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Skraps Basic Review

Name: SKRAPS

Ticker symbol: SKRP

Project type: Investment, Banking, Cryptocurrency, Platform

Extended company description: Skraps is a blockchain-based platform for micro investing.

Company: Skraps Inc.

Website

Whitepaper

Public ICO Start: 15.01.2018

Public ICO End: 15.02.2018

Token Sale Duration (weeks): 4.4

Token type: ERC20

Total number of tokens issued: 110,000,000

Tokens Available on Sale (Pre-Sale + public ICO): 66,000,000

Investment goals:

  • 50% — platform development
  • 30% — marketing
  • 3% — payment for legal services
  • 2% — exchange charges
  • 10% — team
  • 5% — other

Price of 1 SKRP:

  • 1st week - $0.30
  • 2nd week - $0.35
  • 3rd week - $0.40
  • 4th week - $0.45.

Accepted payments: ETH, BTC, LTC, BCH, DASH, XRP

Bounty: The program starts on December 8, 2017 and runs until February 15, 2018.

Token role:  Functional

Team (number of people): 10

Advisors and partners (number of people): 5

GitHub: N/A (available soon)

Twitter: Posts: 104, followers: 420

Telegram: Subscribers: 2000+

Medium: Posts: 2, Subscribers: 4

LinkedIn: Subscribers: 7

Facebook: Subscribers: 150+

Skraps is a blockchain-based micro-investing platform where users can invest and round off their transactions in cryptocurrency.

Customers can get started in 3 simple steps: Connecting a debit/credit card or wallet with cryptocurrencies, spend money as usual and invest the change resulting from rounding up the purchase sum.

Skraps works similarly to Acorns, but it can be used for purchases with cryptocurrency as well as fiat. Users can invest and manage their funds through the Skraps platform and be rewarded for consistent investment.
To invest cryptocurrency a user needs to connect their wallets to the platform. After that, whenever a purchase or transaction is made, the difference received from rounding up will be invested in the Skraps portfolio. A user can select a portfolio type based on risk level.

The platform will also have a Leaderboard function so that users can publish their high yield portfolios for others so that they can copy them.

Project advisors:

Aayush Jindal (Linkedin) — Director and founder of InfoTrics Solutions, founder of EduTrics, writer and analyst at NEWSBTC, currency analyst at Titan FX.

Greg Sigalov (Linkedin) — Founder and CTO at Arrow Science and Technology, co-founder and R&D research fellow of at Arenarts Inc., formerly: research fellow at the University of Illinois at Urbana-Champaign.

Nikhil Mohan (Linkedin) — Director of research and development at Lightrains Technolabs PVT Ltd, co-founder of Blockchain Interest Group.

Diego Emilio Cruces (Linkedin) — IT manager at Upwork, formerly: IT Manager and head of the LATAM division at Globallogic Inc.

Volodymyr Lytvyniuk (ICObench) — Advisor for First Crypto ETF and Nametoken; success rate of staged ICOs is 8.1/10.

Project partners:

Oraclize — providing oracles for projects.
ICObox — partner in the field of ICO.
Coinfirm — technology partner.
Reality Keys — a platform that tracks cryptocurrency rates and transactions.
KYC-chain — technology partner in the field of identification.
Coinpromote — partner in the field of marketing.

Attracted investments: n/a

The project is based on cryptocurrency and an investment platform. Attention to the project from the blockchain community is currently low.
 

Strengths of the project:

  • based on the analytical data, we note that the project team has chosen a steadily growing market where we believe it is possible to occupy a prominent share.
  • the platform will be built on proven and widely used technologies.

 

Weaknesses of the project:

  • there are no specialists in the field of trading and creation of investment portfolios.
  • competitive advantages are insignificant (however, a project representative stated that the team is in contact with several reputable crypto portfolio managers/funds).
  • no market entry strategy or methods of attracting users to the platform (the team will be working with a digital marketing group and with several notable crypto influencers/traders who will be promoting their Skraps portfolios to their social media followers).

Capitalization of the cryptocurrency market is US$589.7 bln as of 18.11.2017 according to data from CryptoCurrency Marketing Capitalizations. According to Infoholic Research LLP report, the Cryptocurrency and Blockchain technology market will grow by 35.2% in the next five years. 
According to blockchain.info in the world there are 14.7 mln users of cryptocurrency wallets, it is also expected that the increase in the number of users will be 40% per year. [Https://blockchain.info/charts/my-wallet-n-users?timespan=all], [Https://www.researchandmarkets.com/research/34frjf/worldwide], [https://coinmarketcap.com/]

According to information in the white paper, 40% of millennials believe that they do not have enough money to start investing in the stock market; moreover, most of them believe that a large sum is needed for starting. According to the team, returns on investments in cryptocurrency and tokens could amount to more than 15-20% per annum. The capitalization of cryptocurrency at the time of writing the white paper was $163 billion. White Paper

Comments: The market for cryptocurrency and its users is dynamically developing, which speaks about a possibility for the project to occupy its niche given the correct strategy of promotion.

The team pinpoints the following competitors in the field of micro-investing:

Acorns — a micro-investing platform that rounds up purchase amounts to the nearest number and invests the difference in different assets depending on the client's risk appetite.

Stash — a micro-investing platform.

Clink — an application for investing that also forms a portfolio for the user.

Competitors in the field of investing in cryptocurrency:

Coinflash — a platform that invests the results of rounding up in Bitcoin or Ethereum.

Dust — a platform for investing a small change from daily purchases in cryptocurrency portfolios. [White Paper]

Summary: The main difference of Skraps from its competitors is the possibility for investing in both fiat and cryptocurrency, as well as the possibility to invest in crypto assets.

The platform will function as follows:

  1. A user connects their cryptocurrency wallets and debit/credit cards to the platform.
  2. Makes a purchase using them.
  3. The purchase amount is automatically rounded up.
  4. The difference between the rounded up sum and the purchase sum is invested in assets that meet the risk level of a user's preferences. White Paper

The platform uses smart contracts and an API to perform operations. In addition, it will use the ENS service to give smart contracts user names.

All user data is protected by 256-bit encryption.
Oracle services will be used to obtain prices for different tokens.
The Skrap wallet will be connected to three different exchanges: Kraken, Poloniex, cex.io. White Paper

Comments: The team will use existing technologies that already function successfully.

In the future, with the development of the technology and the amount of data it is planned to implement the following:

April 2017 – Concept.
December 2017 - white paper - ICO smart contract audited and released.
February 2018 - mobile + desktop application development.
March 2018 - Beta desktop + mobile app version released to whitelist members.
April 2018 - Beta v1.0 desktop + mobile app versions released to general public.
May 2018 - Production ready app v2.0 released.
June 2018 - Desktop + mobile app versions released to general public.
July 2018 - Open source development governance process to community.
August 2018 - SKRAP DAO complete.  White Paper

Comments: The roadmap presents a step-by-step development of the product. The white paper has a description of the platform; on the site one can find out how the mobile app interface will look. The repository is not yet available, but the team promised to create it and open the code in the last week of December.

We checked the site and documentation of SKRAPS for sufficiency and consistency in order to make an investment decision.

The documentation includes the white paper, presentation and the terms and conditions, all available in English (updated languages on the site). The project is described in sufficient detail in the white paper. The main emphasis is placed on a detailed description of the technical component of the project, the principles of platform operation and the benefits of investing in crypto assets.

The website also provides information on the project, the staging of the public ICO, system operation, roadmap, the partners, advisors and team. The site is available in English. An additional feature of the site is that it provides only necessary information, allowing a reader to form an impression about the project.

Summary: The documentation provides insight into the project. The principles of the platform operation are described in sufficient detail.

Tokens to be issued for sale, % 0.6

Public ICO Start: 15 January 2018

Token type: ERC20

Accepted payments: ETH, BTC, LTC, BCH, DASH, XRP

 

Price of 1 SKRP:

  • 1st week - $0.30.
  • 2nd week - $0.35.
  • 3rd week - $0.40.
  • 4th week - $0.45.

Crowdsale duration: 4 weeks, until 15 February 2018

SKRP is the currency of the platform, used to pay for Skraps account services, platform payment of 5%.


SKRP will also be used to pay for professional managers who will manage investment portfolios on the platform. 

Issuance of tokens limited to: 110,000,000

Advantages for token holders: Tokens are functional which enable either payments for platform services, or sale of the tokens.

Dividends: no

Additional issue of tokens: no

Escrow: no

Max Goal: US$21,450,000

Minimum Goal: US$1,000,000

Bonuses: It is possible to purchase a token at a lower price in the first week of the ICO.

  • 1st week - $0.30.
  • 2nd week - $0.35.
  • 3rd week - $0.40.
  • 4th week - $0.45.

Link to Bounty

Scheme of the program % distribution 5.5 mln SKRP is allocated to the Bounty program. The program is open in the following directions:

  • Telegram - 275,000 SKRP
  • Subscriptions - 825,000 SKRP
  • Facebook / twitter - 1,100,000 SKRP
  • YouTube - 550,000 SKRP
  • Blogs / articles - 550,000 SKRP
  • Translation - 275,000 SKRP
  • Referral programs - 1,100,000 SKRP
  • Reddit - 275,000 SKRP
  • Special programs - 550,000 SKRP.

Summary: The project has an extensive bounty program. All the terms of the program are specified under the link.

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The reward system is set up so that it is more advantageous to buy tokens earlier.

Roadmap of the project:

April 2017 – Concept.
December 2017 - white paper - ICO smart contract audited and released.
February 2018 - mobile + desktop application development.
March 2018 - Beta desktop + mobile app version released to whitelist members.
April 2018 - Beta v1.0 desktop + mobile app versions released to general public.
May 2018 - Production ready app v2.0 released.
June 2018 - Desktop + mobile app versions released to general public.
July 2018 - Open source development governance process to community.
August 2018 - SKRAP DAO complete.  White Paper

Summary: The roadmap presents a description of the development of the technical aspect of the project, but there is no description of any marketing campaign nor any strategy for scaling.

The project team is staging the ICO on the basis of Skraps Inc., however, in the future SKRAPS DAO will be convened.

The team consists of 9 people, as well as 5 advisors. Information on the core members of the team (LinkedIn) is as follows:

Kal Mokhtar (Linkedin) Co-founder and CEO. Co-founder of Organicade, Inc., founder of KTM Trade, LLC, formerly manager of International Business Development at UNCL.

Mohamed Sherif Effat (Linkedin) Co-founder. Formerly a financial analyst at Nobelis Egypt.

Bogdan Fiedur (Linkedin) Blockchain Expert. Co-founder of Bitjob, consultant on Blockchain and ICO at PayPie, Auditchain, Requitix.io.

Vinshu Gupta (Linkedin) Blockchain Expert. Blockchain Consultant at Emirates NBD, formerly software developer at Sopra Steria.

There are 5 other people in the team.

Summary: 5 out of 9 employees indicated their affiliation with Skraps. However, we note that almost all members of the team position themselves as advisors, although the website names them as members of the team.

The team also has the following specialists and experts: developers, marketer and manager.

Information about the project is available on a variety of popular services such as Twitter, Telegram, Medium, Bitcointalk, Linkedin, and Facebook. The project has a bounty program open.

The project is active on social media; there are regular news updates on Twitter and Facebook. The team communicates with users on Telegram.
The format of articles on the project suggests that they were primarily ordered by the project.

Comments: The level of interest in the project is low for the time being. The marketing campaign is mainly being developed on Twitter and Facebook.

Analysis of SKRAPS website traffic based on Similarweb.com data showed the following:

Traffic sources: Similarweb

Comments: direct: 86.84%, referrals: 12.34%, search: 0.82%.

Search traffic: 0.82%, of which 100% is "organic" traffic

Referral Links: 0.1234

Traffic sources: https://a.pr-cy.ru/skraps.io [https://a.pr-cy.ru/skraps.io]

Site evaluation: 0.68

Traffic: visitors: 2 329, views: 9 330

Social activity: score: Facebook - 31

Summary: Based on available data on the project, it can be concluded that there is growing interest in the project (the team has won voting campaigns on ICOBox’s platform with over 4000 votes and have also been upvoted on several listing and rating sites like https://cryptorated.com/ico-request-pipeline/). The team is conducting an advertising campaign on social media, and communicating with users via Telegram.

You can contact the developers through the following links:

Website

Twitter

Telegram

Slack

LinkedIn

Facebook

Bitcointalk

 

 

 

 

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.