Badman Reviews is back giving a more in-depth look into the aspects that matter when deciding whether to invest in a project. The fourth project to be covered is Spotcoin, an exciting new NEO based financial infrastructure project.
Brief
Spotcoin aims to provide a fully featured platform which, in the simplest terms, will increase liquidity in the market and provide a fiat entry point for a number of currencies and tokens. The platform will feature; OTC marketplace, fiat gateway, merchant payment solution and a background mining operation capable of supporting 25MW of equipment to help fund the business and release GAS dividends to token holders. For a more detailed explanation of Spotcoin and how the project works click here to read my Spotcoin project overview.
Hype
Spotcoin is a project that is well known in the current ICO scene and has a moderate social following, with about 2.5K twitter followers, 13.0K telegram members and about 1K subscribers to r/Spotcoin/. Although these numbers aren’t huge, Spotcoin hasn’t run the standard mass airdrop campaign to artificially inflate the numbers full of people ready to dump upon release. Spotcoin has, however, run a very successful airdrop to holders of other NEP5 tokens which did not require joining the telegram group or other social media channels, and this airdrop sold out in each of its four stages. The website is well designed, presents project specifics really well and functioned flawlessly with all of the extra traffic generated throughout the airdrop campaign. The Pre-ICO was also a sell-out and ended much earlier than scheduled.
The project has been featured in Forbes, Cryptoslate and NEO News today and a few tactical partnerships including Redpulse, Qlink, Switcheo and Effect.ai for the four-stage airdrop as well as law firm Juscutum to ensure the token sale runs within the law at all applicable stages. ICO comparison sites rated Spotcoin extremely highly with the project gaining a 4.7 form ICObench and a 4.8 from TrackICO.
Competition
Spotcoin is a bit of a different project in that it doesn't really have any direct competitors. Sure, the fiat gateway will be in competition with Coinbase and the mining aspect may have competitors in projects like Swiss Alps Mining and other mining ICOs; Spotcoin will have no trouble holding it's own however as it plans to support way more niche fiat & crypto currencies than Coinbase, and the mining is only a secondary part of the operation anyway. Spot coin brings together multiple areas of the crypto infrastructure into a unique crypto asset marketplace package that has a real chance of increasing liquidity in the wider black sea area and beyond.
Another aspect of the project that adds to its uniqueness is the quarterly and annual dividend payouts in NEO GAS. There are currently no other projects apart from NEO that payout GAS to token holders and as GAS is intended to be an integral part of the NEO network in the future, the SPOT token actually has a very good incentive to become a long-term HODL.
Tokenomics
The Spotcoin token has the main purpose of paying out GAS dividends to its holders. The payouts are funded by the profits of the company as a whole and as the company are already well established, making multi-millions per year, there should be some decent payouts from the get go.
The project has decent token economics overall, hitting the sweet spot in terms of supply, and due to the low initial bonus for early investors (20% discount), the project offers good value throughout all ICO stages, lowering the chance of a dump on launch. The project will likely be launching with a market cap of between 50-100 million which gives plenty of room for future growth and with a realistic hard cap of 30 million achieving the funding goals during ICO shouldn't be a major problem (Pre-ICO sold out in 2 days).
Team
Spotcoin has been operating as an OTC marketplace for over a year and therefore has a team that have already proved themselves in their respective field. The team shows a democratic leadership featuring 4 co-founders with Andrew Thornhill having nearly 20 years experience in online finance and Guram Rukhadze more than 7 years experience in web production and payments systems.
CEO Timothy Gick is an ex US marine intelligence officer and subsequent entrepreneur who has become the face of Spotcoin over the last few months with his great daily updates and constant marketing of the project. He has also conducted multiple interviews and comes across extremely well as somebody with the drive and ambition to see the Spotcoin project successfully through its ICO and beyond.
The advisory board looks competent, the standout members being Nikoloz Enukidze, Senior Director at TBC Bank and Zurab Tsikhistavi, Former Founder and Chairman of Basis Bank.
Summary
The Spotcoin project is definitely on my radar for 2018 in no small part due to the amazing drive of the team behind it and their already profitable business model. I think Spotcoin will be more of a marathon than a sprint and will likely start seeing decent prices towards the end of 2018 and into 2019 by which point, holders will have picked up some nice dividend payments!
The project has just completed pre sale and will be launching the public sale soon. Sign up on the website to take part and make sure you dont miss boat.
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Badman Crypto (Phil Stephenson)
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ETH: 0xea5924b2a0b977604c9dd02fd4723cf92767a083
NEO: AWoF9Jaj4UchBG9iTkL54NjM6UgoX9yTpW