Analysis of ICO Safein
Safein is an identity management platform based on blockchain. It offers a complete KYC solution for businesses and a unified (single) verified account for users. Digital users can verify their identities and access any service provider instantly. Business users will have an access to a reusable KYC - an already verified users will gain access to online providers without going through repetitive verification processes. Safein will have a multi-factor authentication mechanism. Users will also be able to track and manage their logins and online activity. An MVP with numerous working features is already available.
The growth strategy is based on introducing the platform to the communities which are best known for project’s team - gaming and crypto-assets. These groups will be an early adopters of platform and its evolving features. An MVP was launched in Q2 2017, there are 20+K registered web users and 1K+ registered app users.
The growth model is also build on multi-usage of the platform. Any website requiring user identification could use Safein. Examples of application include: KYC services for ICOs, crypto exchanges, online financial service providers, rent service providers, social networks etc.
Safein will introduce its utility token - SFN - which will be used for registration and referral programs, any transactions for Safein KYC-related services. Token value will grow due to the growing user base and list of partner online service providers.
Two marketing approaches will be implemented to entice users to the platform. Firstly, registration program that will reward an early adopters. SFN tokens will be distributed among users (first 1,000,000) who went through full account verification process after the launch of Registration Program. Secondly, referral program that will reward users for inviting their friends to register on the platform (this strategy is based on PayPal example).
The team is very active on social media platform and numbers of followers are high (Telegram has 10+K members, Facebook - 8+K, Bitcointalk thread is highly active).
Team members have vast experiences in entrepreneurship, e-commerce, online gaming, finance and risk management, legal, marketing, IT and development, business management. Advisors provide expertise in cybersecurity, sales and business development, regulatory, ICOs consulting and finance.
The Vision of the Market
The project targets online identity management system and e-commerce industry specifically. The WP provides rather extensive market research, describing real-life issues - namely, lack of security and inefficiency of current KYC system - within the industry.
Understanding of the Target Audience
Target audience of Safein platform - in broad terms - is every user of online services and every business providing this services. The platform will be introduced to gaming and crypto communities first and extend target groups gradually.
There is no competitor analysis in the WP. It is briefly mentioned that Google and Facebook have identification systems in place, but they don’t have accounts which contain verified identity/address/other personal information. Main competitive advantage of the platform: reusable KYC procedure for both digital users and businesses. This market is growing and there are companies using blockchain to solve digital identity issues. For example: BlockAuth, Civic, KYC-Chain and others.
Strengths: an MVP of platform is available. Signed partnerships, including UltraPlay and EverGrowth.io. Solid board of advisors. Clear vision of market, addressing the vital issues within it (identification management and inefficiencies of current KYC system).
Weaknesses: even though the team has valid experiences, it lacks international diversity; there are no specialists in blockchain and cryptocurrencies. There are no financial plan/projections and competitor analysis.