1% weight

After considering Giles response and some further communication with a personal friend of his, Igor Karavaev, I decided to update my review. They brought some interesting things to my attention.



I will leave my original review unaltered at the bottom. Original rating: 3/4/1



Considerations I've made:



I misjudged Giles. After reviewing his information again, he has little experience as a CEO and is definitely not seasoned. I included his experience as a manager and director in the previous 15+ years in his experience to lead a company. Which I should not have. This is his first time leading a company. -1 Team



The team is seeking out partnerships which they have announced through their media channels which I did not consider before. I recommend you display some of this information on your website and whitepaper as well. +1 Team



It is true, the Humancoin team is actually further in their product development that many other icos are at this stage. The project is still in its presale and will announce their beta soon. I also agree with Giles that competition is a good thing in any given space * if you can diverantiate yourself enough and prove your superiority. +2 for the product.



Updated rating: 3/4/3



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Original review



The Humancoin team itself only includes one experienced crypto developer, T Aravinda. The other team members are a collection of professionals and freelancers from other industries which still need to complete their profiles on ICOBench, they all have complete LinkedIn profiles that show their respective experiences. The team is being advised by an encompassing collection of experts from different fields and is lead by a seasoned CEO. 3 out of 5 for the team due to the lack of Blockchain developers and crypto experience in the team.



The vision for Humancoin is grand and admirable. Cheers to that. 4 out of 5 due to the philanthropic nature of the project.



However, a $3.5 Trillion combined value of the targeted industries is not in any relation to what this platform would actually provide.

Direct quote form white paper:

"While the annual volume of donations is estimated to be in the region of $750 billion worldwide, the capitalization of the cryptocurrency market is valued at $300 to $900 billion, and the volume of the B2C e-commerce sector has reached $2.3 trillion. By bringing about the synergy of these three markets, the project is set to herald a new era for charity."



I strongly disagree with the promotion of a $3.5 Trillion targeted market. The overall value of B2C e-commerce is not the value of loyalty programs across e-commerce markets. Which is in fact far less. Including the entire crypto market in this equation is also inadequate and makes little sense.



The whitepaper shows an image of partners on page 18 which include Amazon, Alibaba, AirBnB, and Bookin.com. I find it hard to believe that these partnerships are established or palpable. In fact, I find it disturbing to include those companies in your white paper without any proof or information to back them up. Personally, I would assume that the Humancoin team has not yet reached out to these companies.

The coin is only worth anything redeemable like miles, if these partnership are secured, so there is a lot of hypotheticals at this stage.





The current soft cap of the ICO is 6 million and justified by the following numbers:

Product development - $2 500 000

Charity platform PR and marketing - $2 100 000

Development of partnership agreements - $500 000

Overheads - $900 000



The team must have not done any research regarding these numbers. $2.5 million to develop this platform? $2.1 million for the marketing of it?



And things like "IT integration with e-commerce partners" and an "Optimized dashboard" are not possible until the hard cap off $26 million is reached?



Blockchain platforms are driven by one factor only which is adoption. Maximum adoption is achieved by human centered design. An optimized dashboard and similar things should be the first on the list, definitely before the marketing and PR.



This should all be possible with the amount of money that the team has allocated to their overhead. $900,000.



The "Proof of Charity" is in fact not a consensus mechanism at all and does not deserve to be grouped together with PoS or PoW. It is a strange way to inflate the market with HUMA coins especially since there is no max supply. I believe that the team needs to rethink their token economics and underlying protocols.



The product is still in its infancy and even if the development is successful and timely, it will only add minor benefits to the existing spaces.

The charity world is in dire need of more transparent and traceable platforms, but Humancoin will not be the first or only company to supply said platform. A simple google search will yield plenty of results in the crypto - charity space like MissionCoin, Donationcoin, and Aidcoin.

It also won't be the first or only crypto - loyalty coin. 1 of 5 for the product.



Overall I think the vision for Humancoin is a grand but currently does not seem like a good investment or project to support in my opinion. I would've suggested the team to demo their platform and product before the launch of the PreICO and have some partnerships secured. Will naturally update this rating according to future developments.

+2 Agree +2

-2