ICO Analysis: Shping
Shping is offering a single ecosystem that combined integrated shopper marketing, brand protection, product safety, and a global product database. It also offers a way for consumers to contribute to it and be compensated.
The purpose of Shping Coin is to fuel the growth of the Shping Platform by connecting brands, retailers, and certification bodies to incentivize and reward retail consumers to potentially influence purchase decisions, drive customer, engagement and loyalty. The team expects Shping Coins to become a more desirable mobile payment methodology.
Founded in 2012, Shping evolved from Authenticateit and has 24 brand partners. The first iteration of the app, Authenticateit, has roughly 50,000 users.
Consumers can scan product barcodes via the Shping mobile app to either read reviews about the product from other users, or expand the database themselves by writing product reviews, uploading product details and more (for which they receive Shping Coins as compensation).
Brands will be able to market to consumers using the app, creating laser-focused targeting based on consumer locations, profiles, and preferences. These brands can also incentivize users to watch promotions (vides, etc) by offering Shping coins.
The Shping app also allows users to validate product authenticity with digital signatures
Shping currently has a handful of active partners in Australia, Russia, and China and is currently in negotiations with more authorities and regulating parties all over the world. By partnering with certification authorities, Shping can add certified information and test results about millions of products into the app at scale.
A few of the active Shping partners include:
- Australian Certified Organic (Australia’s largest organic certification body),
- AsureQuality (owned by the New Zealand Government),
- The National Farmer’s Federation (Australia),
- Rosselkhoznadzor (Russian Federal Service for Veterinary and Phytosanitary Surveillance,
- The Asia Food Safety Zone in Changchun (China).
There will be a total of 10 billion Shping tokens at the initial rate of 1 Shping = 0.01 USD.
Fifty percent of the total tokens will be distributed during the token sale and 42% will go towards the Shping app incentive reserve.
The Shping team is made up of three executive officers from the fields of business, software development and marketing. An additional 13 employees comprise the management and development teams. Full profiles and resumes of the team members are provided via LinkedIn, and we have every reason to believe they are capable of fulfilling the project.
Shping has also retained the services of five advisers with domain knowledge of blockchain and data analytics.
- Any company whose success is so tightly tethered to the amount of users is already a running a huge risk. While I don’t necessarily see thousands of users getting excited to run around grocery stores scanning barcodes, I think the gamification aspect of Shping could carve out a loyal, but small, niche. -3
- Slow geographic roll-out. As a project mainly focusing its initial growth efforts on the Australian and New Zealand landscape, it wouldn’t be unreasonable to assume Shping might have some difficulty hitting higher population markets. If proven effective in Australia, for example, a competitor could easily launch an ERC20 that does exactly what Shping does, but with a primary geographic focus in, let’s say, the United States. -3
- The Shping Platform is already operational (beta launched in June 30th, 2017) with over 50k users that downloaded the app when it was called Authenticateit. +2
- The Shping team has been working on this concept for more than 5 years. This time stamp contains an interesting intersection between developments in the digital advertising space and the rise of the cryptocurrency world. Shping’s experience should help them combine lessons from both. +2
- Shping has offices in Melbourne, Australia (HQ), Singapore, Beijing, and Moscow. Since the infrastructure has already been frontloaded, this should make growing the user base and amount of regulatory partnerships more efficient in the future. +3
- Blockchain and supply chain is a love story. Shping’s application of blockchain could solve some huge inefficiencies in the current retail world. +2
- Solving a near trillion dollar counterfeiting problem: International Trademark Association and the International Chamber of Commerce BASCAP estimates the the total international trade of counterfeit and pirated goods will be upwards of $922 billion by 2022. Shping, at the very least, will offer a way for validating the authenticity of products at every step of the product journey, from production to consumer. +4
We arrive at a +7 for Shping. Ultimately, it’s all going to come down to how well the Shping team can take care of onboarding all the right regulatory agencies and businesses, as well as the thousands of users, in order to make using Shping a fulfilling experience.
- Type: Utility
- Symbol: SHPING
- Platform: Ethereum
Public Crowdraise: Feb. 22 – Mar. 23, 2018
- Price: 1 SHPING = 0.01 USD
- Total Token Supply: 10 billion
- Tokens Available for Sale:5 billion
- Jurisdictions Barred from Participating: None specified.
Featured image courtesy of Shutterstock.