ICO Analysis: WONO
WONO is a decentralized peer-to-peer (P2P) platform for exchanging any property and services. It will use the Ethereum blockchain and the InterPlanetary File System (IPFS) to allow the community to interact without a middleman. The platform allows people to rent tangible and invisible assets, as well as order and perform services. The aim is to arrange ideal conditions for a convenient exchange between users with minimal transaction costs, regardless of location.
“The core idea of WONO is to unite all kinds of sharing of both physical and invisible assets, letting literally monetize anything you possess, including your own human resource. That means that on WONO you can rent out your flat while you leave for a vacation, or find a freelance job. Tokens you earn can be spent on other users’ property or services. And since tokens in most countries are determined as digital assets, all transactions are legally tax-free. Plus no currency or cryptocurrency exchange loss.”
WONO solves five major problems of the sharing economy: high commissions, taxation of vendors, non-transparency of ratings and reviews, currency exchange loss and risk of fraud and deal cancellation.
WONO will be used for four purposes:
- Vendors: rent a property or perform jobs as a freelancer.
- Customers: rent your property or post jobs.
- Guarantors: make stakes for successful deal termination and earn bonuses. If the deal is canceled, the stakes are used as compensation for the affected party.
- Arbitrators: determine the affected party in disputes.
WONO token is used for all transactions among the participants of the WONO ecosystem. It can be used for paying for rent, services, platform fees and also for crowd deal insurance and arbitration.
“WONO platform is designed to incentivise users to withdraw fewer tokens or not to withdraw them at all. Vendors at WONO will offer thousands of ways to spend your earnings: homes, cars, new experiences, professional help and more, all around the world.”(website FAQ)
The distribution is as follows:
- 60% – token sale
- 20% – team and owners
- 12% – reserve
- 5% – advisors
- 3% – bounty
- 55% – engineering/product development
- 15% – marketing
- 15% – legal
- 10% – business
- 5% – community
There are 14 team members listed, including 5 developers.
Alexander Esaulov – CEO, Founder. Originally from Saint Petersburg, Russia. He haso experience in blockchain. His bio says, “sold various start-ups: Greeder (a products marketplace with a bargaining option), Alex Games (fitness reality show), Burn to Earn (fitness reality show in the United States), SPb Fighters (MMA reality show).”
Timofey Esaulov – Business Dev Manager. Also from Saint Petersburg. His LinkedIn is in Russian. The website says he was senior supply manager at the Ford Motor Company for more than ten years.
Andrei Chepelev – COO. Also from Saint Petersburg. He was Editor-in-Chief and Project Manager at Kolesa.ru, the #5 auto media site in Russia.
Amrinder Singh – Full Stack Developer. From India, he spent ten years doing different engineer jobs at Ericcson.
The other four developers look pretty weak to average. Not much blockchain experience.
Ian Scarffe – Top rated expert for the ICO Bench website. He is an advisor to over 20 different ICOs in 2018 alone. A
Alexander Zhidkov – Spent around 3 years as Business Dev and Marketing Communications for Airbnb.
Ignacio Ibaibarriaga – One year business development at Airbnb, two years Market Mgr for Expedia Group.
Lev Lemkov – Tons of tech experience including Oracle, Sun Microsystems, Stream LLC, and Wings (crypto).
- Intellectual Property Service– A blockchain startup consulting service, and WONOs legal partner.
- Bounty0x– bounty hunting service to help promote the ICO.
- Coin Mercenary– Smart contract auditing service.
- Crypt Consulting & Investment– A link to advisor Ian Scarffe’s website.
The sharing economy market is only going to keep growing in the future. Airbnb and Uber are the current icons. The problem with them is the bigger they get, the more they can make rules and raise fees. Airbnb is able to charge around 3% to landlords and up to 20% for tenants.
WONO has a solid idea for putting Craigslist, Uber and Airbnb on the blockchain and using Ethereum smart contracts to organize everything. It won’t be easy to compete with the big dogs though. It will require lots of marketing, and a great team to put together such a project.
- Their partners and advisors seem pretty weak. -1
- To compete, this project is going to need serious marketing. They could be in trouble if they don’t come near their $20 million hard cap. -1
- About half their team, including the CEO, is from a project called “Burn to Earn Show“. It is kind of hard to picture them going from burn to earn to building the blockchain version of Airbnb and Craigslist. -2
- Their GitHub is not active except to do things related to the token sale. Just a few days ago, they changed their soft cap on GitHub from $7 to $5 million. Big league red flag. -2
- No MVP -1
- The sharing economy is currently worth around $15 billion. By 2022 this figure is expected to reach approximately $335 billion.+4
- The platform introduces new blockchain deal formats, including deal chains and deals with trusted payments.+2
- There seems to be quite a bit of positive buzz about this project. Their bitcointalk thread has 70 pages of unique enthusiastic comments. This is due to them “partnering” (hiring) Bounty0x, which is still impressive. +2
- Out of all their current competitors, WONO’s the only one to deal both with physical assets and services. +2
Although the idea is cool, it’s hard to imagine this project lifting off. 3/10
- Symbol: WONO
- Platform: Ethereum
- Presale: August 6- September 2, 2018
- Crowdsale: September 3- October 1
- Soft Cap: $5 million (just changed, it was $7m)
- Hard Cap: $20 million
- Price: $0.50
- Total Supply: 79,166,667
- Amount for Sale: 47,500,000
- Website: https://wono.io/
- Telegram: https://t.me/wonoworld
- Github: https://github.com/wonorepo/protocol
- Bonus Program:
Pre-ICO first $3M – 30%
Pre-ICO $3-4M – 25%
ICO first $1M – 10%
ICO second $1M – 5%
Featured image courtesy of Shutterstock.