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ICO Analysis: Lendoit

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Lendoit is a next-generation peer to peer decentralized lending platform based on Ethereum, which connects lenders and borrowers all over the world using the advantages of smart contracts.

The Lendoit platform provides professional scoring and verification, APIS for each country, a loan marketplace where lenders set rates on loan applications, a default market where failed loans can be traded, syndicated loans, and the ability to sell a loan to another lender if needed. Lendoit will be the only lending platform on the market that does not take collaterals. The company believes that, “in a world of crypto micro-loans, managing collaterals is not sensible.” In their view, this is “like lending USD by using EUR as collateral.”

Because there are no collaterals, the Lendoit platform combines four methods to mitigate the chances of lenders losing money: Smart Compensation Fund, Syndicated Loans, 3rd party scoring/verification from local companies, and a collectors market where debts can be sold.

The following is a simplified guide to Lendoit’s loan process.

  1. The borrower applies for a loan by filling out an application. This takes about three minutes.
  2. The borrower uploads any relevant verification (i.e. government-issued photo ID) according to their particular country’s regulations.
  3. Lendoit sends the loan app and verified information to verified scoring providers to receive a score for the current loan.
  4. Lendoit will publish each smart loan contract in the blockchain and marketplace.
  5. Lenders Tender is a process of raising loans for funds requested by the borrower.
  6. The borrower can now withdraw the funds using his or her wallet.
  7. When the date to pay back the loan arrives, the borrower receives a notification.
  8. The borrower now repays the funds with interest to the smart contract.
  9. The lender withdraws his money in the same currency he loaned it.
  10. The lender receives interest in the form of LOAN tokens, the amount based on an automatic conversion algorithm put in place by the Smart Conversion Contract.
  11. The Smart Compensation Fund Contract helps lenders recover a small portion of their money, if the borrower fails to pay. The amount is not confirmed, but it seems like it will be around 20-30%.
  12. If the borrower fails to pay the interest and the loan becomes defaulted, the smart loan contract is offered to a collectors tender. The collector who wins the tender buys the debt, which minimizes the loss of funds for the lenders.

Lendoit has an alpha version of its platform available here. It is not very impressive yet. The real technology (smart contracts) has yet to be created.

They plan to release the beta in Q1 of 2018, and the fully operational version Q3 of 2018.

The Token

  • Symbol: LOAN
  • Platform: Ethereum
  • Presale: Dec. 13 – December 27, 2017 (125 million for sale. 1 ETH = 13,000 LOAN). Must register for whitelist in order to contribute.
  • Token sale: Jan. 18 – Feb. 18, 2018 (475 million for sale. sale starts at 1 ETH = 12,000 LOAN)
  • Total Supply: 1 billion
  • Hard Cap: 50,000 Eth (currently $22 million USD)

The LOAN token plays several roles. Here are a few of the most important:

  1. Lenders can use any ERC20 currency to loan, but must hold 10% of whatever amount they loan in LOAN tokens. For example, a lender wants to loan someone $1,000 ETH must hold $100 worth of LOAN in his account.
  2. Borrower must use LOAN to publish the Smart Loan Contract.
  3. All the fees charged on the platform are paid in LOANs.
  4. All the interest payments will be paid to the lenders in LOANs. This will take place automatically via the Smart Conversion Contract.

The Team

The company is located in Israel but incorporated in Gibraltar. The company maintains a large global team that extends far beyond its in-house operation. However, after researching the four co-founders of the company, nothing particularly striking stands out. One would have expected a more impressive track record for those launching a platform of this magnitude.

Seven advisers are signed on to the project, including Richard Titus and Michael Terpin. They also have eight developers, which is fantastic, as it shows they really are trying.

The team picture (above) leaves a lot to be desired, as it is not very professional.

The Verdict

This project has great long-term potential. Its biggest challenge is going to be whether or not it can successfully build the various forms of smart contracts it proposes to launch. There are no known smart contracts in existence that can do what Lendoit promises its contracts will be able to do.

Risks

  • The concept of not needing collateral to receive loans could be a disaster. Why would lenders want to use this platform when the possibility of getting stiffed is so high? They can just use one of Lendoit’s competitors to guarantee their returns. -2
  • The project faces legal hurdles galore. Sure, the plan is to be decentralized, which could reduce certain regulations, but the company is going to be verifying borrowers’ identities in great detail. I could see governments clamping down on projects such as this one if enough lenders start getting ripped off. -2
  • The technology required to run this platform does not exist yet. The demo/alpha provided as an example of is extremely basic. It’s a strong possibility the team fails, and this never gets off the ground.  -2

Growth Potential

  • The company has several partners, including Bloom, Hive, RSK, and Wings. I tried to dig deeper into these partnerships but didn’t find anything substantial. These seem to be decent projects, and LOAN can use each to grow.+2
  • Some of these other new lending ICOs have done pretty well so far on the markets. SALT token, for example, is extremely hyped. One of the main differences between SALT and LOAN is that SALT requires borrowers to put up collateral, while LOAN does not. One would think this would bring more borrowers to the platform +2
  • If they do what they claim to be able to do – build these genius smart contracts – they can change the lending game permanently. In this way, the sky is the limit. +4
  • The team has put a great deal of emphasis on development, as evidenced by the number of developers they have on board. +2

Disposition

As previously stated, the most important aspect of this project is the technology. Can they build these contracts? According to the roadmap, we won’t see the beta version for two or three months, and we won’t be able to judge if the contracts are fully functional for at least six months. This has long-term potential, but a rocky short-term.  Against this backdrop, we assign a score of 4 out of 10.

Token Details

Learn more/sign up for whitelist here.

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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4.1 stars on average, based on 23 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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ICO Analysis: BridgeX Network

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As it stands, the fiat currency and cryptocurrency worlds are two very separate realms with interoperability, or the ability of the two realms to interact with each other, severely limited.

For instance, although cryptocurrencies have emerged as an exciting new asset class in recent years, it’s still difficult to use crypto in the fiat currency system as cryptocurrencies are largely unrecognized by the mainstream financial world. Even crypto users who have amassed significant wealth through crypto are unable to access credit using their cryptowealth as collateral for things like loans.

Moreover, crypto to fiat conversions can be difficult, and while crypto could be used to solve the slow, bothersome, and expensive nature of cross-border fiat payments, it isn’t and many such payments are still in done in fiat currencies like the dollar and euro.

To give a concrete example, companies that hold ICOs often have to pay for marketing, PR, legal counsel, development, and so on – this is usually done in all fiat. Fiat is also usually required to pay day to day costs like rent for office space and more. However, getting fiat and making payments is a process that currently requires sending crypto from a wallet to an exchange, selling crypto for fiat on the exchange, and withdrawing to a bank account, all before making payments.

This entire process takes days and fees have to be paid along the way to various intermediaries. Moreover, crypto exchanges each have their own limitations and usually don’t support smaller markets. Thus, companies in these areas can’t always make fiat withdrawals in their home currencies, potentially adding yet another step to the crypto:fiat conversion process.

BridgeX Network aims to “bridge” this divide between fiat and crypto and enable the flawless interoperability between crypto and fiat with decentralized credit, conversion, and payment solutions, such as peer-to-peer (p2p) crypto-based lending and borrowing, easy crypto to fiat currency conversion, and crypto-powered cross-border payments.

The BridgeX Network will be comprised of three parts:

  1. BridgeX Core
  2. BridgeX Platform (Distributed Apps/Apps)
  3. Third Party Integrators (DApps/Apps/Service Providers)

BridgeX Core

The core technologies that make up BridgeX are Ethereum blockchain-based loan matching and loan tracking services as well as an oracle for collecting off-chain loan contract data (e.g. currency exchange rates) and a cash management module (BRIDGEPay) with off-chain solutions for crypto to fiat conversions and international payments.

BridgeX Platform

  1. BridgeX’s platform of decentralized applications (DApps) and Apps feature the potential of BridgeX’s core technologies and give other DApp developers a glimpse at the types of DApps that could be built on BridgeX moving forward.
  2. BRIDGELoan (DApp) – BRIDGELoan is BridgeX’s decentralized p2p collateralized lending marketplace. Loans are crypto to crypto and blockchain-based. Lenders can earn fixed income from their crypto assets at favorable interest rates and diversify their crypto portfolio’s exposure while simultaneously reducing market exposure and the typical crypto portfolio volatility. On the other hand, borrowers can gain access to liquidity in the form of credit by putting up their crypto assets as collateral, all without credit checks but instead a simple and fast borrower:lender matching process.
  3. BRIDGEPay (App) – BRIDGEPay is a conversions and payments solution made up of BRIDGEConvert (crypto to fiat conversions) and BRIDGESend (international payments). It will also allow loans that originate on the blockchain to be localized in fiat for credit to be accessible and usable in the traditional finance world as well as allow for end-to-end cash management of users’ crypto asset portfolios. Using BRIDGEPay, users can send fiat or crypto to multiple people around the world using their crypto assets, convert crypto to more than 30 major fiat currencies, send fiat money to more than 180 countries using local channels or SWIFT, eliminate various middlemen (thus reducing cost), and save crucial time and money.

Third Party Integrators (DApps/Apps/Service Providers)

While BridgeX offers a few core technologies through its platform, BridgeX wants to create a true network for the new financial economy by allowing players from all kinds of financial backgrounds in both blockchain and traditional finance to create DApps/Apps on BridgeX or leverage BridgeX’s core to offer services on their own existing platforms.

BridgeX’s end goal, then, is to help create a future where everyone has access to credit, crypto assets are accepted as a legitimate form of collateral, and instead of crypto and fiat being at odds with each other, complement each other and work in tandem to provide democratized financial services worldwide.

Token

BridgeX Network will use an ERC20 token known as BXN.

BXN has a number of legitimate uses:

  • Access BridgeX Network – BXN is required to access BridgeX’s services, including BridgeX Platform and third party integration for DApps/Apps/Service Providers as well as their users
  • Membership system – BridgeX will have a tiered membership system with a limited number of memberships and increasing membership incentives by tier like bigger discounts on network fees
  • Discounted network fees – users who pay for BridgeX services using BXN will pay less network fees (non-discounted network fees can be paid in ETH and other accepted cryptocurrencies, as they are automatically converted to BXN). An example would be placing an offer or request for a loan – if a user adds BXN to a collateral portfolio and activates it, the placement fee for a loan offer or request is reduced. Activating enough BXN will lead to a full waiver of the placement fee
  • Zero-fee lending – lenders who lend BXN will benefit from zero-fee lending
  • Zero-fee borrowing – likewise, borrowers who use BXN benefit from zero-fee borrowing if BXN is used as the loan’s collateral. Using BXN as loan collateral will also increase the allowed loan-to-value (LTV) ratio by 5%, giving borrowers more liquidity for the same amount of collateral
  • Lower interest rates – adding BXN to a collateral portfolio and activating it doesn’t just lead to reduced placement fees for loans but lower interest rates, too (for borrowers)
  • Loan repayment – Loans can be repaid using BXN (or fiat or crypto collateral, including BXN – any remaining balances are refunded to BridgeX wallets)
  • Rewards – as a means of gaining user adoption, BridgeX will reward points to users every time they use a BridgeX Network service, participate in community surveys, and refer new, active users to the network. Reward points can be used to redeem gift shop items like cryptocurrencies and network discount coupons

BXN fees collected by BridgeX are held and burnt periodically.

There will be 1 billion BXN tokens that will be distributed as follows.

  • 40% token sale
  • 15% liquidity pool
  • 10% company reserves
  • 15% partnerships/community
  • 20% team and advisors

The token sale hard cap is 40,000 ETH and the token sale price is 0.0001 ETH

Token sale proceeds will be allocated in the following manner:

  1. 30% liquidity pool
  2. 20% network and platform development
  3. 10% marketing
  4. 15% business development
  5. 15% legal/compliance/tax/admin
  6. 10% operations

Team

The BridgeX team brings a wealth of relevant experience in financial services and startups to BridgeX.

CEO Jody Ong – Ong brings over 10 years of experience in payments, derivatives, and FX trading. He is the Co-Founder and CEO of Wallex, an international payments company that counts among its clients DXRacer (gaming chair company that sponsors some of the biggest teams and events in the burgeoning eSports industry) and Singapore Jazz Festival. Wallex is also a portfolio company of 500 Startups’ Southeast Asian fund, 500 Durians.

COO Hiroyuki Kiga – Kiga was Vice President of Investments for Yello Mobile, a South Korean tech startup holding company with a multi-billion dollar valuation that counts DAYLI Financial Group (Korean exchange Coinone and Korean blockchain project ICON) amongst its subsidiaries. Kiga oversaw investment and acquisition opportunities across Southeast Asia for Yello. He is also Co-Founder and COO of Wallex.

Head of Strategy and Partnerships Nicholas Foo – Foo was the Head of Business Development at Grab, Southeast Asia’s version of Uber valued at $6 billion and absolutely dominant in the industry. In November 2017, Grab achieved one billion booked rides and had 95% market share in the third-party taxi hailing market and 72% in the private vehicle hailing market. In fact, Grab acquired Uber’s Southeast Asian business.

Chief Risk Officer Mark Valath – Valath is Vice President of Global Markets at United Overseas Bank or UOB, a Singaporean multinational bank and Southeast Asia’s third largest bank by total assets.

Advisors

Kai C Chng, CEO and Co-Founder of Digix – Chng worked at HSBC Securities and was Assistant Vice President of forex trading before he co-founded Digix, an Ethereum-based asset tokenization company that offers tokens backed by real assets like gold. He is also Co-Organizer of the Ethereum Singapore Meetup, the largest of its kind in Asia.

Shaun Djie, COO and Co-Founder of Digix – Djie co-founded Digix with Chng and is the Lead Coordinator of the Ethereum Singapore Meetup. He is also a Technical Committee Member for Blockchain and Distributed Ledger Technologies for Incomm Media Development Authority and Enterprise Singapore’s IT Standards Committee.

Chionh Chye Kit – Kit has a lot of experience in compliance, which is of course very useful for a financial services company like BridgeX. Kit is Co-Founder and Managing Director of Cynopsis Solutions, which is part of REGTECH100’s 2018 list of most innovative RegTech (regulatory technology) companies. He also advises Kyber Network, a crypto-based liquidity network that would definitely help a liquidity-demanding project like BridgeX.

Verdict

Below is a breakdown of the risks and growth potential of BridgeX Network.

Risks

  • No working product – with such lofty ambitions (e.g. crypto to fiat conversions for 30 major currencies and ability to send fiat to over 180 countries), it’d be nice to see a working product (-2.5)
  • Hype not quite there yet; however, the project is still in its early stages in terms of an ICO and hasn’t even announced a token sale yet. With such an ambitious idea and experienced team and advisors, this will probably change. Plus the team has been making the rounds in the Asian blockchain circuit (-1)

Growth Potential

  • Platform with credit, conversion, and payment solutions that integrates both crypto and fiat doesn’t exist and could be huge, especially in parts of Southeast Asia where many people don’t have access to banking services (this kind of platform isn’t as revolutionary in countries with more developed financial systems unless crypto gains widespread adoption) (+3)
  • More comprehensive than current offerings like SALT and ETHLend, which focus on loans (SALT is only crypto to fiat USD loans and ETHLend is crypto to crypto loans but also exploring crypto to fiat loans) (+1)
  • An extremely experienced team with with relevant experience and relationships across Southeast Asia (+3)
  • Advisors are strong as well, with access to a wide network (e.g. Asia’s biggest Ethereum meetup organizers) and technical expertise (e.g. compliance and top RegTech company) (+2)
  • Based out of Singapore, a leading crypto hub that’s also the financial hub for Southeast Asia, one of the world’s fastest growing regions (+1)

Disposition

Though BridgeX Network does not have a working product and is lacking in hype (for now), being well-positioned in Singapore with a great idea as well as strong team and advisors definitely makes BridgeX Network a project to keep tabs on. BridgeX Network receives a 6.5/10

Investment Details

  • Type: ERC20 – Utility
  • Symbol: BXN
  • Platform: Ethereum
  • Crowdsale: TBA
  • Minimum Investment: Unspecified
  • Price: 1 BXN = .0001 ETH
  • Hard Cap: 40,000 ETH
  • Payments Accepted: Unspecified, presumably ETH
  • Restricted from Participating: Unspecified

For More Information

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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4.8 stars on average, based on 9 rated posts




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ICO Analysis: Elph

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As you read this, a new decentralized Internet with thousands of possibly revolutionary DApps is being built on top of blockchain technology. Currently, there is no app store or search engine that users can use to find the most popular and trendy DApps. When they finally do find a DApp they want to interact with, their computers usually have difficulty with the new protocol language that DApps use. Users and developers lack the tools needed to build and scale. What they need is a go-to place for all things decentralized.

“Elph is for everyone who wants a fast, reliable, simple, and secure application to store their digital assets and use them to interact with blockchain-based apps. Think of Elph as a combination of a web browser (Google Chrome) with an app store (Apple App Store) on top of a digital identity (Facebook Auth), built for the decentralized Internet.”(elph.com)

Elph is a portal for Decentralized Apps and a digital asset wallet. It brings together a token-curated app store, decentralized identity and secure digital asset storage to make using blockchain based apps simple. Three keys features will help discover, organize and simplify the upcoming decentralized internet.

  • Decentralized App Store: A one-stop shop for discovering the best DApps. Powered by the ELPH token, the Elph Protocol manages the submission and ranking process to maintain the highest quality of dApps.
  • DApp Use Portal: Explore and use dApps built on the Ethereum blockchain.  Elph supports protocols built for decentralized apps, making them just as simple to use as normal Internet websites. It will support thousands of DApps such as digital collectible platforms, games, decentralized exchanges, and fee-less marketplaces
  • Wallet: Safely store your Ethereum-based digital assets including ERC20 tokens and ERC721 collectibles in the in-built wallet. Seamlessly use your digital assets on Web3-enabled dApps with just one click.

 

The digital asset wallet will simplify and enhance user experiences storing digital assets by offering several unique features including;

  • Server-side backup of the client side encrypted private key, allowing Elph to sync your seed phrase down on any device.
  • Gives users the option to undo a “send” transaction for 10 seconds after they initiate it.
  • No gas costs or similar fees. Syncing an Ethereum node to interact with DApps is not required.
  • Integrated exchange functionality.
  • Address abstraction,

For further details on how the platform will operate, go here: https://elph.com/developers

Token

ELPH token is an integral part of the protocol for curators to approve and rank dApps in the store. it will be used in the following ways:

  • DApp Submission Process: DApp developers stake ELPH tokens to apply into the store. Curators can also stake ELPH tokens to challenge applications, which are approved or rejected by a global token-holder vote.
  • DApp Ranking Algorithm: Curators upvote and downvote dApps in the store based on the number of ELPH tokens they hold. DApps are sorted based on the cumulative vote data.
  • Network Reward: all network participants receive value from the Elph Protocol. Consumers find the best dApps, developers get distribution for their dApps and curators get additional tokens as rewards for properly curating dApps.

Team

The team consists of five highly qualified co-founders, all UC Berkley Alumni.

Ritik Malhotra is the Co-Founder and CEO. He spent a few months early in his career as a software engineer for Twitter and Intel. Then he founded Streem, a popular media cloud storage product which he sold to Box, a large cloud storage company that powers over 70,000 businesses including GE. He now runs a successful VC fund.

Tanooj Luthra is the Co-Founder and CTO.  He also Co-founded Streem with Ritik and spent four months as software engineer at Microsoft. Recently, he spent a year as Senior Crypto engineer at Coinbase.

Vamsi Chitters is also a Co-Founder with a Master’s from Stanford. He spent five years as a Software Engineer for Google.

Sarat Ravi is also Co-Founder. He was the Senior Software Engineer at Streem, Box and LiveMagic

Abhinav Lanka is the other Co-Founder listed. He spent three years as Software Engineer for Yahoo.

Verdict

“Our mission is simple: we want to make crypto easy to use. We see Elph as a new portal for decentralized apps that brings together a token-curated app store, decentralized identity, and secure digital asset storage — allowing you to easily find and use these blockchain-based apps. Using decentralized apps should feel no different than any other app, and the “crypto” aspects should be an implementation detail.”

This quote from their Medium page really sums this project up. They are keeping it simple and making their platform/wallet fast, easy and clean. It’s too early in development for a sale date, whitepaper, or token metrics but they do have an MVP which you can download here. We checked it out and can confirm it’s legit. They also have an extremely impressive team.

Risks

  • The ELPH token and the Elph app are completely separate from one another. You can use the Elph app without ever having to own or interact with an ELPH token. -1
  • This could easily be chalked up to it being really early, but their community and communications are pretty weak. They are already using excuses for lack of updates. From their Telegram: “We’ve been heads down working on developing our product so we haven’t had a chance to update our blog. We’re excited to announce what we’re developing soon so stay tuned!” -0.5
  • No business plan yet. “We believe in the open decentralized web that is also 100% free. We’re well-funded by our investors and are here to develop software for the long-term. We plan on formalizing a business model in the future, but will not be in the business of selling your personal data.” -1.5
  • Five co-founders could get messy. -0.5

Growth Potential

  • Top shelf team. +3 
  • An alpha release of Elph is currently available on Mac and Windows. They are working on releasing an iOS and Android solution next. +2
  • Elph is super lightweight compared to other standalone dApp browsers for Mac and Windows. It does not require you to sync an Ethereum node to interact with dApps, making the onboarding process quick and simple.+2.5
  • They are going to provide a tool kit filled with different protocols for DApp developers to easily build their projects with.+2.5

Disposition

We found this little nugget extremely early, which is great because whitelists these days fill up fast. They have not yet announced the token sale. They are collecting preliminary interest from all users that sign up here. 6.5/10

Investment Details

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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4.1 stars on average, based on 23 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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ICO Analysis: Bounty Angels

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ICO bounty programs are popular among investors and blockchain startups alike. They give opportunistic cryptocurrency investors a way to earn tokens for promoting a project and they give companies a way to market their project.

Bounty Angels is looking to automate the process, matching who the company describes as “blockchain entrepreneurs,” or bounty hunters, with ICO founders. Bounty programs are marketing campaigns launched by companies in which bounty hunters can earn tokens for touting the upcoming ICO. It solves a problem for a new startup that might not have the marketing muscle or the capital to gain the global exposure they need for a successful launch.

Bounty hunters, however, face many hurdles in identifying relevant projects to promote, in some cases being overlooked for a lack of a track record, for instance. ICO founders also face challenges, including engaging with bounty hunters who break the rules.

Bounty Angels is offering a solution, one that automates and streamlines the bounty process for both sides. Bounty hunters generate a performance history and that data is then shared with ICO founders on the Bounty Angels platform. For the bounty hunters, they won’t have to worry about engaging with a worthless or scam project, as Bounty Angels vets all of the ICOs that are on its platform. There is an alpha version of the platform available today, according to the company’s blog, though when we clicked on the link it appeared to be down for maintenance.

Artificial intelligence appears to be part of the long-term plan, as evidenced by the white paper that states: “Automated technologies when coupled with the expertise of professionals and, going forward, artificial intelligence, will allow [us] to create an all-new image of Bounty programs.” The team admits it is an ambitious goal, one that involves “launching our service around the world … to attract the highest possible number of customers and Bounty Hunters.”

The project is powered by the BANG token, which bounty hunters have the option to accept as a reward for their marketing efforts. Bounty hunters can also choose to accept free tokens from the project they’re promoting.

Token

The Bounty Angels  BANG token will be issued in the ICO. BANG is designed to fuel the project’s ecosystem including payment to bounty hunters and can also be exchanged among token holders. The company maintains that the BANG token cannot be deemed a security or any other financial instrument.

 

Source: Bounty Angels

There is also a bonus program.

Source: Bounty Angels White Paper

Team

Anatoly Krasovsky is at the helm of Bounty Angels. He’s also a project manager at NEWSBTC, according to his LinkedIn profile. The company’s CTO, Andrew Tar, is also a journalist.

Verdict

The Bounty Angels ICO has the potential to catch on like wildfire among ICO investors. It’s an engine to connect bounty hunters with the best blockchain projects that are looking for marketing. While the project displays tremendous promise, it doesn’t appear to have advanced enough from the concept stage, as evidenced by its dependence on the ICO funds to both develop the platform and hire developer talent. Once these pillars are in place, there could be no stopping Bounty Angels.

Risks

  • The company is still hiring developer talent for the creation of  “complex smart content that will
    make it possible to automate distributions.” The fact that the developer talent is not yet in-house exacerbates the risk for investors as it could lead to delays in the building out of the ecosystem until the team is a well-oiled machine. Not to mention if the fundraising efforts fall short and prevent them from hiring top talent. (-3)
  • There doesn’t appear to be a mention of mobile anywhere in the white paper. While this doesn’t necessarily mean that an iOS and Android app isn’t on the horizon, it may be far down the roadmap if it didn’t warrant a mention. (-1)
  • Bounty Angels is not the only rodeo. They allude to a competing project, Bounty0x. (-1)

Growth Opportunity

  • Research suggests that there’s a direct link between bounty programs and ICO tallies. The larger the bounty campaign, the higher the amount that the ICO ultimately raises, suggesting that the engagement of bounty hunters pays off. According to Element Group, which performed the research, “[A] $1 increase in bounty campaign volume predicts between an $8 and $15 increase in the final amount raised.” This should incentivize ICO founders to participate in bounty programs and potentially join the Bounty Angels platform. (+3)
  • Artificial intelligence is a key technology that could propel the platform beyond the competition, especially if said competition isn’t automating their process yet. While it’s unclear when AI would be implemented, it does appear to be on the roadmap. (+3)
  • According to the website, Bounty Angels has received a good amount of media attention, which may have something to do with the fact that its management team doubles as journalists. This is a plus for the project and its upcoming ICO. Also, if the adage ‘you get what you pay for is true,’ that’s a plus for Bounty Angels as it’s a paid platform. (+2.5)
  • What the company describes as “intensive work” on the project hasn’t even begun yet. While we could view this as a risk or reward, we decided to count it as a plus, as it explains why so much has yet to be done. It also reminds us that Bounty Angels has yet to reach its full potential of where the project can be when it is in full-throttle. The beta version is scheduled for January 2019.  (+3)

Disposition

We come to a score of 6.5 for the Bounty Angels ICO. Keep in mind we will plan to revisit this project once it kicks into high gear.

Investment Details

  • Token Type: ERC20
  • Platform: Ethereum
  • Symbol: BANG
  • Pre-ICO: Sept. 3, 2018 – Oct. 3, 2018
  • Public Crowdsale: November – December 2018
  • Token Supply: 20 million
  • Tokens Available for Sale: 14 million across the pre-ICO and ICO
  • Soft Cap: Pre-ICO = $100,000
  • Hard Cap: Pre-ICO = $500,000; ICO = $3.5 million
  • Token Price: to be announced
  • Payment Methods: to be announced

Featured image courtesy of Shutterstock.

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4.6 stars on average, based on 24 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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