Analysis of ICO Beep
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.
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 alliances with local governments
- Media advertisements
- Referral program
- Annual events and honoring best product participants
No clear strategy and no marketing budget.
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”.
Completely no advantages presented in WP, and it looks like the product has no competitive advantages to traditional sites like Freelancer.com.
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.