Analysis of ICO Cibus
The CIBUS network is a blockchain-based ecosystem of food and dietary supplements that ensures reliability of origin, quality and transparency. The Cibus platform brings together manufacturers, buyers and sellers of food and dietary supplements and provides transparency through blockchain-based data that is accessible to all members of the ecosystem.
End users receive verified information about products origin. Independent small-scale product manufacturers have access to the market and can receive feedback from customers and send extremely targeted advertising directly to them. The social network for all participants of the system will also function on the CIBUS platform.
But only few people are concerned about the origin of goods. In addition, the system doesn't allow you to monitor and control directly the process of food production. We still have to trust what is written by manufacturers on the packaging of goods. In addition, the CIBUS platform doesn't solve the problem of goods logistics. It is not clear how the products will get from a manufacturer to a consumer.
Alpha version of the main components of the platform will appear only in 3-4th quarters of 2018. All components of the platform will be fully developed only in 2 years, in 1th quarter 2020.
Soft cap for the project is $ 5 million, hard cap is $ 40,000.
Funds collected during tokensale will be distributed as follows:
- Development 50%
- Marketing 30%
- Legal 5%
- Operations 10%
- Continuity 5%
There are no other details on the budget allocation.
The CIBUS token is utility-token.
The platform plans to earn on commissions.
But there is no the most important part in the business plan of this project. It is not clear how the project will function. Because we need not only a blockchain, but also logistics, and staff who will collect orders, etc. The White Paper briefly mentions that "In the future, CIBUS may consider opening its own logistics hub using Fulfillment by Amazon (FBA) model to deliver products to its customers from a central warehouse." But in fact, this issue should not be considered "in the future", but now: either plan their own fulfillment, or build relationships with logistics companies. Otherwise, the project looks like an empty shell.
It is planned to spend on marketing 20% of tokens and 30% of the funds collected during tokensale. 10% of tokens are planned for the bounty program. The White Paper is published in several languages.
Currently, all marketing activities are aimed at raising funds during the ICO. There are no answers to questions about how the product will be promoted, how users and manufacturers will be attracted to the platform.
The project team consists of 14 people, including food security advocate and food safety expert. There are only 5 technical specialists in the team. But there are 6 community managers! This indicates that the project team is much more concerned with raising funds than with creating a product.
The Vision of the Market
It is not clear why the founders of the project analyze business model of online stores (Amazon, Alibaba, eBay, Taobao) that sell non-food products. There is the document "COMPARATIVE STUDY".
This document describes three similar platforms:
But there are may be much more analogues on the market. The market as a whole has not been analyzed, there are no statistics on the current market state and forecast for the coming years. The study doesn't entirely reveal the competitive advantages of the CIBUS platform. But the founders of the project at least understand that there are competitors and they will have to fight for the share of market. Perhaps, if the software cap will be reached, the founders of the project would conduct a more detailed marketing research.
Understanding of the Target Audience
The product is intended for consumers, food manufacturers, wholesalers. There is no detailed analysis of the target audience, but generally, the founders of the project is quite realize who needs their product. But because there is competition among similar platforms, the project team should segment and explore its target audience in more detail.
There are the following competitive advantages of the CIBUS platform, which are mentioned by the founders of the project:
- Five stage options provided escrow service for every transaction irrespective of transaction value.
- Virtual currency exchange counter that converts and other cryptocurrency to CIBUS tokens for maintaining minimum wallet balance for transaction.
- Lowest possible transaction fee based on individual transaction value.
- Highest protection of customer details to prevent direct spaming from the seller is ensured.
But these "advantages" look more like window dressing.
The same offer other similar projects: ING direct-to-consumer ecosystem, AMBROSIUS, TE-FOOD, ECOIS.