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indaHash Rating Review


Investment Rating

Expiry date : Expired 19 Mar 2018


We have reviewed the project's progress as of January 2019 and would like to note that the team removed majority of contact links from the website as well as the roadmap and whitepaper. Preparid cards which should have been launched before the end of 2018, are to be announced later. We were also unable to corroborate the team's success in business development. Therefore, the project's rating has been decreased to Risky.

indaHash is a current platform for involving influencers in the advertising projects of the world’s largest brands, conducted on the basis of social media. The company has been operating for several years and according to the documentation, it became profitable in 2016. In 2018, the team is planning to transfer money settlements with influencers to cryptocurrency.

The project team has a solid background and experience in launching successful start-ups. The market is growing; this is evidenced both by the figures given in the white paper and by independent research.

IDH tokens are infrastructural significant - they will act as the platform currency. We believe that tokens will not be attractive for speculative purposes. Their price undoubtedly will be supported by buyback which will be implemented to create the team's token fund; however, this will be balanced by supply created by the influencers: We expect that at first influencers will distrust the transfer of mutual settlements to cryptocurrencies. The long-term potential of tokens will depend on the activity of influencers in building relations with their community on the basis of tokens since a mechanism similar to the well-known Proof-of-Stake is provided for the release of the project’s own token.

General information about the Project and ICO

indaHash is a current platform for involving influencers in advertising projects of the world’s largest brands, conducted on the basis of social media.

Influencers are agents of influence or opinion leaders in social media. To clearly identify who are influencers and who are not is impossible. There are different criteria for referring to this category:

  • commercial and financial success

  • reputation and credibility

  • the quality of the contacts belonging to one or another influencer

  • involvement of followers in the activity of an influencer

  • personal charisma

At the same time, in each of these categories the evaluation of an influencer’s success varies for objective and subjective reasons, but the fact remains that on current mass media, identification of influencers is absolutely necessary. Currently, any user has an opportunity to become an influential person in the sphere of his interests via social media. As a result, marketers and PR professionals are forced to reconsider their views on the very concept of "influence" on social media.

Influencers from social media are either enthusiastic personalities (amateurs) who eventually become specialists in their field, or professionals who make extensive use of these web-based tools in their work. Such people (very successfully) use their presence on social media to achieve personal gain or to promote a particular brand or organization. They produce and distribute relevant content, appealing to the interests of online communities. Accordingly, their activities such as discussions and other interactions have a significant impact on the behavior of other users.

Researchers identify five types of influencers online:

  • Networker - has a huge list of contacts; can be found on almost all social media platforms. He knows everyone and everyone knows him.

  • Opinion leader – has high authority in his field, his opinion is trusted and his messages are often commented on and sent to each other. He is a specialist; the best choice for the role of a representative of a brand or organization.

  • Discoverer - she is always the first to find new platforms. She is constantly in search of new trends so she quickly becomes the center of attention in her field

  • Sharer - distributes information to bloggers and journalists via specialized web logs, thereby increasing the impact of messages.

  • User – representative of average customers and clients. Usually users do not have such an incredible list of contacts as networkers but their influence is not less significant.

Certain types of influencer are ideally suited for particular types of social media project and not suitable for others. Therefore, considering a strategy for brand or organization promotion on social media, it is necessary to objectively evaluate what type it is designed for.

Influencer marketing is a way to promote products and services using opinion leaders. Anyone can be an influencer - from pop stars to ordinary bloggers. Moreover, influencers can be not just individuals but also any group, brand, company or even a place (for example, a club of interests) that people trust on certain issues. On the other hand, it is not so easy to find a forum guru and top referees for recall platforms, and work with bloggers has recently gained almost universal distribution in the world of brands.

Influencer marketing does not resemble advertising. People tend to believe favorite bloggers more than advertising on TV or promotional screensaver on YouTube. According to the estimates of the social targeting department of YouTube, 92% of buyers believe the recommendations of other people even if they are not familiar with them personally.

There are a lot of forms of work with opinion leaders. According to a 2014 Influencer Marketing Benchmarks Report, the most frequent and resource-intensive forms of work in influencer marketing were the following:

  • sponsor posts on blogs

  • branded content on social media

  • content creation by opinion leaders

The goals that brands want to achieve when working with opinion leaders can be summarized as the following:

  • brand awareness

  • the creation of an audience (especially in the start-ups for high-tech products segment)

  • improvement of search results

  • demonstrations of ways of using the product

  • increase in the number of subscribers and involvement of the brand on social media

  • negotiation (when opinion leaders help to bust a myth of the harm / shortcomings of the product / service)

  • increase in sales

  • increase in trust

The most common metrics for evaluating the effectiveness of influencer marketing are sales figures, social activity changes and targeted clicks. At the same time, marketers pay more attention to the relevance, quality of the content and personality of the opinion leader than the number of its subscribers.

According to Tomoson research, influencer marketing turned out to be one of the most effective tools for online promotion in terms of attracted profit:

  • 88% of opinion leaders tell their friends about the brands they worked with

  • 72% of opinion leaders create additional content about the brand and after the campaign on a free and voluntary basis

  • 77% of opinion leaders admit that they are more likely to buy the product of the sponsor rather than of its competitor

On the other hand, the influencer marketing sector also has a number of problems that require reasoning.

Firstly, if it is not about sponsor content or the attraction of celebrities, in most cases it is about earned media, i.e. about channels that you do not pay for placement. And even if you do, brands still do not have such control over recommendatory platforms as over more traditional advertising platforms. The blogger / advisor can always express his impartial opinion about the product, laugh at the company or simply make not very high-quality content. Unfortunately, even the most famous companies have to face the uncontrollability of opinion leaders.

Secondly, although opinion leaders exist practically in any subject in developed countries, in the emerging markets especially in Asia things are much less developed from this point of view. In other words, the influencer marketing sector is limited by the fact that there may not be any opinion leaders in the corresponding market segment.

Considering IndaHash in the context of the influencer marketing segment, we are talking about a working business with a background of two years’ success; a business that has learned how to generate serious cash flows, redistribute them and successfully operate in a regulated environment.

IndaHash uses the indaHash App to communicate with influencers; we will discuss this in more detail in "Project services and their usage".

IMPORTANT! Unlike most start-ups staging ICOs, the indaHash team has conducted serious work on the legal targeting of the project. Ernst & Young have acted as an enlisted legal advisor. Terms and Conditions have been prepared (https://indaHash.com/page/all-rules).

The project has a shell company - ICH Media S.A. JSC. ICH Media S.A. JSC is registered in Poland at the following address: 00-410, Poland, Warsaw, Solek Street, 22. The shell company is registered in the national trade register under the number No.0000586791, with tax number PL7010521164, stat.number 363020725. The registered capital is 112,952.80 Polish zł (31,550 USD).

Strictly speaking, we are talking about a high degree of protection for investors who buy IndaHash tokens at the ICO. The investment attractiveness of tokens will be discussed in the corresponding section of the review.

The token (IDH) is the internal currency of the platform, providing the possibility of making payments to influencers. Payment in IDH involves an additional reward for influencers relative to fiat.


ICO start date: November 29, 14:00 UTC

ICO end date: December 20, 14:00 UTC

Hard cap: 30,000,000 USD

Soft cap: Has been achieved at pre-ICO stage

Pre-ICO cap: 6,300,000 USD (Has been achieved)

Token: IDH, standard ERC-20

Price: ETH = 3200 IDH (1 IDH = 0.0003125 ETH).

Accepted payment: ETH

Minimum number of tokens to be purchased: 1600 IDH (0.5 ETH).

Total emission: 400,000,000 IDH (including pre-ICO)

On sale: 320,000,000 IDH (80%,  including pre-ICO).

Distribution of funds:

  • 40% - Marketing and business development

  • 30% - Development and operations

  • 20% - Acquisitions

  • 5% - Legal expenses

  • 5% - Reserve Fund

Token distribution:

  • Crowdsale - 80.00%

  • Distribution among influencers - 18.00%

  • Bounty - 2.00%

Bonus System:

  • 29.11 - 06.12.2017: 1 ETH = 3840 IDH

  • 06.12 - 13.12.2017: 1 ETH = 3520 IDH

  • 13.12 - 20.12.2017: 1 ETH = 3200 IDH

Description of the services and scope of the project

In this section we traditionally discuss the existing and planned services pool, paying attention to technical issues.

Currently indaHash is a global platform uniting more than 300,000 influencers, covering more than 1 billion people. IndaHash stages the ICO in order to tokenize influencer marketing and solve a number of problems typical for the relationship between customers, influencers and followers. IndaHash is planning to create a utility coin which provides a link between these three key groups of participants in this market. We will talk about the assessment of market capacity in the following chapters.

Thus, indaHash offers 3 types of services: For brands, for influencers (important persons) and for followers (audience).

Brands. Currently, brands are turning to indaHash for implementing the targeting and selection of influencers for the company on social media. The basic medium for indaHash is Instagram. All transactions for brands, influencers and the platform take place in fiat; the operating cycle from publication to remuneration is up to 60 days.

It is assumed that brands will use the indaHash token to pay for marketing campaigns with influencers. Due to this, influencers, no matter where they are, can immediately receive payments without a 30-60-day waiting period.

Also, there will be a service known as Pay-With-Fame; important persons will have the opportunity to exchange their tokens for various offers from brands. For example, influencers will receive early access to products with limited circulation, as well as to events and exclusive seminars which will generally increase the audience involvement. Brands will also benefit from this feature by receiving authentic feedback from the desired trendsetters.

Influencers. Influencers can create their own tokens and use them to increase the attractiveness of the audience with the help of a bounty. They can also exchange their tokens for payment or keep them in the hope that their price will grow over time on the basis of general cryptocurrency market movement. Most importantly, payments in tokens will enable them to become an integral part of the growing and developing cryptocurrency industry. This service looks very doubtful; however it also has subsistence rights as well as likes on social media.

The system for the remuneration of influencers has very complex calculations but the success of the project will be confirmed over time, so there is nothing to criticize here.

Followers. A follower can use collected tokens and exchange them for exclusive events set by the influencer. For example, individual prizes.

Thus according to the founders' intention, each of the key consumers of the service will receive their own benefits by running the utility.

It is quite difficult to be confident that this mechanism can actually satisfy the audience and that this technology will allow tokenizing the whole influencer marketing industry as the founders intend. However, as a pledge of value in the relations of the brand - indaHash - the influencer system can prove itself.

The choice of ICO as a method of attraction is questionable, since the only thing that will take place on blockchain is payments. Having created a strong indaHash App and an excellent platform, the founders should have paid more attention to the blockchain abilities of the project.

To summarize all above, it is worth noting that the simplicity of potential use of IDH could be the key to success in the initial phase of the project.

Market Review

Brands attract famous personalities to promote their products on social media. There are opinion leaders in every field: travel (Follow Me To), beauty, sports (for example, a yoga channel), mom bloggers, geek bloggers who write about equipment (and collect millions of views) and others. According to Emarketer, the audience does not perceive publications by opinion leaders as hostile as advertising.

More than 80% of marketers surveyed for the research said that campaigns involving influencers are successful and they will continue their development.

Current influencers have become important players in the marketing world. In 2016, 60% of companies worldwide used influencer marketing and, according to the Chute marketing platform, this figure will be 75% in 2017.

According to another estimate by AdWeek, 65% of brands used influencer marketing to promote their products and services in one way or another in 2017. 52% of Fortune-500 companies have a separate budget for recommendatory marketing. the annual budget for influencer marketing of 25% of all companies exceeds 50 thousand dollars.

Correct metrics will help to evaluate the marketing campaign. When influencers are involved in a marketing campaign, it is very easy to track how many clicks are received from a particular blogger. Google Analytics and Yandex.Metrica are used for this. Most marketers and promotion specialists have been recording the extremely high effectiveness of advisory marketing for several years compared to other channels. For example, in the FMCG segment (fast moving consumer goods) advisory marketing brought brands $11.33 for each dollar spent, $10.48 in retail and $7.04 in tourism. The worst results were in the sphere of goods for home and garden – 0.64 USD for 1 dollar spent. On average, influencer marketing brings $6.85 for 1 dollar. IndaHash speaks about its efficiency as $7.65 for dollar.

Currently, the influencer marketing segment is estimated at $2.5 billion. The founders give more optimistic Mediakix statistics. From their point of view, influencer marketing will reach $2 billion by 2019 only on Instagram and influencer marketing in general will reach $5-10 billion by 2020.

Thus, we note that despite a traditional exaggeration of the target market, the market potential of influencer marketing is quite large. What place indaHash will occupy in it and what place its new services will be able to occupy after the ICO, we will consider in "competitive advantages of the project".


Firstly, indaHash is not just a team of like-minded people. IndaHash was founded in 2016 and already has 130 employees in 7 offices. The background of the team is the strongest advantage of indaHash in relation to most of the new projects at ICO stage.

BARBARA SOŁTYSIŃSKA – CEO. Founder of the extremely successful LifeTube project - the largest multi-channel network Youtube MCN in Central and Eastern Europe. After the sale of the controlling package, LifeTube are creating a new project, indaHash. Barbara is the holder of numerous regional and international awards. She is an "Entrepreneur of the Year" (Ernst & Young), is one of the 100 most inspiring people in Polish interactive business; she became the first woman to win the "Person of the Year." She was awarded MIXX IAB 2015 for her "outstanding contribution to interactive marketing and advertising". She was nominated for the title "Woman in Business" and "Person of the Year - Internet" and also has the honorable award "Business Woman of the Year".

DAREK ZIELIŃSKI - Chief Operating Officer (COO). An experienced manager in the media industry, he has held the position of Managing Director at Ringier Axel Springer Polska / Onet since 2008. Successfully digitized the Newsweek brand, launched paid content using Newsweek Plus, mobile strategy in wPunkt Newsweek application, updated website newsweek.pl and also worked as director of strategy and business development at Gruner und Jahr for National Geographic. A PR expert responsible for brand strategy and communication in companies such as Beiersdorf AG and SUBMiller. At indaHash Darek manages business development in 70 countries.

WŁAS CHOROWIEC – CPO. Has been working in online industries since 2006. He founded Nextclick in 2012, the largest content recommendation system for major media publishers in Central and Eastern Europe. He has collaborated with companies such as Gruner + Jahr, Burda International, Bauer Media, Marquard Media and Ringier Axel Springer. In 2014 he became a shareholder of LifeTube and, together with Barbara, developed LifeTube.pl, the largest YouTube MCN in Central and Eastern Europe. After selling LifeTube.pl he created indaHash. Currently, Wlas is a CPO and he is responsible for product development.

In addition to eminent people there are strong specialists among the project participants in the field of blockchain and business development, marketing, finance and law. (p. 30, 31 white paper)

Clients of the project also contribute to its recognition - it is claimed about 1078 of the world largest companies are among them.

Nevertheless, there are shortcomings such as the weak influence of blockchain technical specialists and crypto experts in the team, despite the fact that existing experts are strong judging by their backgrounds.  

Development strategy and Roadmap

IndaHash is already a functioning business. The company conducts its operating activities successfully and as claimed, became profitable in 2016. Therefore, the roadmap is not for a startup from scratch but for translating the project’s cash flows from the classical economy into a tokenomics.

The roadmap in the classic sense is presented in the white paper:

We traditionally highlight the most significant moments on our understanding:

  • The listing of tokens is scheduled for December 2017 - January 2018, i.e. almost immediately after the ICO.

  • The integration of tokens into the platform economy is scheduled for March 2018

  • Launch of the Pay-With-Fame functionality - May 2018.

The development plan is not tightened, which is very good for the token holder since it allows us to expect that infrastructure token demand will appear earlier than most other ICO projects.

Marketing strategy

indaHash is widely covered in the media by its founders; indaHash itself IS the media. The decision to allocate a separate platform for the ICO is unquestionably correct but the marketing of a separate platform and the ICO itself are both weak. Despite the vast experience and strong background of the founders, effective marketing is implemented for the project’s goals, but not for the idea of the ​​ICO.

Communications with potential investors are carried out via Instagram (51,100 followers who know little about the ICO), Twitter (18609), Telegram (1502 targeted contacts), Facebook (12,992 followers). The team leads the channel on YouTube (18,672 views), diaries on Medium, Github and Slack. There is an official thread on Bitcointalk but the activity there is not high - 7484 views.

Bounty is 2% (8 million) tokens: https://bitcointalk.org/index.php?topic=2290709.0

As a result, at the current stage of realization it is not possible to assess the interest of the community in the indaHash crowdsale. At the same time, during the pre-sale community activity was relatively high, which could positively affect the achievement of the ICO hard cap. Separation of indaHash from the indaHash ICO, or creation of an effective complementarity between them, is the main task for indaHash marketers.

Competitors and competitive advantages of the project

In this section we will try to position indaHash in its target market of Influencer Marketing.

Despite the fact that this industry is directly connected with the creation of digital content and social media, about 80% of its budgets are still offline which is dominated by advertising agencies and a limited number of top bloggers controlling this market. Since 2015, platforms began to appear in the United States that actively began to translate the communication of brands and bloggers online, excluding intermediaries and providing brands with the necessary analytical information. The market leaders are Famebit.com and Revfluence.com.

Currently, the Influencer Marketing sector on Instagram is developing at an accelerated pace. The common Instagram audience is 700 million active users. The following projects are amongst indaHash’s strongest competitors:

  • Revfluence is a software solution for brands that want to build influence relationships and content on a significant scale. The platform consists of four components: 1) a searchable database with 500,000 influencers; 2) CRM software; 3) analytics panel to monitor performance on one influencer / content with things like sales, followers and interaction; 4) a content library where you can export assets and track the results of images and videos in other platforms such as Facebook and Instagram. Unlike many other solutions, they do not take a percentage of any payments and the relationship is directly tailored to each person.

  • Shoutcart achieves more than 200 million followers through thousands of influencers. They started on Instagram but recently also expanded to Twitter. Shoutcart is a self-service platform and you can start working in just a few minutes and with up to $50. They offer excellent tools for testing influencing factors, as well as the ability to provide statistics on the specific campaigns that you use. Another interesting feature of Shoutcart is that you can view the influencers who will sell you space for links in their biography; this is very convenient for partner offers and direct promotions.

  • Ifluenz is a marketing influence platform with more than 7000 registered Instagram contributors, reaching an audience of over 500 million followers. Ifluenz has developed algorithms for analyzing, sorting and classifying influencing factors using different criteria, including level of interaction, area of ​​interest, location, gender, age, etc. Algorithms select and compare the best influencers with the corresponding campaigns created by brands.

This is how indaHash founders position themselves in the market.

Below are the analytics from Google Trends which demonstrate the involvement of influencers in projects:

For the sake of objectivity, we note that indaHash is among the leaders in the market. Here are some data (from the founders) that confirm this:

  • 370,000 influencers on the platform

  • More than 1000 campaigns launched in 70 markets

  • More than 400 clients are involved, including a number of Fortune 500 companies such as MasterCard, McDonald's, Ford, Coca-Cola, P & G, Merck, Estee Lauder, Prudential and Comcast;

  • Secured partnerships with major media agencies, including 8 of the world 10 largest media agencies, according to Nielson: MediaCom, OMD, Carat, MEC, Zenith, Mindshare, Starcom and Vizeum.

  • Over the past year, indaHash business grew by 295% compared to sales and by 352% in the number of influential persons. (comparison of LTM).

Despite the quantitative estimates for active users, it is not possible to determine current market share, as many influencers work simultaneously on different platforms. But indisputably, indaHash is one of the largest international marketing platforms for professionals.

Economy of the Project

The cash flow structure looks the following way: Brands pay indaHash, indaHash in turn searches for contractors who are influencers; they then receive part of the reward. The relationship between influencers and subscribers remains behind the indicated relationships and is entirely given to the influencers’ authority.

IndaHash does not disclose what margin is deposited directly to the company but says that the company first gained profitability in 2016. Unfortunately, representatives of the project did not provide a financial model on request, so we will not be able to assess the economic risks for the project.

Nevertheless, one conclusion can be drawn using the information available: The margin for indaHash after the tokenization of cash flow will decrease, as the project is planning to stimulate the transition of influencers to receive remuneration in tokens with a 20% premium to the standard reward nominated in fiat.

Thus, after the completion of tokenization, the flow of assets will take on the following form:

  1. A brand pays indaHash in fiat.

  2. indaHash transfers fiat to an exchange and redeems its own tokens from the exchange. The volume of redeemable tokens is calculated by the following formula: (Payment amount * (1-required margin)) * (1 + 20%).

  3. An influencer, having received tokens in payment for their services, can choose further actions:

    • convert IDH

    • use IDH as a proof of stake to issue his own tokens for future interaction with his own community

    • pay IDH tokens for goods within the Pay-With-Fame program

  4. if the influencer has paid with IDH for goods, brands are likely to be interested in the reverse conversion of tokens to cover their own costs. Thus, brands would sell IDH tokens on the exchange.


As can be seen from the previous chapter there are two risks for a potential investor in the indaHash project.

First, we cannot calculate the project economics, assess the point of "pain" or the viability of the existing business model.

Secondly, brands which are legal entities are integrated into the process of token flow. It is the Pay-With-Fame program in which brands are paid in tokens. Currently, there is no legal basis for legal entities to be able to legitimately take into account cryptocurrency and accept payment in it.

Also, the non-standard decision of the founders not to take into account the team share in the allocation of tokens should be noted. IndaHash will sell 80% of issued tokens during the ICO, 2% refers to the reward program (bounty and promotional) and 18% goes to the fund for remuneration of influencers. A reasonable percentage of tokens remaining with the team with a lock up period linked to the roadmap points provides monetary incentives for the team. There may not be monetary incentives in this case. According to the representatives of the project, a share for the team will appear however; indaHash is planning a "special indaHash coin purchase program, which assumes a larger token bonus sponsored by indaHash". Transactions will be financed by the ICO Reward Fund which will amount to 5% of attracted assets. Thus, we can say that the team share will be 5%, but these 5% will be redeemed from the market after the completion of the crowdsale, which will support the quotation of the token. Thus, the risk in this case is solely the potential lack of realization of this plan.

Token investment attractiveness

IDH is a utility token which will be used as a payment tool on the indaHash platform. We have already provided a simplified structure of asset flow within the platform infrastructure.

After the ICO and the listing of IDH tokens on crypto exchanges, tokens can receive support through repurchase for the creation of a team share (see “Risks” section). However, it is impossible to say that this is exactly so: for example, the SOCIAL tokens (Nexus project) did not increase in value after the ICO although there was a similar strategy applied.

The project documentation says that indaHash will conduct a token buyback. The concept of buyback is traditionally used for the securities market. We believe that this increases the risk of a negative conclusion of the Howey test, which in turn provokes risks regarding listing on exchanges. However, we know that the team has a legal opinion on its tokens from a company with a worldwide reputation which should somewhat offset these risks.

The founders count on IDH tokens growing in price as the turnover within the platform grows due to the limited supply. This would be true if there was no counter offer of tokens. We believe that, at least initially, the absolute majority of influencers will be cautious about switching to settlements in cryptocurrency, and will try to convert their received IDH tokens into a more familiar fiat. This will negatively affect the price of the token.

Next, consider two possible scenarios.

If the influencers use IDH tokens to pay for purchases using the Pay-With-Fame program, token demand will also be balanced: Brands will have expenses in the production of goods supplied to influencers that will be covered by selling tokens on the market.

But if influencers use IDH tokens to issue their own tokens (analogue of a proof of stake mechanism), IDHs will be accumulated by influencers, and this factor will contribute to the growth of token price in the future.

Thus, we can draw the following conclusions:

Speculative tokens do not seem attractive: buyback most likely will be counterbalanced by sales by "first wave" influencers.

Medium-term tokens can look better than analogs due to a short roadmap.

The long-term potential of the token will depend on the activity of influencers in building relations with their community based on tokens.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $11025 from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained 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.