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ICO Analysis: Internet of Coins

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There is an ongoing crowdsale of the “Internet of Coins (IoC).” IoC is one of the competitors in this budding space of networking various blockchains mentioned in our last ICO Analysis, regarding Cosmos.

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IoC differs from Cosmos significantly. For starters, while Cosmos uses hubs and zones to interconnect assets, IoC uses a somewhat novel concept of “hybrid assets” to interlink coins. According to IoC themselves, they have been at work on the project for two years prior to launching the crowdsale, whereas Cosmos has not actually done any of the work on the Cosmos part of the Cosmos project. IoC aims to take the most direct approach to usability, by stating plainly:

Existing wallets need no changes or adaptations to allow their blockchains and value systems to be hooked into this autonomous decentralized network.

It seems that IoC’s fundamental goal is the ability for all cryptocurrencies to be able to speak to each other on a peer-to-peer basis without the need of middlemen. The only reasonable way to achieve this at present is to conduct a trade through a cryptocurrency exchange. Atomic Cross Chain trading/transfers are a concept that have existed since not long after alternatives to Bitcoin started springing up. The concept is that, without the requirement of a third-party middleman, coins on different blockchains can be transferred between wallets on different blockchains.

Decentralization is as important to the Internet of Coins as it is to most Bitcoiners. They state clearly that they are working toward allowing alternative cryptocurrencies and established ones to autonomously connect to the network. The way this is done is through the establishment of “hybrid assets” on the network. It is explicitly clear that nothing about the coins themselves will have to chain. Adapters will have to made for a few of the bigger ones, and then their forks will have an easy time of making such adapters work. This means that this project has a high potential of achieving its technical goal in a relatively short amount of time, since nearly all cryptocurrencies share the Satoshi codebase.

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Who Is Behind It

Joachim de Koning is the founder of the IoC, with Robert de Groot as co-founder. A number of others are also involved, including a financial consultant and a blockchain expert. Koning has a couple of known successes under his belt, including his still-primary duties to Metasync, a sort of general purpose cryptography and security services firm. He is also the inventor of the NetAidKit, a USB powered device which provides network security for both wired and wireless connections.

The two primary developers, Amadeus de Koning and Steffen Hoffmann have previously worked in the sphere, with de Koning’s development efforts still aimed at Metasync. Hoffman has worked on a Python-based client for Monero, which is not a Satoshi-based coin, as well as several other projects over several years. In short, it appears the development team, plus some hired help, are likely to have this project well in hand if given the greenlight.

How Hybrid Assets Work

According to the IoC whitepaper, hybrid assets are to be issued across blockchains involved in a transaction. Tradeable assets on the Internet of Coins can have inherent value by either destroying coins from other chains or providing proof of stake in a given blockchain, to whit:

The asset may gain a form of inherent value if its issuer decides to prove the asset’s contextual value by either proof-of-burn or proof-of-stake. Asset holders on the hybrid network have either issued the asset themselves, or have obtained it on a decentralized asset exchange. Our proposed network daemon (hybridd) ’glues’ cryptoassets and coins together by passing around datasets or tables – utilizing a FIFO (first-in-first-out) blockstream for sharing and verifying data – that contain identification information about each invidual blockchain-based asset, and rulesets that govern their relationship to form a hybrid asset.

What this is meant to amount to in practice is that upon entering the IoC, a trader first creates (or acquires) an asset that is agnostic of the blockchain he intends to use, and then has the option to assign it an inherent value. Then he can proceed to seamlessly trade it for other assets on the IoC. When another person takes the trade, the coins are transferred to them on the other chain. Like Cosmos, this gets a bit complex if you are not a blockchain architect like the authors of the whitepaper.

The IoC blockchain itself is based on proof-of-allocation, and its biggest job is to maintain a running ledger/table of such allocations already made. Proof-of-allocation involves a type of escrow in the form of nodes which “have allocated a certain amount of assets or coins to be used for interblockchain transactions.”

These nodes work by processing the information of the trade and swapping private/public keys, thereby creating multi-signature transaction keys for the movement initiator to then use as access keys to the funds in question. The code for a hybrid asset already exists, and is available here.

Where The Rubber Meets The Road

So far, peer-to-peer trading already has a number of analog methods that aptly do the job outlined here, but they are not efficient, nor instant, and still rely on the third-party in the form of a third-party holding the escrow. Thus, there must be something gluing all this together. This is covered in the white paper as well, describing a meta server that can unite most or all cryptocurrencies at the highest possible level – and at this highest possible level, it becomes ever more feasible to integrate with the legacy financial system.

IoC also takes privacy concerns seriously, and intends to integrate various obfuscated communications networks such as Tor from the outset while also sending the data itself encrypted. Part of the reason for this move is that, while governments have been struggling to regulate the exchanges, they will be even more interested in regulating a technology that will eliminate the need for third-party exchanges/middlemen. By making it incredibly difficult (maybe impossible) to successfully identify the parties in a trade over IoC, IoC could take all of cryptocurrency to the next level by making it that much more invincible to government intervention.

As earlier mentioned, IoC has within nodes that allocate funds on the network. These nodes are incentivized by receiving a .1-.2% fee of the transfer – almost unnoticeable to the trader, especially by comparison to current methods, not to mention network fees that occur during traditional trading. Unlike Cosmos, allocators do not own a currency-agnostic token, but rather a hybrid token representing exactly the value they are capable of moving. A more specific value vehicle, rather than a general purpose one to feed the network.

Knowing all of this, it’s time for brass tacks. The crowdsale is for a multi-blockchain asset called the Hybrid. Hybrids are purchaseable in the following ways: Bitcoin, Ethereum, CounterParty, NXT Platform, New Economy Movement, Waves Platform, and Bitshares. The current cost is around $1.50 each. These assets can be traded like any others on those networks. Each network will be issued a million tokens, but 100,000 will be doled out over the first three years of the project to the investors. This is an incentive for them to propel the platform forward, so that their hybrids are worth more. They won’t be available except through the crowdsale, however, until launch.

The funds raised will go toward the development of the IoC. The team has an extremely clear roadmap:

That they are directly selling the tokens in order to fund exchange, and being upfront about that, rather than simply skimming them off the top while selling the rest as well, is also a much healthier sign than we see in some other crowdsale models.

You can get in on the crowdsale here. At time of writing, a single bitcoin would still purchase 941 hybrids. The price does, however, go up incrementally over time.

With such a clear plan, experienced team, and the like, it’s impossible not to recommend IoC as a good play. Out of 10, with Apple in 2006 being 10, we can safely give IoC a 5.6 compared to Cosmos’ 4.8. It seems that due to the ongoing revenue of Metasync and NetAidKit, Joachim de Koning could keep the project in motion even if the crowdsale fell flat on its face.

The same warnings still apply regarding the budding market, however. It would be unwise, if you’re looking to move into blockchain 2.0 investments, to only put eggs into the basket of IoC. Rather, you should continue researching and smartly invest in several of the options that are coming to fruition. If you feel as strongly as this writer does after some research that this thing is going to take off, then perhaps make a bigger bet than others. We must keep in mind that with each new idea and new contender, previous ideas will be integrated and new ones developed, to the point of possibly creating a better mousetrap than even the Internet of Coins.

You have until June 21st to make a decision. If you decide to wait until then, you will pay up to $2 per hybrid. There’s not a lot of difference in trying to recover $1.50 and $2, so take your time in doing your own research before making a play here.

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 1 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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  1. banderson25@gmail.com

    April 15, 2017 at 3:26 am

    Good article PH. Would you consider this to be a blocknet competitor? I love Arkansas btw… great state for outdoors

    • P. H. Madore

      April 16, 2017 at 12:45 am

      Hi,

      I would say it has more range and potential than Blocknet, on cursory review. The specificity of the coins Blocknet wants to integrate is not very impressive. I suppose they are competitors, but ultimately I wouldn’t make a bet on Blocknet for this play. Personally.

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ICO

ICO Analysis: SyncFab

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SyncFab is a technology company established in 2013 and based in San Leandro, California. SyncFab is the first peer-to-peer Industrial Internet of Things (IIoT) manufacturing blockchain for the hardware manufacturing supply chain. Manufacturers list their machining capabilities on the Syncfab platform and Hardware buyers can send part orders directly to them. Smart contracts guarantee production standards, protect Intellectual Property and guarantee payments. Blockchain makes the supply chain more efficient and cost-effective. By eliminating intermediaries such as brokers, outdated software, and inefficient procurement processes, the Smart Manufacturing Blockchain will easily lower costs by eliminating middlemen, inefficient procurement processes, and outdated software. Syncfab will also connect smart machines to factories and innovators to manufacturers.

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SyncFab was created to be a supply chain platform used to manage, organize and track parts production using smart contracts. Syncfab will use MFG tokens as an incentive for manufacturers to lower prices and place faster bids, which reduces production time and drives competition. Through SyncFab orders will be sent directly from purchasers to manufacturers, cutting out middlemen. Buyers can then track their parts throughout the production process and have them delivered directly to their businesses, which will eliminate the majority of marketing costs since buyers will have a direct connection to manufacturers and suppliers. Using records compiled on the smart manufacturing blockchain, Syncfab will be able to match buyers with their most ideal suppliers and manufacturers.

Token

The MFG Token is an ERC20 token used to reward purchasers, manufacturers and make payments on the Syncfab platform. Through smart contracts, MFG will be used to incentivize manufacturers/buyers who place orders using SyncFab and the Smart Manufacturing Blockchain. MFG will be available to purchase with ETH with 1 ETH purchasing 5,000 MFG, not including bonuses. 1 billion MFG tokens are to be created with 300 million being sold to the public with a hard cap of $30 million. Total supply will become 1 billion minus the tokens not sold during public sale, which will be destroyed upon completion of ICO.
The ICO began on Feb 15, 2018, and ends on March 15, 2018. ICO bonus schedule: Week 1 (15%), Week 2 (10%), Week 3 (5%), Week 4 (2.5%). MFG tokens to be distributed after completion of the public sale. Allocation of tokens: 30% Token Sale, 30% Partnership Adoption Pool, 15% Technical Development, 15% Smart MFG Tech LTD, 10% Founding Team and Bounty.

To purchase MFG, visit tokensale.syncfab.com

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Team

Syncfab’s number of team members is comprehensive, in comparison to other ICO’s, with 10 members and 10 advisors. The executive team members include Jeremy Goodwin – Co-Founder & CEO, (President, CEO of China Advanced Construction Materials, Inc), (Board Member at Cornell NorCal). Andy Le Tong – Co-Founder & CSO, (Co-Founder, CEO of Adaptive Tech), (Advisory Board Member for ImTech). Jay Ligda – CTO, (Previous Owner of SteadyServe.Net, Online Wellness Network, and Synergetic Web Creations). The extensive list of advisors includes Michael Jones (CEO of Science, Board Member of Dollar Shave Club and angel investor with over $2.5B in exists) and  Gil Penchina (Partner at Ridge Ventures, previous VP & General Manager at eBay and angel investor in more than 300 companies such as Linkedin and PayPal.

A complete list of the team and advisors, with brief descriptions, can be found on their website along with their Linkedin links.

Verdict

Industries, such as manufacturing, will soon be implementing blockchain technology as a means to increase efficiency, productivity, and profitability. Many will turn to Smart Manufacturing Blockchain because of its openness to new suppliers and is backed by an immutable distributed transaction ledger. As one of the first tokenized companies to come to market targeting manufacturing, Syncfab is situated to garner significant market share if able to successfully bring to bear its plans. Syncfab’s ambition is to revolutionize manufacturing by connecting buyers directly to manufacturers through the Smart Manufacturing Blockchain. Purchasers and manufacturers will be able to streamline supply chain processes, protect intellectual properties and track parts production in real time. Questions to be answered pertinent to potential investors are: As blockchain technology integrates manufacturing, will manufacturers choose to come on board with Syncfab? If so, in what time frame?

Rrisks

  • There will be some reluctance by suppliers to adopt new technology and current brokers will resist change and want to hold on to their customers and revenues. -1.5
  • International and/or local regulations may limit the use of tokens for supply chain procurement in the areas of the manufacturing supply chain industry. -2
  • Competition in the space will look to take market share away from SyncFab. -1

Growth Potential

  • Syncfab already has an existing platform and has already connected thousands of purchasing departments and individuals to fabrication and manufacturing facilities. +3.5
  • An extensive team consisting of experienced entrepreneurs, investors, and advisors. +4
  • Small businesses will definitely benefit from partnering with Syncfab by connecting directly to consumers. +2.5

Disposition

Current middlemen, which Syncfab looks to dispose of, definitely won’t go away without a fight and could possibly seek other blockchain alternatives to include themselves. Having an existing business already within the industry gives Syncfab a head start on the competition, which is sure to come and challenge Syncfab for market share. Syncfab also recognizes obstacles to mass implementation and lists them in their whitepaper. However, the experienced team and current infrastructure in place, Syncfab is in a good position to effectuate their plans. Syncfab receives a 5.5 out of 10 rating.

Investment Details

  • Token Type: Utility
  • Platform: Ethereum
  • Symbol: MFG
  • Token Price: 1 ETH = 5,000 MFG (without bonus)
  • Payments Accepted During Crowdsale: ETH
  • Crowdsale Date: Feb 15, 2018 – March 15, 2018
  • Hard Cap: $30M
  • Total Supply: Currently 1 billion MFG
  • Jurisdictions Barred from Participation: Iran, North Korea, Syria, Sudan, Cuba, Crimea, Yemen

For more information regarding SyncFab:

Website: blockchain.syncfab.com (team, whitepaper, roadmap, partners)
Twitter: twitter.com/syncfab/
Facebook: facebook.com/syncfab/
Github: github.com/syncfab
Reddit: reddit.com/r/syncfab/
Blog: blog.syncfab.com
Telegram: t.me/syncfab (10,530 members)
Medium: medium.com/syncfabmfg

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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4.9 stars on average, based on 12 rated postsKent Hamilton is a cryptocurrency day trading ninja, specializing in altcoins. Founder of CryptoDayTrader.io




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ICO Analysis: CloudMoolah

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CloudMoolah was successfully launched in the USA in October 2017 with currently over 300 developers and more than 10 million gamers using the platform. CloudMoolah is designed to facilitate and manage payments seamlessly between game developers, gamers and payment merchants in a convenient and secure manner on a global scale.

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The project offers unity developers the opportunity to collect in-app revenues from 100+ million gamers and 500,000 retail points of sales in Southeast Asia. The use of blockchain technology will ensure security and efficiency of gaming transactions while increasing cost savings for developers. CloudMoolah will allow game developers to collect in-app revenues from credit card users and noncredit-card users, which is extremely valuable considering the credit card penetration is less than 3% in Southeast Asia. CloudMoolah combines popular localized payment methods such as Telco Top-Up Cards, Prepaid Cards, Ebanking And The New Moo Token to capture this market.

Token

The MOO token is an ERC20 token used on the Ethereum platform which will have a circulating supply of 300 million and a total supply of 500 million. When released, the MOO token will be available for purchase/trade on public exchanges. Also, MOO can be traded for CloudMoolah Points (CMP), the in-app virtual currency used for payments and transactions within the MOO store. The MOO store is a third party app store populated with Unity content enabling efficient and secure transactions between gamers and developers. Developers will have access to over 100 million gamers through the MOO store.

The public ICO begins March 1, 2018, and ends March 31, 2018. The MOO token price will be $0.30 and have a hard cap of $30 million. The link to join whitelist is here.

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The token distribution is as follows:

  • 41% private/public sale
  • 22% founders/senior management
  • 17% suppliers
  • 10% company
  • 5% staff
  • 5% advisors

Team

The CloudMoolah team has over 30 years experience in the video game industry in Asia with a stellar track record of publishing blockbuster game titles such as World of Warcraft, EA SportsTM FIFA Online 2, Starcraft 2 and Counter-Strike Online. Co-founder and COO Jonathon Sze successfully built EA SportsTM FIFA Online 2 fan base from zero to 25 Million in Southeast Asia. Co-founder and Chairman Roland Ong brought World of Warcraft to Asia and was the founder of IAHGames which won rights for top-rated games such as Starcraft 2, EA Sports FIFA Online 2, and Counter-Strike online. Co-founder and CFO/CIO Benjamin Cher has closed over $500 million worth of VC/PE deals in his career. The complete list of team members and advisors is listed in their whitepaper.

Partnerships include Unity Technologies (Asia’s largest and the world’s most popular game development engine), True Digital Plus, VTC Online, MOL, Softworld, Bluepay, IAH Games, UniPin and Sam & o Group.

Verdict

While CloudMoolah intends to cater to millions of gamers and developers around the world, its primary focus will be on the Asian market, which has been generally under served by mainstream digital payment services. With an experienced and successful team, strategic partnerships  and proven business model, CloudMoolah appears to be on track to make significant headway in the Asia gaming market.

That being said, there are some implementation risks associated with the project. In particular, CloudMoolah is targeting a highly diverse Asian market that differs along multiple strata. This could be seen as one of the major challenges to successful implementation.

Risks

  • As with many ICO’s, the executive team has outside obligations and cannot focus 100% of their attention to the project. -2
  • The project’s main focus region is Southeast Asia, which consists of 11 countries with differing demographics, economics, and languages that can all become major obstacles to mass integration. -1.5

Growth Potential

  • A+ team with decades of experience and huge success within the gaming industry. +5
  • CloudMoolah is an established business that has already made crucial partnerships with both global and local markets. +3.5
  • $30 million market cap with a low 300 million circulating supply. +1.5

Disposition

Working with gaming developers, CloudMoolah appears to be committed to achieving an excellent gaming experience for gamers worldwide. The team comes with great success in the gaming industry that, if applied to blockchain, can create huge cost savings for gamers and larger profits for developers. This leads us to the view that CloudMoolah may be poised for great things. Based upon merits observed, CloudMoolah receives a 6.5 out of 10 rating.

Investment Details

  • Symbol: MOO
  • Market Cap: $30M
  • Circulation Supply: 300 Million MOO, Total Supply: 500 Million MOO
  • Payments Accepted During Crowdsale: ETH
  • Crowdsale DateMarch 1, 2018 – March 31, 2018
  • Token Price: 1 MOO = 0.30 USD
  • Jurisdictions barred from participation: China, USA

For more information regarding CloudMoolah:

Website: cloudmoolah.io (team, advisors, whitepaper)
Whitelist: kyc.cloudmoolah.io
Facebook: facebook.com/cloudmoolah/
Telegram: t.me/cloudmoolah (20,549 members)
Reddit: reddit.com/r/CloudMoolah/
Twitter: twitter.com/cloud_moolah
Medium: medium.com/@cloudmoolah

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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ICO Analysis: TE-FOOD

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TE-FOOD is now the biggest farm-to-table food traceable system in the world. TE-FOOD serves over 6,000 businesses while averaging more than 400,000 transactions on a daily basis, which results in serving well over 30 million people. TE-FOOD has integrated 2,600 retailers and markets, 3,100 farms, 3,400 livestock agents and 190 wholesale distributors into their system.

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TE-FOOD coordinates with governments, supply chain companies and consumers to enhance food safety, eliminate food frauds and minimize costs for supply chain companies. The entire supply chain will become more efficient through the use of one interoperable transparent ledger; this will help avert large-scale food recalls and enable smaller, targeted recalls.

Currently, the main focus of TE-FOOD is  the emerging countries that account for 60% of the world’s population along with 45% of GDP, and which needs massive technological disruption because of the level of distrust in their food supply chains. Started in Vietnam and having found success, TE-FOOD is aiming to be in 17 countries within the next five years.

TE-FOOD’s revenue sources are the following:

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1. Selling physical and logical identification materials
2. Charging transactional costs
3. Selling food transport environment sensors
4. Charging monthly or sales volume dependent fees on the marketplace

Token

The company is issuing TFOOD tokens, which are ERC-20 tokens created to be used within the TE-FOOD system for the following:

1. Pay for transactions
2. Pay for value-added information
3. Rewarding conscious consumer behavior for using our Consumer mobile app

A total of 1 billion TFOOD tokens are to be created with 51% being available for purchase during the public sale which is scheduled to commence on Feb 22, 2018, and conclude March 22, 2018. TFOOD tokens should be immediately transferred and can be used in the TE-FOOD system after completion of the token sale.

Team

A Vietnamese and Hungarian company combined to create TE-FOOD with a team that includes more than 20 members (each listed with details on their website along with LinkedIn links). The team is led by CEO Dr. Trung Dao Ha (Co-Founder of Thien Minh Group, President of Hochiminh City High Technology Association, Austria Honorary Consul in Hochiminh City for the Austrian Government and Co-founder/CEO of DAO advanced Technology), CeO Erik Arokszallasi (CEO of Erba 96 Ltd) and CMO Marton Ven (CEO at Flumen and CMO at Erba 96 Ltd).

TE-FOOD works with some of the biggest retail food companies in Asia such as AEON, Lotte Mart, JAPFA and C.P. Group. The government of Vietnam’s largest city, Ho Chi Minh City, also employs TE-FOOD. Current partners include: GS1 (barcodes), Unisto (security seals) and Zalo (message/call app).

Verdict

TE-FOOD is developing a scalable, cost-effective system for tracking, securing and ensuring quality for global food transportation which will reduce corruption, theft, fraud and food-borne illnesses. Identification applications are used to track livestock, transports and fresh food packages from the farm to the table. This will enable fresh food sold in retail to be tracked back to their origins. TE-FOOD is able to track food items throughout the entire supply from beginning to end while accessing quality information.

TE-FOOD has been operating in Vietnam since 2016 with a proven track record and buy-in from thousands of businesse. If the company is able to successfully integrate its functioning business to its tokenized model with participation from current clients, along with expanding to new markets, it may find success for itself and investors.

Risks

  • When seeking to expand to new countries, TE-FOOD may face a variety of difficult regulatory and compliance issues working with different governments and agencies. -2
  • The executive team, though accomplished, is still involved with other businesses which may detract from putting their full efforts into the success of TE-FOOD. -1.5
  • Although TE-FOOD does already have a working business, which is definitely a positive, they will still face strong competition from other blockchain companies. -1

Growth Potential

  • The company already has an established working product and with key partnerships with multiple businesses and the government of Vietnam. +5
  • TE-FOOD is scheduled to be in 17 countries within five years according to their roadmap. +2.5
  • TFOOD tokens will be immediately released and available to all investors. +3.5

Disposition

With nearly 80% of food fraud involving fresh food products and livestock, over 400,000 annual deaths due to food contamination and the health threat of antibiotics overuse in animals used for food, TE-FOOD’s main mission is to greatly reduce these issues by making the fresh food supply chain transparent and more effective through a modern, but affordable ecosystem. Having an already working business model combined with the ability to scale, TE-FOOD appears to have the means to accomplish this mission if everything goes to plan. TE-FOOD receives a rating of 6.5 out of 10.

Investment Details

  • Symbol: TFOOD
  • Type: Utility
  • Price: $0.05
  • Accepted Payments: ETH
  • Public Sale Date: Feb 22, 2018 – March 22, 2018 (Bonus levels – 15% Week 1, 12% Week 2, 10% Week 3, 5% Week 4)
  • Public Sale Amount: 512,000,000 TFOOD (51% of total) to be sold. 1,000,000,000 TFOOD total supply
  • Jurisdictions Barred from Participating: None mentioned

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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