ICO Analysis: WatchUGot
In the summer of 2014, millions of people on social media dumped buckets of ice and water over their heads, raising over $110 million for ALS (Lou Gehrig’s Disease). While that’s a lot of money, a new project called WatchUGot believes a lot more would have been raised if the challenge participants had quick and easy donation options on the same site as their videos and shares.
WatchUGot is an Ethereum based social challenge networking app designed to be a one stop spot for individuals to create internet challenges, participate in internet challenges, and donate money to charity causes associated with those challenges. The platform offers all the tools needed to create or participate while being rewarded for your efforts in WUG tokens.
The platform allows users to do the following:
- Register your profile and automatically get matched to campaigns that match your interests.
- Make, follow, or participate in campaigns.
- Set your goals and invite followers/friends.
- Hot list available to find the best challenges.
- Set up special “Charity Challenges.”
- Track everyone involved in your campaign.
- Exchange WUG tokens for fiat or donate them.
WUG token will be exchangeable in the WatchUGot app. They offer Instant reward issuance, no transaction fees, and liquid transferability.
WUG tokens can be used for charity donations, purchase of virtual goods, physical goods (via app-store), exchanging for other tokens (including fiat) and they are exchangeable between users.
The WatchUGot platform utilizes a standard ERC223 token called “RIVL” that is not exchangeable for crypto or maintains cash-value. They also use ERC721 (non-fungible) tokens for virtual goods and items in the application and app-store.
New users start with a limited amount of RIVL tokens that enable player eligibility for challenge events. Through participation, users can earn WUG and RIVL tokens as rewards for task completion.
Distribution of WUG:
- 5 % Advisors
- 15% Team
- 25% Reserve fund
- 20% Community grants
- 10% Crowdsale
- 15% Charity Reserve
- 10% WUG promotions
Allocation of funds:
- 20% Marketing
- 20% Admin operations
- 17% Charity grants
- 3% Bounty/audits
- 15% Research and Development
- 10% Legal
- 15% Reserve
There are 12 team members listed on their site, and it looks like they are all from different parts of the world. Here are the standouts.
Erman Koc – Co-Founder/CEO. He has 4 years as Senior MineSight Specialist/Account Manager at Hexagon Mining (Arizona); 8 years as Senior Specialist at MineSite.
Kevin Moran – Co-founder/President. He spent 3 years as Project Manager at Riivos Mining (San Francisco), 2 years as Chairmen for Northern California Society of Mining.
William Madison – Full Stack Developer. He spent 1.5 years as Managing Director at Block Capital Group; 1.5 years as Dirctor at Genesis Block Labs; and 5 years as Senior System Analyst for Ranmaker Technologies.
Sukhchain Singh – Senior Project Manager. He has 1.5 years experience as a Project Manager at Cold Brew Labs; 9 years as Senior Technical Lead for Digitech.
Five advisors are listed, including a nutritionist, a sales guy, a non-profit, and 2 blockchain experts.
There is also a Think Tank/Challenge Committee of 9 specialists in categories like sports, medical, politics, animals etc.
Three notable partners are included below:
“Combining key crowdfunding components of GoFundMe with the social aspects of Instagram and Facebook on the blockchain,” is a clever idea. Although, for this project to be successful they will need large adoption. And that will be challenging.
- The token distribution is weird; only 10% sold in the ICO and 40% go to reserve funds. -2
- The team looks pretty average. A majority of their team members have yet to list WatchUGot on their LinkedIn pages. -1
- Only 20% of the funds will be allocated towards marketing. -1
- The Ethereum blockchain has issues. -1
- They already have an MVP with a few hundred downloads and solid reviews. +4
- Open beta completes on June 2019. QA/C followed by initial launch release. +2
- If a couple people are able to create a challenge that goes viral, it could catapult the platform.+2
- Distributing 30% of the tokens to community grants and WUG promotions should be good marketing. +2
This one is probably not worth the risk. 5/10
- Symbol: WUG
- Platform: Ethereum
- Total Supply: 1 billion
- Hardcap: $8.1 million
- Price: 1 Eth = 1,340 WUD
- Presale: January 4 – Feb 1st
- Crowdsale: Feb1 -March 8, 2019
- Telegram: https://t.me/watchugot
- Website: https://watchugot.co/
- Whitelist: https://drive.google.com/file/d/1X0k2IAukolsP6B6e7C8R6XEa37EWdwVE/view
Featured image courtesy of Shutterstock.