ICO Analysis: RedPen
RedPen is a breakthrough social news and storytelling platform powered by blockchain and artificial intelligence. It combines news and public opinion into one experience to showcase what the internet thinks, feels and says about stories. The RedPen platform transforms online communities and information consumption while highlighting author reputation.
The company aims to build and empower the global, connected community by making the world’s information collectively understood. Like taking a red pen to the internet, RedPen will allow users to view and contribute to the most transparent, informative and contextual rendition of content and news. RedPen allows you to follow your favorite interests and identify who is talking about a given topic. The platform also intends to highlight the various viewpoints, biases, and how the crowd is feeling.
RedPen’s vision for consuming, sharing, following and discussing content can be organized into impact categories:
- Provides more complete information, faster
- Reduces time discovering your favorite content
- Re-invests time to gain more knowledge about additional topics
- Clearly displays source attribution
- Stores and captures opinion
- Ensures transparency and privacy
- Captures crowdsourced viewpoints
- Processes distributed observations
- Allows people to discover and learn at their own pace and depth
- Summarizes essential story elements
- Provides rich access to less obvious information
- Presents a broad public opinion
- Illuminates and embrace biases
- Feeds people’s curiosity and passion for knowledge
- Visualizes topics you care about, all in one place
- Provides a more comprehensive understanding
- Compares and contrasts across diverse sources
The RedPen system aggregates, analyzes and synthesizes diverse information being written and discussed all in one place—called RedPen Stories. Through a simple user experience, RedPen will identify relevant context, summarize public opinion and highlight author perspectives. Additionally, RedPen Stories intends to encourage people to share, connect and engage in meaningful conversations with their friends and personal networks to cultivate community and storytelling. By leveraging artificial intelligence, creative uses of blockchain, and advanced analytics, RedPen provides individuals with more complete information, faster. Through game-changing formats, dynamic content will be delivered with the necessary and appropriate context to maximize understanding and community. This ensures that the full, verifiable life of information is always available for the world to see.
The RedPen token (RPN) is an ERC20 compatible protocol that will be used to acquire a RedPen Membership. Members will then be able to use RPN to purchase products and services on RedPen such as:
- Request new content sources and authors to be added to RedPen
- Eliminate ads
- Renew RedPen Memberships and receive discounts
RedPen Membership includes the premium benefit of access to RedPen Reputations. Additional benefits include product opinion polls, official beta testing, access to early releases of new features, front of the line resume submissions and RPN token badges. RedPen says it is committed to rewarding users, creators, publishers and innovators in the media space. Five percent of RPN tokens will be distributed as incentives to reward socially responsible users, content creators and partners.
The RedPen ICO is following a unique format with three tiers (private pre-sale, Sale 1 and Sale 2). The private pre-sale is scheduled to begin in Q2 2018 followed by Sale 1 scheduled to begin in Q3 2018 with a price of 1 RPN equivalent to $0.82 USD. Sale 2 is scheduled to occur up to two years later.
The token distribution is as follows:
- 60% Token Sales (Presale 20% / Sale 1 22% / Sale 2 18%)
- 15% Team
- 10% Advisers/Partners
- 10% Company
- 5% Rewards
The RedPen team is comprised of innovators, creators, marketers and engineers with deep technical expertise in data science, machine learning, data mining, natural language processing, mobile development, large-scale distributed platforms and emerging blockchain skills. A few members of the executive team are:
- Ryan Lewis – Chief Creative Officer and Founder at RedPen. World-renowned producer, musician, music video director, entrepreneur. Four-time Grammy award winner.
- RJ Smith – CEO, CTO, and Founder at RedPen. Former Technical Director for the U.S. Intelligence Community. Former Engineer for Goodyear. Former Computer Specialist at The White House
- Peter Grossman – Chief Commercial Officer at RedPen. Former President for Arnold Worldwide. Former EVP, Director of Client Service for JWT. Former Board Member and CEO for QWiPS.
RedPen lists a total of eight advisers with a strong background in blockchain, government and intelligence and online publishing.
RedPen has the potential to be an indispensable tool for people who want to understand the complete story about the things they care about and join in the conversations around them. In the current ICO market with multiple blockchain projects all vying for the fastest TPS, the concept behind this ICO is a welcome change. Investors looking for potentially profitable projects under the radar should keep an eye on RedPen.
- A lockup or vesting period has become the norm for team tokens, which gives investors the assurance of long-term commitment. There currently isn’t a lockup period or vesting schedule listed for the RedPen team. -1.25
- Many ICO investors look for projects with starting low market caps to increase the opportunity of high ROI. A $45 million fundraising goal is slightly on the high side for current ICOs. -1.75
- An ICO with an MVP is ahead of the game and appeals to investors. In 2017 RedPen developed an initial mobile application and software to detect story similarity and summarize language comparison. By Q4 2018, RedPen will release a mobile app focused on crypto and blockchain topics. +3.5
- Producer Ryan Lewis and singer/rapper Macklemore are deeply involved in the creation of RedPen and are not simply lending their names as an endorsement. However, having famous people involved will definitely be a major marketing bonus that will attract more attention to the project. +3.5
- There are all-stars on the advisory team in the areas of business, entertainment and blockchain marketing, which could sway investors to come aboard. +3
With their unique and practical concept, star power and all-star advisers, RedPen could be one of the sleepers of 2018 with excellent potential. The ICO receives a 7 out of 10 rating.
- Symbol: RPN
- Platform: Ethereum
- Price: 1 RPN = $0.82 USD
- Total Supply: 250,000,000 RPN
- Payments Accepted: ETH, BTC, FIAT
- Barred From Participation: USA, Canada, Cayman Islands, South Korea, China
- Fundraising Goal: $45,000,000 USD
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