WELL Basic Review
|Start ICO||16 Apr 2018|
|End ICO||30 Jun 2018|
Ticker symbol: WELL
Project Type: Healthcare
Extended company description:
International blockchain platform for providing high quality medical services.
Company: Well Network Ltd.
Public Crowdsale Start: 16.04.2018
Public Crowdsale End: 15.05.2018
Token Sale Duration (weeks): 4.1
Token type: WELL
Total number of tokens issued: 1,500,000,000
Tokens available (Pre-Sale + Public Crowdsale): 600,000,000
- The cost of building the WELL platform
- Employee salaries
- Sales and marketing costs internationally
- recruitment of new employees, establishment of partnerships and business development
- application development costs
Price: 1 WELL = US$0.01
Accepted payments: BTC, BTH, ETH, LTC, Fiat
Bounty: The bounty campaign will last until the end of the crowdsale.
Token Role: Functional
Team size (number of people): 8
Number of advisors and partners: 8
An international blockchain platform for providing high quality medical services.
WELL aims to globalize health care to directly connect physicians, therapists, psychologists and other health professionals with patients around the world. Patients can pay for medical consultations and medical services (nursing, insurance, etc.) with tokens.
In addition, the platform is introducing a system for doctors’ reputation ratings, which will enable patients to choose the best-qualified specialists. The project team highlights several of the main benefits of WELL:
The platform ecosystem includes the following participants:
- Medical specialists
- Providers of medical services and medical goods
- Payers (private and state insurers, and individual payers)
- Paul Brown (LinkedIn) — Investor and advisor. Chairman and Professor of entrepreneurship and strategy at the University of Utah David Eccles School of business, managing director at the Sorenson Impact Center, consulting partner at Granite Growth Health Partners.
- Harry Nelson (LinkedIn) — Legal advisor. Founder and managing partner at Nelson Hardiman, LLP, co-chair at Adaptive Healthcare Fund, member of the board of Directors of the American Addiction Treatment Association, formerly leader of regulatory practice for the RX4 Group.
- Robert Zimmerman (LinkedIn) — Consultant on security and HIPPA. Executive director at the Health Technology Access Foundation, co-founder and managing partner at QI Express, managing director and advisor at Inforistec Group, partner at Deloitte.
- Brian Hansen (LinkedIn) — Vice president of Ancestry.com.
- Marty Tate (LinkedIn) — ICO advisor. Partner at Carman Lehnhof Israelsen, formerly: executive vice president at Surpure, director at the Harbour Offshore Real Asset Fund, Ltd.
- Tomoaki Sato (LinkedIn) — Blockchain advisor. Founder, blockchain engineer at StarBaseCo, formerly: Founder of Smart Contract Japan, CEO and founder of Islamap. Inc.
- Angelo Dodaro (LinkedIn) — Member of the board of Directors at IDACB, co-founder and head of marketing at Adbank.Network, digital strategy specialist at Multivitamin Media Inc.
- Akin Sawyerr (LinkedIn) — Managing director at Feleman, director at Splash Mobile Money Limited, advisor at Esusu, Getjama.
- Medicare — a social insurance program administered by the United States federal government since 1966.
- Mymatrixx — a pharmaceutical management company.
- Optum — a group of healthcare companies.
- Century Pacific Medical, Inc. — a medical aid coordination company.
- Medi-Cal — an insurance program for veterans.
- Medicare Advantage — a health insurance program.
- Tricare — a medical service program for the military health care system of the United States Department of Defense.
Well has cumulatively raised US$3 million as a result of their private pre-sale in 4Q 2017 from both venture investors and business angels.
The project is developing a decentralized platform linking doctors and patients around the world; it is supported by well-known venture funds.
Strengths of the project:
- Investment of $3 million has already been raised.
- The project has an MVP.
- There are experienced specialists in the field of health, investment, consulting in the project team and among the advisors.
- The market for the project demonstrates high growth rates.
Weaknesses of the project:
- It is not quite clear how the system will utilise diagnostic devices for patients.
- The provision of medical services requires licenses and permits for each country, which could cause difficulties in scaling the project.
Market and Industry
According to Statista, the world market for telehealthcare will reach $41.2 billion by 2021, increasing its CAGR by about 19.7% between 2017 and 2021.
The project team presents a study of several markets in the white paper, according to which:
- The global telehealthcare market will reach $113 billion dollars by 2025, with CAGR of 18.3%. The largest market for telehealthcare is the USA, and the fastest growing is China.
- The global home health care market is growing at a rapid rate (CAGR 8%) and will exceed US $517 billion by 2025.
- Initial development focuses on USA, Korea, Japan, Russia and China.
Comments: The telehealthcare market is growing at a high rate, so the project has a better chance of occupying a market niche as a result.
The team identifies the following competitors:
- Teladoc.com — a service offering consultations with certified doctors.
- Chunyu Doctor — an online telehealthcare platform based in China.
- Iggbo — a service that enables health companies to automate the procurement process, along with dispatch, tracking and payment for labor.
- Vipkid — a network of English tutors, focused on China.
- Presence Learning — a network of speech and occupational therapists in the United States.
The following companies can also be added as competitors:
- Medcredits — a platform connecting patients and doctors around the world via a decentralized network.
- Doccoin — a platform uniting clinics, doctors, patients, insurance agencies and other healthcare institutions.
Summary: The project’s main distinguishing features from the competition include gamification and the availability of charitable doctor's appointments for patients in need.
Engineering Features of the Project
The platform is built on the basis of blockchain technology with dynamic data masking and smart contracts. WELL is a platform complying with HIPPA.
Currently, WELL uses Amazon network Services (AWS) for hosting and is a partner of Qi Express (modular computer program for the assessment of safety and certification of medical data).
The project solution includes the following:
- Remote monitoring and management (RMM).
- Devices of patients.
- Protected video consultations with doctors, service providers and patients’ carers.
- Integration of electronic systems for medical accounting (EMR/EHR). This integration is based on the Fast Healthcare Interoperability Resources standard (HL7/FHIR).
The main features of the WELL platform include the following:
- Remote monitoring and management (RMM) is a process for the monitoring and management of IT systems using locally installed agents and management service providers. This enables the timely transmission of patient information. Remote monitoring includes:
- Web applications.
- Devices for sending messages.
- Devices that record and transmit data about vital signs.
- Devices for patients enable doctors to monitor a patient's condition in real time.
- Protected video consultations with doctors, service providers and carers enable remote consultations with patients and dialogues with other participants in the healthcare process.
- Integration of electronic systems for medical accounting (EMR/EHR): This system enables access to prescriptions, video recordings concerning discharges, X-rays, medical notes, etc.
The platform will provide a system for encouragement and gamification that will make the process of treatment more interesting. The project also plans to provide doctor's appointments on a charitable basis.
Comments: The project has an MVP and registered trademark. According to the team, WELL has already conducted more than 13,000 therapies and helped more than 1600 patients
[http://trademarkia.com/well-86638268.html], [https://itunes.apple.com/ru/app/joinwell/id1010811537?mt=8], [https://play.google.com/store/apps/details?id=com.joinwell.well&hl=ru]
With the development of the appropriate technology and amount of data it is planned to implement the following:
- Q4 2018: Release of the WELL test blockchain, launch of a campaign for public search for bugs in the system, release of the WELL blockchain platform for medical tourism and second expert opinions on diagnoses.
- 2019: Launch of all services on blockchain.
Comments: The project has presented a step-by-step strategy for the development of the platform.
The following active modules are presented in the open repository:
Comments: The project has 1 open module: contracts — the smart contract for the ICO.
The repository belongs to WELL.
We have analyzed WELL's site and documentation for sufficiency and consistency to make an investment decision.
Information about the project is contained in the White Paper and in the One Pager. The One Pager is available in English. The white paper is available in English, Russian, French, German, Korean, Chinese, Japanese, Vietnamese and Dutch. The project is described in detail in the white paper; the main emphasis is on the description of the platform's functionality and token functions.
The website also provides information on the project, the roadmap, ICO, an FAQ, partners, team and advisors. The site is available in English, Russian, French, German, Korean, Chinese, Japanese, Vietnamese, Arabic and Dutch. The website features only necessary information and links to the demo version of the WELL platform.
Summary: The documentation provides insight into the project. The platform’s operation and the services provided are described in sufficient detail.
Tokens to be issued for sale,%: 40%
Public ICO start date: April 16, 2018
Token type: WELL
Accepted payment methods: BTC, BTH, ETH, LTC, Fiat
Price: 1 WELL = US$0.01
Crowdsale duration: 4 weeks, until February 15, 2018
The WELL token is an integral part of the WELL ecosystem, and it performs a variety of functions on the WELL platform:
Token issue limit: 1,500,000,000
Advantages for token holders: these limited-quantity tokens are functional; they can either be used for accessing platform services or may be sold on exchanges.
Additional token issue: No
Tokens are sold in several stages:
Private pre-sale (closed): investment of $3 million has been raised
Max Goal: US$28,000,000
Minimum Goal: US$3,000,000
Comments: Tokens are planned to be placed on crypto exchanges after the crowdsale. Citizens of China and Singapore are not legally permitted to participate in the sale. The reward system is set up so that it is more advantageous to buy tokens earlier.
Link to the bounty program: [https://bitcointalk.org/index.php?topic=2699257.0]
The project has reserved 3% of all funds raised during the ICO for the bounty program, which is open in the following areas:
- Social media: 20%.
- Bitcointalk Signature: up to 25%.
- Blogs, video blogs: up to 30%.
- Telegram: 5%.
- Сreative support and translations, proofreading: up to 20%.
Summary: The project has an extensive bounty program. All the terms of the program are specified at the indicated link.
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.
Roadmap for the project
The main directions for project improvement include:
- Additional languages (currently there are 5).
- More payment options.
- Integration of the WELL blockchain.
- Entering international markets.
The roadmap includes the following milestones:
- Q2 2018: Integration of US clinics into the WELL telehealth platform.
- 2019: Establishing partnerships with government health agencies, integrating with all major insurance providers in the United States, establishing partnerships with Japan, Korea and China.
- 2020: Continued global integration with health insurance and government systems.
Summary: The project has presented a scaling strategy. By the end of 2018, a Telegraph platform will be launched. In 2019, the project will organize partnerships with state medical agencies and partners from Japan, Korea and China. The target for 2020 is 1m visits per month.
The team consists of 8 people and 8 advisors. Information on the core members of the team (LinkedIn) is as follows:
- Ildar Fazulyanov (LinkedIn) — Founder and CEO. Formerly founder of Greener Ventures, LLC (consulting company), financial director of S5 Wireless.
- Alex Prokhorov (LinkedIn) — Co-founder. Co-founder and venture partner of Finsight Ventures, formerly founder of Joule Capital Management, associate vice president at Klever asset management.
- Matthew Lefferman (LinkedIn) — Clinical director. Medical director of Access Healthcare Associates, formerly regional medical director at Gerinet Medical Associates.
There are 4 other people in the team.
Summary: All members of the team have indicated their affiliation with WELL. The team also has the following experts: A project manager, a process architect, a developer, a designer, and head of medical department. The founder claims experience in healthcare, but no experience is shown on his Linkedin page.
Information about the project is available via a variety of popular services such as Twitter, Telegram, Reddit, Medium, Slack, Bitcointalk, LinkedIn, YouTube, Github and Facebook. The project has a bounty program open.
The team is conducting an advertising campaign on social media. News is regularly updated on Twitter, Facebook and Medium; the team often posts videos on YouTube.
The format of articles about the project suggests that they were mainly written by the project team as reviews or as announcements of another project staging its ICO.
Comments: Interest in the project is significantly increasing. The marketing campaign is mainly developed on Twitter and Facebook. There is extensive banner advertising in the crypto media. The number of subscribers on Telegram is increasing. According to a project representative, an email newsletter is regularly mailed out.
Analysis of WELL’s website traffic based on Similarweb.com data showed the following:
Traffic sources: [https://www.similarweb.com/website/joinwell.io]
Comments: direct: 23.93, referrals: 26.93, search: 6.11, social: 7.99, mail: 3.10
Search traffic: 6.11%, of which 100% is "organic" traffic.
Referral Links: 26.93%
Analysis of the WELL website traffic based on data from BE1.ru showed the following:
Traffic sources: [https://be1.ru/stat/joinwell.io]
Comments: Top 5 countries for site visitors: USA — 25.10%, Belarus — 4.62%, Russia — 4.50%, Germany — 4.20%, Turkey — 4.16%.
Referral Links: tokenmarket.net: 18.31%; icobench.com: 14.51%; bitcointalk.org: 13.29%; cryptoninjas.net: 6.24%; cryptocompare.com: 5.88%.
Social activity: Facebook: 46.98%; Youtube: 27.09%; Linkedin: 16.51%; Twitter: 7.32%; VKontakte: 2.10%
Summary: Based on available data, users are actively interested in the project. The team is leading an advertising campaign on social media (Facebook, Twitter), communicates with its users in Telegram, keeps a blog on Medium and posts videos on Youtube. There are publications in the media available.
During the last month, number of visits increased by 50,000; total number of visits was 95,000.
You can contact the developers through 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.