Coins4Favors is a blockchain-powered marketplace for small mini-jobs services (‘favors’) which are not presented in specialized services like Uber or Airbnb. The conception of the project is based on a conception of ‘Internet of Value’ which understands blockchain as a technology for transmitting values between people. So, if product user needs in, for example, reserving a place for his car on parking, he will send a request to the mobile application, find an executor for this favor and pay him using internal system currency – FavorCoin. GPS data received from the mobile application will help to find closest persons for doing the job.
So, this project is just a marketplace (like WorkZilla or Freelancer.com) with geo-positioning and secured payments – so there is no need for special blockchain platform development.
The initial idea was created at June 2017, alpha version was released (but mark that it is not public yet, and no proofs of its existence were presented) at September 2017, and final release was planned at July 2018, just after ICO.
Business-plan sections contain minimum information about project’s financial details. Hard cap equals ETH 33.690, or USD 20 million. 70% of coins will be issued on free market (10% sold on pre-ICO, 60% - on ICO), 15% will be used on operations and 5% at bounty program. Last 10% will be blocked till 1.1.2020 for team members.
Funds received during ICO and pre-ICO will be used on these purposes:
According the WP, founders believe they will have 1 million users at 31.12.2018 (just a half year after launch) and 100 million users at 2021 – just a 2.5 years after launch of the project. These very ambitious plans based only on estimation of smartphone users number in the world, and there are no initial markets or detailed strategy. So, this looks like scam sign.
Marketing strategy of this project based on establishing and supporting product’s users community – without descripting any details; there are just many words about global market of mini-jobs, or collaboration with national governments and NGOs for reaching a goals declared by United Nations. This is very large dissonance with ambitious plans to have 1 million users in network at 6 months after launch, and 100 million users at 3d year.
Team founder’s profile on LinkedIn have just one recommendation and no proofs of skills and job places. At product website team founder introduced as serial entrepreneur, but in his profile there is only one company founded by him – Trexcare UG. It has its own website, but it looks lost because of some pages are not working.by founders on
So, there are no footprints of presenting this project different blockchain events. Because of this, project may look as a scam.
WP contains just a brief estimation of number of smartphones in the world and number of blockchain wallet users. All these users, according the position of founders, are potential users of product. There were presented no division on segments or kinds of interests, or something else – only ambitious plans to hhave 1 million users at 6th month after final release.
According the WP, target audience consists from any smartphone users wirldwide. No more information provided, no segmentation etc. It is very strange from project which developed from June 2017.
According the position of founders, competitive advantages are:
But now on market there are many same services – starting from WorkZilla, finishing with local advertisement desks. And WP contains no comparing with any of them, just like it will be unique and first service of this type.
Project strong sides: looks like no.
Project weak sides: ambitious plans without any business calculations, market researches or selecting advantages over existing services; team founder with possibly fake information in his presentation on website and in LinkedIn profile; no footprints on any blockchain events.
So our position is probably scam.