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ICO Analysis: FundYourselfNow (FYN)

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Money is a useless idea unless it is helping people. That you have more representation of value than another person is meaningless unless that person has some need your value can fill. The lender and borrower relationship, one can imagine, is precisely the situation which the earliest forms of money were invented for – how else to keep track of who owes who.

Lending in the modern age is a complex and difficult process. Creditworthiness is based on several metrics, and until the dawn of the internet, those metrics could be the end of great business plans. Venture capitalism hadn’t really applied itself notably to technology yet, so people’s options were down to either a bank or friends and family. Around the time that Bitcoin was invented, companies like Kickstarter as well as “micro-lending” platforms came on the scene. These enabled lots of people with small amounts of money to help fund a business.

In the cryptocurrency world, for a long time there was BTCJam and little besides it. Other projects have competed with it over the years, including BitBond and BTCPop, but the projects with the most volume seem to land on BTCJam. Rife with scammers and low returns, BTCJam has long offered room for improvement and competition to thrive. This is the space we find ourselves investigating with the advent of the FundYourselfNow project, which still has almost a month remaining for investment, the space of cryptocurrency-based crowdfunding.

An immediate red flag is raised, right? These people are essentially crowdfunding a crowdfunding platform – is the snake eating its own tail? Could be that we are in a strange time when we find ourselves analyzing a fundraising effort conducted by a prospective fundraising platform, and the frustrating thing about investments is that there is no crystal ball. Nevertheless, there are only so many points we can deduct on the face for a – shall we say – meta concept – in this case, .25 such points. So if that red flag was raised for you, dear reader, then you can continue on knowing that the ceiling on rating for FYN is already 9.75 for similar reasons.

Conglomerating Businesses and Backers

Before we discuss much about the FYN token or its potential viability, we should identify and go over the business model they seek to capitalize on. FYN is, in essence, taking the flea market, farmer’s market, stock market approach – the fully legitimate approach of the moderate rent-seeker. While not the typical rent-seeking approach, we can think of them like Erhlich Bachmann from HBO’s Silicon Valley – he is not necessary for the creation of Pied Piper, but Pied Piper’s odds of coming into existence were increased by virtue of him.

FYN Value Proposition

This is the value proposition of all of the sites we’ve discussed: projects can find investment dollars and small-time investors (or any non-institutional investors, really) get several advantages over navigating the wild world of potential money vehicles. Getting these people together in the same space and ensuring that there are enough commonalities when they get there is a challenge, a problem worth solving, and whoever does it best will essentially be looking at a percentage of several new technologies moving into the future.

Such lucrative opportunities are bound to break away from the closed doors of Sand Hill Road and into the democratized wealth of the wider world, but this will not become the norm before a company has sufficiently amalgamated enough commoner capital to compete with the types of offers and connections that venture capital can offer. Considering this proposition at all is accepting the idea that some of the most valuable technologies of the future will be funded outside of traditional finance.

The FYN Token

The FYN token will not be required to utilize investment opportunities listed on FundYourselfNow.com, however all projects listed on FundYourselfNow.com will be required to accept a portion of their investment in FYN tokens. The suggested rate for this is 20%. This could give the token some freewheel advantage if it happens to be retaining a higher value than the other tokens being listed, especially if the token is somehow more attractive. Tokens will be redeemable through a buy-back program that FundYourselfNow intends to offer once every six months, and tokens that are bought back in this fashion are permanently destroyed from the blockchain.

The FYN team incorrectly assess the way cryptocurrencies work in the following passage from their whitepaper:

A gradual reduction in token supply will eventually increase on the token value, benefiting all token holders. In addition, the top 100 token holders will be part of the FYN VIP exclusive club. VIP club members have exclusive access to buy into upcoming promising projects featured on the FYN platform (normally at a discount), during their pre-sales period. If the pre-sale quota is not filled up, we will open it to all FYN token holders. We plan to make pre-salesparticipation exclusively using FYN tokens only.

This assessment leaves out a fundamental, all-important truth about ICOs: the value of nothing is precisely nothing, $0.00. So if the FundYourselfNow project retains no value, then neither should any token purchased from it. It’s crazy to think, but this is a real possibility with almost every ICO out there now. To leave this out of the equation and not even add a caveat note about it is almost deceptive.

They further expand on the idea of reducing supply by stating that FYN tokens which are committed to a project are “locked up.” While this can be made the case through programming, this situation also makes FYN tokens less desirable to project creators, if it’s true that they are unable to derive any value from them for at least twelve months. It’s like funding a business and saying, “And here are some gold bars you can sell, nevermind the crazy valuations of gold at the moment, we’re going to count this as a full investment but you won’t be able to realize anything from it for at least a year.” That’s not going to work for the project leaders.

Of course, the simple logic of this underlines the child-like nature of the project as a whole: there are a lot of brilliant ideas, but not a lot of thought given to the overall execution of them. While it’s true that in technology, if you throw enough money at something it is bound to produce something, it is also true that bad seeds almost never yield good fruit. There are serious problems with the FundYourselfNow system from the start, and little is done to address them. In essence, the platform can take off quite divorced from the value of the token – and the token itself is what we’re here to analyze, not the prospects of the business.

As to the prospects of the business, they’re probably okay, but we’ll get to that in a moment.

The value proposition of the FYN token is the following:

  • A company (which must exist at redemption time) will redeem your tokens every six months.
  • You get bonus tokens now in the ICO, which later can amount to extra investing leverage.
  • Potentially other advantages for token holders later.

But overall, you’d still be competing with other investors in the marketplace. Buying the token doesn’t buy you special access to anything much, except potential profits. Now we have to talk about those potential profits, because as earlier mentioned, this is a viable market/industry. But the question we must assess at this point is whether FundYourselfNow is part of the future for it, or if it will just pave the way for the actual unicorns in the space.

Also, importantly, 28% of tokens will never see the market. 8% go into a mysterious (undefined anywhere) “reserve fund” while 20% go to the FYN team themselves. In cases where tokens are being sold publicly, it’s important to note that such withholdings are subject to the market – they should immediately be zeroed out and removed from the market capitalization of the coin. Thus whatever valuation they come out with, at least 20% is potentially as good as gone. There’s a lot of moral hazard in selling tokens and giving some to yourself for free at the same time. Perhaps a more equitable situation would be where these firms were forced to re-purchase their own tokens with the proceeds until they had the specified % rate. Plus, another 12% go to the advisory board, past, present, and future, with little oversight for token holders on how that gets doled out.

Note that 12.5 million tokens will be generated in total, meaning a sum of more than 2 million tokens outstanding, unknown – not much different than fiat currency, in this regard.

Can FYN Do It Best?

FundYourselfNow’s business plan is to develop a top-notch platform for creators and investors to meet each other, with the added benefit of its own in-house token. They intend to re-invest at least 30% of profits per year, with 70% being available for the buyback program.

70% of the profits made from FYN platform will be distributed to investors, via a token buyback program. The tokens bought back will be burned to reduce the overall FYN token supply. This program will be executed every 6 months. The remaining 30% profits will be re-invested to grow the company.

All of the proceeds from the token sale will go to getting the company going, and little detailed information is provided anywhere regarding this.

The FYN Team

Headed up by Jack Ser, recipient of the 2015 Management Consultant of the Year Award by the Singapore Business Advisor & Consultant Council. Ser currently operates his own consultancy, Pinnacle One, a sort of all-in-one shop for the web and finance.

Ser’s previous cryptocurrency projects are zilch, however core Ethereum developer Zheng Junyi “is a crypto-enthusiast who started mining bitcoins in the early CPU days and ETH since genesis.” Junyi “will be responsible for coding secure smart contracts capablity and backend optimizations for the platform.” Zheng Junyi is not to be confused with Junyi Zhang [https://github.com/Junyiz], who has a well-established Github profile, nor the Junyi Zheng who went to UC Berkeley. Instead, if you’re researching Zheng Junyi, he is the developer whose only development shows up under FundYourselfNow. Unfortunately, development chops are of major importance, especially on the money part, and it would be better if this developer’s work were more accessible.

On the advisory board, they do list Dana Coe, who runs Bitlox, a hardware Bitcoin wallet that is a competitor of Trezor. His experience might offer insight on competing in a market already heavily dominated by a competitor.

The Verdict

It is good to see new efforts in the space of cryptocurrency crowdfunding. When legitimately done, these products offer investment opportunities that would never, ever be available to regionally middle class and wealthy people around the world who are, in fact, globally poor. This means that for the first time in history these people have real, easy access to the global economy of investing – they have legitimate tools and means to improve their own station, with very little or even nothing to start with. When there is no minimum ticket price, the whole of the commons can show up – and hopefully everyone will be the better for it. In short, this type of platform is exactly the kind of thing we want to see cryptocurrency projects doing.

Additionally, FYN has the benefit of being regionally well-positioned in Asia, having a mostly native team and a competently multi-lingual communications team.

On these points, we credit 3.5 each.

Risk

  • Ideas not fully developed – hazard of FYN undesirability. (-1.5)
  • FYN token not fully necessary for the platform to thrive/unclear as to why token need exist. (-2.0)
  • Market is abuzz – other outfits with the same purpose will be covered here in the near future. Crowded markets can mean less for a given vendor. (-0.5)

Growth Potential

Nevertheless, the token will probably do okay once exchanges decide to list it. If the VIP access feature (top 100 token holders) holds any value, people will periodically want to reach this status. The reduction in supply will equate to a value increase, if the tokens are being traded. At an initial price of just under .01 Eth (~$3) each, this would mean significant growth. Yet, we struggle to find this being a legitimate opening price for the unpredictable future value of this token. We must then sadly deduct another 0.25 for serious uncertainty.

The Outcome

7 – 1.5 – 1.0 – 0.5 – 0.25 = 3.75 out of 10.0 on the safety scale.

Investment Details

The FundYourselfNow ICO funding round runs until July 31st. Beginning on the 4th, the rate of FYN tokens per Ether will drop from 120 to 100. At time of writing, their website claims that around 5000 Eth have been collected. Participation requires registration [https://www.fundyourselfnow.com/ico/public/login] at their website, which is unusual since the Ethereum platform basically makes such a registration unnecessary. By doing so, you agree to some terms. Here are notable ones:

3.2 From time to time Fund Yourself Now may hold a poll to elicit the opinion of Token holders. Poll results will be taken into account in decisions made concerning the financial or technical direction or implementation of FYN Platform. However, the outcome of a poll will not, in any circumstances, be binding on Fund Yourself Now or enforceable by Token holders. Only valid Token holders are authorised to participate in a poll.

 

3.5 There are no guarantees that FYN Platform will be delivered within any particular timeframe, or at all (see clause 5).

 

3.6 By donating to Fund Yourself Now, and to the extent permitted by applicable law, you agree to not hold any Fund Yourself Now liable for any Loss arising out of, or in any way connected to, your failure to properly secure and keep private your email address and any password used in connection with Crowdfunding.

 

5.2 Fund Yourself Now reserves the right to change the Commencement Time or the Closing Time in its absolute discretion. Any such changes will be published on the Website.

 

TL;DR – Current token cost: .083 Eth each. Cost after 4/7/17: .1 Eth each. End of sale: 12.5 mln tokens sold or July 31st, subject to change at behest of FYN. Participation: register at website and follow directions.

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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2 Comments

2 Comments

  1. godtrader

    July 4, 2017 at 1:20 am

    I was wondering what is the purpose of analyzing bad/unattractive ICO? I would rather read analysis of interesting projects which are on fire now. You have missed EOS ICO, which is booming as I write. Tezos ICO is currently running as well and already collected a lot of funds, has good team etc. I have paid money in hope to read about INTERESTING investment opportunites in this blog, not the bad ones.

  2. godtrader

    July 4, 2017 at 1:23 am

    My second question is why comments are moderated on a paid subscription? In my opinion its totally wrong. Be prepared for feedback whether you like it or not.

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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

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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