DIMPAY Basic Review
|Start ICO||07 Dec 2017|
|End ICO||18 Dec 2017|
Ticker symbol: DIMCOIN
Project type: Platform
Extended company description: DIMPAY is a part of the DIM ecosystem, a global payment system based on the NEM blockchain
Company: DIMPAY Foundation (in the process of registration)
Public ICO start date: Dec 07 2017
Public ICO end date: Dec 18 [White Paper]
Token sale duration (weeks): 1.6
Token emission: N/A [White Paper]
Tokens available (Pre-Sale + Public ICO): N/A
Price of 1 DIMCOIN: $0.04
Accepted payment: BTC, ETH, NEM, XEM
Bounty: Program start date: December 1, 2017 until the end of the ICO.
Token role: functional
Team (number of people) 17
Advisors and partners (number of people) 3
Twitter: Postings: 15, Subscribers: 227
Telegram: Subscribers: 276
Facebook: Subscribers: 18 751
Youtube: Subscribers: 20
DIMPAY is a part of the DIM Ecosystem, a global payment system based on the NEM blockchain. [https://www.dimcoin.io/]
The use of blockchain technology makes the platform cheaper, faster, more transparent and reliable (there are no third-party registers.) The platform is designed for peer-to-peer transactions between business (B2B), consumers (P2P), also business and consumers (B2C, C2B).
DIMPAY consists of a DEPOTWALLET, a mobile DEPOTWALLET and a DIM Debit Card.
DEPOTWALLET allows users to buy, sell, store and manage cryptocurrencies and crypto assets. A DEPOTWALLET business account will enable sellers to create invoices, track inventory, make payments and much more. DIMPAY will facilitate non-cash transactions for consumers and traders.
A DIM Debit Card will allow consumers to engage in e-commerce and to shop in retail stores.
However, the payment system is intended not only for consumers and sellers; it can be a financial solution for 2 billion people worldwide who do not have bank accounts.
DIMPAY will provide the following services.
- the ability to make payments and transfers
- viewing and managing assets
- automatic fulfillment of constant payments (rent, insurance, etc.)
- direct debit procedures
- provision of guarantees
- payment of wages
- creation of invoices
- viewing financial statements (balance sheet, cash flow)
Roelf Barnard (LinkedIn) - Financial advisor. CFO at DIMCOIN, managing director at Royal Insurance Brokers (Pty) Ltd, RJB Business Success and Solutions Barnard & Gilfillan (Pty) Ltd for 13 years, owned a firm in providing accounting and auditing services, has great experience in this branch.
Andre Heydenrych (LinkedIn) - Consultant on compliance issues. Consultant on compliance at Complilegal (Sole Prop.) Requirements for 11 years, previously worked in the medical field.
Katarina Moir (N/A) - Financial advisor.
- Sommerprint - international design agency based in Düsseldorf.
- First Media Advance - service for the development of new applications and software.
- Worldwide Financial Solutions - holding company engaged in financial services.
- all parts of the DIM Ecosystem: DIM Foundation, WISE Consulting Ltd, HYBSE, DEPOTWALLET.
DIMPAY is separate from the DIM Foundation. The DIM Foundation is supporting the project because it shares the DIM Name and is part of the DIM Ecosystem. Earlier, the DIMPAY Team staged the ICO of the DIMCOIN project, during which the declared hardcap was exceeded in $10 million. A total amount of $14.2 million was collected.
Strengths of the project:
- the project’s ecosystem is already functioning successfully.
- the project already has ICO experience.
Weaknesses of the project:
- Information about the team is not disclosed: there are no links to profiles, nor information on team experience or on the founder; the CEO’s identity is not provided.
- QR-code reading technology is not yet popular among consumers and it is developed only in a niche market.
Juniper Research states that the volume for daily cryptocurrency transactions is more than $2 billion. Since DIMPAY will function in the mobile payment market (Mobile Proximity Payment) of P2P using QR codes, PWC estimates that total volume of transactions will exceed $300 billion with an annual growth rate (CAGR) of 85.9% by 2020. The volume of transactions made with QR codes will be $9.3 billion with CAGR of 17.9%. [https://www.pwc.com/it/it/publications/assets/docs/mobile-proximity.pdf]; [http://www.astrid-online.it/static/upload/worl/world_payments_report_wpr_2016.pdf]
According to the listed statistics, we have calculated the volume of QR crypto transactions, which will be about $0.96 billion with an annual growth rate of 16% by 2020.
The team claims that global mobile traffic grew by 63% to 7.2 billion gigabytes per month in 2016. It is expected that global mobile traffic will be 49 billion gigabytes by 2021. [White Paper]
Summary: The market analyzed by the project team is not congruent with the declared business model. At the same time, the team has also failed to provide a development strategy for market entry.
DIMPAY singles out the following competitors in the white paper:
- Mycelium - a system that allows making payments and transfers in cryptocurrency.
- Bitpay - a payment system that allows payments and transfers.
- Paypal - a system that makes payments and money transfers from a bank account or card connected to it.
Competitors also include:
Summary: The main differences between DIMPAY and its identified competitors are the existence of its own cryptocurrency and connection with a trading platform for securities (HYBSE).
DIMPAY is part of the DIM ecosystem, which includes WISE Consulting Ltd (a platform for exchanging fiat currencies for DIM Currencies), HYBSE (online exchange which offers small and medium-sized enterprises a platform for searching and access to international capital), and the DEPOTWALLET (wallet).
DIMPAY functions as follows:
- Users and business people install a DEPOTWALLET and create accounts (users create private accounts, businessmen create business accounts.)
- When the businessman creates an invoice in his account, a QR code will be automatically generated.
- The user reads the seller's QR code and makes a payment.
- In order for traders to withdraw DIM Currencies received for goods, they will need to register with WISE Consulting Ltd.
The DIM debit card will be connected to a DEPOTWALLET account in the web application and mobile versions. Debit card holders will be able to convert DIMCOIN and other cryptocurrencies to selected DIM currencies such as DIM GBP and DIM EURO. [White Paper]; [https://www.wiseconsulting.io/home.html]; [https://hybse.com/company/view/type/otc/]; [https://depotwallet.com/#!/]
The platform is based on NEM blockchain technology. Payments within the platform will be implemented by reading QR codes. [White Paper]
Comments: In the event of conflicts between sellers and buyers, there is a possibility of getting into dispute. In this event a DIMPAY employee will be brought to the dispute to arbitrate, or the dispute will be sent to the DIMPAY Foundation.
To protect the wallet, in 2018-2019 new security measures will be introduced: a fingerprint, face recognition, and a two-stage authenticator. [White Paper]
In the future, with the development of technology and data capacity it is planned to implement the following:
- Q2 2018 - testing of beta version of DIMPAY
- Q3 2018 - official launch of DIMPAY
- 2018/2019 - constant updating of mobile DEPOTWALLET
- 2019 - installation of DIM ATMs with DIM currency withdrawal. [White Paper]
Comments: The roadmap presents a step-by-step improvement of the platform, but the white paper does not disclose the technical component, the implemented functions or the platform itself.
The team does not have an open repository. The question of whether the repository will be created remained unanswered.
However, a project representative stated that the project repository is exactly the same as the NEM repository (because the project is based on NEM’s technology). Thus the project decided not to create its own public repository for the code.
We have analyzed the website and documentation for sufficiency and consistency for making an investment decision.
The documentation contains the white paper, white paper summary, information memorandum and presentation. All documents are presented in English. In the submitted documentation, DIMPAY is described in sufficient detail. The main emphasis is on the concept, forecasts for cryptocurrency development and legal positioning of the token but the technical component of the platform and its services is not fully disclosed. [White Paper]
The website also provides information about the project, staging a public ICO, frequently asked questions, advisors and the team. The website is presented in English. An additional advantage of the website is a link to the wallet download. [https://www.dimcoin.io/]
Summary: The documentation allows forming a mostly comprehensive view of the project. The relationship between DIMCOIN and DIMTOKEN is not described transparently in the documentation however, and requires additional communication with the team. Discussion of this issue can be found on Telegram.
A project representative stated that the team is not selling TOKENs at the DIMCOIN ICO.
Tokens for sale, %: N/A
Public ICO start date: December 07, 2017
Token type: NEM
Accepted payment: BTC, ETH, & NEM
1 DIMCOIN price: $0,04
Crowdsale duration: 1 week, until December 18, 2017
DIMCOIN is a cryptocurrency and a means of payment in the DIM ecosystem which enables buying goods and services as well as using DIMPAY’s own services.
Holders of DIM TOKEN can make proposals for the project’s development and vote on the future direction of DIMPAY.
Owners of +50 DIM TOKEN will receive a 30% share of net commissions received via DIMPAY in accordance with the share of DIM TOKEN they hold.
Distribution scheme is presented below:
Net Fee Distribution (DIMPAY)
Token limitation: N/A
Benefits to token holders: Functional tokens which enable using the services of the platform; they can also be sold.
Max goal: 1,500 BTC
Min goal: N/A
The token sale is being implemented in several stages:
Distribution scheme %% according to the program (by direction):
- Media (Video, Article, Creative Campaign)
Summary: The project has an extensive bounty program. All the conditions of the program are detailed at the link above. Remuneration will be paid weekly.
Token and capital distribution
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.
- Q2 2018 - registration of payment license in Latin America.
- Q4 2018 - renewal of license for payment in Latin America. [White Paper]
Summary: The team has not provided a strategy for scaling or a marketing campaign. In addition, obtaining a payment license could be delayed considerably.
The team consists of 17 people and 3 advisors. Information about the main team members based on LinkedIn is given below:
Anastasia Guseva Plewka (LinkedIn) - Assistant manager. Assistant manager at Wiseconsulting.io, previously - assistant manager at analytical firm specializing in oil and gas;
Lourens Swanepoel (N/A) - IT engineer
Moshimane Kholane (N/A) - Listing expert
Allen Mutangudura (N/A) - Trader
Kimesha Naidoo (N/A) - Customer manager
The team has 12 people in addition to this.
Comments: Almost none of the team members could be found on LinkedIn.
Conclusion: Unfortunately, not all team members have profiles on LinkedIn. The available information on professional skills and experience is not enough to form an unambiguous opinion about the team. Personnel are mostly from South Africa. There are the following specialists: economist, employees working on social media, administrator, developers and support specialists. There are no experts present in the field of blockchain technologies (the technical team does not specify the experience of creating blockchain projects on Linkedin) in addition to the founder and CEO. The team did not provide a response to this question.
Information about the project is available on Twitter, Facebook and YouTube. There is a bounty program.
The project is active on social media. Twitter and Facebook regularly update news. The format of articles about the project shows that they are written mainly to the project’s order.
Commentary: Interest in the project is growing. The basic marketing campaign is set on Twitter and Facebook.
Analysis of website traffic based on Similarweb.com data showed the following:
Comments: 78.65% traffic - direct link 10.55% - referrals, 9.49% - social media
Search traffic: 0.00%
Referral links: 10.55%
An analysis of website traffic based on Alexa.com data showed that the number of website views is 22,980 per month and the number of visitors is 5,747. The website is most popular in the USA. [https://a.pr-cy.ru/www.dimpay.io/]
Summary: Based on the available data, it can be concluded that users are still not sufficiently interested in the project. The team is conducting an advertising campaign on social media (Facebook, Twitter).