A CryptoStandard Score of 5.6 and a Negative+ outlook are assigned to eHarvestHub (Pre-ICO starts on 6 May 2018)
eHarvestHub renders a platform directly connecting farmers and delivery truck drivers. The idea appears to be viable and value adding given the exploitation of farmers around the world by middlemen. Blockchain technology can become a crucial part of the project, enabling smart contracts between farmers and truckers, as well as storing their information. Yet, our team also believes the competitiveness of eHarvestHub is low because there can easily be new competitors, as what they plan to offer can be readily replaced. Its success lies in whether a large number of truckers would have faith in the platform and opt out of their current working model, given the demand is larger than the supply now.
eHarvestHub is a marketplace powered by blockchain protocols and smart contracts. It aims at removing the multiple layers of middlemen lying between farmers and truckers who contribute a lot in the supply chain of food, but are receiving the least, and eliminating the need of human involvement in food quality control.Their long-term goal is to enable consumers to directly contribute to small farmers around the world using their 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
Our team believes the idea of eHarvestHub is very much blockchain-related. Given there are farmers all over the world, there is potential for the idea to apply to farmers in numerous countries and capture a large market. Nevertheless, our team is concerned that some farmers may not be literate enough to utilise and take advantage of the platform. Most importantly, it is unclear what would be the major income source of the platform, such as commission, advertisements etc.
Competitiveness
eHarvestHub is considered to have a low competitiveness due to two main reasons: lack of competitive advantages, and the huge threat of new market entrants. The company has not specified any competitive edges over its competitors, although there are not many of them currently. After careful evaluation, our team believes there are no unique features or characteristics that give the project an identity, which implies others can easily imitate its business model and platform, and become a strong competitor.
ICO
Most details of the ICO are revealed to investors, including the company’s plans to get listed on exchanges. Yet, more information could have been shown, such as the lock-up period for founders, as well as the details of token buybacks, if any. It is also brought to our attention that 18.85% of the tokens will be allocated to the team and advisors in total, which is a relatively high percentage as an ICO company.
Team
The team members have remarkable startup experiences, as shown on their profiles. However, it is notable that the team lacks blockchain and serious business experience in general, which may result in experiencing hardship when encountering problems related to management or blockchain technology.
Community
eHarvestHub has a tiny community, which is perhaps due to the fact it has received investments from VenturesLab, KaiWu Capital, and Best Food Ventures. This may make them less involved in building a community. However, it is still recommended that the company increase its community size, so as to create more hype and attract more investments.
Marketing
The company is present on most social media and forums, except BitcoinTalk, which is an important channel for investors and team members to exchange ideas and questions. Its Steemit thread was also not initiated by founders or administrators, but a personal blog writer. It is still appreciated that the founders actively answer questions in the Telegram community, and the founder attended interviews to make the company more well-known.
Documentation
The documents needed for investors to understand the business are present for the company, yet only available in English, which may hinder the progress of users from non-English speaking regions joining the project. It is also recommended the company include more qualitative content, such as risks associated with the project in its documents, to give investors a more holistic view of the business so that they can make more informed decisions.
Financials
The company has not disclosed any past or projected financials.
Reliability
The reliability of the project is proved by its success in obtaining funds from venture capital firms, namely VenturesLab, KaiWu Capital, and Best Food Ventures. Our team believes improvements can be made by also providing the link to the working prototype for public, and setting a more detailed execution plan of the project after the ICO.
Feasibility
Our team believes the feasibility of eHarvestHub highly hinges upon whether a large number of truckers and farmers have enough faith in the platform to opt out of their current working model, given the demand for truck drivers is larger than the supply now. In addition, the costs required to maintain the database and operations for food traceability may also affect the company.
See their profile: https://cryptostandard.io/ico/eharvesthub/
@eHarvestHub
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