A CryptoStandard Score of 5.5 and a Negative+ outlook are assigned to ITOB (ICO starts on 31 May 2018)
ITOB aims to formulate a platform to connect buyers and seller with blockchain technology to facilitate payment. However, since major competitors like eBay and PayPal are already well established in this industry, we believe ITOB will face major difficulties when competing even in a targeted regional scale. Also, their weak community momentum, reflected through their small-sized communities on various platforms, suggests a major concern regarding the hype of the project.
ITOB hopes to further improve the payment mechanisms in our daily lives, facilitating the online connection between buyers and sellers. ITOB is currently developing a platform, like eBay, where producers are able to sell their goods and consumers can purchase goods of their choice. The deployment of a blockchain in this platform will ensure safety and prevention of fraudulent activity.
The analysis is based on our rigorous CryptoStandard Score model which is supported by over 80 parameters. The distribution of the score and the explanation are shown below:
Idea
ITOB aims to develop a platform which enhances the connection between buyers and sellers through an improved payment mechanism. The incorporation and deployment of a blockchain leads to lower transaction costs with a higher degree of security.
Competitiveness
Though the deployment of a blockchain does have some advantages, penetrating into the market and competing with the already established firms like eBay and PayPal will be difficult, even within just the Southeast Asian market.
ICO
Most aspects of the ICO are acceptable. However, the hard cap of USD$70 million is unreasonably high as our team is not convinced that the additional development of such a platform and regional as opposed to global marketing would require USD$70 million.
Team
The ITOB team lacks true blockchain experts, which would be a major concern since the main fundamental differentiator is the deployment and use of a blockchain.
Community
The ITOB community is immensely small relative to other ICOs. With only 72 Telegram members and 157 Facebook and Twitter followers, the general degree of hype is low. We do not believe that ITOB has marketed itself and convinced the public about their potential future in the right manner. This is a worrying indicator for ITOB’s upcoming ICO in May.
Marketing
ITOB is present on various platforms, such as Twitter, Facebook, Telegram, YouTube etc. However, their small community presumably reflects their rather ineffective marketing strategies. Also, ITOB remains absent on major news platforms.
Documentation
All documentations are concise and generally consistent. The white paper clearly explains the goals of the firm and further dives into the mechanics of the platform functionality. However, ITOB should consider and discuss the potential risks that may affect its operations.
Financials
ITOB does not provide any prior or future financials of its own, but provides financials of a company by the name of QIWI. QIWI is said to reflect the future potential for ITOB, but ITOB claims to potentially operate on a larger scale. Such an assumption seems to be slightly aggressive.
Reliability
The alpha version of the platform is said to be tested in the first quarter of 2018, but the tester base in unknown. Within 2018, ITOB aims to expand its operations to various Asian countries, before aiming to expand to the west in 2019. Such a progression may be a little too ambitious given the intense global competition.
Feasibility
The biggest concern our team has over ITOB is that its incorporation and deployment of a blockchain is its only major competitive advantage. The lack of blockchain experts thus is seen as a significant shortfall of ITOB. Without a concrete plan of action for penetrating the first market, our team is not optimistic about the prospect of ITOB.
See their profile: https://cryptostandard.io/ico/itob/
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