ICO Analysis: Officium
Officium is a unique new project from a team of ex-HSBC management employees. They are raising funds to develop the global Officium platform, which will provide freelancers and service providers the tools needed to scale their services worldwide.
The Officium platform is a decentralized ecosystem. It represents a safe, transparent and fair environment for communication and transactions, which is beneficial for both sellers and buyers alike.
The whitepaper outlines the common challenges buyers and sellers are facing.
Problems of the seller:
- Ad and marketing costs are expensive.
- Lack of time and money to start one’s own business.
- Red tape.
- High commissions taken by platforms.
- Only a small target group of potential buyers.
Problems of the buyer:
- Little competition at local market.
- Big sellers overcharging for services.
- Non-personal treatment from the sellers.
- Poor transparency.
The features offered by Officium include:
- Security: The platform is decentralized, which ensures a maximum level of security for its users by eliminating errors made by third parties and the ecosystem itself.
- Privacy: The platform is encrypted and ensures absolute anonymity of the user’s personal data, payments and communication.
- Low cost: Usage of the platform is free. A user can provide his/her services globally without any marketing costs. A highly competitive environment creates ideal conditions for the acquisition of services of high quality and at an affordable price.
- Global: The platform is adapted on the global level, which means users are given the opportunity to provide services everywhere around the world from a single place.
There is a breakdown of exactly how the platform will operate on page 17 of the whitepaper.
OFC is a token offered to the public, and will be designed for service providers for future use on the Officium platform. It has the following features:
- Used as a payment for all tariffs or paid ads on the Officium platform.
- Used as a payment for advert highlighting.
- Used as one of the possible forms of payment for services on Officium.
- A reward for competition winners.
The distribution is as follows:
- 70% Crowdsale
- 15% team
- 10% Bonuses
- 5% Advisors
And the allocation:
- 35% marketing
- 30% Business Development
- 20% Product Development
- 5% Charity
- 10% Reserve Funds
All unsold tokens will be burned.
This extremely solid team is based in London. Check out these highlights.
Lucas Hopkins: Co-Founder. He served as head of sales at HSBC between 2015-2017 and was previously the company’s sales manager between 2010-2014.
Oliver Thompson: Co-Founder. He served as strategy manager at HSBC 2012-2015, as well as the GM of business development between 2015-2017.
Richard Stevens: CEO. He served as corporate finance manager at Swire from 2006-2010, GM of finance at HSBC in 2010-2013 and head of finance at HSBC between 2014-2017.
Edward Pearson: CTO. He previously served as chief software engineer at Fidessa between 2013-2017.
Jane Liu: Commerce Specialist. He served as commercial sales manager at HSBC from 2015-2017.
They also have two really solid looking blockchain experts, Andrew Hamilton and Samuel Zhao.
A team of three advisers are listed, including Bruce Walker (former business strategy manager for Sun Corp), Michael Sanders (lead software engineer at Xero) and Rory Brown (international businessman, Dixons Car Phone).
Numerous service providers can benefit from Officium, including digital marketers, web and app developers, writers, virtual assistants, accountants and customer service agents. Once the platform is built, freelancers will be booking jobs non-stop all over the world with basically zero advertising costs or fees. And buyers will be able to choose from an entire world of providers who will be competing for their business.
- According to the roadmap, the platform won’t be live until Q3 and Q4 of 2019. That’s an eternity in crypto. -1
- There is no working product yet, and they are assuming the public beta version will be released Q4 2018. -1
- Their community seems non-existent. Bitcointalk is crickets, and the Telegram is only for announcements. No community chat is allowed. It says they have 8,000 Telegram members. It’s hard to tell if these are real or bots. How are supporters supposed to become a dApp operating community if they can’t talk to each other in Telegram? -2
- There is little competition so far. Their closest rival is IOST (Internet of Service Token) which currently has a market cap of $190 million. That’s 10x the cap of Officium. +3
- On paper, this is one of the strongest teams we’ve seen, with four high-level former HSBC managers running the show. +4
- The infrastructure they are building will allow the equivalent of worldwide free trade of services. +3
Most of their partners are tool providers to help build projects like Officium. The most promising partnership is with Optimal, whose sales pitch is the following:
“Our enterprise-grade software is used by the most successful companies in these industries to collect, verify and analyze all of their product data to ensure that their products meet all of the quality, reliability and functionality requirements their customers demand. With over 50 billion chips and boards processed annually, Optimal+ drives true IIoT connectivity, reduces RMAs, and is ushering in an era of robust, long-term quality products.”
The team and the market cap are the two selling points for this project. However, they really need to work on building the community. +6/10
- Symbol: OFC
- Platform: Ethereum
- Total Supply: 500,000,000 (500m)
- Available for sale: 350 m (70%)
- Hard cap: 25,000 ETH ($17 million)
- Soft cap: $3.5 million
- Crowd sale: starts July 1 – august 25
- Price: 1 ETH = 14,000 OFC
- Website: https://officium.cc/
- Whitepaper: https://officium.cc/wp-content/uploads/2018/06/whitepaper.pdf
- Telegram: https://t.me/officiumcc
- Github: https://github.com/Officiumcc
Token exchange rates:
Week 1-2: 1 ETH = 19,600 OFC (40% Bonus)
Week 3-4: 1 ETH = 16,800 OFC (20% Bonus)
Week 5-6: 1 ETH = 15,400 OFC (10% Bonus)
Week 7-8: 1 ETH = 14,000 OFC (0% Bonus)
Featured image courtesy of Shutterstock.