Midex Basic Review
|Start ICO||15 Jan 2018|
|End ICO||15 Apr 2018|
Ticker symbol: MDX
Project type: Platform, Banking, Investment
Extended company description: Midex makes the use of cryptocurrency easy for businesses, traders, and consumers. It is a financial ecosystem fulfilling the needs of all economic participants through a fully licensed and encrypted exchange.
Company: Midex Ltd.
Public ICO start: 15.01.2018
Public ICO end: 15.04.2018
Token Sale duration (weeks): 12.85
Token type: ERC20
Token emission: 75,000,000
Tokens available (Pre-Sale + Public ICO): 63,750,000
Price: 1 MDX = 1 USD
Accepted payment: ETH, BTC, LTC, DASH
Bounty: The program is active until the end of the ICO.
Token role: Functional
Team (number of people): 17
Advisors and partners (number of people): 5
Midex makes using cryptocurrency easy for businesses, traders and everyday users. It is a financial ecosystem fulfilling the needs of all economic participants through a fully licensed and encrypted exchange.
The Midex ecosystem includes:
- A crypto exchange.
- Secure transactions (Escrow).
- A network of crypto ATMs.
- An investment fund.
- An ICO staging facility.
- A credit marketplace.
- An investment marketplace.
- A payment system.
The system enables storing, transferring and exchanging crypto assets.
- Eyal Hertzog (LinkedIn) - Blockchain advisor. Product architect for Bancor Foundation, previously co-founder and product architect for AppCoin, co-founder and president of Metacafe Inc.
- Daniele Azzaro (LinkedIn) - Strategy advisor. Preventing financial crime SMEs and senior strategy consultant at Lloyds Banking Group, consultant for ModulTrade Ltd, CoinLoan, managing director of Dekoo Consulting.
- Ely Tolen (LinkedIn N/A) - Advisor on international relations. VJ for Capital FM.
- Gabriel Brack (LinkedIn) - financial expert. CEO at Rothschild Family Office.
- Renato Almeida (LinkedIn) - Legal advisor. Legal advisor to Snovio, civil servant at TJDFT, previously legal advisor for Minex.io, legal advisor and business analyst at TrueFlip Inc.
- Global Venture Alliance - an ecosystem promoting start-ups.
- IBM - technical partner.
- The Linux Foundation - a company investing in technology.
- Bancor - crypto exchange.
- Yoldi - partner in product development consulting.
- Ethereum - technical partner.
- Bitfury - a diversified blockchain company, the largest industrial crypto miner outside of China, software and hardware developer with Bitcoin.
Attracted investments: N/A
The Midex project has experts in finance, legal issues and IT. According to the team, the project's activities comply with legislative requirements in Estonia, Hong Kong, Singapore, the United Kingdom, the United States and Japan, and also meet European AML requirements including AMDL IV.
- The market chosen by the project is a dynamically developing one.
- The project has a strong team of specialists.
- The project has an MVP.
- A strongly competitive environment in the selected market.
- There are risks of not attracting enough users to the platform.
- The project uses several business models, which may entail an increase in development costs.
- The project has competitors with selected individual products.
Market and Industry
According to Research and Markets, the blockchain industry market will grow from $544.2 million in 2018 to $2,312.5 million by 2021, with an annual growth (CAGR) of 61.5%.
Blockchain banking is a new direction in the development of the finance industry. As experts point out it is much faster, more efficient and less error prone than the traditional automatic clearing bank (ACH); this type of banking can save money and time for banks and make payments almost instantaneous for consumers. In addition, the decentralized nature of blockchain makes it difficult for criminals to commit fraudulent actions. [http://www.prnewswire.com/news-releases/blockchain-market-to-grow-at-a-cagr-of-615-by-2021-bfsi-sector-is-expected-to-dominate-the-market-during-the-forecast-period---research-and-markets-300470481.html], [https://thenextweb.com/contributors/2017/08/27/future-of-digital-banking/#.tnw_dkU9ixYG]
Comments: The market is growing quickly, but the number of crypto banks is also growing at a fast pace. More details on competitors in the next section.
In the course of our research we identified the following competitors:
- Everex - platform that enables making payments in cryptocurrency and exchanging microfinance services
- Monaize - an electronic blockchain-based banking platform intended for freelancers and small to medium-sized businesses
- Worldcore - a payment system offering a wide range of services
- WeTrust – a financial services platform
- Lending Club
- BM Chain
We have added the following competitors:
- GetLine - a decentralized credit platform.
- Lendoit - a decentralized P2P lending platform.
- Genie - also a decentralized P2P lending platform.
Summary: The project’s main differences from its competitors are its wide range of services, safety, stability and commission-free operation.
Engineering features of the platform
The platform is based on blockchain technology and smart contracts. To prove the fulfillment of transactions, an internet of things (IoT) function is used.
The secure API enables external systems to interact with any of the services and interfaces: Wallets, mobile applications, crypto exchanges, online stores, CRM and ERP systems, statistical services, trading robots, news and ATMs.
The crypto exchange operates using WebSocket technology
- Decentralized file storage (DFS) - Swarm and Storj.io
- Certified CIPF – cryptoPRO and cryptoARM
- Agents for processing external requests
- Document analyzer
Security technologies used:
Midex is designed for the following groups of consumers:
- private clients – the purchase and sale of goods and services for cryptocurrencies - hot and cold storage of currencies.
- business - currency conversion, transactions in cryptocurrency.
- traders - trading on the exchange.
- investors - investments in cryptocurrencies.
The platform has the following features:
- Midex Payment system. (This can interact with the escrow function).
- Payment process: 1) choice of payment method (bank card, electronic money, cryptocurrencies). 2) transition to the Midex gateway. 3) change of payment status.
- Midex personal account (online bank or mobile application). It is possible to connect other accounts and centralize their administration, receive reports and other information about payments, make transfers, repay a loan or replenish a deposit, issue and pay bills, automate payments, and block accounts.
- Crypto ATMs. Provide the opportunity to buy, sell, exchange and transfer currencies or withdraw funds.
- Crypto Exchange. Exchange of currencies is possible at market rates. TradingView.Analytics
- Investment platform. An investor can find a trader, discuss conditions and connect an API to view statistics.
- Credit platform. P2P loans, the creation of credit histories.
- Midex ICO Center. Midex will act as guarantor; it can search for financial support and provide smart contracts and other programs.
- Escrow. For various types of transaction with an electronic signature facility.
- VR office. Viewing the virtual office.
Comments: The crypto exchange is licensed in Estonia.
A demo version of the product is available. [https://en.midex.com/]
As the technology evolves along with data quantity, it is planned to implement the following:
- Before the ICO: Change of cryptocurrencies, crypto exchange, escrow, public API, aggregation of quotations, web platform.
- Q2 2018: Introduction of the P2P loan market, asset management, payment acceptance, trading API, mobile application, participation in SWIFT, blockchain.
- Q3 2018: Savings and settlement accounts, issuing of bank cards, aggregation of crypto banks, crypto ATMs, marketplace of trust management, mining pool hub.
- Q4 2018: creation of Midex Coin, lending, Midex Secure system.
- Q4 2019: venture investment, marketplace, premium insurance, ICO marketplace.
Comments: The project has presented a step-by-step strategy for development. The team has software specialists, therefore it is more likely that plans will be implemented to schedule.
We have analyzed the MIDEX website and documentation for sufficiency and consistency for making an investment decision.
The website also provides information about the project, the ICO, the roadmap, bounty and bonuses, demos, videos, consultants and the team. The website is available in English, Russian, Spanish, Portuguese, Japanese, Korean and Chinese. The website features a link to the demo version and a description of the bounty program.
Summary: The documentation enables forming a comprehensive view of the project. The platform’s processes are described in sufficient detail. The team can be contacted via Facebook.
Tokens for sale, %: 85
Public ICO start: January 15, 2018
Token type: ERC20
Accepted payment: ETH, BTC, LTC, DASH
Price: 1 MDX = 1 USD
Crowdsale duration: 12 weeks, until April 15, 2018
Use of MIDEX Tokens:
Tokens may be used on the platform as follows:
Token limitation: 75,000,000
Advantages of token holders:
Dividends: Bonus accruals every day at a rate of 20% of commission amount.
Additional token emission: No
Hard cap: 75,000,000 MDX
Current amount: $ 5,000,000
Comments: all unsold tokens will be destroyed after the ICO.
Token holders will not be able to dispose of their MDX tokens until the end of ICO.
Up to 3,750,000 MDX tokens will be distributed among participants after the end of the token sale period.
The program is open in the following areas:
Summary: The project has an extensive bounty program. All program conditions are listed on the project's website; registration for the program is also via the site.
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 built in such way that it is more profitable to buy tokens earlier.
According to the White Paper, the project is planning to switch to a digital format to enable the following:
- Provision of client access anywhere in the world 24/7.
- A reliable authentication system.
Summary: In 2018, the project team plans to focus on developing the platform’s functionality. In early 2019 (or late 2018), the project will have its own coin and will provide services in 4 main areas: Venture investments, insurance, brokerage services, and an ICO marketplace.
The team consists of 17 people and 5 advisors. Information about the main team members based on LinkedIn is given below.
- Andrew Dubinin (LinkedIn N/A) – President. Previously member of the management committee for central and eastern Europe UBS, and led a project for the British financial group Aviva.
- Dmitry Machikhin (LinkedIn) - Executive Director. Partner at GMT Legal, Deputy Head of Medical Business Development and External Relations Department at CHTPZ Group, formerly partner at Intels legal, Attorney at J & T BANKA SR.
- Alex Shkirin (LinkedIn N/A) - Head of Tax and Legal Department.
The team has 14 more members.
Summary: The team is mainly from Russia and also has the following specialists: a Technical Director, a PR Director, Lawyer, Investor Relations Manager, Hype Manager, Project Manager, a Marketing Director, plus Software Developers and Designers.
Information about the project is available via various popular services: Twitter, Telegram, Reddit, Slack, Facebook, BitcoinTalk and YouTube. The project has a bounty program.
The team is active on social media. News is regularly updated on Twitter, Facebook and VK; the team is placing videos on YouTube.
The format of articles about the project shows that they are written mainly to order.
Comments: Interest in the project is gradually growing. The marketing campaign is being developed mainly on Facebook, Twitter and YouTube.
Traffic analysis of the MIDEX website based on Similarweb.com data showed the following:
Comments: Direct link: 34.22%, referrals: 16.62%, search: 22.15%, social media: 22.71, mail: 0%
Search traffic: 22.15%: 76.14% of which is “organic” and 23.86% arises from paid searches.
Referral links: 16.62%
Total Visits: 65,000
Social activity analysis of the MIDEX site based on BE1.ru data showed the following:
Comments: Top 5 countries for visitors: Russia - 44.89%, Ukraine - 12.77%, Brazil - 5.80%, Belarus - 4.75%, Japan - 3.40%.
Referral links: bitcointalk.org - 47.64%, icobench.com - 14.72%, promo.midex.com - 12.76%, bountylord.com - 7.88%, ico-list.com - 5.06%.
Traffic analysis of the MIDEX website based on analysis data showed the following:
Website rate: 0.79 (79%)
Activity: visitors: 9064; views: 36,240
Social activity: score - 605 (+137), source: VK – 15 (+1), Facebook share – 590 (+136)
Summary: Based on available data, it can be concluded that users have begun to be interested in the project. The team is conducting an advertising campaign via Twitter, Facebook and VK, and is uploading videos to YouTube. There are publications available in the media about the project. Over the past month, website traffic has increased by 1400 visits.
The developers can 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.