A CryptoStandard Score of 6.4 and a Stable outlook are assigned to Ubcoin Market. (ICO starts on 2 Apr 2018)
Despite the differentiating factors claimed by the company, our team believes that the company will face strong resistance during its development due to the keen competition in the market. We hold a dim view on the company’s ability in changing the current purchasing habits of customers away from using established platforms such as Carousell, Taobao and Amazon. Moreover, the general acceptance of cryptocurrency is still low. A new token being even less liquid than the mainstream ones would greatly reduce both buyers’ and sellers’ incentive to use the platform.
Ubcoin Market is an ecommerce marketplace for people to buy and sell goods using its own cryptocurrency.
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
Although the idea of the company is not disruptive enough, there is still a growing need for ecommerce. The use of blockchain technology may enable Ubcoin Market to penetrate the global market by disintermediation and the use of cryptocurrencies.
Competitiveness
The level of competitiveness of the ecommerce market is high with a number of strong competitors in both B2C and C2C markets. Notable examples include Amazon, Taobao and Ebay. The mere offering of conventional marketplace services without sufficient innovation will not be enough for Ubcoin Market to rise and shine in this segment.
ICO
The information about ICO is clear and detailed. There is a reasonable vesting period for tokens held by the team. However, the hard cap of the company is relatively high compared to that of other marketplace ICOs. Further explanations are needed in this regard.
Team
The team consists of experts from different fields including startups and finance. However, almost none of the founders and advisors are having serious blockchain-related experience. This would cast doubts on Ubcoin Market’s likelihood of developing and deploying a blockchain platform.
Community
The size of the community is small at this stage with only around 700 members in their Telegram group. However, the company is able to provide quick and in-depth responses to address the concerns of investors.
Marketing
A wide range of online marketing platforms has been used including Facebook, Youtube and Twitter. However, the company does not have active presence in crypto-focused communities such as Steemit and Reddit, and has not been covered by any mainstream press so far.
Documentation
The white paper, video, one pager and website have been scrutinized by our team. The documents are sufficient and consistent, particularly addressing the risks associated with the project. However, the white paper is available only in English, which may limit its reach and thus its goal to address the global ecommerce market.
Financials
Projected financials have been provided indicating the positive prospect of the company. However, our team has some reservations toward the assumption of the financials which may be an overestimation. Ubcoin Market should provide the underlying drivers, such as its estimated number of users, number of transactions and frequency of transactions, to substantiate its projections.
Reliability
There is no alpha version of the platform for testing before the ICO and there is no detailed executive plan provided in the white paper for future development. These reduce the reliability of the company.
Feasibility
There are two limitations identified. First, the current cryptocurrency owners are small in number. The company will likely face difficulty in educating or changing people's mindset to use cryptocurrency instead of fiat money, not to mention the challenge in luring customers from other platforms. The success will hugely hinge on whether Ubcoin Market can mobilize and monetize the millions of users from Ubank through integrating Ubcoin Market into Ubank, and whether it can leverage the relationships with phone manufacturers to at least first capture the Russian market through pre-installation of Ubank.
See their profile: https://cryptostandard.io/ico/ubcoin-market/
@UbcoinMarket
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