Enjin. Are they on Enjin’s payroll and this is an internal operation of the company? They have titles like Founder/CEO but do they also hold a separate title with Enjin (such as Director, Sr. Software Developer), etc. I’m trying to understand how autonomous this team is; and also how tight their relationship with Enjin is. One concern I have is alignment. Small startup teams work their tail off because everything depends on it. Enjin Coin could disappear and no one use it; and the company would be doing just fine w/its current source of revenue. The people involved, if they work for Enjin, could drift off to other parts of that company. Ultimately startups bust their tail off in ways that drive the coin price up; but employees at Enjin (if that’s what this team is) won’t necessarily have the same mentality. (If this is an internal project, and they’re on salary with Enjin, the coin allocation to the team for this project doesn’t seem sensible. Not a deal-breaker but not the same thing as working without comp. for a year or two to build a crypto asset).

  5. jagrmeister

    September 12, 2017 at 9:23 am

    I got a response from Enjin here to my comment/question above. “The Enjin Coin project is getting full time allocation from the founding team. We already have staff in place to handle the Enjin Business. Enjin is a mature service with minimal maintenance required. Of course we’ll continue to release new features, such as Enjin Coin Integrations and other updates to the network. The Enjin business will be hiring more staff to accommodate any possible shortcomings since the founding team are now fully dedicated on the Enjin Coin project roadmap.”

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ICO

ICO Analysis: BitTorrent Token

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Blockchain company TRON made waves back in June 2018, when it was announced that TRON was acquiring BitTorrent, the company responsible for the development of the immensely popular file-sharing protocol BitTorrent, for $140m.

The BitTorrent protocol is a pioneer in the decentralized networks space and allows for the downloading and uploading of files from/to various hosts rather than a single server.

Perhaps the most popular or well-known use of the protocol is torrenting, which is often used to share copyrighted content like movies and music illegally.

Regardless of how the protocol is used, one can’t deny the popularity of the protocol.

According to BitTorrent (the company), the protocol is used by more than 170 million people every month and is responsible for as much as 40% of the world’s daily Internet traffic.

However, while BitTorrent is immensely popular, the company behind the protocol has struggled to generate revenue.

Thus, the acquisition comes as a break for the struggling company and might prove to be very strategic for TRON, as they gain access to a very large user base and more importantly (in the author’s view), a team of developers that is top of its class when it comes to developing decentralized networks.

Under the new leadership, BitTorrent is launching a token (BTT) to tokenize what is perhaps the world’s biggest, decentralized file sharing protocol.

Token

According to the BTT whitepaper, BTT will incentivize users to offer infrastructure services, such as seeding or hosting files, in return for BTT.

To validate this concept, BitTorrent is launching something called BitTorrent Speed (release date set for Q2 2019), which will enable faster downloads for users who choose to pay file seeders in BTT.

Thus, downloaders (“leechers”) will benefit from faster downloads via prioritized resource allocation, while seeders or hosters will benefit from payment in exchange for providing bandwidth services to the network.

It’s hoped that this will incentivize downloaders (who become seeders when they start to download a file) to keep seeding, even after their download is finished, a problem that has been present since the inception of the BitTorrent protocol.

While BitTorrent Speed is the first initial experiment when it comes to tokenizing the BitTorrent protocol, the team behind BTT envisions more generalized applications of this tokenization model (with potentially more to come):

  1. General decentralized mass distribution of content that might be subject to attack like censorships. With the decentralized and large network effects of the BitTorrent Protocol, not only do content creators not have to worry about hosting their content on one provider, but performance issues will also be of less worry, as the BitTorrent protocol has been proven to be able to handle large amounts of download requests, with organizations like Facebook and Twitter even using the technology to distribute updates to their servers.
  2. Decentralized storage services, where users pay for storage over time
  3. Decentralized proxying services, where users pay to retrieve content by URL (use cases may include content that might be subject to IP-based controls, highly mobile applications, and users with intermittent Internet connectivity, such as mobile users on WiFi, requesting content in chunks vs. in a complete form)

BTT-based transactions will be confirmed via blockchain technology to prevent fraud.

The total supply of BTT will be 990,000,000,000 (990 billion) BTT.

The tokens will be allocated as follows.

  • TRON Foundation (20%)
  • BitTorrent Ecosystem (19.9%)
  • Team (19%)
  • TRON Airdrop, or allocation for holders of Tron’s cryptocurrency (TRX) (10.1%)
  • BitTorrent Airdrop, or allocation for BitTorrent client users for client install and onboarding (10%)
  • Seed investors (9%)
  • Public sale (6%)
  • Partnerships (4%)
  • Private sale (2%)

The public token sale, which starts at 15:00 UTC, January 28th, 2019 is structured as follows.

  • $7.2m USD hard cap (sale finishes when hard cap is reached or at 15:00 UTC, February 3rd, 2019)
  • Individual cap of $20k USD
  • 59.4 billion BTT for sale (6% of total token supply)
  • No vesting or lockup
  • 40% of tokens for sale in BNB, 60% for sale in TRX
  • Tokens distributed within 15 days of token sale conclusion

Team

The team behind BTT is the team behind BitTorrent, which as explained, is a massively popular decentralized file sharing protocol, and the team behind Tron, a highly popular blockchain-based project, whose cryptocurrency TRX, is ranked #9 by market capitalization as of writing (Coinmarketcap).

Verdict

Below is a breakdown of the risks and growth potential of BitTorrent Token (BTT).

Risks

  • Would people actually pay for faster torrent downloads (initial use case for BTT, which will serve as a way to validate or invalidate the notion of tokenizing the BitTorrent protocol)? Torrents are known for enabling free downloading of content like movies and music. If users really wanted to pay for torrents, it’s possible that they would have already migrated to services like streaming via Netflix and Spotify. Moreover, BitTorrent users are not mandated to participate in BitTorrent Speed. (-0.5)
  • There is a lot of legal controversy surrounding the use of BitTorrent – the protocol itself is legal; however, as mentioned, there are many illicit uses of it, such as the sharing of copyrighted content. While it’s unlikely that the team behind BTT would get into any sort of trouble, it’s possible that users might be turned off by negative press or attention about illicit use and resulting legal disputes. (-0.5)
  • The team is highly experienced at building and maintaining decentralized network infrastructure (BitTorrent) and building popular blockchain-based solutions (TRON). However, competitors like Upfiring have already launched beta products, with decent feedback on places like Reddit. (-0.5)
  • Although the BitTorrent and TRON teams have built large-scale decentralized network infrastructure, it will be difficult to build a blockchain that can handle the massive throughput of the BitTorrent network. (-0.5)
  • Initial circulating supply is only 9% but will near 80% within 3.5 years, which means that the BTT token will face incredible inflationary pressure (-2)
  • Seed and private investors got BTT at a ~68% bonus (relative to public sale price) and don’t have a lockup (though tokens are vested over a year). (-0.5)
  • No details on lockups and/or vesting for team tokens. (-0.5)

Growth Potential

  • BitTorrent is about as legitimate as they come for proven examples of successful decentralized networks. (+2)
  • The tokenization of BitTorrent’s protocol could prove to be very interesting, and it’s possible that content creators and other individuals and groups that wish to distribute files could migrate to the protocol in order to circumvent the various problems associated with going through more centralized alternatives, such as app stores, music distribution platforms, and more. (+2)
  • If tokenization via BTT takes off due to the combination of the already large network effects of BitTorrent and the validation of the BTT tokenization model, it’s very possible that BTT might be covered in mainstream media outlets, as an example of a cryptocurrency project that has “mainstream adoption”. (+1)
  • The sale will be taking place on Binance’s Launchpad platform for ICOs, which provides BTT with a ready base of potential investors who can invest easily from Binance’s platform. (+1)
  • Although competitors like Upfiring are up and running, the team, as mentioned, has a great track record in building decentralized networks (BitTorrent and TRON). (+2)
  • Say what you want about Justin Sun and TRON, but no one can deny that Justin Sun and TRON are marketing wizards, who are highly capable of building investor interest in blockchain projects. During the bull run of late 2017~early 2018, TRX multiplied in price by over 100 times (as measured in USD), and the TRON community continues to be vibrant. (+2)

Disposition

BitTorrent Token will prove to be an interesting experiment for the future of decentralized technology. The team is combining an already large decentralized network (the BitTorrent protocol) with the idea of tokenization and crypto-economics. However, in terms of investing in the token sale, competitors, current blockchain technology limitations, inflationary pressure, more favorable terms for early investors, opacity regarding team tokens, and general lack of interest in ICOs amidst a bear market make BTT ICO participation a questionable proposition. Nevertheless, the sheer potential of leveraging BitTorrent’s network in a cryptocurrency project as well as the team’s experience in building decentralized networks and marketing make BTT a token to keep an eye on. BitTorrent Token receives a 5/10.

Investment Details

  • Type: TRC10 – Utility
  • Symbol: BTT
  • Platform: TRON
  • Crowdsale: January 28th, 2019 at 15:00 UTC
  • Minimum Investment: Unspecified
  • Price: 1 BTT = .00012 USD (prices in BNB and TRX set on day of token sale)
  • Hard Cap: $7.2m
  • Payments Accepted: TRX, BNB
  • Restricted from Participating: China, USA, Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar, North Korea, Republic of Macedonia (FYROM), Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, Venezuela, Yemen, and Zimbabwe

For More Information

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: Devv

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One of the major issues with blockchain technology is that the underlying platforms are unable to adequately service high amounts of usage without compromising on speed and transaction costs (“the scalability problem”).

In fact, many see this as one of the foremost obstacles for blockchain to overcome in order to achieve widespread adoption and become the basis for a new and decentralized Internet.

Various projects have sprung up and are in the works with the focus of tackling the scalability issue.

Devvio is yet another contender to step into the arena for scalable platforms and has developed a blockchain protocol called Devv that claims to address blockchain’s major issues including scalability as well as fraud, loss, theft, privacy and stability.

While seasoned ICO investors might have heard this pitch one too many times, Devv has processed over 1 million transactions per second (tps) on-chain and is currently benchmarking at over 8 million tps on-chain, the results of which can be seen here. Those would like to delve further into Devv’s technology can check out the Devv whitepaper and Devv Github.

By solving the aforementioned issues of scalability, fraud, loss, theft, privacy and stability, Devvio believes that their cryptocurrency has the potential to really grow into the preferred way for instant value exchange worldwide.

Moreover, similar to platforms, such as Ethereum and EOS, developers can build Dapps on Devv but not be limited by high fees, low transaction throughput, and sub-par security at scale.

Some use cases the Devvio team foresees for Devv include the following:

Financial Services

Using Devv to manage exchange, hedging, payments, and repatriation of funds.

Data

Using Devv to manage sensitive data in a highly secure environment.

Logistics

Track and manage goods as well as reduce traditional insurance and logistics costs.

Token

Devv’s token will be used to enable value and asset exchange similar to other cryptocurrencies and tokens.

Devvio will initially issue ERC-20 tokens to investors before ERC-20 tokens are swapped for native Devv tokens at a 1:1 ratio.

Devv tokens (total supply 500m tokens) will be allocated as follows.

  • 30% token sale (150m tokens)
  • 30% company reserve (150m tokens)
  • 20% partners and acquisitions (100m tokens)
  • 15% founders and partners (75m tokens)
  • 4% advisors (20m tokens)
  • 1% bounties and community (5m tokens)

According to the Devv whitepaper, token sale proceeds will be used in the following manner (assuming the hard cap of $18m is met):

  • 15% technical development
  • 12% Devvio operations
  • 12% business development
  • 18% Intellectual property development, licensing, and enforcement
  • 20% marketing
  • 8% supporting technologies
  • 15% token sale fees

The amount of Devv tokens issued to investors will vary depending on how much is raised during the token offering. For instance, if the hard cap of $18m is met, token purchasers will receive 150m tokens as mentioned.

2% of Founder, Partner, and Advisor tokens will be available upon the Token Generation Event (TGE) and 98% will be vested with a cliff of 1 year at a rate of 1/8th each quarter for 2 years (after the initial 1 year lockup period).

Team

Devvio team members include the following:

CEO Tom Anderson – Anderson was the founder of Novint Technologies, a robotics company which made the first 3d touch device for consumers. Anderson is considered a pioneer in haptic technology (integrating the sense of touch into computers and virtual reality). Novint raised over $30m, licensed game development worth tens of millions of dollars, and more before its patents were sold to Facebook.

Advisors

Tokenmarket – well-known token sale organizer that has helped ICO clients, such as Civic, Storj, and Dent.

More team members and advisors are listed on Devvio’s team page.

Verdict

Below is a breakdown of the risks and growth potential of Devv.

Risks

  • Like many projects – not fully released. First stable release of Devv blockchain is set for Q1/Q2 2019.
  • For a highly ambitious blockchain platform (“solving” scalability, fraud, loss, theft, privacy and stability at the same time), no one on the team has standout experience working on similar projects.
  • Token allocation for token sale could be higher.
  • Though the token sale date hasn’t been specified, interest on social platforms thus far seems relatively low for a project of its scope (e.g. ~2.8k Telegram channel members and ~1k Twitter followers as of writing).

Growth Potential

  • Testnet available and not a complete whitepaper/vaporware project like many ICOs.
  • Team has had business success in other endeavors (e.g. Novint).
  • According to the Devv FAQ (“Do you have any patents”), the team has patented their ideas to build somewhat of a protective moat.
  • Instead of accepting that thefts occur in the blockchain/cryptocurrency space like most other projects, Devv has an optional transaction method (similar to credit card chargebacks) called DevvProtect. Optional DevvProtect wallets guard against common issues like stolen private keys and lack of asset transferal upon events, such as a token holder’s death. These are definitely interesting features that would probably be of interest to businesses, Devv’s intended audience.

Disposition

Although jaded ICO investors are probably tired of hearing about platforms that will solve scalability among other blockchain technology obstacles, Devvio’s Devv blockchain does show promise with its benchmarking of 8 million tps and testnet available for use. This in addition to the team’s business experience, focus on patents, and innovative features like optional transactions make the project one to keep an eye on as long as they can deliver technically and garner adequate community interest once the ICO date is announced. Devv receives a 7/10.

Investment Details

  • Type: ERC20 – Utility then Native
  • Symbol: DEVV
  • Platform: Ethereum then Native
  • Crowdsale: TBA
  • Minimum Investment: Unspecified
  • Price: Unspecified
  • Hard Cap: $18m
  • Payments Accepted: Unspecified, presumably ETH
  • Restricted from Participating: Unspecified

For More Information

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: Fieldcoin

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Fieldcoin is an agribusiness crowdfunding platform that enables anyone to buy, sell, rent, and manage farmland from anywhere in the world. Using IoT, smart contracts, and other agribusiness technology, token holders will form a DAC (Decentralised Autonomous Community) and vote on every aspect of their chosen agribusiness from seed to table.

“Fieldcoin’s mission is to bring the blockchain technology to land property transactions and agricultural crowdfunding projects while creating a stable transaction instrument easing the process of land and agribusiness acquisition.”

Fieldcoin will offer access to LANDS Management Services. Investors will be able to buy/sell/manage physical land of different sizes and budgets at an attractive price compared to the market value.

The company claims to:

  • Brings liquidity to the agricultural industry
  • The token is backed by land.
  • Decentralize the highly centralized agriculture market
  • Track the origin of food products.
  • Manage the way the food is grown (pesticides or organic)

Along with the above highlights, Fieldcoin’s “trade-back token” guarantees an 80% ratio on the value of your token to the assets in the ecosystem and the possibility of claiming your assets in physical property at a certain rate under the market price.

In the Fieldcoin ecosystem, there are 2 levels of ownership: “Off-chain,” which is to comply with national regulations and “On-chain,” which is recorded and transacted on the blockchain.

  • Off-chain: Fieldcoin Ltd or a third party company DAO (decentralized autonomous organization) owns the property titles recorded in the national land registry. The token holder owns a share of the company representing the specific land acquired on the platform.
  • On-chain: Fieldcoin Ltd creates a unique token with a unique number representing a specific property called LANDS (ERC721). The LANDS token represents the ownership of the property and can be exchanged on the Fieldcoin platform using the Blockchain.

The FCO will start April 2nd, 2019.

FCO means Field Coin Offering. It’s like any ICO, users buy (FLC) ERC20 Utility tokens which are used to acquire non-fungible tokens (ERC721), which represent a particular agricultural property. “The acquisition of NFT tokens during the ICO makes the Field Coin Offering unique and offers a strong advantage to investors that are able to test the platform and own tangible assets during the Coin Offering.”

Token

FLC is an ERC20-based utility token distributed during the FCO. The token is used as a currency to buy land, services and crowdfund agricultural projects on the platform.

LANDS is an ERC721-based token received after buying a specific land property through our platform, representing land ownership and storing the data of your property. LANDS are also available for purchase during the FCO.

According to the company, trade-back token is “Token holders will buy land on Fieldcoin’s platform and pay the full market price displayed on the website. They will be credited with a coupon to buy land for later purchases. The value of the voucher corresponds to the difference between the price drop of the token under the 80% threshold and the actual value of assets in Fieldcoin’s Ecosystem. The coupon can be applied to available properties sold by Fieldcoin Ltd on the platform.”

Distribution:

  • Private Sale 2%
  • FCO 60%
  • Token Bonuses 17%
  • Reserves 10%
  • Team 9%
  • Bounty 2%

Allocation of funds:

  • 60% Purchase of Physical Land
  • 15% Agribusiness Development
  • 10% IT
  • 7% Legal
  • 6% Marketing
  • 1% Reserve Fund
  • 1% Social and Rural Development

Ecosystem asset reallocation:

  • 85% Land Recapitalization
  • 9% Business Operations
  • 5% IT Development
  • 1% Participation in Communities

Team

The Fieldcoin project is governed and supervised by Fieldcoin Ltd, registered in London. The team members are from France, Canada, USA, India, Belgium, Italy, the UK, Pakistan and China. There are over 25 team members including the advisors.

Marc Couzic is the  Founder/CEO.  He is a freelance commodities and crypto trader since 2013 and has been a “Contributor” to 3 blockchain projects this past year; Experty.io, Kart Block, and Magna Numeris.

Alexandre Palubniak is a Web Project Manager from France. He has spent 7 years as a freelance “Director Artistique”.

Jeremie Joncas is a COO from Canada but there is not much info on him. He owned a business for 4 years called J2 Entretien (but can’t find any info in it). He’s traded crypto for the last 1.5 years.

The rest of the team is similar to the above – very little experience in agriculture or blockchain.

There are also 10 Contributors/Advisors. They are average.

Verdict

When describing the benefits of Fieldcoin in Telegram, CEO Marc Couzic had this to say, among other things.

“Yes, it is a share profit system where 40% of net profits on production goes to the externalized land management company or farmer (choosen by Fieldcoin) exploiting the land and 60% to the owner. The holder of LANDS tokens won’t need to do a thing besides participating in decision concerning the type of crops and agricultural method used on its land. The idea is to levy the burden of execution for the investor and move towards agricultural automation processes. Additionally, the price of land grow on average 2-3% worldwide”

The idea of Fieldcoin is to have Decentralized Autonomous Communities that will decide on the agriculture products and management of their lands. They will vote on things like the amount of pesticides used, or if they want pure organic or reasonable agriculture.

The problem is DACs are complicated. Billion-dollar projects like Ethereum and EOS are still developing the tools to perfect them. Does Team Fieldcoin even have the ability to execute this massive project? It seems iffy, as they are fast approaching on the pre-sale and do not have an MVP. They only have this picture of one.

Risks

  • Small soft cap of just $3 million USD. According to the company: “the Proof of Concept can only be implemented once the FCO has reached $5 million USD. In the event of the cap not being reached, the Proof of Concept will be postponed.” This is sketchy. -1
  • The team is not very impressive at all. -2
  • Their business plan requires the minting of new Fieldcoin tokens to buy more land. They explain the process in detail here. -1
  • Only 13% of the funds raised will go to legal and marketing. -1
  • DACs are complicated. Many top projects are delaying launch until they figure out governance. -2

Growth Potential

  • First mover advantage. +2
  • They say they’ve already purchased land, have buying promises and about 35 offers to be displayed. +2
  • 85% of the Ecosystem asset reallocation is reserved for new land acquisitions further expanding the Ecosystem.+2
  • “Fieldcoin plans to target low-risk and average potential markets first, such as the countries within the European Union, and will then move slowly to countries with more venture capital and with much higher expected returns for Fieldcoin’s Ecosystem.”+1.5
  • 1% of the Fieldcoin tokens will be allocated to the Fieldcoin Foundation, which aims to develop community infrastructure. This project includes plans to build schools, water wells, irrigation systems, and roads.+2
  • “The Fieldcoin token is supported by “Trade-Back Protocol”, offering token holders the possibility to claim LANDS at a reduced price in case of market dips. Thanks to our upward trend capitalization mechanism, new physical lands will be acquired by Fieldcoin Ltd. increasing the guarantee of the Trade Back Protocol.”+2
  • Although we don’t score Fieldcoin well, these “respected” ICO sites have them ranked rather high. +0.5

Disposition

The tools required to build a proper DAC voting system are only now being built. Although something similar to this DAC agribusiness will someday soon be a reality, this project is too early and too ambitious, especially with such an inexperienced team. 5/10

Investment Details

  • Symbol: FLC (ERC20)  LANDS (ERC721)
  • Platform: Ethereum
  • Total Supply: 1 billion
  • Presale: Feb 4 – Feb 12, 2019 (100% bonus, 1 million USD worth of tokens available)
  • Price: 1 FLC = $0.05
  • FCO (Field Coin Offering) Start date: April 2nd 2019.
  • Hard Cap: $31 million
  • Soft Cap: $3 million
  • Telegramhttps://t.me/fieldcoin
  • Websitehttps://www.fieldcoin.io/
  • Barred Jurisdictions: USA and China

All unsold tokens will be burned.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 27 rated postsJoshua Larson is also known as the "Bullshit Man" for his ability to spot it a mile away. Avid ICO researcher and contributor. Former professional poker player/backer. Spent 10 years analyzing hand history, stats, and player data. Discovered blockchain in late 2016, and never looked back. He now uses his analysis skills to investigate ICOs full time. What a perfect match, because in today's crazy world of ICOs, information, passion, and diligence = dollar bills!




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