Analysis of ICO Profede
Profede is a Protocol for implementation in job search and recruitment platforms. The idea of Profede is that users will be able to get paid in tokens for publishing their professional profile on the platform and set a fee for accessing the profile. Recruiters wishing to contact the user will have to pay for it.
Profede community will proof the professional skills of the people who've posted their profiles.
The founders of the project use the slogan "Bringing power back to the professional user" and intend to eliminate inefficient intermediaries. But it sounds too idealistic. The Profede project will have to enter into a fierce competition with the existing platforms of professionals (LinkedIn, Upwork), with new blockchain projects in this area (for example, Talao), and with traditional ways of recruiting (HR departments within companies, recruitment agencies).
Alpha version development will start in the 3rd quarter of 2018, and its release will take place in the 4th quarter of 2018. The full version of the product will be released in 2019.
Soft cap is $ 1.5 million, hard cap is $ 20 million.
PATO tokens will be used for transactions within the platform. The fee for each transaction will be 2%.
The white paper also contains a financial forecast to 2028.
After the launch of Profede full version, the founders of the project plan to concentrate marketing strategy on small and medium-sized businesses. Profede also plans to cooperate with existing professional platforms. The first such partner will be the beBee platform, which is already used by 12 million people. But this model is questionable. A platform bringing together professionals earn on mediation between professionals and businesses. Why should they lose revenue and implement Profede Protocol?
The project team consists of 9 people with experience in online business, application development, blockchain development, marketing, business development,technology platforms development.
Overall, the team's experience is relevant to the project. Although such phrases as "blockchain evangelist", "blockchain enthusiast" cause concern. It is much more useful to have actual experience in relevant fields instead of enthusiasm and evangelism.
The Vision of the Market
The founders of the project compare Profede with similar decentralized platforms (Indorse, Earn, Dock). The main difference between Profede is that at the center of the ecosystem are users who own their professional information. The founders of the project say that such platforms as Linkedin, Xing, Viadeo don't allow users to sell their professional information to companies directly. However, these thoughts can't be considered as market analysis.
Understanding of the Target Audience
The target audience of the project is professionals in the first place. Their motivation is to receive rewards for providing their professional date to the recruiters directly. It may seem interesting, but the main goal of professionals is to find employers or clients, not to earn money on information about their experience and skills. This kind of motivation is absolutely secondary.
As for companies and recruiters, they don't care to whom they need to pay for access to information – intermediaries or users.
The founders of the project believe that Profede is beneficial for professionals and business.
Professionals will get the following benefits:
- Data control
- Compensation for provided data.
Business will get the following benefits:
- Saving on access to professionals data. Business will pay only for access to specific data, not subscription, etc.
- Information about professionals verified by Profede community.
The benefits of Profede:
- Clearly defined competitive advantages
- Well thought-out business plan.
The weaknesses of Profede:
- Contradictory marketing strategy
- Insufficient understanding of the target audience motivation.