Analysis of ICO ECOS
ECOS is a decentralized software for inspection and quality control of food and beverages (including alcohol). A mobile app will allow users to easily check whether a particular product complies with sanitary norms and safety standards. There will also be a public blockchain storage with description of all categories of products: raw food, semi-finished, re-to-eat, drinks etc.
An internal tokens will enable consumers to use ECOS apps and to generate API keys, they will also provide access to additional features. Tokens enable users to safely store their data on hard drives. Two main functions of tokens are:
- Providing access to the software and given services for free
- Getting access to extended features of the system and to external apps for files storage.
The project is currently on a pre-ICO stage.
According to the roadmap, technical documentation necessary for conducting an international tender for software development will be created in December 2018 - January 2019. Mass implementation of ECOS system will start in November 2019.
There is no marketing plan in the WP. The website states that ~30% of funds raised will be transferred to marketing activities. From June to July an extensive marketing and PR campaigns will be created and launched (before the ICO). The team is active on social media platforms, but numbers of followers are low. Telegram chat doesn’t look convincing for the moment, there should be more content and ,ore interaction with members. Bounty campaign is currently going on.
Team members have experience in blockchain projects, business development, consumer rights, food products certification and marketing. Advisors bromide expertise in blockchain development, entrepreneurship in food industry, legal, food quality, food processing.
The Vision of the Market
There is rather detailed overview of food and drinks industry and its real-life issues. ECOS project aims at solving global problem of poor quality, counterfeit and illegal sale of food products and drinks.
Understanding of the Target Audience
ECOS software targets consumers, supply chain businesses and governmental organizations. There are no geo priorities. The website lists real-life problems faced by all three target audience groups.
There is no competitive analysis in the WP. Instead, it states that the project doesn’t have competition since ECOS will be the first to patent the system based on public blockchain. Food and drinks industry is one of those markets with high potential, where disruption is needed. Walmart partners with IBM to build a blockchain-based system tracking food from farm to table. This is just one of the examples. ECOS team should conduct an extensive competitor analysis to identify project’s advantages and direct/indirect competitors.
The idea behind this project is a solid one. It will be rather difficult to implement, though, without extensive network of global partners. Relationships with governmental organizations should also be established. This could take time and additional resources/funding.
Strengths: signed partnerships. The project targets the market with numerous problems that need urgent solutions; the potential for disruption is high, according to analysts from Expert-Coin Rating.
Weaknesses: team members profiles should be added to the WP. There are no business and financial plans, marketing strategy and competitor analysis. The level of English in the WP should be improved. There are no financial, cryptocurrency and ICO specialists in the team.