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BitCoen Basic Review

Project details


Ticker symbol: BEN

Project type: Platform/Cryptocurrency

Extended company description: BitCoen is an official crypto token, a business platform and a system of services complementing each other, created for interaction between representatives of Jewish communities worldwide. [1]

Company: Bitcoen Ltd.



ICO details

Public ICO launch: 28.11.2017 [2]

Public ICO end date: 15.02.2017

Crowdsale duration (weeks): 4,1

Token type: ERC-20

Token supply: 100 000 000

Tokens available for purchase (Pre-Sale + Public ICO): 20 200 000  [2]

The purpose of attracting investments: 

1 BEN price: 1 USD

Accepted payments: BTC, ETH, LTC, Waves and other cryptocurrencies, fiat.

Bounty: Not announced

Token role: Functional


Team (number of people): 12

Advisors and partners (number of people): 12


Social media

Twitter: Posting: 14, Subscribers: 4321

Telegram: Subscribers: 1500

Medium: Subscribers: 23

Linkedin: Subscribers: 40

Facebook: Subscribers: 2302

Youtube: Posting: 6, Subscribers: 101

Project information

BitCoen is an official crypto token, a business platform and a system of services complementing each other, created for the interaction between representatives of Jewish communities worldwide. [1]

BitCoen will provide the following services: [2]

  • A market place for Jewish businesses
  • Advertising
  • Online and offline payment systems
  • A loyalty program
  • BitCoen wallet
  • The opportunity to make charitable contributions.

Partners: N/A


Dmitry Marinichev (LinkedIn) - CEO at Knopp (9 years), owner of RadiusGroup (18 years.)

Angelika Sheshunova (LinkedIn) - business development consultant at Enki.com, COO at Flat.me & Rentoolz, business development consultant at TopExpert, operational Director of My-Apps.

Moty Cristal (LinkedIn) - Professor in the dynamics of negotiations at Moscow School of Management SKOLKOVO (7 years), CEO at NEST, Negotiation Strategies (11 years.)

Ilja Eisen (Facebook) - specialist at Booz & Company and Roland Berger;

Nailya Zamashkina (LinkedIn) - Chief Operating Officer at Fintech Lab, leader in Startup Leadership Program, commercial director at CJSC MOBI.Money.

Aleksandr Lemchik (LinkedIn) - founding partner at LKP Group, managing partner of Lemchik, Krupskiy & Partners. Structural and Tax consulting (20 years.)

Andrey Shmergelskiy (LinkedIn) - CEO at Mercedes-Benz Art-Motors Ltd, owner of La Ruche (11 years old), founder of TDK Alexandrovsky Passage (11.5 years.)

Andrey Nedobylsky (LinkedIn) - technical director of iZ³ | Izzz.io, the head of information service at justbefit, senior PHP programmer at ArtSkills.


Ivan Piskunov - Co-Founder and CTO of Asirus Consulting Agency.

Vladimir Mazur - Vice-President of the National Fund BF "RIV". General Director of Stroy Invest.

Casas and Thomas Klett - Lecturer at the University of St. Gallen and partner of Institute for Leadership and Personnel Management.

Sergei Cherniavsky - Vice Chairman of Central Government Committee of CSU of Bavaria on Migration and Integration of Augsburg.

Investments attracted: N/A [34]


There are well-known experts from the Russian venture industry involved in the project. This attracts interest in the project from the community.

Strengths of the project:

  • the project is founded by well-known experts.
  • the BitCoen project can be obtained for purchases in more than 700 stores; this is a clever move to attract attention to the ICO.
  • tokens play a functional role in the project.

Weaknesses of the project:

  • this project could certainly be of interest to Jewish communities but the specialization greatly narrows the market niche in comparison to the general market for payments.
  • the team does not have technical specialists in the field of blockchain (white paper); this could lead to an increase in costs for the system during the development and maintenance phase (also, the project does not have CTO.)
  • the project does not disclose its commercial strategy, which does not enable any deep assessment of market capacity.
  • there are few figures or information on the market in the official documentation.

Market and industry

According to Nielsen research (2016), we believe that: [29], [30], [31], [32]

  • 69% of the inhabitants of the European countries participate in loyalty programs where points and bonuses are awarded.
  • the most popular was a discount on products.

According to an Aimia report, 85% of respondents in 11 countries report that they are members of at least one customer loyalty program in 2015.

According to official data, there are 741.2 million people in Europe and 3 million Jews, therefore about 2 million Jews who participate in loyalty programs constituting a potential audience for Bitcoen.

According to the official documentation, we see that the project will specialize in popularizing tokens to pay for goods and services within Jewish communities.

Comment: We believe that limiting to trade within specific communities can significantly reduce the potential market niche of the project and, consequently, token demand. Unfortunately, the team did not provide an overview of the potential market in the official documentation.


During our research we have identified the following competitors in the field of loyalty program creation: [2]

Gatcoin - A platform that allows enterprises to issue digital tokens and use them within an overall marketing strategy.

Sandblock - A platform that unites traders and customers and provides creation of their own tokens and joint loyalty programs.

Resume: The main difference between Bitcoen and its competitors is the specialization in Jewish communities.

Engineering features of the platform

The platform is built on the basis of blockchain technology based on the source code for the izzz.io platform (uses a consensus based on Confirmation Proof-of-Activity (LCPoA) and a trusted node system) using API and smart contracts. [2], [33], [34], [35]

Features of the Bitcoen blockchain:

  • LCPoA block generation algorithm reliably protects the network from spam and fake transactions, and it does not require large expenditures of computing resources.
  • absence of mining in the system.
  • platform transactions in the network are free.
  • high network speed (up to 25,000 transactions per second.)

Mining is completely absent in the system and all transactions within the platform network are free of charge.


Technology description

As GitHub description shows, the project is built using iZ³ (Izzzio) – a fully customizable private blockchain platform. [2]

A mobile wallet will also be developed, in which it will be possible to determine points within a given radius that accept BitCoen for payment.

The platform will work as follows:

  • Registration on the platform.
  • Purchase of Bitcoen token for Fiat or Crypto currency.
  • Companies within the community will have the opportunity to:
    • organize joint loyalty programs.
    • make money transfers.
    • participate in charity.
    • place products in the project marketplace.
    • place advertising.
    • accept payment for goods and services.

(private individuals will also be able to make payments and transfers, pay for purchases in stores and donate)

Comment: In our opinion, technical component of the project is not sufficiently disclosed. The platform itself will be built using iZ³ (external blockchain platform) as well as external developers (see relevant section for the details).


Technological Roadmap

In the future, with the development of technology and data capacity it is planned to implement the following: [2]

- December 2017 – Q1 2018 - creation of the BitCoen crypto wallet and mobile application.

- Q3 2018 - launch of BitCoen Loyalty program.

- Q4 2018 - creation of a payment system, BitCoen Pay, with the ability to conduct offline payments and QR-code technology.

- Q2 2019 - launch of a single marketplace BitCoen Platform for Jewish businesses, goods and services.

- Q4 2019 - creation of an advertising platform for the popularization of Jewish businesses BitCoen ADV.

Comment: There is a description of platform development in the roadmap. In the course of technological development BitCoen will concentrate more on increasing the functionality of the token. The project is planning to complete the development of all stated modules up to the end of 2019. The project will be aimed firstly at consumers (loyalty system and payments) and then on business (marketplace and advertising space).

There are no active blocks in the open repository:

- BlockExplorer - a Block Explorer for blockchain.

Screenshot of repository:

Comment: According to GitHub, we can conclude that the development of the project is low. In addition, there is only BlockExplorer in the repository.


We have analyzed the Bitcoen website and documentation for sufficiency and consistency for making an investment decision.

The documentation includes the white paper, presentation and privacy policy. The white paper and presentation are available in English and Russian. The privacy policy is available in English only. In the submitted documentation, Bitcoen is described in sufficient detail, but the strategy for development and entering the market is not fully disclosed.

In the English version of the WP, the token distribution is presented in Russian.

The website also provides information about the project, the staging of the public ICO, the advisors and team. The website is available in English, Chinese, Korean, German, Spanish, Italian, Hebrew and Russian. An additional feature of the website is a link for registration in the whitelist. [1]

Resume: Documentation allows forming a comprehensive view of the project.


Public ICO launch: November 28, 2017

Tokens to be released, % 20%

Token type: ERC-20

Accepted as payment: BTC, ETH, LTC, Waves and other cryptocurrencies, fiat.

1 BEN cost: 1 USD

Crowdsale period: 11 weeks, until February 15, 2017

BitCoen tokens are loyalty points within the BitCoen Loyalty program and an internal means of payment within the BitCoen ecosystem including the BitCoen platform.

You can spend BitCoen tokens:

  • on project partners; companies that accept payment in BEN and participate in the loyalty program.
  • on joining the general BitCoen loyalty program (for business.)
  • on payment for services or gratuitous help to each other.
  • on charity.
  • on obtaining additional services in the Bitcoen Platform (Marketplace.)
  • as a commission for using the BitCoen Pay service.

Token issue limit: 100 000 000

Advantages of token holders: limited tokens, functional tokens which allows using platform services or sell them.

Maximum planning amount of profit: $20 000 000

Current amount: ~$1 000 000

Token sale is implemented in several stages: [1]

Comment: Tokens which are not distributed during the token sale will be transferred to the reserve fund for the further functioning of the system immediately after summarizing token sale. After the completion of the token sale, Bitcoen tokens will be traded on crypto exchanges. The team reserves the right to issue BEN tokens from its reserves into the market. The price of issued tokens after the completion of the token sale is determined by the market. [1]



Link: N/A

Scheme of interest distribution by program: N/A

Resume: N/A


Tokens and capital distribution

Tokens and capital are distributed according to the following scheme:

  • 200 000 BEN - PRE-SALE
  • 20 000 000 BEN - TOKEN SALE
  • 41 500 000 BEN - reserve fund
  • 15 000 000 BEN - team
  • 6 000 000 BEN - advisors
  • 5 500 000 BEN - bonus fund of token sale participants
  • 1 800 000 BEN – Bounty program

Resume: There are two types of BitCoen token intended for the market: basic, and those with restrictions. The main BEN is owned by BitCoen recipients and partner companies. The team, advisors, board members and bounty recipients have tokens with restrictions on sales and/or exchange to stabilize the project. The team has a time limit of 2 years from the date of BEN distribution. Members of the Board of Directors have 2 years limit from the date of BEN distribution. Advisors have a 6 months limit. Bounty recipients have a 3 months limit. 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.

Development plans

It is planned to use contextual advertising, the production of training videos for individuals and businesses, and launch of token trading on exchanges to attract users. [2]

Resume: There are no time intervals given for the advertising campaign. In addition, there is no information about scaling - when and in which country it is planned to launch the platform. However, the platform has a partner database: King David, Ozon, Lamoda and other online stores.


The team consists of 12 people and 12 advisors. Information about the main team members based on LinkedIn is given below:

David Dyshko (LinkedIn) - President, responsible for coordinating work with the community. There is no information on previous activities on LinkedIn;

Viacheslav Semenchuk (LinkedIn) - CEO. Serial entrepreneur, Business Surgeon, creator of more than 30 startups, founder of Life pay.ru - leader of Russian market mpos, Creators.ru (top 100 studios in Russia for web-development), uberun.ru, sex-box.ru. Currently: Business Coach, consultant in Igor Mann Bureau of Speakers, business surgeon at SEMENCHUK.com, the founder of AKSELERATOR.ru;

Dmitriy Gorozhankin (LinkedIn) - Commercial director. Commercial Director in European Medical Center. Previously: Head of Sales Department at Medsi, Director of the Department of Partner Sales in OSAO Russia;

The team has 9 more people.

Resume: 9 people identified their affiliation with the project on LinkedIn. The team members are mostly from Russia. Unfortunately, not all members of the team were found on LinkedIn. The team also includes a lawyer, a mobile application developer, email marketing expert, public relations specialist, partner interaction specialist, editor, product director, business development specialist and marketing and communications director. However, there are no dedicated specialists in the field of blockchian technologies; there is no CTO.


Information about the project is available on Twitter, Facebook, VK, Telegram and Medium. There is no Bounty program.

The project is working on social media. Twitter, Facebook, VK and Medium regularly update news. The format of the articles about the project shows that they were written mainly by order.

Comment: Interest in the project is gradually growing. Marketing campaign unfolds on Facebook, Twitter and VK. [1]

Analysis of website traffic based on Similarweb.com data showed the following: [6]

Comment: 52,82% traffic - direct links, 11,03% - referrals, 18,46% - search, 12,54% - social media.

Traffic through search: 18.46%, 100% of which is "organic" traffic

Referral links: 11%

Comment: There are no attendance data on Similarweb. However, according to Alexa.com, attendance on the website is 6,311 people. The number of monthly page views is 25,230. The website is most popular in Russia. [33]

Resume: According to the available data, it can be concluded that users are still not sufficiently interested in the project. However, the team is conducting an active advertising campaign on social media. There is support from the media.


The developers may be contacted using the links below.










The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained 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.