Analysis of ICO Bitsoko
Bitsoko is a merchant services blockchain-based platform which offers innovative online tools for merchants and consumers. The platform is designed around a money transfer wallet and a PoS service.
Bitsoko allows instant redemption and exchange of multiple loyalty point currencies within one wallet. Soko PoS services allows merchants to launch promotions to their customers to share on social media. PoS also tracks inventory and sends orders. Bitsoko ensures anonymous usage of big data; businesses do not disclose any customer or commercial information to Bitsoko. Bits wallet allows consumers direct payments to merchants’ accounts. The fees for transactions are very low and there are no chargebacks.
Tokens will be used to award revenues generated from service fees. The WP states that BITS tokens will not be available to trade on the bitsoko marketplace. They won’t be sold, but issued directly to users.
The team is active on social media platforms (Twitter, Facebook and YouTube). The information about marketing plan is not found.
Team members have experience in software and hardware development, finance and business strategy, marketing. All team members have practical knowledge about targeted region.
The Vision of the Market
Market research is rather detailed. Current problems are clearly identified and explained and solutions are provided. It is obvious that the team has sufficient knowledge about targeted region.
Understanding of the Target Audience
Geo-segmentation: Sub-Saharan Africa. Target markets: small and medium merchants. No further segmentation is provided.
The WP states that there are no direct local competitors within the given geo market. Major competitors are established companies based outside the region, like Luno. Bitsoko’s main advantage is in being placed locally – the company builds strong relationships with partners and quickly reacts to changes in the market.
The idea behind this project is very relevant as it addresses real-life problems in the targeted region. But the presentation is extremely poor and information is insufficient (both on website and in the unfinished WP).
Strengths: platform is available for tests (both PoS and wallet). The team secured $100,000 grunt from Bill Gates’ Grand Challenges Exploration initiative.
Weaknesses: no final version of WP - the unfinished draft is available as Google Document and everyone can edit it; profiles of team members are not clickable, there are no advisors; there are no financial plan/projections, no marketing plan, no competitor analysis; no data on number of tokens issues/remaining; no detailed roadmap.