Expert Coin

Analysis of ICO Beep

17.04.2018

Product

Beep now is a decentralized, blockchain-powered and AI-implemented (for ranking users and simplifying search) platform for service seekers and skilled people. Founder believes that “everyone in the world can be a freelancer” and this product is a big decentralaized database for it.

Founder believes that using blockchain technology can make this database more fair and secured from manipulations with its members’ reputation.

Beepnow coin is planned as service internal currency for payments between its members for job, for rewards.

Whitepaper contains many words about “changing the world” using this product, but very few real information. Because of this it may looks like a scam.

Business Plan

No clear business plan presented.

Milestones presented in WP:

  • March 2018 - Application development started
  • April 2018 - Beta version release
  • July 2018 - Blockchain development completing
  • August 2018 - ICO
  • September 2018 - Release.

Marketing Strategy

  • Marketing alliances with local governments
  • Media advertisements
  • Referral program
  • Annual events and honoring best product participants

No clear strategy and no marketing budget.

Team

Co-founder Alex Tsai – independent entrepreneur, by his words, establisher of Alex Hotels & Resorts (little apartment hotel in Japan, Osaka), and one of the speakers of World Blockchain Forum in Dubai 16-17 April 2018.

Page of hotel: https://www.facebook.com/pg/alexhotelsandresorts/about/?ref=page_internal

No owner information for fact-checking found.

The Vision of the Market

Whitepaper contains only very optimistic estimations of growing “sharing economy” – i.e. growing a part of freelancers in whole economics cycle. Founder believes that in 2015 there will be USD 330 billion volume, and in 2021 project will have 100 million users with USD 44 billion annual turnovers. We think that these numbers are completely unrealistic.

No competitors’ analysis, no estimation of impact of them on project market position was performed.

Understanding of the Target Audience

Just words like “everybody can be a freelancer”.

Competitive Advantage

Completely no advantages presented in WP, and it looks like the product has no competitive advantages to traditional sites like Freelancer.com.

Summary 

Project strong sides: no.

Project weak sides: no clear business plan, marketing strategy, no clear competitive advantages.

Maybe this conclusion will be changed after beta release.