A CryptoStandard Score of 4.0 and a Negative outlook are assigned to Trendit (Pre-ICO starts on 8 Feb 2018).
Our team believes that Trendit fails to prove the significance of the idea, especially when it does not address important pain points of the industry. Also, Trendit fails to acknowledge the strong competition in the market that it lacks the strategy to differentiate itself, severely hindering its development.
Trendit is a global online social platform for online users to create their own viral content in the form of pictures, videos or word phrases for which cryptocurrency rewards will be given to incentivise interaction and engagement on the platform.
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
Despite the company’s clear target to encourage online users to create viral content by rewarding them with cryptocurrencies, our team takes a dim view of such an idea for its lack of originality given a number of companies adopting similar business models in the market.
Competitiveness
The company faces strong competition with companies having leading positions in the market including Facebook, Instagram, Twitter and Weibo. Trendit has not delivered competitive advantages that are significant enough to compete with these companies.
ICO
The details of the ICO are not clear and transparent enough with a number of red flags. The treatment towards unsold tokens is not mentioned, so is the hard cap or soft cap. Our team believes that such ambiguity will seriously undermine potential investors’ confidence in the company.
Team
The team is not diverse enough with the notable lack of experts with serious business and finance experience, which is crucial in a blockchain technology start-up.
Community
Trendit possesses a relatively diverse community channels. However, the community momentum is weak with no active commenting and discussion taking place in the community. There is no direct channel for potential investors to communicate with founders. Our team believes that such deficiency hampers the company’s ability to properly the concerns of potential investors.
Marketing
Trendit uses the usual mix of social media to promote its ICO including Facebook, Twitter and YouTube channel, but it cannot be found on Github or Stemmit, nor has it been covered by any major media.
Documentation
Our team has checked all the documents on Trendit's website including the white paper and a professional video. The documents are sufficient and consistent but are only in English.
Financials
Trendit does not provide any past financials or projections.
Reliability
Trendit has not yet started the development of the platform and there is no detailed executive plan for the development. Our team believes Trendit will have difficulty convincing potential investors due to its low transparency and lack of track records, in addition to the team’s lack of direct communication channels.
Feasibility
Despite the general feasibility of Trendit’s idea, our team has severe reservations about its success which highly depends on whether it can achieve significant differentiation from all those existing social platforms in the market, most of which have formed a strong and wide user base.
See their profile: https://cryptostandard.io/ico/trendit/
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