Pluscoin Basic Review

About the Project

Name: PlusCoin

Ticker symbol: PLC

Project type: Connecting cryptocurrency and the real world economy

Company: Metaps Plus

Website: http://plus-coin.com

White paper: http://plus-coin.com/pdf_en.asp

 

ICO details

Start: September 26th, 2017

Sale period: 2 weeks

Token type: ERC20

Total tokens: no data available

Available in Token Sale: 70%

Fundraising min goal: 30,000 ETH

Price: 200 PLC = 1 ETH

Accepted: ETH

Bonuses: Early Bird, maximum discount of 20%

 

Team

Team size: All Metaps Plus Inc staff

GitHub: https://github.com/Onther-Tech/pluscoin-crowdsale

 

Social media

Slack: 58 followers

Twitter: 9 tweets, 103 followers

Medium: 5 posts, 30 following

Reddit: no data available

Facebook: 7 likes, 8 followers

Telegram: 12 members

PlusCoin is an attempt at creating a new CoinRoom-based cryptocurrency market by a Korean fintech company, Metaps Plus. In fact it will be a new cryptocurrency exchange platform. Metaps Plus is quite well known in the Asian region; it is traded on a number of traditional exchanges. Its current capitalization is around US$370 million. Metaps Plus specializes in marketing support for mobile applications.

Creating a new token called PLC, the project offers the following services to customers:

  1. CoinRoom – a new-generation exchange, with new customer security solutions. The PlusCoin token will be actively traded on it, including against many currently popular cryptocurrencies.
  2. PlusCoin SDK – it will be possible to integrate the PLC cryptocurrency into mobile applications as a means of payment for advertising and promotion for marketing campaigns within mobile applications.
  3. Money Flow Platform – one of the project's goals is to create a closed PlusCoin turnover loop. This means that MetAps Plus users will receive PlusCoins for advertising services, and can exchange them for other currencies in the CoinRoom.

Advantages of holding the tokens are described as follows:

  1. Rewards - At the discretion and according to the decision of the company operating the CoinRoom, PlusCoin holders may receive certain quarterly PlusCoin or ETH rewards, provided the reward amount does not exceed 10% of the portion of the CoinRoom’s profit generated by transaction fees.
  2. Transaction fee return - PlusCoin holders are entitled to quarterly transaction fee refunds, as a part of their benefits.
  3. Mobile Coupons - Buyers of mobile coupons will receive discount premiums based on the amount of PlusCoins owned.

The PlusCoin project is another case of a mainstream company entering the crypto market. This is good news, because this is another recognition of the blockchain on the one hand, and it marks the arrival of another “high-quality issuer" on the other. The project deserves close attention for these two reasons alone.

The PLC token looks quite interesting as well. Participation in profit distribution, platform management and trading discounts are very tempting offers for a crypto exchange. This impression is clouded only by current trends regarding regulators' positions on all projects resembling IPOs.

The impression of the project is slightly marred by a weak marketing campaign. Considering that the parent company Metaps Plus operates as a marketing platform for mobile applications, this discord seems odd. However, experience has shown that everything may change very quickly in this respect.

In our opinion, the project has the following positive features:

  • The ICO will be held by an established mainstream company. There is an established, well-known business behind the token
  • An additional stage of development of exchange infrastructure

Disadvantages of the project:

  • Increasing regulatory risks
  • Tough competition among exchange platforms

The large crypto exchanges, all well-known in the community, constitute the main competitors. Due to the specific nature of the business and the location, Korean exchanges Bithumb, Coinone and Korbit will also be competitors.

Due to current trends in regulation, especially Chinese restrictions on trade being imposed on large exchanges, Korean exchanges have every chance to reinforce their positions.

The security of customers' accounts will be an important factor; the growing number of hacking attacks on servers and wallets on exchanges only confirms this necessity

Exchange trade is the basis of any civilized market; trade in crypto-assets is no exception. The prices of Bitcoin, Ethereum and any other token are determined by the conjunction of demand and supply.

A graph of the variance of total capitalization of the crypto market taken from the well-known site coinmarketcap.com is provided here as the main market indicator:

From the beginning of 2017, capitalization rose from US$14 billion to almost US$177 billion. This became possible largely due to the development of the exchange infrastructure.

The PlusCoin platform has many of its functions already announced; it is based on the CoinRoom exchange, which differs from other existing platforms in its multi-factor authentication, which makes it more hack-resistant. The network’s architecture is also an important factor - this will include a Personal Information Management System (PIMS) and an Information Security Management System (ISMS), managed by the Korea Internet & Security Agency.

The project has a GitHub link; the future token is stored in the repository. Here anyone can see for themselves the quality of the code and how regularly it is updated.

The project's website contains the white paper, where the main features of the project are described. Other than the absence of a section dedicated to the project's team, the structure of the document is quite standard.

The document is written in non-technical language. There are three versions of the white paper: in Korean, in Chinese, and in English.

The formatting of the document is neat and matches Metaps Plus' corporate style. One of the misprints that caught our eye is an incorrectly typed code for Metaps Inc shares: TSE:6712 instead of TSE:6172.

Start: September 26, 2017

Sale period: 2 weeks

Token type: ERC20

Total tokens: no data available

Available in Token Sale: 70%

Fundraising min goal: 30,000 ETH

Price: 200 PLC = 1 ETH

Accepted: ETH

Bonuses: Early Bird, maximum discount of 20%

Upon placement the tokens will be distributed as follows: 70% - ICO participants

20% - PlusCoin team

10% - a reserve to maintain liquidity on the CoinRoom exchange market

The maximum discount which ICO participants can gain is 20% of the cost of the PLC token. The bonus system will run according to the scheme below:

26 Sep – 27 Sep – 20%

27 Sep – 30 Sep – 15%

30 Sep – 03 Oct – 10%

03 Oct – 06 Oct – 5%

06 Oct – 10 Oct – 0%

According to the founders' plan, funds raised for project development will be allocated as follows:

50% - Amount of ETH reserved by the exchange market for cryptocurrency transactions

25% - Development, operation, marketing, PR and driving costs for the exchange market

20% - Reserved amount for arbitrage trading through partnerships with foreign exchange platforms

5% - Advisory fees to external partners, such as Hwang Mok Park, PWC, Grant Thornton and Samsung Securities

The PlusCoin project promises dynamic development and the implementation of all announced functions within a year from now. The project has only four main milestones:

March 2018 – trading platform to be launched. Trade will start with Bitcoin, Ethereum and PlusCoin, per se

June 2018 – PlusCoin Store to be launched July 2018 – PlusCoin SDK to be launched

September 2018 – PlusCoin Leasing Services will be launched

The roadmap is usefully illustrated by the following diagram from the white paper:

The situation with the project's team is quite unique - there are no references! The founders have included no references to particular people in the white paper or on the website. It is known that the project is being developed by Metaps Plus, Inc.

The first thing we would like to mention is that there already is a project of the same name. The ICO of the PLUSCOIN project http://pluscoin.io is currently in progress; this project is offering a system of crypto cashbacks. This situation is not very good for either project. In choosing a name one must pay closer attention to such aspects.

Returning to discussion of Metaps’ PlusCoin, the project's promotional activity on social networking services is quite low. There are very few followers on any of the accounts mentioned; however as everyone knows, main marketing activity often takes place during the last week before the ICO.

The situation with adverts and interviews on popular media is not clear either. We have managed to find only one online advertisement worth mentioning, at econotimes.com.

 

 

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.