Hey, welcome back to a brand new episode of ICOJudge, brought to you by me, Mihai Catalin Teodosiu, your favorite programmer, entrepreneur, and cryptocurrency enthusiast [LinkedIn] and ICOJudge.co, the best ICO and cryptocurrency assessment service in the world!
Full disclosure! Yes, I am getting paid by ICOs to provide an in-depth report and help them achieve the highest level of transparency and professionalism regarding their website, whitepaper, social media & communication channels. However, the reviews I write on my blog are totally separate from the paid services I provide, and are 100% independent from any ICO influence, being solely my own opinions about whether an ICO or existing coin is worth any investment on my behalf or not. As always, this is not financial advice, I am not a financial advisor!
Since my first cryptocurrency reviews, I have refined the reviewing process, keeping my 10 steps intact, but making the scoring system more granular. Each item in the list is assessed either as Great (1p), Good (0.75p), Bad (0.25p) or Missing (0p).
Finally, the total score for each ICO or existing coin is calculated as the average of the scores for each item in the list.
Also, a comments section is provided for each criterion, providing further insight, if necessary.
As a personal preference, I decided to invest only in ICOs or existing coins that score over 80% (On Track or Low Risk, according to my system), no matter what people say, no matter how great the hype is or any other kind of word-of-mouth thingy that gets noobs overly excited. Yes, I really do practice what I preach.
|ICO / Coin Review|
|SCORING SYSTEM||TOTAL SCORE||STATUS CODE|
|90.00% – 100%||On Track|
|80.00% – 89.99%||Low Risk|
|70.00% – 79.99%||High Risk|
|<= 69.99%||Off Track|
Here’s my review for today’s ICO/coin, Sether (https://www.sether.io/):
|Item no.||Item Name||Item Score (points)|
|Item #1||The whitepaper. Is it clear and describes the project in detail?||1|
|Comments||I liked the fact that (unlike some recent ICOs), Sether bothered to make their whitepaper easily accessible right from the homepage. It’s surprising to me to see more and more (hyped) ICOs for which I have to use Google Search to find the whitepaper published using some obscure Reddit post or tweet. This document is the core of the project, people! Wake up!
Anyway, back to Sether, they really did a great job with their whitepaper, by putting together a very well organized document, with a great level of detail, regarding both the use cases and the tech behind the project. It would’ve been nice to have the team and advisers inside the document, but I am willing to get over this minor flaw because they are all clearly listed on the website (https://www.sether.io/team-2).
In a nutshell, what Sether does is:
“Sether is platform that provides blockchain integration with social
|Item #2||Do I feel like this technology will solve an existing issue?||1|
|Comments||Yes, this technology aims to solve a huge issue with online marketing and marketers, a multi-billion dollars industry, using the magic of smart contracts. The use cases are very well laid out in their whitepaper. Another full point here.|
|Item #3||Does the technology solve a particular issue or tries to be the jack of all trades? (not to be confused with Item #2. Here, it’s very important to me if the team tries to address a particular problem and do it well, rather than trying to build X apps and platforms all at once, which can be counterproductive, especially when having a small team or budget)||1|
|Comments||Sether is likely to be the “master of a single trade” (the best mixture between the “jack of all trades” and the “master of none”), as opposed to many other ICOs that are aiming to build multiple products simultaneously with a few developers only. Sether has a team of about 15 people (“and more…”, according to their website, whatever “more” means).
So, considering the size and quality of the team, I really have a good feeling that they will deliver as expected. Now, I may end up being wrong, but I tend to think the opposite in this case.
|Item #4||How original is the idea behind the ICO? Any other strong competitors? How can this product be a step ahead of its competition? What sets it apart from other ideas or projects?||0.75|
|Comments||There are other projects that deal with the online advertising issues in the blockchain world, like AdEx and Basic Attention Token, but I somehow think that Sether is more focused on a particular goal, which is clearly defined in their documentation, while BAT and AdEx seem to aim to do multiple (maybe too many) things at once. And you know I have a problem with that, don’t you?|
|Item #5||What is the number of tokens issued at ICO time? What is the total number of tokens? How do these numbers impact the price in the future?||0.75|
|Comments||Before discussing any numbers, I must admit they’ve done a great job to summarize all the token information in the whitepaper. So, let’s see some numbers:
“Up to one hundred million (100,000,000) SETH tokens will be minted.”
Please note that the pre-ICO period will end on January 14th 2018 and the main token sale will begin the next day, up to Valentine’s Day 🙂
However, I don’t really like the high price of a token at ICO time: “The initial price of 1 SETH will be 0.003 ETH”, so about $3.465 (given the price of Ether at the time of this writing ~ $1155). The community had a pretty disappointing experience with Aventus, which launched at about $4 and barely made it to $5 after being stuck for months at $2-$3. This is not particularly relevant for me, personally, because I don’t do day trading, but for those who are it might prove to be a bit discouraging. According to recent stats I’ve seen, most people tend to invest in ICOs that are pricing their token between 10 cents and $1, hoping for bigger returns sooner.
And yes, I do measure token price in USD, not sats or ETH. Shoot me, right?
|Item #6||What are the token distribution stats? Is there a reasonable number of tokens available for public sale, compared to the total number of tokens? Are there too many tokens reserved for other purposes besides public sale and use?||1|
|Comments||The distribution stats are very well depicted in the whitepaper, showing a 55% of tokens available throughout the pre-ICO and ICO sale periods:
“Therefore, the community will own 55%, the Company will own 35% and the Platform will own 10% from all minted tokens.”
Another thing to mention here: “Any unsold tokens in the pre-sale will go into the crowdsale”. The minimum contribution during the pre-ICO is 0.1 ETH.
During the ICO, so starting from January 15th, the metrics are:
SETH Tokens are intended to be sold at the following rates:
|Item #7||Are there any current or announced partnerships with big names in the industry?||0.25|
|Comments||Sether is being backed up by an already established big data company, MWARE, founded in 2012, with over 50 employees and a member of Smart Alliance. However, I couldn’t find any huge partnerships on their website, so only 0.25p here.|
|Item #8||Is there any existing product/prototype/alpha version for this technology? (ICO website, GitHub)||0.75|
|Comments||Sether 1.0 alpha version is to be released in January 2018, according to the roadmap. So, basically this month we should have a test version up and running. Here’s the Github page of Sether: https://github.com/mware-solutions/sether|
|Item #9||Are there any founders / developers / special advisors with a solid background in the industry or in blockchain technology?||1|
|Comments||The team is quite impressive, if you look through the names and their background. This is a 100% Romanian team, which sounds very promising to me, given that I am very familiar with the Romanian software development market. Let me summarize this for you.
Ovidiu Oancea (CEO) has been the CEO of mWARE for the past 5 years and held several CEO / GM positions starting from 2000. He also holds an Executive MBA from Kennesaw State University.
Flavius Burca is the CTO of Sether and mWARE and a former Enterprise Solution Architect for the European Comission between 2011 and 2013. Flavius also worked for Computaris, Siveco, Alvarion and IBM as a Software Engineer, thus being a great addition to the Sether team.
Lucian Bumbuc (Infrastructure & Software Development) is the database guru of Sether and a former DB Administrator at Kapsch (a top Austrian IT company) and Team Leader at Continental, adding a lot of value to the project.
The most well-known adviser, investor and supporter of Sether is John McAfee himself (https://twitter.com/officialmcafee/status/950266882774458368). Need I say more?
|Item #10||Is there an active online community? (Slack, Telegram, Discord, Twitter, Facebook) Are people talking about this ICO on YouTube? Is there any hype around the project?||1|
|Comments||Sether already has a growing community (mainly due to McAfee’s tweets) on Twitter (around 15k followers), Facebook (around 17k), Telegram (3.5k active members) and smaller groups on Medium (300+ followers), LinkedIn (600+) and YouTube (800+). They should be more active on Reddit as well, given that this is one of the first places people go to for finding information.
However, given that Sether is still in its infancy and the ICO is far from over, I find the overall community numbers pretty impressive, to be honest.
Considering all the pluses and minuses above, I think 8.5 is a score that best describes the current state of this project / ICO. Maybe the highest score I’ve attributed to an ICO, to date. Yes, I will consider investing in this ICO, but it definitely needs a high level of commitment by the team, in order to make the idea a reality, in a space where more and more great ICOs are emerging each and every day.