777.BINGO Basic Review
|Start ICO||01 Mar 2018|
|End ICO||20 Apr 2018|
Ticker symbol: 777
Project Type: Artificial Intelligence, Games, Sports, Virtual Reality.
Extended company description: 777Bingo is a gaming and entertainment platform built on blockchain.
Company: 777.Bingo, Singapore
Start of Public ICO: 01.03.2018
End of Public ICO: 20.04.2018
Token Sale Duration (weeks): 7.1
Token Type: ERC20
Total Number of Tokens Issued: 10,000,000,000
The Number of Available Tokens (Pre-Sale + Public ICO): 2,500,000,000
777 Price: 1 ETH = 17,000 777
Accepted Payments: BTC, ETH, QTUM
Token Role: Functional
Team Size (Number of Persons): 4
Number of Advisors and Partners: 2
777 Bingo is a gaming and entertainment platform built on blockchain technology. The project will allow developers to upload games, that will support payments in cryptocurrency, to the platform.
The project will provide the following services:
- Launch of games on blockchain.
- User rewards for activity in the platform's community.
- A wallet which supports cryptocurrency.
- Smart Contract Translator, which adapts the uploaded code of other games on the platform.
- Possibility to display ads on the platform.
- Data analysis.
- Assigning ratings to games.
- Financial support of games provided by Bingo.
- Patrick Dai (https://inp.one/cryptoworld/kriptomir-patrick-dai-qtum) — Founder of the Qtum Foundation.
- Dr. Ma Zhao. F. (n/a) — Postdoctoral Fellow at Tsinghua University, Member of the IEEE and ACM.
- Mob Arts — a game development company.
- Tencent — technology company in China.
- Garena) — a platform for games based on VPN.
- NEXON — a game developer.
- BeeChat — a messenger on blockchain.
Project has already raised 50,000 ETH in Korea
The project is based on an entertainment platform built on blockchain. 777.Bingo has also announced the release of its first game on the platform, Qtum Heroes, which was developed by Mob Arts and Qtum. According to the team, Doom of Aliens is due to launch soon too.
Strengths of the project:
- The project is operating in a dynamically developing market.
- Strong presence of strategic partners.
Weaknesses of the project:
- No MVP.
The Technavio analytics company predicts that between 2016 and 2020, the global gaming market will grow by more than 11% annually (CAGR). According to Newzoo analytics, in 2017, this market was worth US$110.55 billion. Also, according to Newzoo, the number of players currently stands at approximately two billion people. [https://newzoo.com/insights/articles/the-global-games-market-will-reach-108-9-billion-in-2017-with-mobile-taking-42/], [https://www.technavio.com/report/global-media-and-entertainment-services-online-gaming-market]
According to the project team's analysis, the amount of revenue in the gaming industry amounted to US$120 billion in 2017, while demonstrating an annual increase of 10%. By 2021, the revenue is expected to grow to US$200 billion.
Comments: The market shows high growth rates, therefore, the project has a chance to occupy its niche.
In the course of the review, we identified the following competitors:
- Bitguild — a decentralized gaming platform built on blockchain.
- Chimaera — a platform for hosting and creating games on blockchain.
- Xenio — a platform for creating games on blockchain with the possibility of exchanging, buying and selling game items in the marketplace.
- Game Chain System — a platform for hosting games, which also allows users to buy and sell game items.
Summary: The project's key differences from their competitors are the fund that will sponsor the games and the pool of game developer partners. 777.Bingo is also actively supported by major game publishers, such as Qtum.
The platform is built on the basis of Blockchain technology, using smart contracts.
The Bingo Pan Entertainment platform consists of the following layers:
1) The P2P Network layer defines P2P contracts.
2) The Blockchain and Data Storage Layer manages all actions, such as consensus, data access, etc.
3) Smart Contract Layer, which implements smart contracts on the platform and records key platform data.
4) Verifiable Randomized System, which generates random number calculations and then distributes and records them to a chain of memory blocks through smart contracts.
5) The Event Processing Layer handles smart contracts and compressed SDK for top-level logic systems.
6) Every platform application system provides logical guarantees for the platform level. These system groups are constantly and repeatedly computing and expanding in order to meet the various needs of players, game developers and publishers.
The platform will work as follows:
The Developer sends a request to place a game on the platform.
Bingo verifies their data, if necessary they offer financial assistance to help with the development of the game.
Developers can advertise their games on the platform.
Users will learn about the new game, and they can buy it with the tokens.
Users can also buy game items for tokens.
Comments: The project is using technologies that have already been proven in the market.
In the future, with the development of technology and the amount of data they plan to implement the following:
- March 2018 — integration of the first game on the Qtum Heroes platform.
- May 2018 — SDK integration to allow for the payments with multiple cryptocurrencies.
- September 2018 — launch of the Bingo Platform.
- November 2018 — launch of games.
- January 2019 — integration of new games on Bingo.
- June 2019 — development of the community on the platform.
- August 2019 — launch of the community.
- February 2020 — launch of the transfer and payment features.
- October 2020 — integration of the possibility to upload advertising to the platform.
- February 2021 — launch of the data analysis feature.
Comments: The project presented a step-by-step strategy for the development of the platform. However, the fact that the team has only one technical specialist raises some doubts about the possibility of implementing the plans according to schedule. The project does not have an open repository, which does not allow one to review the smart contract and/or the code behind the platform.
We have analyzed the 777.Bingo site and documentation for sufficiency and consistency to make an investment decision.
Information about the project is provided in the White Paper. The document is available in Chinese, English, Korean. The White Paper presents a description of the project. The main emphasis is on the description of the platform and on the games added.
The website also provides information on: the project, RoadMap, ICO, partners, team and advisors. The site is available in English, Chinese, Korean.
Summary: The documentation provides insight into the project.
Percentage of tokens to be issued for sale: 25%
Start of Public ICO: March 01st, 2018
Token Type: ERC20
Accepted Payments: BTC, ETH, QTUM
1 777 price: 1 ETH = 17,000 777
Crowdsale Duration: 7 weeks, until April 20th, 2018
The 777 token is used as a payment tool to pay for games, items, and community support.
Token Limit: 10,000,000,000
Advantages for the Token holders: the tokens are functional which allows one to either, use the platform services or sell them (tokens).
Additional Token Issue: n/a
Max Goal: 2,500,000,000
Minimum Goal: 1,000,000,000
Comments: Whitelisting is open. To make a purchase it is necessary to pass the KYC.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company. We would like to note that 75% of the issued tokens will remain on the side of the project, which illustrates the centralized nature of the project. However, the team needs this, in order to give publishers an incentive to use the platform. According to the team, investors can be assured that these funds will be used expressly for this purpose only.
Project development plans
Roadmap of the project:
According to the WP the main aim of the project development is adding new games to the platform.
Summary: The project did not disclose the methods it uses to attract users and developers to the platform, in the documentation. There is also no information about the markets of the countries where the project is planning to work. According to the team, the main methods of attracting users are content and by publishing games that will run on the platform and use 777 tokens, such as Qtum Heroes and Doom of Aliens. Qtum Heroes will be the first blockchain game which has interactive gameplay and is set to even overtake Cryptokitties. Also, the project already has specialized partners, which will allow it to attract users in a short period of time.
The team consists of 4 members, as well as 2 advisors. Information on the core members of the team (LinkedIn):
- Cris Shintae Park (n/a) — CEO of 777.Bingo. Worked for a long time at Samsung, where he was responsible for various projects.
- Matt Lee (LinkedIn) — Chief Security Officer at 777.Bingo. He is also the CEO and Founder of Mob Arts Entertainment Corp. He formerly worked as a developer of PhysX API APP at 英 伟达, Huawei.
- Peter Pan (n/a) — CTO at 777.Bingo and Mob Arts Entertainment Corp.
There is 1 other person in the team.
Summary: All members of the team indicated their affiliation to the project. The team is mainly from China. The team also has the following experts, partners and investors: a CMO, MobArts, Tencent Games, Garena, Nexon and more.
Information about the project is available on a variety of popular services such as Twitter, Telegram, Medium, Bitcointalk and YouTube. The project has no Bounty program.
The team is conducting an advertising campaign on social media. On Twitter and Facebook there are regular news updates, and the project keeps a blog on Medium.
The format of articles about the project suggests that they were mainly written by the project team as reviews or by the media as an announcement of another project staging an ICO.
Comments: The level of interest in the project is rather low for the time being. The marketing campaign is mainly being developed on Twitter.
Analysis of the 777.Bingo site traffic based on Similarweb.com data showed that:
Comments: direct: 54.26%, referrals: 26.12%, search: 18.41%, social: 2.21%, mail: 0%
Traffic sources: [https://www.similarweb.com/website/777.bingo]
Search traffic: 18.41%, of which 88.69% is "organic" traffic
Analysis of the 777.Bingo website traffic based on the BE1.ru data showed that:
Traffic sources: [https://be1.ru/stat/777.bingo]
Comments: Top 5 countries of site visitors: China — 51.55%, Korea — 33.95%, Singapore — 6.77%, Japan — 2.73%, USA — 1.80%.
Referral Links: qtumeco.io — 75.68%, clien.net — 24.32%
Social activity: Twitter — 100.00%
Summary: Based on the data available on the project, it can be concluded that users are just becoming interested in the project. The team is running an active advertising campaign on Twitter, communicating with users through Telegram, keeping a blog on Medium and participating in various events. Since February the traffic of the site has increased by 3,000 people.
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.