Bobs Repair: Decentralized Home Repair Platform BOB ICO?

Bob's Repair is developing a platform for contractors to address three problems it identifies as plaguing their industry: fraudulent online reviews, price inflation due to advertising costs, and lack of transparency with billing. They are also releasing their own digital currency, the BOB, to crowdfund for the project and offer its owners a share of the company's profits.

What Is Bobs Repair?

Bob's Repair was founded by two brothers, Frideric and Alexandre Prandecki. Both Prandecki brothers have studied management at Harvard University. They have been developing software for contractors for several years, beginning with the Skilled Trade Workers Platform (STWP) in 2013; Bob's Repair is a natural extension of this earlier project, which offers even greater flexibility and efficiency by embracing blockchain technology. The Prandecki brothers are supported by a small, but highly experienced, team of software developers and marketing analysts, and they consult with a team of advisors that includes John McAfee, famous for founding McAfee Antivirus.

Bobs Repair BOB ICO Product

Bob's Repair is working on an app, called the Bob Application. It will use the STEEM blockchain as a platform to record all transactions between contractors and customers, guaranteeing full transparency and accurate record keeping. It also offers the option to hold payments in escrow until service is completed, ensuring fair treatment for both parties involved. A third important feature of the app is its review system; customers and contractors review one another following each transaction, which is recorded on the blockchain. These ratings are used to determine contractors' rankings, and thus visibility to users; since there is no option to pay for advertising, positive ratings are the only way for contractors to gain exposure through the service.

The Bob Application will be fully developed after the company's ICO is complete, and will eventually be released for iOS, Android, and online users. The service will charge no fees for membership or most transactions, instead earning revenue through its escrow services and use of the STEEM blockchain.

Bob's Repair is also issuing its own cryptocurrency, the BOB. As an ERC-20 compliant currency, it can be stored in any wallet designed for Ethereum. The BOB behaves more like a share of stock than a currency; its value is directly related to the strength of the company, and its owners are entitled to regular dividends of the company's revenue. The currency will be traded on public exchanges after its ICO is complete, and the company claims that it will frequently buy and destroy large portions available on the public market in order to increase the value of the remaining supply.

Bobs Decentralized Home Repair Platform Opportunity

Bob's Repair promises to address problems that have perennially annoyed contractors and customers alike. Contractors will appreciate the “organic” exposure (without paying for advertising), prompt payments, and ability to rate customers and potentially counter negative reviews. Customers will appreciate the transparent payments, public reviews, and egalitarian rankings.

The BOB currency is one of many ERC-20 compliant currencies being used as a crowdfunding tool by a startup company. This funding method has been used by perhaps hundreds of companies beginning in 2017; it is gaining widespread popularity because investors appreciate that the currency's value is influenced by the company, rather than pure speculation, and that it entitles them to dividend earnings.

Bobs Repair Verdict

Bob's Repair will effectively address issues that have always plagued contractors and their customers. However, even if their app is very powerful, it must still be easy to use in order to attract customers. Oddly, neither the website nor the whitepaper mention how users will be able to pay; requiring cryptocurrency could deter customers not already interested in that technology.

Investors curious about the BOB currency should wait for the company's early performance reports before buying in; like other crowdfunding currencies, its value depends on the health of the company, and could thus plummet if the app is not successful. Also, the company's plan to occasionally destroy its own currency in order to limit the supply is unprecedented, and its effects on the currency's value will be interesting to observe.