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ICO Analysis: Starbase

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ICO Analysis: Starbase


This article was posted on Saturday, 12:40, UTC.

We recently reviewed FundYourselfNow, which is a crowdsale platform. Now comes Starbase, a similar play but for the purpose of pooling, matching, and finding talent for various jobs.

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Starbase is both an open and closed source project. Starbase.Inc will do technical consulting by providing a crowdfunding/sourcing platform which enables you to issue conditional tokens from templates.

So, different from FundYourselfNow, Starbase will allow the issuance of your own tokens – in the same way that Antshares and Ethereum do. There will be some necessity for this platform to justify its existence, being that crowdfunders have the freedom to simply use Ethereum, Waves, Anthsares, or any of the other platforms which allow people to issue their own tokens. Simply recreating a functionality in an alternate setting, without the name recognition and economy backing it, is the lowest form of rent-seeking and least likely to prove out as a novel concept/successful project. The network effect is such that branding and even good business tactics are less important than what the critical mass of people is already doing.

Of course, offering the tokens is only part of what Starbase is about. Their other value addition is that they will act as a magnet for individuals with skills that companies are seeking. Companies have the option of paying for jobs in Bitcoin, Ethereum, or their own tokens.

Starbase is a token based crowdsourcing platform. Core teams can post works and supporters can do them for a payment in Bitcoin, Ether, or their issued tokens. Generally this kind of job is not long term, but in duration of 1 week to 6 months. For example, software development, translation, logo design, web/mobile design, movie making, online consulting, financial advice, legal advice can be posted to Starbase with the relevant payment information.

Sites which help crowdsource talent are nothing new, but the industry is expanding. In 2016, revenues in that industry were around 1 billion dollars – a 37% increase since 2012. The leading company in that space is Upwork, which many of our home-office readers will be familiar with. Upwork takes in between 5 and 20% of its freelancers’ revenues, so there is a lot of room for competition. Other plays in the industry, like Fiverr, have a strict 20% model. Therefore if we find that Starbase intends to offer freelancers a better deal, overtime the rules of the network effect could place the best available talent in its shed – but this would be a long-term transition to say the least. Is the offering and hte novelty of Stardust enough to shake up the market and get a share? Let’s find out.

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P. H. Madore

P. H. Madore


P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and is currently nearing the completion of a cryptocurrency exchange in concert with the firm he primarily works for, Vermont Secure Computing Consultancy.

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