ICOVO Basic Review
|Start ICO||10 Oct 2018|
|End ICO||30 Oct 2018|
Ticker symbol: OVO
Project type: Platform
Extended company description: ICOVO is a versatile platform facilitating the launch of DAICOs and integrating all the functionality necessary for running ICO campaigns.
Company: ICOVO AG
Public ICO start date: 17 July 2018
Public ICO end date: n/a
Token sale duration (weeks): -
Token type: ERC20/ERC223
Total token supply: 200,000,000
Tokens to be sold (Pre-Sale + Public ICO): 120,000,000
Price: 1 OVO = 0.3 USD (0.000503 ETH)
Accepted currencies: ETH
Bounty program: An online bug bounty will be held from 30 June to the start of the public sale, and a bug bounty hackathon will held on 30 June in Tokyo, Japan.
Token function: Utility
Number of team members: 23
Number of advisors and partners: 2
ICOVO is a versatile platform facilitating the launch of DAICOs and integrating all the functionality necessary for running ICO campaigns.
ICOVO encompasses the following services: A DAICOVO platform for running DAICOs, an ICOVO app that includes a wallet, KYC / AML functionality, blockchain management and IPFS. The project also offers an ICO website that will enable listing ICOs and will provide recommendations from the project team.
- Dr. Tom Frey – Legal Advisor. Partner at Baumgartner Mächler Rechtsanwälte AG. Tom is also a Senior Lawyer at Baumgartner Mächler Lawyers Ltd.
- Quek Li Fei – Legal Advisor. Partner at Colin Ng & Partners.
Attracted funds: n/a
The project is essentially a platform that facilitates the running of DAICO campaigns, as well as consultancy services and investment activities. The platform has a mobile app interface for DAICOs (proposals and voting)
- the market is not very competitive.
- the market is growing at a fast pace.
- the project has an experienced team.
- Absence of an MVP, however with the code of the project, is available on the GitHub. According to the team the DAICO interface integrated app will be released on June 22.
- there are no strategic partners.
According to Ernst & Young, the total amount of funds raised by ICOs has surpassed $3.7 billion, which is twice the amount of venture investments. Moreover, this market tendency is expected to continue. As per their Global Crowdfunding Market report, the crowdfunding market is projected to grow at 26.87% CAGR from 2016 to 2020.
According to figures provided by Ernst & Young, the total amount of funding attracted by ICOs is now reaching $4 billion, twice the amount of venture capital invested in blockchain startups. This figure includes $0.5 billion that the Chinese government obliged companies to return to investors at the time of their ICO ban.
According to ICOBox, a company that provides ICO services, in Q3 around 80% of all startup investments were accrued from large investors, specifically private Chinese investment funds, hedge funds, and venture firms specializing in cryptocurrencies. The rest came from retail investors.
According to the team’s analysis, the ICO market grew by 3800% over the period from 2016 to 2017. In 2017 its value was $3.7 billion. As for the number of ICOs, in 2017 there were five times as many crowdfunding campaigns as in 2016. The amount raised also increased: In 2016 ICOs attracted $2.1 million, in 2017 this figure increased by seven times and the amount raised surpassed $15.7 million.
At the same time, the market for ICO support services is also growing; according to the team’s projections its value will have reached $771.5 trillion by 2021.
Comment: The market is rapidly developing, making it possible for the project to occupy a niche.
- Coinet (CFP) - a platform that enables innovation tech projects to find investors or run custom DAICO campaigns to raise funds for their development.
- Coincrowd – a protocol for running DAICO.
- The Renitheum - a protocol for running DAICO.
Conclusion: The key features that set the project apart are its custom wallet and listing option.
The project is based on blockchain technology and employs smart contracts. The DAICOVO smart contract consists of four individual smart contracts: A token purchase contract, a token sale contract, a token issuance contract and a voting contract.
These contracts will function as follows:
1) "Contribution mode". All token issuers will need to provide the following information about their tokens: Name, symbol, number of decimals, total supply, hard cap, sales schedule, sales model, per-person cap, initial fund, and tap. After having studied this information, investors will be able to buy these tokens by transferring ETH or OVO to a smart contract address. The ICOVO app wallet will enable them to invest and manage the assets they have purchased. This wallet can generate an infinite number of addresses (public and private key pairs).
2) " Voting Mode". After having transferred the ICOVO fee to a smart contract address, token issuers will be able to withdraw the funds raised. Token holders will have the right to submit proposals and the right to vote. There are two types of proposal that can be made - raising the tap or self-destruction of the contract.
The ICOVO app will be available for Android and iOs. The project employs IPFS for documentation, which is intended to ensure more secure data storage. [https://en.wikipedia.org/wiki/InterPlanetary_File_System]
ICOVO is a versatile ICO support service that includes the following elements:
1) DAICOVO platform. This enables issuing tokens for ICO purposes employing an ERC20 / ERC223-compatible DAICO platform.
2) ICOVO app. This offers the following functionality:
- a wallet for managing ERC20 / ERC223-compatible tokens.
- KYC / AML for ICO investors and project founders.
- Whitepaper versioning on IPFS and blockchain.
- a voting feature available for investors.
3) ICOVO web. This is an ICO listing web site that offers the following services: Documentation review, legal checks, engineering support from DAICOVO parameter adjustment to deployment, and distribution of English, Japanese, German, French, and Italian press releases in Switzerland, Japan, and Singapore.
Comment: The project is employing current technologies that have proven effective.
The team are planning to further develop the technologies, collect the required data and subsequently implement the following solutions:
- Q2 2018: release of ICOVO App version 1.0.0, wallet, Dashboard for ID photo upload, and ICOVO Web version 1.0.0.
- Q3 2018: release of ICOVO App version 1.1.0, DAICOVO version 1.1.0.
- Q4 2018: release of ICOVO Web version 1.2.0 , ICOVO App version 1.2.0 with listing option, DAICO version 1.2.0 with parameter adjustment option.
- Q1 2019: launch of ICO platform, ICOVO Web version 1.2.1, ICOVO App version 1.2.1, DAICOVO version 1.2.1.
Comment: The team have provided a phased platform development strategy.
The repository has been created; however, no open modules are available for now.
We have analyzed the ICOVO site and documentation to determine whether they provide sufficient and consistent information for an investment decision to be made.
Project information can be found in the White Paper and Tokensale documents, available in English, Japanese and Chinese. The White Paper provides a detailed description of the project. Specific attention is payed to platform functionality.
The website provides the following information: project, team, advisors and a roadmap. The site is available in English.
Conclusion: The documentation provides sufficient information for gaining an idea about the project. The platform’s functionality has been described in sufficient detail.
Tokens to be sold: 60%
Public ICO start date: 17 July 2018 UTC 0:00
Token type: ERC20/ERC223
Accepted currencies: ETH
Price: 1 OVO = 0.3 USD (0.000503 ETH)
Crowdsale duration: n/a
The OVO token is a utility token that can be used as a payment means on the platform. It can also be employed for investment with discounts, to pay fees, access services, etc.
Token issuance limit: 200,000,000
Token holder advantages: The tokens can be used to access platform services or may be sold on exchanges.
Additional token emission: No
Hard cap: 35 Million USD
Soft cap: 3.5 Million USD
・Presale (from 17 July)
30% discount off of the standard unit price.
・Crowdsale (from August)
• Within 10 days of the start date:
10% discount off standard unit price (1 OVO = 0.3 USD)
• Between 10 and 20 days of the start date:
5% discount off the standard unit price (*No discount is available for purchases made during the last 10 days of the sale)
Comment: All unsold tokens will be burned.
Token and capital distribution
Tokens and funds will be allocated as follows:
Conclusion: Tokens do not affect the company share allotment. The incentive system encourages early token purchases. The project envisages token lock-up periods.
- Q2 2018: events in Zug, Tokyo and Singapore.
- Q3 2018: social media marketing campaign.
- Q4 2018: Zug co-working launch.
- Q2 2019: Tokyo co-working launch.
- Q3 2019: global deployment of the project.
Conclusion: According to the White Paper, the team are planning to scale the project. The project also envisages a marketing campaign intended to attract startups to the platform. The campaign will employ online media resources and co-working for startups.
The team includes 13 members and 2 advisors. The LinkedIn profiles of key members provide the following information:
- Akihiro Yamase – CEO and Co-founder. Akihiro is also Co-founder and CEO of Yamase Holdings Inc., Uplive inc., as well as co-founder and CEO of Odeocreation inc. and Peace Voice Entertaiment inc.
- Masahiko Kumada – CFO and Co-founder. Masahiko is also Managing Director of Million Mile consulting Ltd and Macnel Administration Pte Ltd.
- Yoshikazu Nishimura – CTO and Co-founder. Yoshikazu is also Managing Director of Comps ITL Pte. Ltd., Comps Co., Ltd., and G. U. Lab.
There are an additional 10 people in the team.
Conclusion: Almost all team members have confirmed their participation in the project. Most of the team come from Japan; they include a Chief Administrative Officer, Chief Design Officer, Chief Engineer, Chief Blockchain Engineer, Blockchain Evangelists, Marketing Manager, and Community Manager.
Information on the project is available via major services such as Twitter, Telegram, Medium, Linkedin, Facebook, Github, BitcontTalk and Reddit.
The team are running a social network marketing campaign. Their Twitter, Facebook and Medium newsfeeds are regularly updated.
The majority of articles have been ordered by the team to raise awareness about the upcoming ICO among potential investors.
Comment: The level of interest in the project is gradually growing. The marketing campaign is mainly being developed via Twitter, Facebook and Medium.
Below are the results of ICOVO traffic analysis based on data from Similarweb.com:
Traffic source: [https://www.similarweb.com/website/icovo.co]
Comment: Direct: 61.97%, referrals: 34.62%, search: 2.45%, social: 0.97%, mail: 0%
Search traffic: 2.45% (100% is organic)
Below are the results of ICOVO traffic analysis based on data from BE1.ru:
Traffic source: [https://be1.ru/stat/icovo.co]
Comment: Most of the traffic is from these five countries: Japan - 69.74%, Brazil - 14.85%, South Africa - 3.70%, Indonesia - 3.56%, Italy - 3.47%
Referrals: icovo.io - 98.86%, blog.livedoor.jp - 0.38%, wantedly.com - 0.38%, tamari-ba.com - 0.38%
Social activity: Youtube - 100%
Conclusion: Based on available data, we can see that users are showing more and more interest in the project. The team are running a marketing campaign via Twitter and Facebook, are communicating with users via Telegram and run a Medium blog. The site had around 9000 visits in April.
You can contact the developers via the following links:
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.