Analysis of ICO UMKA
UMKA is decentralized platform for direct cooperation between employers and freelancers. It also offers project implementation and team-building tools. Main features include:
- Digital passport - user’s data is stored on a blockchain
- Contracts are secured by AgileSC (Agile Smart Contracts) technology
- Arbitration system - an arbiter is a verified user with high rating
- Project groups for cooperation between freelancers working on the same project
- Google Neural Machine Translation to eliminate language barrier
- Online courses
- Expert communities.
The platform will support integration with third-party services like ratings import from other platforms, CV and social network profile import, educational courses.
UMKA is a smart system enabling employers to set precise requirements for contractors and allowing freelancers to build competences following market trends. Educational services are integrated into the platform with internationally certified online courses.
An employer manages project budget via AgileSC system. It provides stage-by-stage payments and agreed-upon amendments guaranteeing efficiency and transparency. AgileSC includes dispute settlement mechanism also. UNKA decentralized user-managed platform is based on Delegated Proof of Stake - a consensus algorithm on blockchain.
UMKA takes 1% commission from all operations within its platform (on the part of the employer). Funds gathered will be distributed among UMK token holders. UMK token guarantees participation in platform’s revenue distribution.
There is no marketing plan in the WP. 45% of funds raised will be allocated to marketing activities. The team is active on social media platform, but numbers of followers should be higher. Several hackathons are planned in 2018.
Most of team members work at i-link company that specializes in complex IT solutions (blockchain, web and mobile apps development etc). UMKA project is part of company’s portfolio. Team members have experience in blockchain, developing, marketing and PR, design and analytics. Two advisors provide expertise in entrepreneurship and blockchain investing.
The Vision of the Market
The WP offers an extensive market research of global freelance and remote employment industry. The data is supported by findings from Upwork, Payoneer and J’son & Partners consulting. According to numerous reports, the market will continue to grow and expand geographically. The team has a clear vision of opportunities to address real-life issues within the booming industry.
Understanding of the Target Audience
The audience is segmented into three large groups: freelancers/remote workers, employers (individuals and companies), educational institutions. The WP lists issues faced by each groups and solutions offered by UMKA. While employers and educational organizations benefits from using blockchain-based platform are rather clear, it is not so evident in case of freelancers. The market is very competitive and there are numerous established and trusted platforms where freelancers are looking for projects. The WP doesn’t provide a clear answer to the question: why freelancers will change their habits and why blockchain is needed?
The WP has an overview of centralized and decentralized UMKA competitors. There are well-established platforms like Freelancer, Upwork, Fiverr, Coinlancer, Blocklancer and others. It seems that the main advantage of UMKA compared to centralized platforms is the lowest fee for employer (1%) and for freelancer (0%).
Strengths: demo version of app available in AppStore and Google Play. Extensive market overview and great vision.
Weaknesses: no financial and marketing plans. Freelance and remote work market is very saturated and the level of competition is high; UMKA doesn’t have groundbreaking advantages that differ it from numerous competitors. There are just two advisors. Team members biographies should be on website and in WP, members with international backgrounds are needed; there are too many developers in the team, while experts in business and management, ICO, finance, legal and cryptocurrencies are missing.