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ICO Analysis: Monetha

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Both the hype and criticism surrounding Monetha have been strong, so we must be upfront and cognizant of this as we go. That said, what Monetha believes, first and foremost, is that reputation is a problem for merchants equally as important as accessing the Ethereum blockchain. This is essentially how they open the whitepaper:

Three significant problems that merchants face: trust and reputation, payments, and an inability to reach the growing Ethereum economy.

A bold move, the establishment of this at the outset, since, one could argue that it’s not a statement of fact in any sense. Are merchants actually facing the problem of being unable to access “reach the growing Ethereum economy”? In some circles, this claim is laughable. We hope that in any circle, it’s dubious. Truly, everyone from top to bottom in the cryptosphere is aware that we’re all very early here. Things are progressing nicely, to be sure, but we’re in at the ground level. Merchants accepting Ethereum aren’t necessarily going to prosper by virtue of that, so the idea that they are facing it as a problem is intriguing but probably inaccurate.

However, the author understands that businesses can benefit from the blockchain. We like projects such as Aragon for this reason. Aragon doesn’t presuppose that businesses need the blockchain, it only stands to help those who decide to integrate it. All of this adds up to say: from the inside, this statement may seem normal, but in real terms, it’s inane. No merchants are facing the significant problem of the inability to reach the growing Ethereum economy. This can safely be rejected as a concept. Nevertheless, Monetha does elucidate on the “problem” a bit further, making another bold claim in the process:

An inability to participate in token-enabled digital asset economy potentially worth $10T by 2025.

Trust, reputation, and payments, however, we can see these as valid problems that a blockchain company can help firms with. We just have to make a departure from the standard glossing over of obvious hype.

Their solution essentially involves taking a blockchain-powered payment gateway and building atop it a decentralized reputation system that allows people to have some modicum of real information about the people they are dealing with across the world.

  • Monetha claims to offer merchants the ability to do transactions five times cheaper and 10,000 times faster.
    • These people are fond of big numbers.

From a high-level, Monetha make accurate references to the “merchants” of trust we have in eBay, Amazon, and other large scale retailers who act as gateways for smaller ones. It’s true that reputations must be built within each system in order to thrive within them. A system which subverted this might have some value, but we have to keep in mind that the trust we’re speaking of, and the merchants thereof, is at the behest of the masses, rather than the merchants.

At the basic level, what their software intends to do is add additional information to a blockchain database regarding a merchant. Accordingly:

Every time a transaction is made the blockchain will record the time of the transaction, both receiving and sending wallet addresses, warranty conditions, delivery time, and all other information that is typically needed to ensure trust. All the sensitive information will be hashed and only available to authorized users in a beautifully designed user interface. Based on that information, clients and merchants will be able to file/solve a claim, rate ach other, etc. Every time a transaction is made, claim registered, solved or unsolved (according to the purchase details saved during the purchase), review written, etc., the smart contract will automatically change the trust level for each of the parties involved.

The above is the kernel of the idea. Expanding the eBay reputation model to the rest of the web, while at the same time bringing unprecedented numbers of firms into the Ethereum fold, accepting digital currency in an almost-native fashion. Or, such is the goal. Lofty goals abound in the ICO world.

Back to Earth

We must bring them down to earth, so let’s keep it real: many, many people have found it profitable to simply do business through the trusted third-party platforms. Amazon, eBay, Alibaba, and others have access to partnerships with shipping firms that are lucrative for sellers. For these and other reasons, supposing the Monetha concept works and is five-times cheaper, it will still take some time before it actually sees wide adoption among the merchants in question. This is under the best circumstances, regardless of everything. While it will be fun to speculate on the Monetha token, and interesting to watch them progress, we cannot expect that they will actually revolutionize the commerce market, digital or in-person, without several shifts happening far outside their control.

Let’s not be unclear, though: there is plenty of room for payment rail providers. Payments is what blockchain does best, and building more robust versions of them is not a pointless pursuit by any means.

Let’s not be lost in the sauce, either: the “mobile payments” solution is far less important in actual commerce than the hype train would have us believe. Think about this from the perspective of someone who wants the whole pie, now. The real money is still happening either at the personal computer terminal or at the payment processing terminal in the retail outlet. Mobile payments are not that important, unless, of course, we’re talking about something that has extreme volume, such as a bill payment service. Monetha cites research that probably entails as much:

Monetha’s framework could, though, accommodate something of this nature, and they do appear to be nimble enough to pivot when necessary.

We like Monetha’s business model – a 1.5% flat fee for merchants only. This fee is competitive as compared to the rates offered by most payment processors. Finding a way to communicate directly with bank accounts would ultimately be the last mile here, but we don’t see much talk or focus on it. However, we have to comment on the usage of the proceeds from said business model.

Monetha intends that 1/3rd of this 1.5% (or 0.5% of all activity on the Monetha network) should be earmarked for a Voucher Smart Contract, from which they will dole out rewards to token holders in the form of discounts at Monetha merchants. Apparently from the other 2/3rds of their revenue they intend to incentivize clients of Monetha merchants with 0.2% in tokens.

The system comes off as gimmicky, but it could work with some strong early players. When we say strong, we mean people who will have the ability to either force the issue or simply have such scale that by virtue of adding Monetha, Monetha grows.

At the beginning of the article, we noted that some criticism has been lodged against Monetha. While we have a more analytical complaint, we wanted to relay this succinct message from Reddit user bestteamever171:

Monetha will charge a 1.5% transaction fee from merchants. Of that, 0.5% will go to a “Voucher Smart Contract” in a for of MTH for Monetha token holders for an ability to use that in the Monetha’s ecosystem and other 1% will go to the company as revenues. (Coinbase also enables merchant to receive payments with a working API, they charge 0 fees to use their services)

On top of that only 50% of the tokens issued in the ico go to investors, this also means if Monetha were to sell all of their tokens, they would still pocket 66% of all future revenues. At this current model, investors are really only getting 16.5% (33% x 50%) of the revenues generated from Monetha. This is not even considering the massive competition they have in this space from Omise, Tenx and Metal. There is really no point in having an ICO if the project is this centralised and unfair, this project sounds more like a cash grab. Also removing any criticism of their ICO on their reddit? What kind of ‘decentralised’ project would silence critics?

Now having enough of an understanding of how the thing will work, we can proceed to decide if this is how we want to invest money or not.

Monetha Team

We see a lot of confidence building in the team behind Monetha. We see a strong presentation on their website and in their communications. Let’s see if there’s anything to worry about.

In co-founder Andrej Ruckij, we get “a gigantic experience as Vice President of Development at “Adform”: global digital advertising company. He is an engineering star who led a 300+ team of engineers to create the scalable Adform technology that is now used globally.”

According to some tertiary research, Adform are a big and legitimate outfit who’ve raised in the neighborhood of $30 million in the past few years. In January, they had some layoffs. Interestingly, according to Ruckij’s LinkedIn profile, this is also when he left the company. “Redundancies” were cited for the mass of the layoffs, but it does bear noting that Ruckij and two others left Adform to found Monetha. They had previously sold their venture Wowtto, an outdoor advertising start-up, to Adform.

The author came by this information from another member of the Monetha team, Laurynas Jokubaitis, who also left Adform as soon as he was able to help found Monetha. Prior to Wowwtto, Jokubaitis had an internship with Swedbank.

The last member of the trifecta is Justas Pikelis, who has spent much of the blockchain revolution as an entrepreneur. Prior to his efforts at Wowwtto and other independent efforts, he worked as a marketing executive for a company called Peek & Cloppenburg, and before that, in some form of entertainment. His specialties seem to lie in marketing, and he was probably a useful addition to the Wowwtto team.

An array of advisors exist on the page as well, as well as competent staff members. In analyzing Monetha, there are concerns besides whether or not the idea of providing mobile payment applications and easing trust, reputation, and blockchain integration for merchants is a big one or not. And in these three primary founding members we have a question, as well: with an established history of developing and then cashing out, how much future does the platform actually have?

Legally speaking, we have nothing preventing the exit via acquisition strategy, and being a token holder doesn’t earn you any control over such. The token is not a consensus mechanism, after all. Legally speaking, you’re powerless at your very best, as seen here:

Monetha GmbH is not a financial intermediary according to Swiss law and is not required to obtain any authorization for Anti Money Laundering purposes. Acquiring Monetha tokens shall not grant any right or influence over Monetha GmbH’s organization and governance to the Purchasers.

Monetha Token

Token Function

The entire purpose of the Monetha system is to ensure integrity in transactions, for the benefit of both merchants and clients. In the below illustration, they show how a claim of a problem might be resolved through the Monetha system:

They elucidate a bit further:

The client and merchant resolve the claim resolution “offline” or on Monetha’s off-chain messaging system. After both parties agree on resolution terms, the merchant enters those terms (e.g. money back, shipping out new product, etc.) into the merchant’s user interface. Resolution terms are saved on the blockchain. The merchant then waits for client’s confirmation.

All of this sounds great and maybe even attractive for merchants who are having trouble establishing trust in the world. But the thing of it is, it also sounds like a lot of extra work for the merchant, for what gain? A transportable reputation? Okay, we can see some value in that. Some.

Token Alleged Inherent Value

Apropos of everything aforementioned, let’s establish that this token will only carry value if the network itself is quickly picked up and adopted. We can see that the team would be dedicated to get to at least that stage, so let’s suppose this happens. Then the value of the token is reliant on a few things, chief among them being its supply. What is happening with the supply of MTH tokens, anyway?

(2000 ⋅ 67000) + (28000 ⋅ 2400) = 200,120,000,000 tokens. 201,200,000 tokens will be retained by Monetha, as mentioned by the Redditor near the beginning, and demonstrated in the above image. This is extreme. This makes high valuations hard to picture, makes the risk of exit even more painful to imagine. But let’s keep it in perspective, as short term we can probably see real profit taking here.

Verdict

Look directly above at that distribution again. Be sure you’re comfortable with that. If you are, and you believe this is a valid product worth pursuing, then it’s probably worth the effort.

Risk

  • We note the founders have exited one company already. We gather there’s a risk they could do it again here. So we dispose of 2 of their team points.
  • We believe there is massive overconfidence at every level of this ICO, from founder to investor. The product may not meet expectations, roundly speaking. -2
  • Such high inflation means that high token values are out the window. You will have to tread carefully trying to play this field, if you want to speculate. Merchants will probably enjoy it, if they benefit from it, which we guest. -1.5

Growth Potential

  • Very professional delivery, and good advisory selections. +1
  • Team knows what they’re doing. +2
  • Product could see some adoption, and therefore growth. Growth of its usage means growth of the value of the token, which will be depressed by a massive distribution. +2.5
  • Token will be immediately made available to you for trading, which is a plus for understanding early on how the market will take to the token. We really credit them for this boldness – +2.75 – which we will use to later judge their performance on said markets.

Disposition

Numerically, we lean in favor of this, at 5.25, especially in the short term, as there will be quick trading following the ICO. At a price of 2000 MTH per Eth, we expect to see a tertiary market emerge quickly, with pressure on the source (which has no maximum contribution per investor) exhausting initial supply quickly.

Investment Details

On August 31st, details of the Eth address to invest in are scheduled to appear at https://www.monetha.io/en/crowdsale. However, the author advises extreme caution before sending any funds. Please Google “Monetha + scam” before sending money anywhere. A clever hacker can manage to silence most of their channels which might warn people that they were sending Eth to the wrong address. Scams are getting old in ICOs, so please do not fall victim to anything, and ensure you have the right address when you send funds. As per usual, they ban US investors. Please make sure you follow all instructions, get the correct address, and invest wisely.

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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  1. HITBTC

    August 31, 2017 at 8:26 pm

    Monetha is a big scam well done. Read a whitepaper is simple

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ICO Analysis: Zeex

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Zeex is offering users the ability to exclusively use crypto when shopping at various outlets. Users will be able to directly purchase whatever items thy want from their brands of choice without having to convert their crypto into fiat.

The following video shows Zeex in action outside of the Consensus conference at a Starbucks, where the CMO Apan Amos Damri uses their beta version to buy a cup of coffee using Ethereum. The transaction was successful, but the verdict is still out on whether they were able to spell his name correctly on the cup.

The ZIX token is what the whitepaper calls a “core element” of the solution, which does three things. It covers a user’s transactional risk until the trade is complete, it determines who can exercise what kinds of transactions when based on advertised discount rates and supplies, and it’s also a login method to use the Zeex platform.

To the surprise of probably very few people reading this, Zeex is a spinoff sister company of a European marketplace for buying and selling gift cards called Zeek Group. For Zeex, the road is already paved in terms of getting access to close relationships with name-brand retailers and a multi-million dollar inventory of gift cards.

Zeek has been able to raise venture capital from firms such as Blumberg Capital, Qualcomm Ventures, Scale Up Venture Capital and more.

The Zeex business model hinges on a few potential incomes streams:

  • Providing working capital to gift card suppliers, easing the transition for many businesses hesitant to get into the crypto field.
  • Financial services to support suppliers financially.
  • Marketing services to help suppliers speak the lingo of the cryptocurrency world. The whitepaper states that “Zeex has already mastered these industry-specific marketing channels and has been engaged in community building for a significant period, its in-house marketing team is already equipped to help suppliers build their own communities and maximize their value per transaction.”
  • Platform adoption and market penetration to help suppliers integrate crypto into their business makeup
  • Operations support to help suppliers and users better understand and utilize the platform.
  • Provide business intelligence data to retailers on cryptocurrency users.

Token

 

Risks

  • Not an entirely frictionless experience: This isn’t a problem unique to just Zeex, but is present throughout most digital payment solutions. Unless you can tap your phone on a receiver like Apple Pay, you’ll be behind the most “frictionless” payment system out there. However, this is miles ahead of crypto transactions. -1
  • Not really sold on the need for an ICO (for the investor’s sake): Although the Zeex platform sounds pretty useful, investor upside seems fairly limited (but then again, who can accurately predict investor upside in this space circa 2017/2018.  -2

Growth Potential

  • It works! Few projects raising money via ICO can boast a working beta, and Zeex already does and has a use case that many cryptocurrency users would likely want. +2
  • Yay user adoption! One of the largest detractors of the transactional user of cryptocurrencies is that it’s incredibly complicated and tedious. If you have 8+ steps before you can pay for a coffee, chances are you’re going to opt for that .25 second swipe of a Visa in your pocket. +2
  • Finally, a use for gift cards. When’s the last time you got a gift card that wasn’t from Amazon that you actually fully used? Too many people have gift cards just sitting around either untouched or with a fractional amount on them. There is a whole secondary market for discounted gift cards, and there’s a huge value in using these gift cards in a business model such as Zeex’s. The team essentially has a pool of gift cards going for a discounted price (usually around the 5 to 15% range), and are able to provide a solution to a community in dire need of one. +1
  • Zeek partnership. Having a sister company that already has the relationships with retailers necessary puts Zeex way ahead of the game. It’s not your typical run of the mill ICO that aims to build everything from ground zero for a lack of strategic partnerships, but more so a use case to be implemented with an already successful company. +3
  • Limited downside: Zeex claims that it will safeguard token value by using proceeds of the often sale to guarantee the supply of gift cards at the highest possible discount from a wide range of brands. If this means what I think it means, that worst case scenario you can use Zeex tickets to exchange them for gift cards at any time, and if there isn’t a stark depreciation of purchasing power for Zeex tokens, this is a cool perk few other ICOs can offer. However, if I’m wrong, write this point off as whitepaper tomfoolery. +2

Unknown

  1. This sounds like either a huge tax headache or a huge tax advantage. If the current American tax law stands that the exchange of crypto for fiat (or gift card) constitutes a taxable event, the Zeex team would have to figure out a way to help users report their taxes on these events. If this is the case, a -2 would be added to my score. However, if there is some international gift card loophole where users can trade any crypto for gift cards and there not be a taxable event, that would be huge for the team (although unlikely, because Uncle Sam is gonna get what he thinks is his). If this is the case, a +5 added to my score.

Disposition

We arrive at a +7/10 for Zeex. It’s got a cool use case, already works (in beta), and a relatively strong partnership in place. If the appreciation of the token’s value is correlated with the success of the app, investors would likely be pretty happy. However, if it’s just another token limited to its own ecosystem, I don’t see much use in investing into it unless you plan on using the Zeex app.

Investment Details

  • Type: ERC20 – Utility
  • Symbol: ZIX
  • Platform: Ethereum
  • Crowdsale: TBA
  • Minimum Investment: 0.1 ETH
  • Price:1 ETH = 5,000 ZIX
  • Hard Cap: $50 million U.S.
  • Payments Accepted: ETH
  • Barred from Participating: Israel, U.S., China, Lebanon, Iran.

Sign up for the Zeex email list to find the news for the public crowdsale on the Zeex website and check out their whitepaper.

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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4.5 stars on average, based on 17 rated postsAlex Moskov is a writer and entrepreneur with a passion for building and creating awesome things. Alex has experience in music tech startups, digital marketing, and cryptocurrency investing.




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ICO Analysis: Tolar HashNET

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No one can deny that blockchain technology is revolutionizing many industries across the globe. However, blockchain still has shortcomings such as slow transaction times, scalability issues and high environmental cost. Transaction times can take up to several hours versus traditional payments like credit cards or bank cards only take mere seconds. For mass adoption to take place, there has to be faster transaction times along with the ability to scale and maintain these times. And there are those who are concerned with the effects on the environment from all of the mining globally. The founders of Tolar HashNet decided to create solutions to solve these issues while maintaining all of the advantages of blockchain technology.

Tolar was inspired by hashgraph methodology and designed a new and efficient asynchronous distributed consensus protocol on a directed acyclic network structure. Tolar HashNet uses redundancy reduced gossip and virtual voting protocols that provide a fast, fair, and Byzantine fault tolerant consensus algorithm. HashNet belongs to a class of gossip-based protocols instead of structured-based group communication algorithms giving it advantages such as being able to handle larger group sizes, high user churns, sporadic sources, etc.

Tolar HashNet is fast, secure and scalable – solving the major shortcomings while keeping all of the positive characteristics of blockchain technology, and has an open-sourced cryptocurrency called Tolar. HashNet has increased throughput to more than 200,000 transactions per second and has a working demo with 150,000 tps on multiple nodes. HashNet uses Proof of Stake with masternodes eliminating the need for mining which greatly reduces energy consumption making it more cost-efficient and environmentally friendly. The founder’s vision is to be the global leader in Distributed Ledger Technology and become the preferred choice of individuals, companies, and governments worldwide.

Token

The Tolar (TOL) token is an open source, community-governed cryptocurrency. It will initially be deployed as an ERC20 token that will later be converted to mainnet tokens when the mainnet is released. The price of TOL is 1 ETH = 5,442.59 TOL for the public ICO. A total of 1 billion tokens will be generated with a hard cap of 57,000 ETH.

Token Allocation:

  • 35%  Token Sales
  • 32%  Tolar Development Fund
  • 8%   Proof of Stake Network Start Nodes
  • 20%  Founders
  • 2.5% Developers
  • 2.5% Advisors

There is no lock on main tokens, but a THREE-month lockup for bonus tokens and a 24-month lockup for team tokens. The max bonus was 20%.

Team

The founders have 30 years of business experience and are definitely not new to the blockchain technology space having developed the world’s first Blockchain MBA Program and Certified Blockchain Developer Program at COTRUGLI Business School, a leading business school in SE Europe. Twenty-four team members and 13 advisors are listed on their website including:

Drazen Kapusta – Principal/Founder at Tolar

  • 30 years of business experience as well as a major blockchain startup investor
  • Principal of COTRUGLI Business School
  • President of Blockchain Adria, the largest blockchain conference and association in the Adria region
  • Member of Enterprise Ethereum Alliance
  • President of the COTRUGLI Fund – organizes and leads major humanitarian projects
  • Founder of the COTRUGLI Business Museum

Zoran Dordevic – CEO at Tolar

  • Managing partner at COTRUGLI Business School

Josip Maricevic – Co-Founder and CTO at Tolar

  • Previous Blockchain core developer for Blocknet
  • Previous iOS Developer for Qnective AG

Terence Tse, Ph.D. – Foundation Member at Tolar

  • Associate Professor of Finance at ESCP Europe Business School
  • AI Company Founder & Entrepreneur
  • Keynote Speaker
  • Author

Lester Lim – Advisor

  • ICO Marketing & Token Strategy Advisor for Cardstack, HybridBlock, Dock.io, Ink Protocol, CoinFi and Banca

Verdict

Tolar HashNet is positioning itself to compete with the likes of Etherium and Neo as a platform for building ICOs and Hyperledger to offer superior DLT solutions for governments, towns, local communities and enterprises. With several VC investors on board and multiple crypto influencers recently promoting/reviewing Tolar, this ICO is definitely worth looking into.

Risks

  • Competition is fierce in this space with major players such as Ethereum, Neo, Icon, etc. -1.5
  • Partnerships will be crucial to the success of the project and none have been announced as of yet. -1

Growth Potential

  • While some ICO investors look to flip their investment immediately and move on the to next one, Tolar’s proof of stake with masternodes is attractive to long-term investors. +2
  • The Ethereum Virtual Machine (EVM) will be deployed on top of the network which will make for a fast and secure decentralized applications platform. +2.25
  • An ICO with an MVP is certainly more desirable than an ICO with nothing but a website and an idea. The Tolar Prototype reached 150,000 TPS on multiple nodes. You can view the video here+2.75
  • Tolar won Ian Balina’s ICO pitch competition during his Crypto World Tour in Budapest. This will obviously create hype and draw more attention to the project which typically translates to positive outcomes in the current ico market. Many Tolar ICO reviews have also been recently published. +3

Disposition

With a fairly large team, all-star advisors, an MVP, available masternodes, and a growing social media presence, Tolar is another blockchain project that has an excellent chance of doing well this year. Tolar receives a 7.5 out of 10 rating.

Investment Details

  • Symbol: TOL
  • Platform: Ethereum
  • Hard Cap: 57,000 ETH
  • Total Supply: 1,000,000,000 TOL
  • Private Sale Price: 1 ETH = 6,531.08 TOL
  • Pre-sale Price: 1 ETH = 5,986.84 TOL (minimum 10 ETH)
  • Public ICO Price: 1 ETH = 5,442.59 TOL
  • Public Sale: Scheduled for August
  • Jurisdictions barred from participation: USA, China

For more information regarding Tolar:

Website: https://www.tolar.io/
Telegram: https://t.me/TolarHashNET
Twitter: https://twitter.com/TolarHashNET
Facebook: https://www.facebook.com/TolarHashNET/
YouTube: https://www.youtube.com/channel/UCL8ksEpe6um71pcdPi6wpXQ
Medium: https://medium.com/@TolarHashNET

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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4.6 stars on average, based on 46 rated postsKent Hamilton - ICO Analyst on Hacked and Founder of CryptoDayTrader.io - ICO Insider Info




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ICO Analysis: SpringRole

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SpringRole is a blockchain-powered professional profile attestation and verification platform.

In other words, you can think of it as Linkedin on the blockchain.

Currently, there are a lot of problems with people making things up on their resume. According to the SpringRole whitepaper, approximately 53% of resumes contain some degree of inaccuracy.

This leads to a lot of inefficiency in verifying someone’s professional background with things like reference checks and attestations (e.g. a university attesting that someone’s educational credentials are legitimate) often being expensive and slow.

SpringRole, therefore, aims to leverage blockchain technology in order to provide a platform where people can view, share, and acquire attestations related to education, work experience, and skills.

Once information about an individual is verified, it will be written to the blockchain, making verified information publicly viewable and unchangeable. This means that once claims about one’s resume are verified, they no longer have to be re-verified in the future, saving people time and money.

There are several types of attestors on the SpringRole platform:

  1. Individuals – individuals can attest to the skills of other individuals (e.g. good at Python, public speaking). Select individuals, such as professors, can attest to things like students’ projects
  2. Companies – companies attest to employees’ work experience and other information related to their job tenure, such as title
  3. Universities – universities attest to individuals’ educational backgrounds like whether someone actually studied at the university and what degree(s) he or she obtained. Other relevant information like specific courses can be attested to
  4. Course Providers – Course providers like MOOC platforms (Coursera, etc.) can attest that someone has completed a course on their platform
  5. Examination Providers – Examination providers like College Board (SAT) and Educational Testing Services (GRE) can attest to individuals’ results on their exams

Token

The Spring network will be powered by the SPRING token.

SPRING can be obtained in the following ways:

  1. Referring others to the platform (referred individual needs to complete their profile and receive a certain number of endorsements)
  2. Refer a company (the company needs to complete a transaction)
  3. Get rewarded for endorsing or validating someone (e.g. attesting to someone’s skill in something, a university attesting someone’s degree, a company attesting someone’s work experience)
  4. Completing your profile and receiving attestations – a fraction of the token(s) goes to the attestor based on their reputation on the platform
  5. Mediate a freelancing project

SPRING can be used for endorsing or attesting to someone’s skill(s) as well as getting access to attested resumes.

There will be a total of 10 billion SPRING tokens and the token distribution will be as follows.

  • 25.5% token sale
  • 30% market development
  • 25% team and founders
  • 10% contributors and advisors
  • 9.5% foundation

Market development tokens vested over 4 years (20% on launch, 20% after 1 year, and the rest every month for 3 years).

Team and founder tokens are vested over 4 years (20% on launch, 20% after 1 year, 60% vested every month for 3 years).

Advisor tokens are vested over 2 years (50% on launch, 50% distributed every month for 2 years).

Foundation tokens are locked for 2 years.

The public presale is ongoing and has a minimum contribution of 2 ETH, maximum contribution of 500 ETH, and bonus of 40%. Price is 1 SPRING = .00002 ETH.

Public sale is TBA.

Of the token sale proceeds, 40% will go towards market development, 45% towards adoption (developer ecosystem, incubator fund, PR and partnerships), 5% towards administration, 5% towards legal expenses, and 5% towards miscellaneous.

Team

Founder and CEO Kartik Mandaville was CTO and Special Technical Advisor for Science Inc., a startup studio known for being an early investor in startups like Dollar Shave Club (acquired by Unilever for $1B) and HelloSociety (acquired by The New York Times). He was also a Technical Advisor for Science Blockchain, Science’s blockchain startup incubator. He also served as CTO of LetMeKnow.com, an online portal for Indian college students seeking internships, scholarships, and more.

Vice President of Business Development and Strategy David Lewis is an online business veteran. He started as a product manager for Software Technologies Corp, which was acquired by Sun Microsystems for nearly $400 million. He was the Director of Business Development for Overture Services, the first paid search engine that later ended up being sold to Yahoo for $1.6 billion. He was the Founder and CEO of 77Blue, which owned coupon and cash back websites AnyCoupons and Cashbaq. 77Blue was acquired by Ebates, which was later acquired by Rakuten for $1 billion. Lewis also served as Director of Business Development for Shopzilla, which at its peak was a $200 million+ revenue comparison shopping site. Having such an experienced business development expert will be of great help to SpringRole.

Advisors

Advisors include the following:

  • Mike Jones – Mike Jones is CEO of Science, Inc. and has tons of experience not just as CEO of Science Inc. but as Senior Vice President at AOL, CEO at Myspace, and investor in companies like Goodreads among others.
  • Toni Lane – Toni Lane is a known name in the blockchain space and among other accomplishments, is the Co-Founder of CoinTelegraph, which also runs properties like Coinmarketcap, and was advisor to companies like Tether and Mycelium.

Verdict

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

Risks

  • No information on presale lockups or vesting – combined with relatively large contribution limits, a bit worrisome. (-0.5)
  • In terms of platform growth, who would pay to endorse someone’s skills or validate one’s credentials? Perhaps this would be of great use to employers and HR departments but adoption looks like it would be tough for regular users. Though it looks like a large portion of SpringRole funds is going towards adoption and market development. (-0.5)
  • Granted it’s still presale, but hype is a bit weak. (-0.5)

Growth Potential

  • Has a beta, which is promising from an implementation perspective. (+3.5)
  • Good team and advisors. (+3.5)

Disposition

Though SpringRole has a relatively strong team and advisory board as well as a beta, lack of current hype and questions about the platform’s long-term viability don’t make it a clear winner for now. However, it could be something to keep an eye on if interest starts to grow. SpringRole receives a 5.5/10.

Investment Details

  • Type: ERC20 – Utility
  • Symbol: SPRING
  • Platform: Ethereum
  • Crowdsale: Presale ongoing, public sale TBA
  • Minimum Investment: 2 ETH (presale – public sale TBA)
  • Price:1 SPRING = .00002 ETH
  • Hard Cap: $12m
  • Payments Accepted: ETH
  • Restricted from Participating: USA/Canada (only accredited investors), Belarus, Central African Republic, China, Congo, Crimea (Ukraine), Cuba, Iran, Lebanon, Libya, North Korea, Somalia, South Korea, South Sudan, Sudan, Syria, Venezuela, Yemen, Zimbabwe, Balkans (Serbia, Albania, Bosnia, Herzegovina, Moldova, Croatia, Macedonia, Kosovo)

For More Information

 

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