Analysis of ICO MyCreditChain
MyCreditChain (MCC) aims to solve the problem of monopolization of personal information and establish a fair ground of personal information market, where every individual owns his/her own information and where producers and consumers meet on a minimal cost. MCC aims its focus first at personal credit information and providing credit scoring.
MCC returns the ownership of personal information back to the owner. With the person’s approval and authentication, MCC gathers personal data from official and commercial websites and packages for data search. Personal information managed by MCC is accurate and diverse. Most up-todate and accurate data from diverse sources will unlock the limits of traditional credit rating models.
MCC democratizes the accessibility to personal credit information. MCC is a blockchain of big data containing personal credit information of all participants. Anyone or any company can come into MCC network and use the data with MCC tokens.
MCC is a market network that contains both data owners and data users of personal information as well as product consumers and producers of financial and other products. Consumers and producers can meet each other with high accuracy and a minimal cost in MCC network. With various APIs and SDKs to be provided by MCC, the information can be processed and applicable to areas such as credit evaluation, online document submission, asset status analysis, smart contract, survey and electronic voting.
The product is very interesting and useful. After all, the problem of data collection exists for both companies and people. Such giants as Facebook, Alipay, Google collect information about people without the knowledge and consent of these people and own this information monopolistically. If the project is successfully implemented it can become an alternative to the existing monopolists and an excellent tool for financial institutions.
White paper lacks a detailed description of business plan and business model.
Product development will begin in the 2nd quarter of 2018 and will end in the 1st quarter of 2019. MCC token will be an utility token and will be traded on the exchange. The platform will earn commissions for user transactions, but the size of commissions is not specified.
There is no information on the budget distribution.
We can say that there is no marketing strategy of the project. It is planned to spend 2% of tokens on marketing.
MCC activity in social networks is as follows:
- 673 member in Telegram
- 226 followers on Facebook
- 121 Twitter readers and only 5 tweets
- 10 subscribers on YouTube.
Quite sluggish for a project of this scale.
The project team consists of 14 people: 4 project founders, 7 developers and 3 marketers. The team has a serious experience in the field of financial technology, blockchain and software development. The team is supported by 25 (!) advisers. Perhaps it's too much and looks more like a window dressing. The following information is also mentioned in the White Paper. MCC is built on a foundation of the Korean IT companies that have long been active in the related fields.
Finger Inc. has been one of the strongest IT companies in SI development for Korean financial institutions for 17 years and has been implementing Airdrop model for 7 years.
Exchain Co., Ltd, a block chain development company, carried out a blockchain based project with A Bank during 2016~7.
FinTech Co., Ltd. is specialized in data collection and social credit evaluation. FinTech Co., Ltd has provided a credit rating model and data collection technology to major Korean financial institutions.
Landing Science Co., Ltd. has successfully conducted P2P loan business for more than 2 years and is one of the most successful P2P micro loan companies in South Korea.
The opportunity to use the experience of previously implemented projects in the field of financial technology is undoubtedly a big plus for the team and the project as a whole.
The Vision of the Market
White paper provides some data on the availability of credit information on the population of the Asian region and the United States. But it is quite difficult to call this market research. Market analysis and research of competitive environment were not carried out. Meanwhile, there is competition in this area. For example, Facebook, Google, Tencent and Alipay also collect and sell data used for credit ratings.
Understanding of the Target Audience
The target audience of the project is primarily financial institutions, for which the credit rating of clients is important (rating agencies, analytical agencies, banks). MS data can also be very useful for businesses in the non-financial sector. Another part of the target audience is people who don't have an official credit history, as well as those who want to provide full and accurate information about themselves, improve their credit rating. In addition, people can be rewarded for providing personal information. In general the project team has understanding of the target audience.
In traditional credit ratings, annual income, years of working, position, and level of wealth have been major factors, and they are not sufficient to evaluate individual’s credit worthiness. However, MCC contains much more information such as information stored in public institutions, financial transaction history, consumption behavior, personal big data from analysis of SNS activities and communication data and interpersonal confidence index generated in the MCC airdrop. And MCC can collect information in real time.
Of course, MCC has advantages over traditional methods of data collection and analysis for credit ratings. But it is difficult to understand what the advantages of the project compared to competitors in this area.
The MyCreditChain project has the following advantages:
- Product is relevant and in demand;
- Strong and large team.
The disadvantages of the project are the following:
- Lack of business plan and marketing strategy;
- Lack of market and competitive environment research.