Expert Coin

Foam Protocol ICO

The Future of Proof of Location
1.4
Total score
Category:infrastructure

Detailed evaluation of the project

3
Product
1
Business Plan
1
Marketing Strategy
2
Team
1
The Vision
of the Market
1
Understanding of the Target Audience
1
Competitive Advantage
Basic expert assessment of the project Foam Protocol ICO

Product

FOAM Protocol is, according the founders’ presentation, a geospatial service based on Crypto-Spatial coordinates – Ethereum-based smart contract addresses with corresponding addresses positioned in physical space and verifiable on chain and off chain. According the opinion of founders, this system is more trustful and secured than traditional GPS-based services. FOAM will have 3 types of users: Consumers (persons who want to use geo-positioning system in different services), Candidates and Cartographers (FOAM Token holders) who will make a positioning using the tokens referencing the particular area. In most complicated system, there will be radio equipment for triangulation the areas and positioning in it.

According the founders’ opinion, this technology has many possible usages – from delivering the goods using the crypto-protocols to games on the real map. But there will be probably a big issue – like it happens in existing products like Google Maps or Foursquare, people more marks interesting areas or areas with high people density like city centers – but there are less marks in suburban and no marks in little villages. So, this geospatial system will not have so wide range of usage as traditional systems.

Beta is available now. No detailed roadmap was presented.

Business Plan

There is no business plan presented, including full absence of token distribution and funds received usage. Looks like founders have only concept without details of product development

Marketing Strategy

No marketing strategy was presented at all.

Team

As project team there were presented CEO, CTO, one marketing person and others from IT. There are no financial professionals, and looks like marketing person shows no visible results of activity in presentation materials.

The Vision of the Market

No market information presented.

Understanding of the Target Audience

No information presented.  Probably it will be all current GPS users based in cities.

Competitive Advantage

WP describes issues of current positioning system like GPS, but there are no one word about issues of project – geo-positioning system which can work only in places where ecosystem participants make a mark, and no more.

Summary

Project strong sides: looks like no.

Project weak sides: founders present only technical information without detailed understanding of project issues and its solutions.

So our position is negative, probably scam.

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