ICO Analysis: Platio
It is hard to be an inhabitant of the crypto-world for sure. Remember your first time using a fiat gateway to buy Bitcoin, sending it to a cryptocurrency exchange, executing orders to obtain other cryptocurrencies? For newcomers, all these are not easy and for experienced crypto investors, it is still tedious to move funds from one place to another. You need to use multiple wallets to store different coins, keep your private keys safe and there are only a few platforms to exchange your crypto-assets with actual fiat currencies and traditional assets.
Platio is an all-in-one platform built on the EOS blockchain, connecting the two different worlds of crypto-currencies and traditional assets and providing banking services for crypto and fiat currencies and brokerage for stocks. It allows crypto-investors to store, send and receive their cryptocurrencies while enabling them to trade these with fiat and even stocks. Having already obtained UK and EU licenses, Platio is aiming to become the decentralized banking hub for all cryptocurrency and fiat money activities.
Asset Guard is a smart-contract based Platio product which is designed to protect the platform user’s assets against the high market volatility or the loss of access that can occur for several reasons such as the user’s death or simply losing his or her private keys. Auto Exchange smart contracts contain pre-set conditions to be executed when they are met, so the user’s assets stop further losses. This allows him or her to not constantly check his or her portfolio. It is possible for platform users to pre-set a certain period of time so that if the wallet is not activated for this period, the chosen assets are transferred to another wallet which the wallet owner previously chooses. This ensures that in unfortunate circumstances that the owner might find himself or herself in, assets stored in the platform are not lost forever.
Smart Escrow is another Platio product, designed to increase the commercial use of the platform by businesses and individuals. In the absence of an escrow service for shopping with crypto-assets, there is no way to make sure that the seller sends the product, or the buyer sends the amount of money for the transaction. Thanks to Smart Escrow, Platio users can chat in the internal messenger app, determine conditions for deals and once it is established that these conditions are met, the assets in the escrow will be transferred. Furthermore, thanks to Platio’s Merchant Processing API, sellers will be able to get easily paid by several means such as cards, cryptocurrencies, and SWIFT transfers.
PGAS tokens will be used for internal transactions such as commissions, fees, and subscriptions. When the token is used for transactions, discounts depending on the user’s platform activity and subscription will apply as well. Half of platform commissions will be burned until no more than 10% of PGAS tokens are in circulation, decreasing (circulating) supply of PGAS and possibly pushing the price higher.
The ICO investor should note that the public pre-sale contributors are offered to buy their tokens with a bonus of 15%. In the first two days of the public sale, between November 26th and 28th, a bonus of 8% will be presented, so this bonus offered to the public pre-sale contributors should not worry the ICO investor as it isn’t as significant as bonuses for other ICOs. It should be also noted that any unsold token will be burned.
The initial total supply of PGAS is 397,500,000 tokens with the following token distribution:
- 65% token sale participants
- 25% founders and team
- 8% advisors
- 2% bounty
The team is planning to use the token sale proceeds as follows.
- 40% research and development, infrastructure and product development
- 30% customer acquisition and marketing
- 15% liquidity pool
- 15% regulatory and legal
CTO Dzmitry Lapo: Lapo has worked as a development advisor at Sberbank-Technology and as a solution architect at EPAM Systems.
CFO Irina Berkon: Berkon was the director of finance at MogulTube and an audit manager at Grant Thornton.
Anna Makovnikova: Makovnikova has worked for Samsung Electronics Kiev and SMART Technologies Calgary.
Maxim Nogotkov: Nogotkov is the founder and the chairman of Svyaznoybank, a Russian retail company. Previously he founded Pandora’s Russian franchise in Moscow.
Ripple: Platio’s partnership with Ripple enables the project to use Ripple’s xVia for overseas transactions.
Below is a breakdown of the risks and growth potential of Platio.
- No public working product as of the time of writing. (-2)
- The team already has obtained UK and EU fiat and crypto licenses. (+4)
- The proposed, all-in-one platform should satisfy most investors’ needs. (+2.5)
For people who are not tech-savvy, it is hard to get into the cryptocurrency market, buying their first crypto-assets and storing them safely. Even if one is experienced enough, as there are not many platforms which provide all services sufficient for a smooth crypto-experience, it is a hassle to use several different exchanges to buy currencies and store them in different wallets. Platio provides an extensive range of services, aiming to become an all-in-one point of service for crypto-verse inhabitants. The Asset Guard product helps users to protect their wealth by pre-set conditions to process orders when they are met and allows them to send their tokens to a pre-determined person if their wallet is not activated for a predetermined period. The Smart Escrow product enables businesses and individuals to set success conditions, established between a buyer and a seller so that unless these conditions are met, their assets and products are kept in an escrow account safely. It is praiseworthy that the team has already obtained fiat and crypto licenses to work in UK and EU, meaning that once the platform is ready, they will not have any legal problem to launch it. The platform is designed to satisfy all of any investor’s needs, which is another important pro. Still, it is a source of worry that no working product is made public as of the time of writing. Platio receives a 4.5/10.
- Type: ERC20 – Utility
- Symbol: PGAS
- Platform: Ethereum
- Crowdsale: November 26th
- Minimum Investment: Unspecified
- Price: €0.20
- Hard Cap: €34,500,000
- Payments Accepted: BTC, ETH, DASH and EUR
- Restricted from Participating: Singapore, the United States.
Featured image courtesy of Shutterstock.