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ICO Analysis: Nezly

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Nezly is an online marketplace that connects legal Marijuana dispensaries with suppliers and customers built on the Stellar blockchain. Nezly plans to leverage the capabilities of the Stellar blockchain to:

  1. Facilitate payments
  2. Allow for transactional data to be recorded on the blockchain so that a historical snapshot is visibly transparent and immutable.
  3. Create a transparent ecosystem that is more secure and convenient buy having both buyers and sellers information verified in a decentralized fashion.

Despite seemingly being committed to building off of Stellar, the Nezly team bizarrely stated in their whitepaper that, “We are currently looking into new technology provided by IOTA (Internet of Things) that uses a DAG (Directed Acyclic Graph) or “Tangle” that structures a ledger in a tree formation to allow for faster lookups and better scalability.”

This gives this Analyst the impression that the authors of the whitepaper are merely namedropping Blockchains they deem fashionable in an attempt to look knowledgeable rather than expressing any specific business use case for the technology.

There are four main products that Nezly is developing within their ecosystem

1. CannaX, or what they dub “the wholesale Cannabis exchange.”

They envision this as a place where growers, dispensaries, labs, and transports connect, gain data insight, and perform transactions.

In practice, this would work based on user participation in the platform.

For instance, a dispensary looking to buy product could obtain data on what’s popular, what’s selling, and what isn’t.  Meanwhile, farmers would also know what to grow based on what’s selling to dispensaries.

This would theoretically yield increased efficiency and exponential growth to the industry as a whole.

Another important feature of CannaX is what the whitepaper describes as, “A true seed to sale timeline” documented on the blockchain.

This entails an “easy to use tool” for Farmers to record what growing products are being used, images of all the growing stages throughout a growing cycle, and the ability to upload lab test results of the completed plants.

Dispensary buyers would have access to this data after the purchase of a product. They would then be able to provide their customers with superior information on where the products came from, what methods were used to grow them, and lab testing validating the quality of the products themselves.

The customers would be able to access this information by scanning a QR code.

The whitepaper did not elaborate on how this would work for customers in detail.

CannaX would also provide remittance services. They state that the Nezly token (NEZ) would also be utilized to charge Nezly’s fee for service, or FFS.

The remittance amount would determine the fee charged within a range of 1.5-3% of the total transaction.

They also state that they will create several remittance technologies themselves capable of handling large transactions in an effort to reduce the volatility of the NEZ token once it’s listed on exchanges.

They also state that they have proprietary intellectual property to assist with this, but do not elaborate upon whether this has already been created or is merely aspirational on their part.

Nezly does, however, state that they would run their own Stellar Core nodes for increased reliability of their token.

Their stated reason for building CannaX and the NEZ token on Stellar rather then Ethereum is the superior transaction speeds of Stellar’s network.

2. White Labeling & Branding Services Of The Nezly Mobile App By Dispensaries

This allows for the creation of custom dispensary-branded apps that customers can use to order cannabis products from their Dispensary of choice with Nezly tokens storable on a wallet within the app.

For customers, Nezly thinks the ability to have accurate & live-synced inventory data of what products are actually in stock will lead to decreased frustration and therefore increased brand loyalty to a given dispensary.

According to the whitepaper, dispensaries would also able to “interact with customers through real-time interactive comments.”

How this is different from other methods of supposedly “interactive” communication such as SMS or instant messages evades the understanding of this analyst.

These white-labeled apps will also provide dispensaries with up to date pricing and purchasing trends information from the CannaX exchange.

3. Nezly Buddies

Nezly Buddies is described in the whitepaper as, “An international social engagement app connecting Cannabis partakers together.”

They describe the app as having swipe features analogous to Tinder, while also having separate sections for

  1. Nezly Buddy Events
  2. Gamification Rewards
  3. Product Voting Polls

They will also offer an upgraded premium version of the app that will feature:

  1. Live Member Video Chat
  2. Member Messaging
  3. Member To Member Gifts

Nezly plans to release this app separately from the main Nezly app (the former of which can be white-labeled by dispensaries).

4. Nezly Wallet + Nezly Card

They further state that this is to ensure the app stays as “lightweight and functional as possible.”

Nezly already has beta versions of its mobile wallets for both Android and iOS.

Windows, Mac OSX, and Linux native applications are also in development.

The Nezly card will work by allowing users to load Nezly tokens onto it and use it like any other credit/debit card.

There are some interesting security features specific to the card, however. These include:

  1. Version ID: Denotes the version of the card and what format it will use.
  2. Region Code: A code base on proprietary numbers set forth by Nezly.
  3. Crypto Wallet Checksum: A proprietary checksum that can be used for additional security to verify the Nezly wallet associated with this card.
  4. Nezly App Account Number: A special encoded number based on the user’s actual ID in the system which is generated after signing up for the Nezly app.
  5. Checksum: A Standard checksum similar to other credit cards.

All Nezly Wallet applications will work in tandem with the Nezly Card. Specifically, the Nezly Card has its own hot wallet that the user would load Nezly tokens onto from their software wallet.

It should be noted that although Nezly Wallet applications are immune from any tampering from Nezly staff by the nature of the blockchain, the Nezly Card is only functional because Nezly will act on behalf of users to facilitate payment.

Token

The Nezly token, or NEZ, is the lifeblood of the entire ecosystem. It is the transactional currency customers will pay dispensaries with. It is what dispensaries will pay suppliers with. Essentially any transfer of valued data that occurs within the platform in any capacity is done using NEZ tokens.

The total amount of NEZ tokens is 240,000,000 Of this amount, 168,000,000 tokens total, or 70% of the total supply, will be available to the public via crowd-sales.

The crowd-sales will be divided into three rounds for the NEZ token:

  1. Presale: 36,000,000, or 15%.
  2. ICO: 84,000,000, or 35%
  3. Public Sale: 48,000,000 or 20%

According to the whitepaper, if the hard cap of tokens sold during the pre-sale is not reached, Nezly reserves the right to extend the closing date up to thirty days three separate times.

Any unsold tokens of the 120,000,000 set aside for the presale and the ICO will be burned.

The Public Sale tokens (they label it very confusingly in the whitepaper) are reserved for sale to the public at market prices to facilitate transactions on the Nezly platform once the ICO is over.

Team:

The Nezly team is fairly large. Upon first glance, they seem fairly capable. In this analyst’s view their weakest player is their CEO, Cory Kelly.

The whitepaper describes him as an accomplished and awarded UI/UX designer who has designed for prominent companies such as Nike and Spotify.

Upon review of his Linkedin however, I determined that he was a contract worker for Nike for three months, and a contract worker for Spotify for three months.

These are not nearly long enough periods to demonstrate his true capabilities.

It does appear that the team has recruited a large amount qualified developers and advisers. Notably, they have a prominent biomedical research who specializes in analytical chemistry as an adviser.

Given their emphasis on providing product quality (including lab testing) on the blockchain, it is good that Nezly seems to be seeking truly distinguished expertise. What bothers this analyst is that the core team itself (especially the CEO) seems underwhelming for a project of this scale. The CEO’s influence can clearly be seen in the mockups of the UI, which admittedly does look sleek and easy to use.

Verdict

The cannabis industry is as nascent and untapped a market as the Cryptocurrency industry itself.

In many ways, solutions relying on blockchain technology to meet the needs of an emerging Cannabis industry that struggles to obtain basic banking services and credit card processing seem obvious.

It is apparent that Nezly put forth an interesting proposal envisioning what blockchain technology could do to streamline the Cannabis market.

But in the view of this analyst, their business model fails on a variety of levels.

In essence, Nezly suffers from the issue most new marketplaces do, that is, “the chicken and egg problem.”

For Nezly’s ecosystem to have any value to any participants, there have to be enough participants to generate valuable and actionable data.

For instance, their CannaX Exchange is premised on the idea that the sharing of dynamic product supply & demand information will be valuable to dispensaries and growers because both parties will use the data to make better and more valuable decisions.

But what happens if there aren’t that many dispensaries or farmers to draw data from?

That results in a limited pool of data that does not necessarily reflect the broader market accurately.

To their credit, Nezly seems aware of this and talks up their connections in the Cannabis industry, seemingly to demonstrate that they will have many partners signed up quickly.

But this remains to be seen and is a big IF that may singlehandedly determine the success of their platform.

In addition, while it is currently difficult for Marijuana businesses to access banking and credit/debit processing services, it is not impossible.

The political climate is also steadily heading towards full decriminalization.

Hypothetically, if the legal floodgates opened for standard banking & payment services to service the Marijuana industry tomorrow, I don’t see this platform being able to offer enough value to most businesses to differentiate themselves.

Another huge issue I see with their business model is their focus on making white-label apps for each individual dispensary to use themselves.

In my view, this is the quintessential example of what happens when companies think that everything and every product is better if it’s in some way decentralized.

Consumers don’t want to order from a million different mostly identical apps that only each work for one dispensary.

They want to order from one app that has all potential dispensaries in one place.

That’s why when a customer wants to order takeout food, they use Grubhub or Seamless or a competing platform which offers them all the restaurants they could order from in one application.

The idea that an average customer would download a separate app for each dispensary they would ever want to order from is so ludicrous that part of me is shocked it made it into the whitepaper.

Nezly is missing the forest for the trees.

Risks

  • No guarantee that Nezly will get enough ecosystem participants to generate valuable data. -5
  • A frankly moronic approach to consumer-dispensary interactions. -5
  • A CEO that seems more skilled at exaggerating his capacity to make things look pretty then he is truly making a sustainable platform. -3
  • It seems like they just took a bunch of blockchain related terms, put them in a hat, and picked one at random to inform how to build their platform. -2.5
  • The whitepaper says that 10% of the total token supply will be retained by the Nezly team but that 20% would be put into the Nezly reserve. What this reserve will be used for according to the whitepaper is “future distributions, project initiatives, or promotions.”
  • They also describe it being used to, “help address issues surrounding fluctuations in the circulation of Nezly tokens that might otherwise impact the ability of Nezly tokens to serve as a useful medium of exchange. To that end, we may use Nezly reserve to purchase or sell Nezly tokens on the open market, burn, or lock, a percentage of Nezly tokens in escrow if it is deemed necessary.” So in reality, they have given themselves full control of 30% of the coin supply with no lockup period whatsoever and only a vague suggestion of what they will do with it moving forward. That is a huge red flag that could suggest a possible ICO pump and dump scam. -6
  • Their whitepaper is riddled with typos and in one section even repeats two identical paragraphs. -3

This can be seen here:

-24.5

Growth Potential

  1. The low token supply means that it wouldn’t take a lot of capital to raise the price significantly (When combined with the red flags suggesting an ICO pump and dump scam, this might not be positive.) +4
  2. The platform does seem to have a beautiful UI +4
  3. The CannaX exchange as described does seem to be a potentially very valuable product for the cannabis industry as industry standards begin to formalize. +3.5
  4. Although the political climate may change swiftly, it hasn’t fully yet, and they may have an easy sales pitch by Nezly for dispensaries who don’t want to deal exclusively in cash (a major headache.) +5

Disposition

We arrive at a score of -8/10 for Nezly.

Although it looks very impressive at first glance, the entire project falls apart under closer scrutiny, and may even be a scam.

In short, Nezly is half-baked.

This article should serve as a reminder for all Hacked readers to do their own research and not rely on one short article to determine whether or not they should make an investment.

Investment Details

  • Token Type: Utility
  • Platform: Stellar Lumens
  • Symbol: NEZ
  • Token Supply: 240,000,000
  • Token Crowdsale Prices: Presale: 1 NEZ=.20 USD ICO Round One: 1 NEZ=.25 USD ICO Round 2: 1 NEZ=.30 USD
  • Hard Cap: $7,200,000 For The Presale & $23,200,000 For The ICO
  • Minimum Purchase Price: Presale: $1000 USD. ICO: 100 USD.
  • Accepted Crowdsale Payment Methods: Stellar Lumens, Bitcoin, Ethereum, USD.
  • Public Sale: Apr. 20, 2018.
  • Jurisdictions Barred From Participating: Unclear from Whitepaper.
  • Website: https://nezly.com
  • Whitepaper: https://nezly.com/Nezly-Whitepaper.pdf

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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1 Comment

1 Comment

  1. Nezly

    April 25, 2018 at 8:04 pm

    First off I want to thank Hacked for even taking the time to get familiar with what we are doing at Nezly. As with any ICO or startup for that matter, people will always share their opinions, right or wrong, positive or negative, and I personally welcome the free thoughts of those who take the time to express their rights to do so. With that said, I think its our responsibility to make sure we participate in the discussions good and bad.

    I’m going to give reply to a few comments I felt should be addressed.

    Name dropping: IOTA, DAG, Tangle… We sure did drop technology names. We wrote this piece as we were looking back at our think tank discussions from the prior weeks. Technology changes and we honestly didn’t want to discount any opportunities to deliver what stood out to us at the time. Could we have left it at “we plan on using other tech”, sure we could have, but why not tell people what we are thinking and see what kind of feedback we could get out of it. It should also be stated upfront, we didn’t hire some fancy firm to write our whitepaper. Our CTO and I wrote it ourselves. We felt it was important to make sure we delivered something authentic. Could we have hired a suited up firm who probably would have done a way better job? Absolutely. Still, I think we did a damn good job.

    Seed to Sale CannaX: One thing you have to keep in mind is that Metrc is the one and only California State approved system. So anyone offering STS software has to integrate to big papa. We have the largest network of farms, I’m aware of currently, so we get a pretty solid landscape of user experience. I have yet to hear anyone say anything nice about the current system. In order to build something better, you have to first understand the pain farmers are going through. While we have a great deal of info on pain points, we haven’t seen full adoption and at least for California, that adoption isn’t even in full force until July. So while we have some really great data to play with, we still won’t have what we consider actionable data until adoption is enforced. What does that mean? We still have a ton of work to do and anyone who tells you differently either has f**king magical abilities or is full of BS. So it’s difficult to write about something in detail when you know the landscape is heading for change and again, without user experience data, it’s difficult to detail something pain free and be transparently honest about it, so yes we stay vague on quite a bit.

    Whitelabeling: I agree with the points made, we should have gone into better detail. In short, we have a few very dispensaries who have spent millions on branding, ask for the ability to brand their name, so we produced a light version for those clients to whitelabel.

    SMS or Instant Messaging: We simply wanted to highlight the value of user comments with real time notifications to the dispensaries. Users can still use in app messaging. We don’t however use SMS as a form of user communication.

    CEO underwhelming: First off, hiring a qualifying CEO with an MBA and 10+ years experience in cannabis isn’t easy to find, but I’m sure we will attract the best. Coming to the conclusion the analyst did based on my LinkedIn and bio from the whitepaper, I can understand. Yes got hired as a consultant for UI/UX projects for big brands at a short time frame, but I also sold 2 successful companies. What I don’t put on my LinkedIn is my 15 years experience with cannabis living in the Emerald Triangle. UI/UX is a passion of mine but in all I’m an entrepreneur. Cannabis has always been part of my life, but it’s not something that I wanted to put on my resume. I’ve been a cultivator. I’ve sold my products to dispensaries. I’ve been the 20-something driving a car worth as much as a house because I worked my ass off in cannabis, but I’ve also written a Book For Dummies based for a financial software company I founded with a $100 million valuation. I’m not one to step into the spotlight and try to prove my worth to those who haven’t had a beer with me at the pub. However, I do understand that when people invest in a company, they invest in the people of the company.

    For those of you who do want to invest in ICO’s or cannabis or both. Do your homework. There’s a lot of great opportunities out there. As for Nezly, the whitepaper doesn’t share half of what we will be unveiling in the coming months, but it’s a solid testament to our focus. I appreciate Hacked again for taking the time to give their opinions and hope my comments are well received.

    Cory
    (Nezly CEO)

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ICO

ICO Analysis: CWEX

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Investing in fine wine is a very attractive proposition. However, if you don’t know what you’re doing, it’s risky business. When acquiring wine over the internet, collectors have to deal with high fees, counterfeit bottles, border taxation, regulations, and insurance. And then if their bottle arrives in one piece, they have to worry about storing it properly. CWEX is using the skills of the blockchain to help investors cut down, even eliminate, most of these costs.

“We provide fine wine vendors and cryptocurrency owners with the possibility to trade together for the first time in a live market environment on a truly global scale.”

Based on EOS, CWEX is creating a fine wine trading platform, and onboarding trusted partners and vendors. Every rare wine bottle offered for trading is provided with a unique certificate of authenticity issued on the blockchain. This certificate provides a buyer with an “unambiguous identification of his investment.”

Crypto holders that want to invest in wine, can trade it on CWEX platform without ever holding the bottle and worrying about insurance/storage. CWEX will store it for them in their Swiss-based facility. And all they need to trade with is their certificate.

The trading platform is managed by two separate entities; DotChain GmbH and Crypto Wine Exchange (CWEX).

DotChain GmbH (Switzerland) ensures the contractual validity of the fine wine products, trade accountability, and product authenticity.

Crypto Wine Exchange (Hong Kong) is the blockchain based marketplace.

Here’s how it works:

  1. Registered traders place a bid or offer on selected fine wine.
  2. Once offer is matched the trader is notified.
  3. CWEX, in partnership with DotChain GmbH, secures the asset, meets all the compliance requirements and insures your asset.
  4. A blockchain based ownership certificate is transferred to the buyer. it guarantees the bottle’s authenticity and the investment value.
  5. As the certificate owner, you have three options; 1) your ownership certification can be traded on the platform. 2) its held for the price appreciation. or 3) have your wine delivered to your house.

Token

CWEX is the native Crypto Wine Exchange token. It is built on EOS for unmatched TPS, scalability, no fees, multiple wallets, and intuitive smart contract programming.

The main benefit of CWEX token is that it reduces trading fees. The system gives discounts of deductible fees automatically on the condition of having enough CWEX in your account.

Distribution:

  • 62% Crowdsale
  • 12% Community growth
  • 14% Team
  • 3% Bounty
  • 5% Legal
  • 4% Future stakeholder

Allocation

  • 25% Global partner and vendor management
  • 25% CWEX platform development
  • 25% Market compliance management
  • 25% Expansion and operations

Team

From Switzerland, this impressive team has 5 founders.

Jacob Manuel Kallupurackal – Co-Founder/CEO. He has worked for Cisco since 2015 as a Global Training Program Manager.

Maxim Andersen – Co-Founder/Blockchain Expert. 5 years as a Beam Instrumentation Specialist for CERN. Over 2 years as Software Engineer at CISCO.

Thomas Tsang – Co-Founder/Project Manager. 3 years as Remote Participation Analyst for the United Nations Telecommunications Union.

Nadir Zemrani – Co-Founder/Finance Manager. Master of Business from Swiss Management School in 2017.

Stephen Gonah – Co-Founder/Compliance Expert. Spent 14 years in different Officer roles for UNHCR, the UN Refugee Agency.

David Guye – Partner Relations Manager. Huge wine expert.

Their current Advisory Board has 4 members. 3 of them look impressive with experience at JP Morgan, UN Food Program, HSBC, and Schroders.

Verdict

Despite being a risky and challenging investment, if it turns out fine wine, it can be quite profitable. According to wineinvestment.com, “the fine wine market has consistently delivered a positive absolute return over any 5-year return. More importantly, of the total 57 Five-Year periods that we covered (2008-2018), only 9 periods experienced negative returns.”

Risks

  • The token use case isn’t very exciting. It looks like most of its purpose is to save on trading fees. -1
  • The community is small. 300+ Twitter, 100 viewers of their ad video, 4,000 Telegram (bounty chasers). -1
  • 5 co-founders is a lot of chefs in the kitchen. -1

Growth Potential

  • As stated above, wine has consistently delivered positive returns to investors. When traders start making even better returns thanks to CWEX, and word gets out, it will ramp up the entire market. +3
  • On Crypto Wine Exchange, you can trade in CWEX/EOS/BTC/ETH/NEO/USDT. +2
  • The team is high grade. +3
  • There are a lot of wine collectors/investors out there. +2

Disposition

Cool concept. Great looking team. Very possible this project ages like a fine wine. 7/10

Investment Details

  • Symbol: CWEX
  • Platform: EOS
  • Total Supply: 89 million
  • Amount for Sale: 55 million (62%)
  • Price: $0.20
  • Presale: Dec 15 – Jan 9th (20% bonus)
  • Public Sale: Jan 10- March 31
  • Hardcap: $10 million
  • Softcap: $1 million
  • Website:  https://cwinex.io/
  • Telegramhttps://t.me/cwexio

All unsold tokens will be burned

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 26 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

ICO Analysis: MOBU

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There’s a lot of buzz around security token offerings (STOs), and for good reason. There’s an $80 trillion securities market that has barely been touched by blockchain. Uncertainty and discrepancy in regulations have stifled the market up to this point. But it’s just a matter of time before the world is swimming in STOs.

This new project, MOBU, wants to provide a platform for launching compliant security tokens. This platform will “incorporate the ability to select experienced legal counsel across multiple jurisdictions within the platform, token issuers can be sure they can create compliant tokens customed to their local jurisdictions.”

From the whitepaper:

“MOBU is a decentralized blockchain based organized ICO platform for launching compliant security tokens. Real businesses such as property development companies, gold mines, retail companies and many more will be able to launch security tokens on the MOBU platform. MOBU connects approved entrepreneurs and investors by cutting out middlemen.”

Some core features of the platform:

  • MOB20 Protocol that defines a set of commands for security tokens to implement.
  • Supports Reg S, D, and A+ compliant security token offerings.
  • Vetted tender process for: legal providers, smart contract developers, escrow providers, KYC providers, etc.
  • A new standard called, Know Your Supplier (KYS), for complete due diligence compliance for all service providers using the platform.
  • A rating system for service providers which will create a free marketplace for investors.
  • A network of authorization centers for KYC/AML compliance.

This is only a taste of what MOBU plans to offer; check out the whitepaper here for more details.

Token

MOBU is a utility token and is the key to smart contracts and the ecosystem. Found on  pages 15-18 of the whitepaper is all the different purposes of the token, including MOBU Referrals, “where companies or individuals referring ICO issuers onto MOBU will be rewarded in MOBU tokens which will be equivalent of one year’s revenue generated on the platform by the percentage of fees generated from the marketplace.” Additionally, “This amount will be paid in MOBU and locked-up over a 3-year period also ensuring an increase in demand and scarcity of MOBU.”

There is also what’s called a “lockup” utility: All the ICO service providers on the MOBU will stake a certain amount of MOBU tokens to receive the right to operate in the ecosystem. These tokens will be locked up for the full duration while the service provider remains and utilizes the MOBU ecosystem.

Distribution:

Team

Mostly from South Africa, 12 members of the management team are listed. As a whole, they seem good, but not great. Here are a few that stood out.

Juan Engelbrecht – Founder/CEO. Also founded Zaber (a large South Africa crypto farm) in 2015. He spent 2 years as Director at Khalifa Capital. Has been Director at Evolve Fund Managers since 2013.

Paul Pelser – CFO.  He spent 17 years as an accountant for PSP Pelsar Accountants. He has been the owner of Pregal Mining for the last seven years,

Paresh Masani – Blockchain/security engineer. He spent three years as Mobile Platform Exec Director at Goldman Sachs, London. Senior Director at Thomson Reuters and ETX Capital.

A total of 12 Advisors, and two are from Realstart.com, a custom software development company. At least six of them are ICO experts and three are blockchain enthusiasts.

Verdict

This is an extremely attractive project andnd it looks like the hype/demand for this token is there. They already raised $3 million in the pre-sale, and are asking for just $6.5 mill more in the public sale.

Being a front-runner in the cryptocurrency space has proven to be a beautiful thing. When we asked CEO Juan Engelbrecht, who is your nos 1 and 2 competitors, he named Securitize and Polymath. Polymath has a $75 million market cap.

Risks

  • Pretty much crickets in their GitHub. Twelve followers. -1
  • No MVP out yet. They provide this video of what the MVP will look like, though. -1
  •  Non-accredited investors from the US are banned from using the platform. This is the opposite of a risk but gets a minus nonetheless. -1 
  • Their Blockchain Engineer, Paresh Masani (Goldman Sachs and Barclays) is a stud. But the rest of the team and advisors seem pretty average. -1
  • At this point in time, no major exchange is going to list the security tokens birthed from MOBU. When asked about this in Telegram their CEO said, “LA token has a security token exchange division. Also, MOBU is securing equity stake in an operational stock exchange. GBAX and Tzero will also have security token exchanges available soon.” -0.8

Growth Potential

  • They already have a Chrome and Gold mining business signed up to tokenize through MOBU. +2
  • The $9 million hard cap leaves all kinds of room for gains.+3
  • 120 million tokens is all there will ever be; 100% of them will be sold in the ICO. +1
  • MOBU will develop a First Forex Percentage Allocation Money Management Account and will retain 20% of the authorized tokens to put back into the development of the MOBU Platform.+2
  • From the company: “MOBU token will be available on most exchanges such as Bancor but have already been approved by COINEXCHANGE, CRYPTOPIA, IDEX, GET BTC, HitBTC, LIVECOIN and YoBit.net.”+2
  • Although most of these reviewers have lost credibility over the last year, their strong scores prove the hype train around this project is real. +2

Disposition

We usually don’t cover ICOs post-pre-sale, but this one is an exception because it’s still an attractive deal. The pre-sale bonus was 25%, and if you are fortunate enough to get into this crowdsale the bonus will be 20-25% depending on how early you get in. After that, the sky is the limit for MOBU.  7.2/10

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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4.2 stars on average, based on 26 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

ICO Analysis: MFChain

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MFChain is in essence an entire digital economy with a vision towards creating an infrastructure within the blockchain community which is supportive of all cryptocurrencies. This ecosystem will enable seamless transactions and development to take place and facilitate an entire support network to grow around the future of the MFMainnet.

Beginning with a payments processing and rewards solution, the project will quickly expand with the launch of a variety of cross-chain features including a multi-currency ICO platform, and multi-language smart contract programming within the all encompassing ecosystem. This is ultimately focused on bringing the entire blockchain community of developers, merchants and consumers together in one central and flexible hub.

Empowering Rewards System

One of the major features of the platform which will be implemented initially is the unique rewards system. This will incentivize not only consumers, but also merchants with rebates of up to 1% available for both parties as well as the freedom and flexibility to accept multiple crypto currencies securely. All of which can be done through any Android or iOS powered mobile device which merchants can use as a POS system.

This will be the first of many innovative features to be launched within the ecosystem which will later incorporate attractive benefits for developers, ICO teams, and entrepreneurs alike.

Token

The native token of the platform will be the MFX token. This is an ERC223 token and will be the main token on the platform although the entire principle of the ecosystem is to allow freedom and acceptance of multiple currencies. MFX will be the token which is rebated to both merchants and consumers in the rewards program. This will essentially increase the flow of the token throughout all of the platform processes over time.

There will be a total maximum supply of 521,000,000 MFX tokens with an initial circulating supply of 306,000,000. 57% of the total tokens will be made available during the ICO period. The rest of the tokens will be allocated as follows:

  • Merchant Incentive Program: 15%
  • Developers & Advisors : 8%
  • Airdrops: 1%

A final 19% of tokens will be locked for future developments. These will be released in two blocks at times to be confirmed during Q2 of 2019 and 2020 respectively.

Developer and Advisor tokens will be subject to vesting and periodically released for a period of 12 months following the ICO.

The ERC233 MFX tokens will be converted to MFF tokens upon the mainnet release which is currently scheduled to occur in Q3 of 2019.

Team

Craig Neil (CEO)

He describes himself as a serial entrepreneur and has indeed headed up a variety of projects both in the blockchain sector, and also in finance and advertising. Neil also possesses an extensive engineering background having spent almost 5 years as a full stack engineer at Lenders Direct Capital prior to focusing on his own business endeavors.

Jayson Rellis (President)

Rellis is an ICO investor and strategist with a number of significant roles in other projects, such as his partner position at Komorebi Alliance. Prior to his passion for the blockchain, he headed up regional operations at Verizon Wireless where he was employed for more than a decade. He is also a contributing writer for HackerNoon.

Brian Rankin (VP of Banking Integration)

He has interests as an advisor or director for a number of other projects including SigFig, although his most captivating experience noted within the blockchain sector comes from his time as VP for client services at Ripple where he oversaw a number of banking related developments.

Advisors

The project have a total of five advisors currently on board. These members are covering a number of areas including marketing, PR, and technical matters. Among these is prolific project advisor Bogdan Fiedur, a blockchain expert whose skills are widely employed and who features on the ICOBench list of experts.

Partners

Partnerships are a vital aspect within the MFChain project, given the amount of integration with payment processors and networks which is required. The latest partnership which they have struck is with Zagg Protocol. This is in addition to existing partnerships with:

  • ShapeShift
  • Komorebi Alliance
  • DDEX
  • Chosen Payments
  • Loopring
  • Identity Mind
  • EduHash

These key partnerships ensure a progressive path for the project with more to be developed as the project continues to progress.

Verdict

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

Risks

  • The strong competition both within and outside the blockchain which exists in a variety of the markets MFChain is targeting is concerning. These include the likes of Dash, UTrust, and Stack. (-0.5)
  • The broad focus of the project into a number of markets may cause them to lose focus and also leaves them vulnerable as a new project in a variety of areas. (-0.5)
  • MFChain’s core team, whilst having diverse experiences, have nothing which stands out as highly suited to running this type of proposed multi-million dollar platform, with the exception of their VPs experience at Ripple. (-1)
  • Full release of the core teams vested tokens will be completed by Q2 of 2019 according to the whitepaper, with full mainnet launch not scheduled until Q3 of 2019. (-2)

Growth Potential

  • The global payments market alone is heading towards a $1 trillion value. This represents a huge market with almost unlimited potential for growth. (+2)
  • Moving toward a blockchain based and cashless society, we would expect to see a big migration toward blockchain based ecosystems such as MFChain. (+2)
  • The broad focus of the project is also positive in the sense of flexibility and scalability. Two very important factors among blockchain based projects. (+2)
  • The project have maintained a strong and steady following throughout all media channels. This is indicative of the potential and positive sentiment which the community feels toward MFChain. (+3)

Disposition

MFChain has harnessed the fundamental principles of blockchain to provide an ecosystem which is both rewarding and flexible throughout. As the community strives to find ways to promote everyday use of cryptocurrencies, the introduction of a system which can perform all of its functions in a cross-platform manner, is an exciting prospect.

Although the project team still have a lot of major steps to complete in order to bring MFChain to market, premium among these being to establish more key partnerships, the market is large enough and increasing constantly in size for them to position themselves strongly within if they can continue the current momentum.

MFChain receives a 5/10.

Investment Details

  • Type: ERC233
  • Symbol: MFX
  • Platform: Ethereum prior to Mainnet (2019 Q3)
  • Crowdsale: October 15th – December 15
  • Minimum Investment: 0.1ETH
  • Price: 1ETH = 8,500 MFX
  • Hard Cap: 33,000ETH or $17,000,000 equivalent
  • Payments Accepted: ETH
  • Restricted from Participating: USA

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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