Hi Steemians,
Quick presentation of Wings.ai
I want to begun to use Steemit for my forcastings on Wings.ai. If you haven't already heard of this crypto project (on top of Ethereum), it's a DAO specifically dedicated to help the launch of crypto project - before the ICO, the team may publish the project & ICO parameters which in return will be forecast and evaluated by the wings community. For more information on the wings platform and the forecasting mecanism, see the Wings blog.
Why using Steemit? Just cause when we made the forecast, we have to put a tiny review in 160 characters and we can, for more deep explanation, put a internet link to a more long review! So, Steemit looks like the good place: as i made a more precise forecasting, steemians will be able to review my forecast just on their preferred platform: hitting two targets with one bullet.
so today, we will give our opinion on the...
Snip project
Introduction
The Snip Network want to build a new community driven media platform around their SnipCoins (an ERC20 token). As their presentation explain:
All the content on Snip is created by the community of writers, who are rewarded for it in SnipCoin, which has 3 unique uses:
1 Writers — Rewards for readership.
2 Readers — Paying for special content like audio versions or premium categories (think summarized academic content).
3 Advertisers — Paying for ad space.
SnipCoin allows for a virtuous cycle — great content brings more readers, increasing revenue for writers.
The team has already released an alpha-version with their core features for users & a selection of news and podcasts. So, you can already access to their alpha-version and read some content.
Their ICO is planned to begun on the 29/09/2017 and they have announced recently that they partnered with AdEx advertising network.
They Have pre-minted a total of 10 000 000 SnipCoins and the crowd, during the token sale, will be able to buy 30% of the total ie 3 000 000.
My forecast
As you will discover, i'm not totally convinced by their project (but it's my own evaluation with my own tropism)
Con
- In my opinion, the project isn't corresponding to market needs (or at least mine): where we need, struggling with all the content already available in Internet, a increasing quality of contents and informations (medium/long articles with sources and research), the project explain that it would prefers being constructed around small and shorter abstract.
- In the same view, on their alpha (see above), we can observe that the majority of contents, in the crypto section, are just little summary of existing contents(Coindesk, CoinTelegraph, etc.). And it's already notorious that those contents are poor and for some don't check their sources and just participate to market manipulation. Good and verified informations need place... Not sure that this format is more interesting than a simple google news, or other services already offering summary
- The ICO parameters isn't really attractive for investors as the token sale share dedicated to them tiny (Only 30%) and the forecast ask us to see if they can up or down the share dedicated of the Investor: The hard cap is 8 000 000 $ (constant variable) and they are interested to see if they can rise or lower the number of SnipCoin dedicated to Investors. (see content edition for calculation)
- Doesn't Steemit already offer a better shaped platform for readers and content creators... without add?! At least the content market have already some good and more older competitors... so with an existing strong base of users.
Pro
- The good side of their ICO is that the hard cap is low (8 000 000 $), so, most likely, they will reach it.
- They have already pre-seeded their project, which can reveal some institutional investors interest.
- They have on the advert side a partnership with AdEx advertising network which in return have an interest to invest on their ICO, cause this platform can offered them their first ad space and market share with users (good news for the ICO only, but could reveal some weakness on the long run).
Conclusion
They may reach their low cap quickly and can see the ICO hard cap reached too. But i'm not totally convinced of the project in it's primary and announced form. Then, the first given parameter of ICO it's for me crazy, i will don't put my money in their hand if no change are made
Thank Steemians
Content Edition for more clarity: Some people ask me some precisions on the wings telegram group concerning the amount of dollars we have to put in our forecast. As explain above, during the token sale only 30% (for instance) of the 10 000 000 of SnipCoin will be offer. But the Snip team asked the total valuation of the project after the ICO ie the market value of 100% of the Snip Token (they use the great property of wings price discovery).
The 8 000 000 $ is constant where the Snip Team can choose to lower or rise the share dedicated to the ICO (it's variable).
The exact question on wings:
Forecast Question - You are forecasting the total market value (in USD) of 100% Snip tokens at the end of the crowdsale. (Example: if 25% tokens are sold for 8,000,000 USD, total market value is 32,000,000 USD) *
ex of calculation with differents shares dedicated to the ICO (i moove the variable).:
If they sold the hard cap of 8 000 000 with
- with 5% dedicated to the public, the total value will be = 160 000 000= (8 000 000*100)/5
- with 10% dedicated to the public, the total value will be = 80 000 000= (8 000 000*100)/10
- as in the question 25% dedicated to the public, the total value will be= 32 000 000= (8 000 000*100)/25
- with 30% dedicated to the public, the total value will be = 26 666 666, 66 = (8 000 000*100)/30
- with 35% dedicated to the public, the total value will be = 22 857 142, 85 = (8 000 000*100)/35
As you can see, the less they sold to us, the more they will be rich... and don't forget that Adex have made a ICO and risen 10 000 000$. They have great interest to put some money on this ICO (see pro 3)
I understand well that the Snip team are still searching the good parameters for them and investors! It's why they use wings.ai in first place! I hope that this modest opinion can be helpful for them
Ps: I'm a native French speaker, so be indulgent on my english ;-)!
I'll made all to improve it!
It's remind me this... The filecoin project fundrising
Good project for sure!!! but as some great writers emphasis, the ethics of the ICO was problematic...https://tokeneconomy.co/the-analysis-filecoin-doesnt-want-you-to-read-e60d5243f17c
Yup! It's remind me the same... But in this case, the team behind SnipCoin have still yet the possibility to modify the ICO parameters... We will see
Your are optimistic... But remind you as A. Gramsci tell us: we need the pessimism of intelligence and optimism of conviction...
Greed isn't the guide of the best choices...
But in the same time this does not deprive of responsability
For sure... Thank, you confirm me that i'm not alone...
I have some "argument", after my first post above, in the wings groups... so, it's reassures me somehow