ICO Analysis: InnovaMinex

Precious metals such as gold and silver are widely accepted as one of the safest traditional financial assets to invest in. They are used not only to store value but in various industries to manufacture durable parts. As their values highly depend on their purity, it is of the utmost importance to obtain them from respectable sources, yet the average joe neither has sufficient tools nor the knowledge to verify any claim of purity. This creates the need for a service to trace precious metals from the very beginning of the mining process.

InnovaMinex aims to fill this need by providing a decentralized service to trace precious metals, certifying its life from mines and refineries to its commercialization. This enables parties to check if a metal is extracted legally or if the environment is harmed during its excavation. As every single transaction of a metal is recorded on an immutable public ledger, it is not possible to use these metals for illegal activities such as money laundering.

This commercialization is being conducted through several products as follows.

  1. Mining: Facilities to mine gold, silver, zinc, and other precious metals are either already in use or underway in Colombia.
  2. Refining: A refinery with the capacity of 200 kilograms of gold per day with maximum security will be used to refine gold obtained from InnovaMinex’s or third parties’ mines.
  3. E-commerce: An e-commerce platform will enable users to buy gold and silver coins and ingots. If the payment is done in INX tokens, discounted prices will be available.
  4. ATMs: Cryptocurrencies such as BTC, ETH, and the platform’s native currency INX will be sold through ATMs. Three different ATMs are already designed, and these ATM will be available to be shipped and used1 in April 2019, according to the roadmap.

As InnovaMinex’s ultimate goal is to make precious metals more accessible to everyone through their native currency INX, the team states that they are willing to do their best to provide the best prices to their clients and platform users.

Token

INX token owners receive rewards such as coupons and discounts from InnovaMinex’s loyalty programs which can be redeemed in their e-commerce platform, used to buy precious metals for lower prices, used in partnered platforms and stores as a means of payment, and exchanged for other cryptocurrencies in InnovaMinex ATMs.

InnovaMinex will conduct its public sale in four phases. The first phase will take place between November 26th and December 9th and ICO contributors will be offered a discount of 30%. Each phase will take two weeks and will offer lower and lower discounts. The sale is going to be concluded on January 7th. It should be also noted that people buying 14,000 or more INX tokens will receive a limited-edition and numbered InnovaMinex 100 g sterling silver bullion. Any unsold token will be locked up for one year and every year only 10% of these tokens will be released.

The initial total supply of INX is 300,000,000 tokens with the following token distribution:

  1. 70% sale
  2. 20% InnovaMinex project
  3. 10% development

The team is planning to use the token sale proceeds as follows.

  1. 75% project
  2. 19% InnovaMinex
  3. 5% others
  4. 1% social project

Team

CEO Fernandez Garcia Sanz: Sanz was the director of editors at EDP zone, a publishing company based in Barcelona.

CFO Raul Berlanga Torres: Torres has worked as an administrative assistant at HP Spain.

Rafa Paez Vazquez: Vazquez has provided UX solutions for Opinno, a management consulting company located in Madrid, was the brand manager at Masmovil, a telecommunications company and the director of art at J. Walter Thompson Madrid.

Advisors

Kate Bublik: Bublik has worked as an ads operations officer at Experian, as a marketing executive at TIMWE, a Portuguese telecommunications company and as a marketing analyst at Eaton Moscow.

Verdict

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

Risks

  • Community interest seems rather low on social media platforms like Telegram and Twitter (~350 followers on each platform as of writing). (-2)
  • The hard-cap of $52,500,000 seems too high for this project given the current state of the ICO market. (-2.5)

Growth Potential

  • The project is already quite ahead of the curve as they already have started to build facilities to conduct their operations. (+4)
  • Many team members have worked for mining companies or in relevant industries. (+3)

Disposition

Precious metals are widely accepted as one of the safest investment tools. Their rarity and durability are just two reasons why they hold high financial value. As higher purity implies higher value, its purity should be estimated by trustable sources, yet the average person does not have sufficient tools or knowledge to verify any such claim of purity. InnovaMinex provides tools to trace precious metals from the time when they have been mined to the time when a buyer has his or her hands on them. As all this data is stored in a public immutable ledger, not only can anyone verify a precious metal’s data, but these metals also cannot be used for illegal activities. INX token owners are given several benefits with the most impressive one being coupons and discounts to be used in the InnovaMinex e-commerce platform. Still, social media interest in the project seems low, and the team is looking to raise a bit over $50 million, which seems high given the state of the ICO market. But, it should be underlined that the team has great experience in the mining industry and has been working on the project for a considerable amount of time. As the first phase of the public sale will offer a bonus of 30% the ICO investor should make his or her decision by then to not miss it. InnovaMinex receives a 2.5/10.

Investment Details

  • Type: Native – Utility
  • Symbol: INX
  • Platform: Native
  • Crowdsale: November 26th
  • Minimum Investment: 1 INX
  • Price: $0.5
  • Hard Cap: $52,500,000
  • Payments Accepted: BTC, BCH, ETH, LTC, DASH, ETC, USDT, and XRP
  • Restricted from Participating: Unspecified

For More Information

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