But let’s go through it step by step:
1. Legality Problems
As per the study, around 25% of all ICOs did not have a legal entity which is a risk for the project. With the rise of the ICO popularity internationally, the legal issues have been increasing as well. At RedCab Team these risks are closely monitored by the legal advisors. No business decision is taken without a legal advice.
2. Existing On-Ground business before the ICO Launch
46.6% of the Projects did not have any development before the launch of the ICO. RedCab LLC was founded in mid of 2016. The current business is running in Egypt at the coastal city Hurghada. The first Beta version of the Mobile App has been launched in 2017. Currently the project is at the MVP stage and only 26.2% of the projects have reached this stage before the ICO Launch.
3. Tourism and Transportation in the Blockchain industry
Blockchain gets implemented not only in financial services but in many other areas of business. However currently we observe, that the many of the new projects are still part of the financial services industry. Below are the most popular areas of Blockchain projects:
- Financial Services
- Exchanges and Wallets
- Blockchain Infrastructure
- Marketing and Advertising
Tourism and Transportation are not listed among the Top-20 Industries for ICO-Projects. That makes RedCab one of the First-movers in the industry. The project aim is to bring the value of the new Blockchain technology to the people and make their everyday transportation more safe and enjoyable.
4. Token Type
65.8% of the tokens issued in Q1 are service tokens, that are used only for payment of the services inside a platform. These tokens can be replaced by another cryptocurrency like ETH without significantly affecting the business processes. RedCab tokens are ERC20 Hybrid Tokens which means, they are used for payment purposes as well as for rewarding the network participants.
RedCab is introducing two new types of consensus that are inspired by Proof-of-Work. The first one is Proof-of-Driving, that will reward the driver for accepting the trip request. The second type is Proof-of-Marketing that will reward the passenger for referring the service to his/her friends and family.
New tokens will be generated by these two consensus types, however there is a limitation of token generation up to 25,000,000 REDC to stabilize the token value.
Only 9.3% of the projects were offering hybrid tokens in Q1 2018 which gives REDC Tokens a promising perspective for the future.
5. Blockchain Projects in the Middle East
As per the current situation, the leading countries for registering an ICO are USA, Singapore and UK. Most of the ICO teams are originally from USA, China, Lithuania and Russia. The Middle East region is not represented as an important player in the Blockchain Industry. RedCab LLC is registered in Egypt. Having a presence in the Middle East can help the team in a better understanding of the needs of the people in the region and be one of the first to offer such kind of services. However one of the projects objectives is to expand to other countries and outside the Middle East as well.
6. Transparency of the Project
The market study also shows, that the market is in a lack of transparency. About 40% of the projects do not share the information about their CEOs nor about their asset management strategy. At RedCab, security and transparency are at a high priority. The information about the founders and the team is easily available on the official company website as well as on different social networks. Here its worth to mention that the founders of RedCab have successfully passed the KYC process at ICObench. We want to stay close to the community and therefore we have set up multiple communication channels.
The asset management strategy is publicly available in the whitepaper on the project website.
The above observations are giving a positive outlook for the upcoming RedCab ICO which is starting on June 1st 2018 as they show, that the project is creating a value and has some properties, that do not apply to many of the projects in the current market.
Redcab is committed to a transparent token sale process.
We will notify the public with the final total amount of REDC tokens in circulation after the completion of the Token Sale because tokens are minted as contributors buy it. This is to maximize the value of tokens sold, scarce the supply, and create a value for token holders once we’re listed on major exchanges. RedCab will not create any new REDC tokens after the Token Sale.
Max Tokens Supply 100,000,000
- Pre-Sale: Starts 01 June 2018 at 12:00 AM GMT and ends on 21 June 2018 at 11:59 PM GMT with early bird investors getting a 15% Bonus till allocated amount is sold out or phase ends.
- Main Crowd-Sale Start Date: 22 June at 12:00 AM GMT and ends on 15 August 2018 at 11:59 PM GMT.
- Accepted Currency for Token Sale: Ethereum
- Token Name: REDC
- Token Type: ERC20
- Exchange: 1 ETH = 2333 REDC
- Hard Cap: 24529 ETH
- Min Purchase: 0.1 ETH = 233 REDC
- What Exchanges will REDC be listed on? REDC will be listed on exchanges that are regulated and have proof of reserves, including the Korean, Japanese and other globally recognized major exchanges.
Here is a vidio where you will be more familiar with this RedCab Project