Expert Coin

MyBtcFx ICO

2
Total score

Detailed evaluation of the project

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

Product

MyBtcFx is a P2P cryptocurrency. It is associated with very fast network that enables transactions at a superior speed. These transactions will be secured by Ring Signature Scheme. The network will offer investment opportunities and trading options.

There is an MVP called BtcFx Real Trade.

Business Plan

MyBtcFx offers investment opportunities that are diverse and suitable for people with different backgrounds. These options are:

  • Basic investment (comes at a 10% monthly interest rate)
  • Trade            
  • Stake
  • Mining
  • Affiliate programs (either CPA or revenue share)
  • Other sources (virtual cards, flight bookings etc).

There is a plan to create a payment address that has a unique one-time key, deriving data from both the sender and the receiver. Proof of Stake (POS) algorithm will also be used.

There are four stages of ICO; pre-ICO was completed in Q1 2017, according to the roadmap.

Marketing Strategy

There is no marketing plan in the WP.  Social media accounts have very low numbers of followers.

Team

There is no information about team members.

The Vision of the Market

There is very brief outline of current issues in cryptocurrency market. These setbacks are very well-known: limited applications of cryptocurrencies, increased attacks, slow transactions and processing speed, complexity of mining etc. Cryptocurrency market is booming and there are plethora of blockchain/smart contracts-powered solutions. The team should have a comprehensive market research to identify opportunities and vacant niches of the market.

Understanding of the Target Audience

The project targets investors, traders and other s interested in passive income. There is no further segmentation given. There are no real-life problems faced by target audience are presented.

Competitive Advantage

There is no competitor analysis in the WP. The main advantage of the project is said to be “the application of advanced technology”. Cryptocurrency market - and crypto exchange in particular - is already saturated with new projects popping out almost on a weekly basis. The team should perform an extensive competitor analysis and identify clear advantages of the project, according to analysts from Expert-Coin Rating.

Summary

Weaknesses: there are no financial plan, marketing plan and competitive analysis. The WP is very short and is missing key components, according to analysts from Expert-Coin Rating. There is no information about team members, the website lists just two advisors. There is no FAQ section on the website.

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