AidCoin Basic Review
|Start ICO||16 Jan 2018|
|End ICO||01 Feb 2018|
Ticker symbol: AID
Project type: Charity
Extended company description: AidCoin is an ERC20 token that enables people to donate to charity funds; it is easy to track donations within the project’s AIDChain.
AidCoin also enables charities to accept cryptocurrency for their campaigns on their website using AIDPay.
People can donate in any cryptocurrency, to be converted to AidCoin at the current exchange rate.
Company: CharityStars SA
Public ICO start date: Jan 16th, 2018
Public ICO end date: Feb 1st, 2018
Token sale duration (weeks): 2.14
Token type: ERC20
Token emission: 100,000,000
Tokens available (Pre-Sale + Public ICO): 40,000,000
Investment goals include:
- platform development
- integration of blockchain into charitable organizations
- increase the network of backers
- PR and marketing
- establishment of new partnerships [White Paper]
1 AID price: 1 AID = 0.001 ETH
Accepted payment: ETH, BTC, USD, EUR, CHF, GBP, DKK, SGD
Bounty: The program starts on December 2, 2017 until December 16, 2017
Token role: functional
Team (number of people): 36
Advisors and partners (number of people): 5
Twitter: Postings: 86, Subscribers: 1864
Telegram: Subscribers: 2026
Reddit: Subscribers: 4
Medium: Postings: 15
Linkedin: Subscribers: 54
Facebook: Subscribers: 18,107
AidCoin is an ERC20 token that aims to become the preferred method for donating transparently through the Ethereum blockchain. The token will power AIDChain, a platform that provides an ecosystem of services through an easy-to-use interface, connecting the non-profit community while allowing full transparency and traceability of donations.
People can donate in any cryptocurrency, which will then be converted to AidCoin at the current exchange rate.
AidCoin is based on CharityStars (charitystars.com is a fundraising platform made by the project team that will accept AidCoin for participation in auctions and purchase of goods or services), into which Blockchain technology will be integrated.
AidCoin was created on the basis of the CharityStars (charitystars.com) platform which has been operating since 2013.
The team has raised $10 million in charity auctions to support 500 organizations, including Unicef, Save the Children and WWF, using technology, media and celebrities. White Paper
Leonardo Maria Pedretti (Linkedin) - Co-founder of Inspheer, responsible for Ethereum Italia, negotiator at Legale Pedretti.
Francesco Simonetti (Linkedin) - CEO at Flyome, CEO at HolyTransaction, founder of Roma Bitcoin Meetup, co-founder and manager at Moth Records.
Federico Pistono (Linkedin) - Blockchain Manager at Hyperloop Transportation Technologies, Inc., CEO at Deep Thought Srl, technology expert at Rai - Radiotelevisione Italiana S.p.A.
Simone Giacomelli (Linkedin) - Blockchain leader at SingularityNET, partner of Cryptodex, founder of Vulpem, researcher at Institute for Data Driven Design - idcubed.org.
Justin Wu (Linkedin) - Growth manager at CoinCircle, founder and growth engineer at Growth.ly, former growth engineer and founder of Vytmn, co-founder of Sidevision.
WachsMan PR - Company providing services in the field of marketing and PR.
Bitcoin Suisse - Service assisting in staging ICOs.
Eidoo - Cryptocurrency wallet.
Digital Identity - An application used for the public pre-sale.
CharityStars partners: 500 organizations, including Unicef, Save the Children and WWF.
- 8,333 ETH in the Pre-Sale.
The project is based on the working fundraising platform CharityStars, which has already raised $10 million for charitable organizations and has associations with 200+ celebrities and 100+ brands.
Strengths of the project:
- The team has core experience in projects aimed at charitable activities.
- The project has support from celebrities and well-known brands which will, we believe, lead to an increase in the popularity of the project and will ensure the attention of the blockchain community.
- The project has successfully completed a Pre-Sale (more than 8000 ETH), during which the SoftCap was achieved.
Weaknesses of the project:
- The online donation market demonstrates low dynamics.
- Aidcoin will have low speculative attractiveness since the project is focused on charity.
- The team does not have experience in the field of blockchain technologies; we assume that the creation of the blockchain will be implemented by a third-party company.
Market and Industry
In 2016, online donations amounted to about $28 billion, demonstrating an increase of 7.9%. Growth has remained at the same level over an extended period (N.P. Source).
According to World Payment Reports: The volume of non-cash transactions on the world market was estimated at $591.7 billion in 2017 while daily cryptocurrency transactions amount to $2 billion. (Juniper Research). It is expected that by 2020 the volume of the non-cash transaction market will exceed $725 billion with an increase of 38.4%. [https://nonprofitssource.com/online-giving-statistics/]; [https://www.worldpaymentsreport.com/reports/noncash]
Based on the information above, we have calculated the amount of online donation market in cryptocurrency which will be $128 million by 2020.
According to the team, the online donation market amounts to $15 billion in the US alone. Its share is 5% of the total number of transactions; cryptocurrency is hardly used.
Nevertheless by 2025 it is expected that 10% of GDP will be generated via blockchain; cryptocurrencies have already reached a total market capitalization of almost $200 billion (as of November 2017). [https://www.aidcoin.co/assets/documents/whitepaper.pdf]
Comments: The online donation market is growing at a rather low rate, therefore there is a risk of not occupying a large enough market share.
During our research we have identified the following competitors:
Helperbit - A platform that enables making donations in cryptocurrency, and ensures transparency in the charitable and insurance sectors.
Givetrack - A platform for financing social projects.
Giveth - A platform for donations.
Alice - A platform that enables financing socially significant projects.
Summary: AidCoin differs from its competitors in offering the ability to make donations via auctions and purchase of services. In addition, the project is based on the already operational CharityStars project.
Engineering features of the platform
In order to receive AidCoin, charitable organizations must be registered and verified by AIDChain. The platform will provide a simple, intuitive user interface and access both via the website and mobile applications. There, one can check transactions and obtain a receipt. AIDPay allows charities to accept payments in any cryptocurrency.
AIDChain’s services include:
- Registering and verifying identity: Charities and causes must register and get verified to receive donations.
- Convert and donate: An internal exchange to convert major cryptocurrencies into AidCoin, and a built-in wallet to easily manage them.
- Track donations: Follow AidCoin transactions both on-chain and off-chain.
- Deduct from your tax: Receive compliant tax-deductible receipts for your donations.
- Discover and connect: Tools to connect donors with all participants in the non-profit sector.
- Deploy smart contracts: Templates for smart contracts that can be easily customized with the click of a button.
Additionally, AIDPay is a payment gateway/embeddable widget that enables charities registered on the AidChain platform to accept donations in different cryptocurrencies directly on their website, which are then instantly converted into AidCoin.
AIDChain is a web platform with a blockchain based-architecture.
The platform includes AIDPay (a gateway for currency exchange), AIDChain (a platform that tracks the flow of AidCoin donations), and CharityStars (a working platform for collecting donations via sale and purchase of goods and services).
Smart contracts will provide money transfers with the support of an Escrow function.
Comments: According to PSD 2007/64 / EC law, European banks will have to use public APIs beginning in January 2018. AidCoin will work with companies such as TrueLayer to connect to bank data, check accounts and access transactions in real time. AidChain will be able to freely share information with APIs of the charity bank and provide data on how the charity spends the funds received. [https://en.wikipedia.org/wiki/Payment_Services_Directive]
In the future, with the development of technology and the amount of data it is planned to implement the following:
Comments: The roadmap presents a phased strategy for project development. All the technologies presented are described in the white paper.
The following active modules are available in the open repository:
- aidcoin - module, dedicated to the project token.
Comments: The repository belongs to Vittorio Minacori (Aidcoin Technical Director).
We have analyzed the website and the documentation for sufficiency and consistency for making an investment decision.
The documentation includes the white paper. The documentation is presented in English. The project is described in sufficient detail in the white paper. The main emphasis is on the components of the ecosystem, the donation market and the ICO. [https://www.aidcoin.co/assets/documents/whitepaper.pdf]
The website also provides information about the project, the staging of the public ICO, operation of the system, the roadmap, frequently asked questions, partners, advisors and the team. The website is available in English, Chinese and Korean. An additional advantage of the website is the presence of links to a detailed description of the components of the project’s ecosystem. Website
Summary: The documentation enables forming a comprehensive view of the project. The interconnection of platform components is described in sufficient detail.
Tokens for sale, %: 40 (10% pre-sale + 30% ico)
Public ICO start date: January 16, 2018
Token type: ERC20
Accepted payment: ETH, BTC, USD, EUR, CHF, GBP, DKK, SGD
1 AID price: 1 AID = 0.00100 ETH
Crowdsale duration: 2 weeks, until February 01, 2018
AID Token is used to pay for services and donations to charities on CharityStars, AIDChain and AIDPay, while at the same time it makes it easy to track donations on the AIDChain platform.
Token limitation: 100,000,000
Advantages of token holders: functional tokens which allows using platform services or can be sold.
Additional emission: No
Escrow: smart contract, token emission is implemented by the deposit of ETH
Max goal: 30,000 ETH
Min goal: 4,000 ETH
Bonus: Pre-sale: 20%
Comments: AID Token is planned to be placed on exchanges.
Distribution scheme % according to the program
- The program is open in the following areas:
- Bitcointalk signatures
- Translation and moderation
- Blogs and media
First phase of the Bounty program (02/12/17 - 16/12).
Summary: The project has an extensive bounty program. All the conditions of the program are detailed at the link above.
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. The incentive system is set up such way that it is more profitable to buy tokens earlier.
Aug 2016: CharityStars gains $2.4m VC funding.
May 2017: Conception of AIDCOIN idea and market research.
The funds received at the ICO will be allocated as follows (the proportion could change based on business needs):
- 40% for product development: development of the AIDChain platform according to product roadmap, hire new blockchain developers.
- 30% for business development and strategic partnerships:
- Onboard new charities, foundations and fundraising organizations on the AIDChain platform; initial focus in the UK, Italy and US market where CharityStars is already established. Hire new division and expand effort internationally.
- Educate charities and other actors on the use of the platform and ongoing support.
- Secure partnership with other players in the blockchain ecosystem to increase the token usability.
- Collaborate with companies to develop corporate gifts and CSR programs based on AidCoin.
- Collaborate with the existing network of celebrities to use AidCoin and AIDChain for their fundraising campaigns.
- Contract specialist law firms in regards to regulatory and licensing frameworks for ICO operations as well as other matters related to the tax deduction compliancy of donations.
- 20% communication and marketing:
- Invest in PR and marketing campaigns to increase project awareness and token adoption among donors.
- Build strong local communities and provide support to charitable activities.
- Hire new division and expand effort internationally.
- 10% reserve funds:
- Provide liquidity for future monetary policies and platform functionalities.
Summary: The team indicated that they are planning to promote the project in the UK, the US and Italy.
The team consists of 36 people and 5 advisors. Information about the main team members based on LinkedIn is given below:
Francesco Nazari Fusetti (Linkedin) - CEO & Co-Founder. CEO & Co-Founder of CharityStars, digital strategist and co-founder of ZooCom, chairman and co-founder of ScuolaZoo.
Manuela Ravalli (Linkedin) - Celebrity Manager & Co-Founder. Managing Director and co-founder of CharityStars, previously: founder of Love Mimi, blogger and editor at Linkiesta.
Domenico Gravagno (Linkedin) - Co-Founder. CEO and founder of IDA, CEO and founder of Pane & Design, co-founder and managing partner at CharityStars.
The team has 33 more people, 14 of whom indicate an affiliation with AidCoin (many of them specified only CharityStars).
Summary: The team is mostly from Italy, and includes a technical team (technical director, blockchain developer, Ethereum developer, front-end developers, Android and IOS developers, UI / UX developer), an operational director, managing director (UK), marketing manager, development manager, public relations manager, brand designer, graphic designer, etc. However, the technical team does not have experience with blockchain.
Information about the project is available on various popular services such as Twitter, Telegram, Reddit, Medium, Facebook and Bitcointalk. The project has a bounty program.
The project is active on social media. Twitter, Facebook, Medium update news regularly. The team communicates with users via Telegram.
The format of the articles about the project shows that they were written mainly to the project's order.
Comments: Interest in the project is quite high. The marketing campaign is developed mainly on Twitter and Facebook.
Analysis of website traffic based on Similarweb.com data showed the following:
Traffic source: Similarweb
Comments: direct: 39.15, referrals: 37.93, search: 13.94, social media: 8.98, mail: 0
Top 5 countries: Italy - 31.78%, the USA - 14.47%, Switzerland - 6.38%, Tanzania - 4.76%, Singapore - 3.37%.
Search traffic: 13.94%, 73.63% is “organic”.
Referral links: 37.93%
charitystars.com: 31.08%; matchico.com: 26.17%; medium.com: 14.58%; icobench.com: 11.37%; unseen.is: 4.10%
Analysis of website traffic based on analysis data showed the following:
Traffic source: https://a.pr-cy.ru/aidcoin.co [https://a.pr-cy.ru/aidcoin.co]
Site Evaluation: 0.76
Attendance: visitors: 54,570, views: 13,641
Social activity: score: 18,431, source: Vkontakte: 0, Facebook: 18431, Google+: 0
Summary: According to the available data, it can be concluded that users are interested in the project. The team conducts an advertising campaign on social media, attracts celebrities and partners, and communicates with users via Telegram. There are publications in the media. The team actively participates in various events and conferences.
In addition, the core of the project is already running the popular CharityStars service. Similarweb
The developers may be contacted using the links below:
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.