Analysis of ICO Skillchain
ICO dates: 11. 05.2018 - 21.05.2018.
Skillchain is a decentralized blockchain-powered database for storing participant's studying documents (diplomas, certificates etc) and appoving these documents by educational organizations. Approved documents can be used by (for example) employers. All information about user’s education will be stored, verified by educational companies and shown to employers in Life Skill Passport - proposed by product founder’s new form of CV.
For accessing ecosystem there will be used SKI tokens that will be bought on exchange by users, employers, educational companies.
No detailed business plan is shown in WP except total cap 14 000 ETH (USD 6,5 mln) with this fund received allocation:
- 35% advertising & marketing
- 30% Development & design
- 30% Operational costs
- 5% Legal & audit.
The Vision of the Market
Founder is making his vision of the market on these points:
- Global education increased from USD 4.4 trillion in 2012 to USD 5 trillion in 2017 and estimated as USD 6.3 trillion in 2020; global population of students was 5 million in 2014 and estimated as 8 million in 2025
- Size of eLearning market was estimated as over USD 165 billion in 2015 and has tendency to increase
- About 33% of job seekers used fake information in their CVs (information based on anonymous surveys).
So, there is a need in verification of education and skills, and Founder believes that his product is unique solution for this problem. But, there are traditional social networks like LinkedIn that successfully use verification of skills, work places etc. There is no analysis of this factor or comparing with any competitors.
No marketing strategy’s presented.
Team founder is successful business coach, all team member profiles look realistic.
In advisor list there are many famous names but completely no proofs of their participation in product.
Understanding of the Target Audience
Founder believes that each person in the world can be his customer. But, according to our opinion, based on head-hunters’ researches of job market, employers are mostly interested in working skills, and less in diplomas, non-academic courses and especially trainings. And Linkedin now has a good mechanism of validation job skills, workplaces etc, so there is no special need in this product on the market.
No advantages to traditional professional social networks were shown.
Project strong side is that founder is a professional business coach with experience in IPO.
Project weak sides: no business-plan and marketing strategy, no comparing with close competitors; fake links on web site.