OnPlace Basic Review
|Start ICO||01 Feb 2018|
|End ICO||10 Feb 2018|
Ticker symbol: OPL
Project type: OTC Investment platform
Extended company description: OnPlace is a platform based on the investment protocol of the tokenization of the assets of private companies.
Company: OnPlace Inc.
Public ICO start: 01.02.2018
Public ICO end: 10.02.2018
Token Sale duration (weeks): 1.286
Token type: ERC20
Token emission: 210,000,000
Tokens available (Pre-Sale + Public ICO): 110,000,000
Investment goal: Purchase of shares of leading private IT companies; development of and support for an ecosystem.
Price of 1 OPL: ETH 0.000142857
Accepted payment: ETH, BTC, LTC
Bounty: not announced
Token role: Domestic currency
Team (number of people): 10
Advisors and partners (number of people): 4
Twitter: Postings: 41, Subscribers: 1169
Telegram: Subscribers: 76
Medium: Postings: 7, Subscribers: 15
LinkedIn: Subscribers: 24
Facebook: Subscribers: 661
Instagram: Postings: 35, Subscribers: 15600
OnPlace is a platform based on an investing protocol involving the asset tokenization of closed non-public companies.
The PATS protocol underlying the platform will be used to tokenize off-exchange assets.
The concept of the Private Assets Tokenization System (PATS) protocol is to tokenize over-the-counter (OTC) assets for customers to invest in. The protocol entails multiple steps. Firstly, establishing a marketplace opportunity window (MOW); then following the MOW there is a selection of projects to be tokenized based on the criteria and communal discussions of crypto investors.
The next step is the tokenization of various projects eligible under the PATS protocol, leading to the circulation of established PATS tokens. Lastly, tokens are supported during their life cycle which ensures their complete decentralized control by the token holder community.
The commercial infrastructure for various classes of assets and properties involves numerous complex components, which can be time consuming and hard to navigate. The primary challenge for the OnPlace team’s development of tokenization of investments in shares of successful private companies was to create a universal and scalable instrument. OnPlace aims to provide a transparent and safe solution in the OTC investment field.
Use of the PATS protocol solves issues in the OTC investment field by securing and standardizing a channel of account management based on smart contracts. Furthermore, the decentralization of audit and participants’ decision-making, through the integration of management principles directly into the asset itself, will potentially enable everyday individuals to purchase OTC assets, which can be a daunting experience otherwise.
The basic functions of PATS allow an investor (a holder of tokens released on the basis of the protocol) to do the following:
- Determine the closing date of the asset.
- Add new assets for consideration.
- Vote for token emission of the underlying asset/change the parameters of tokens in circulation.
- Conduct an exchange of equivalent tokens using the PATS protocol without using third-party exchanges.
- Temporarily stop trading assets
- Autonomously adding basic third-party assets to the PATS system using its specifications from the protocol developer.
Reuben Godfrey (LinkedIn) - Co-founder of the Blockchain Association of Ireland and the Irish Chamber of Commerce in Slovakia. Reuben is a consultant to 8 different companies.
Mihail Semertzidis (LinkedIn) - experienced specialist in international financial markets. Mihail has headed the treasury of the Development Bank of the Council of Europe for 17 years. Previously, he worked as Financial Engineer in Research and Innovation Division of HSBC - Société Générale Asset Management.
Simon Cocking (LinkedIn) - Editor of such publications as Cryptocoin.News, Irish Tech News.
Nathan Christian (LinkedIn) - has been a blockchain advisor for more than 5 years.
Transmission – A platform for implementing fast multicurrency transactions worldwide.
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Stellar – A platform for real-time foreign exchange operations.
- FEBRUARY 2017 - $200,000 (Seed) [https://onplace.io/rus/roadmap]
- FEBRUARY 2017 - $700,000 (Seed) [Private placement]
- NOVEMBER 2016 - $500,000 (Seed) [https://www.crowdfunder.com/Onplace/invest]
- MAY 2017 - $1,100,000 (Series A) [https://www.crowdfunder.com/Onplace/invest], [https://onplace.io/rus/roadmap]
A positive aspect of the project is its receipt of substantial investment via the Crowdfunder platform (crowdfunder.com).
Strengths of the project:
- the project has attracted several rounds of investment
- the project has been positively accepted by the blockchain industry
- the company has introduced an alpha version of the product
Weaknesses of the project:
- the project does not reveal the platform’s algorithms, stating that this helps maintain a competitive advantage.
- there is no detailed technical roadmap.
- the project does not disclose its commercial strategy.
- there are no positioning or market entry strategies.
- the documentation contains more theoretical material than information about the project.
Since OnPlace will work with investors, and the main income for the project will be commissions from investment, we consider it necessary to analyze the private investment market.
B2C marketing for non-professionals is estimated at trillions of dollars. In the US, 54% of residents have bought shares at least once; in China, about 30% of residents have engaged in trade on exchanges.
According to the World Federation of Exchanges, global capitalization of the securities and currency markets has increased by 4.4%. However, there was a decline in trading derivatives (2%) and shares (15%). Regarding market participants, Simon Troy (Head of Marketing at www.forextrade1.com) has estimated that there are 77,296 million traders worldwide.
[https://www.rbc.ru/opinions/business/20/04/2016/57174e6d9a7947172a16f352], [https://www.quora.com/How-many-stock-traders-are-there-worldwide], [https://www.world-exchanges.org/home/index.php/statistics/annual-statistics]
The project team has analyzed all potential niches for investment:
a) Volume of the venture investment market. Total volume of the world venture capital market was estimated at $127 billion in 2016. Its annual volume over the past 3 years has exceeded $100 billion, almost double the volume of investments in 2010-2013.
b) Crypto market. The total capitalization of cryptocurrencies (currently, there are a little over 800 cryptocurrencies) exceeded $180 billion by the end of October 2017, completely recovering its levels after a recent decline coinciding with the ban on trading bitcoin and restrictions on the staging of ICOs in China. This is 10 times more than on January 1, 2017, and 25 times more than on January 1, 2016.
c) Analysis of the market segment for non-public IT companies. The average annual return on investment in the world’s leading non-public IT companies is estimated at around 100-200% and in some cases can reach up to 500%.
Comments: The white paper presents markets for potential investment, but the business model for the project is built on those who invest in the market.
The team did not present a market entry strategy or any methods to attract the target audience.
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Bloomio - A comprehensive structure aimed at maximizing investment opportunities via a number of unique functions.
LAToken – A blockchain platform where securities and shares in real assets can be bought and sold for cryptocurrencies - from real estate to works of art.
Summary: The main difference in OnPlace from its competitors is its specialization in a particular financial instrument - shares, as well as its use of a protocol to find the necessary assets.
The platform and protocol will function as follows:
- Creation of a market opportunity window.
- Selection of projects for tokenization based on the criteria determined by discussions within the investor community.
- Tokenization of the underlying assets of selected projects using PATS.
- Creation of PATS tokens for underlying assets and their initial entry into liquid circulation.
- Maintenance of tokens during their life cycle, and the provision of a fully decentralized management system for the token holder community.
The team has used Ethereum solutions, which enable the creation of proprietary accounting units on blockchain and contracts for managing them.
Comments: according to the roadmap, there is an alpha version of the product; however, the team did not clarify where this can be tested out.
In the future, with the development of technology and the amount of data it is planned to implement the following:
- February 2018 – TGE.
- August 2018 - Placing the first pool of tokenized assets based on PATS into circulation.
- January 2019 - Running a full service.
Comments: The roadmap provides concise information on the implementation of the technical aspect of the project.
The following active modules are available in open repository:
- ilyakmet: 100.00%
- ilyakmet: 100.00%
- Documents - this module contains documentation for the ICO.
- Crowdsale - this module contains the crowdsale and OPL token source code.
The repository belongs to OnPlace. All changes in the repository were made by the IT director of the project: ilyakmet (Ilya Solovyanov). There is no current activity observed in the modules; the latest updates (as of January 4, 2018) were made 27 days ago.
We have analyzed the OnPlace website and documentation for sufficiency and consistency for making an investment decision.
Information about the project is presented in the white paper in English, Russian, Spanish, Korean, Japanese and Chinese. The white paper provides information about the protocol and the market only. There is no description of the project, the team, the roadmap or the ICO.
The website also provides information about the roadmap, the protocol and the team. The website is available in English, Russian, Spanish, Chinese, Korean and Japanese.
Summary: It is difficult to form a comprehensive view of the project from the white paper and the website. There is no information on how the project positions itself in the market or a detailed description of the project.
Tokens for sale: 52.3809524%
Public ICO start: February 01, 2018
Token type: ERC20
Accepted payment: ETH, BTC, LTC
1 OPL price: ETH 0.000142857
Crowdsale duration: 10 days, until February 10, 2018
Token limitation: no limitations
Advantages for token holders: Holders of OPL tokens can invest in portfolios of private companies and have a priority right to reserve projects before standard services used by other categories of investors.
OPL Token investments are made without additional commissions for initial investment in projects.
Additional token emission: yes
Max goal: 15000 ETH
Min goal: 1000 ETH
Link to the Bounty: N/A
Summary: the project does not have a bounty campaign.
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company.
Development plans of the project for 2018 and beyond are virtually non-existent. We believe that the project should describe the development strategy and plans for product development in more detail.
However, according to the roadmap we see that the project has attracted 2 rounds of investment and developed an alpha version of the platform.
Summary: There is no description of the marketing campaign or market entry strategy.
However, a representative of the company has confirmed that negotiations with several venture funds for cooperation are underway. A portfolio of leading IT companies has been prepared for interaction with them via PATS. Unfortunately, the team cannot disclose full details due to the confidentiality of the commercial strategy.
The team consists of 10 people. Information about the main team members based on LinkedIn is given below:
Evgeniy Perikov (LinkedIn) - Founder. Previously a logistician for SC Olimpstroy.
Mikhail Gamov (LinkedIn) - Co-founder and CFO.
Michael Gorden (LinkedIn) - Director of Communications. CEO of Transmission. Previously head of research at Icon.Global.
The team has 7 more employees.
Summary: all employees have indicated their affiliation with OnPlace.
The team is mostly from Russia, and also includes the following specialists: A director of communications, a CIO, a SEO Optimization Specialist, SMM, a web designer and illustrator, content and social network manager, public relations manager and a front-end developer.
The team does not have extensive experience in investing or conducting business.
Information about the project is available on various popular services such as Twitter, Telegram, Medium, Slack, LinkedIn, Facebook, GitHub, Instagram and BitcoinTalk. The project does not have a bounty program.
The project is active on social networks. Twitter and Facebook regularly update news. There are plans to conduct viral advertising and marketing campaigns during the ICO.
The format of articles about the project shows that they were written mainly to the project's order.
Comments: Interest in the project is not high enough. The marketing campaign is developed mainly on Twitter and Facebook.
Traffic analysis of the OnPlace website based on Similarweb.com data showed the following:
Traffic sources: Similarweb
Comments: direct link: 98.88%, referrals: 0%, search: 1.06%, social media: 0.06%
Search traffic: 1.06%, 100% of which is "organic".
Referral links: 0
Analysis of social activity of the OnPlace website based on BE1.ru data [https://be1.ru/stat/onplace.io] showed the following:
The main visitors to the website are from Austria, Russia, Spain and Belgium.
Traffic analysis of the OnPlace website based on analysis data showed the following:
Traffic source: [https://a.pr-cy.ru/onplace.io]
Website evaluation: 0.67
Traffic: visitors: 941, views: 3750
Social activity: Score: 8, source: VK: 0, Facebook reposts: 8, Google+: 0
Summary: From the available data we can conclude that users are still not sufficiently interested in the project. However, the team is conducting an advertising campaign on Twitter and Facebook, and communicates with users on Slack.
Separately, we note that the failure of a previous ICO may adversely affect the reputation of the project from the investment point of view.
However, a representative of the project stressed that the previous ICO was halted due to an incorrect legal structure for the campaign (funds were returned to all participants).
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.