Analysis of ICO TrustLogics
TrustLogics is a blockchain platform based on Peer-to-Peer Hiring Model.
TrustLogics aims to build a verification and reputation building blockchain platform for both: Professionals and Independent Service Providers (ISPs).
The platform offer the following opportunities:
- TrustLogics algorithm notifies suitable peers in TL ecosystem when a recruiter posts a job. Recruiter is expected to receive profiles of the most suitable jobseekers
- A jobseeker can request an endorsement of any education, employment and skills data
- ISPs can maintain and share their digital portfolio containing ratings and reviews anywhere
- Users can choose from TrustLogicsTM partnered validators and can get any of their Education, Employment, Drug, Criminal history details verified.
It should be noted that there is a huge competition among such services. Each country has its own job search and recruitment websites. There are international freelance exchanges, for example, Upwork. Almost all the functionality offered by TrustLogics platform is already presented on these portals. Perhaps additional features of TrustLogics, such as data validation, will allow the project to occupy its niche in this market.
The platform's public beta version was launched in December, 2017. The web and mobile apps (Android & iOS) are also available.
In January 2018, the number of users of the platform reached 50,000. Further development of the platform is planned up to December 2019.
The soft cap is $2 000 000, the hard cap is $16 000 000.
- Token sale 55%
- Team 24%
- Partnerships 10%
- Early App users 8%
- Bounty and Referral 3%.
- Research and Development 40%
- Marketing and global expansion 40%
- Infrastructure 10%
- Legal and regulations 6%
- Other costs 4%.
Tokens can be used to pay for platform services. Nothing is said about how the platform will make a profit.
The business plan is not too detailed, but the big plus is that the product is already functioning.
There is no full-fledged marketing strategy. You can see only some pieces. For example, 8% of tokens will be given to the first users of the platform and 3% of tokens will be spent on Bounty and Referral campaign. 40% of the funds will be spent on marketing and global expansion.
The project team includes 24 people. Most of the team consists of developers and blockchain consultants. Unfortunately, a detailed description of the experience and role of each team member is missing, only the links on LinkedIn. It is difficult to judge whether the experience of the team is sufficient for the project.
The Vision of the Market
The founders of the project consider that the current hiring industry is experiencing the following problems:
- Identity and data loss
- Lack of trusted reputation
- No concrete background information
- Keywords-based hiring.
But these assumptions are not supported with any objective data. The project team didn't conduct a market research of existing recruitment services. The described problems of the market have already been solved by many job search portals.
You can find almost any information about jobseekers through social networks and internal security of the employer. The founders of the project are unlikely to have a clear idea of the market.
Understanding of the Target Audience
It is obvious that the target audience of the project is jobseekers and recruiters. And it looks like that's all the founders of the project know about their audience. There is no description of users’ socio-demographic portrait and their motivation.
The founders of TrustLogics believe that the project has the following unique advantages:
- Strong protection of user data
- The platform can become a data source for job search portals.
However, users of job search resources are primarily concerned with job search, not data security. The founders of the project have not been able to explain how their project is fundamentally different from all existing methods of staff search.
The project has one strong point: the working version of the platform has already been created and is working.
But the project has many significant drawbacks:
- Lack of marketing strategy and market vision
- Lack of strong competitive advantages
- Filled up market niche
- There is no understanding of the target audience.
According to experts of Expert-coin rating, the project needs serious revision.