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mHealthCoin Rating Review

Risky+

Investment Rating

Expiry date 07 Jun 2019 07 Mar 2019

1. Rating report

Based on the analysis performed and issues identified, we have assigned the mHealthCoin project a “Risky+” rating. However, it is worth noting that without an existing MVP, it is difficult to fully assess the project’s full potential.

 

We would like to draw attention to the fact that the project is currently vulnerable and dependent upon favorable business, financial, and economic conditions in order to meet its commitments. In the event of adverse business, financial, or economic conditions, the team is unlikely to have the capacity to meet the project’s commitments. This report assesses the potential direction of the project and by giving it a rating, consideration is given to any changes in economic and/or fundamental business conditions. This outlook is not necessarily a precursor of a rating change or future team actions.

 

The project has the following strengths which are worth noting:

  • Publicly available market strategy.

  • The project is entering a market that has no absolute leader yet.

  • Available GitHub account and SSC of the token;

  • An audit of the smart contract performed by https://callisto.network/, is available here.

However, there are still a number of risks associated with this ICO project:

MVP

The project is based on a technologically complex idea, which requires a large number of different stages of testing and coordination. Currently, there is no MVP or beta, and although the team claims that they started building the mobile app for alpha testers in Q1 2019, and provided the UX/UI design for review, this design can’t be considered as a part of the working product.

 

Team composition

Several team members have no LinkedIn or any other social media accounts. Another problem worth noting is the fact that the project team presented consists of only the “Heads” - Principals and Chiefs, there are no linear specialists, such as blockchain developers, marketing and business development specialists, etc. From this it can be concluded, that the team composition can’t be considered experienced or diverse, as the experience of the team members, especially that of the technical specialists in the blockchain area can’t be confirmed, which may be related to the fact, that most of the team members are Chinese citizens and it is quite complicated to verify the sufficiency of their expertise and professionalism via LinkedIn. Also, there are no specialists in other areas, such as marketing and finance.

 

Incomprehensive roadmap

 

The roadmap lacks detailed information on the milestones for the period before March 2019, making it complicated to trace the project’s development from the previous milestones and confirm the timeliness of their implementation.

Market/competitors risks

mHealth provides analysis of blockchain competitors, but doesn’t mention the non-blockchain healthcare management projects, including popular wearable devices. In this case the competitors’ area is expanding, which leads to an increased risk level. But still the concept intended to be used has competitive advantages over those with similar approaches, giving them a medium risk level in this area.

 

Partnerships

There is no publicly available information regarding any already established partnerships or investors, or any plans regarding potential future partnerships in the whitepaper, on the website or in their social-media. According to information received from the team, this is due to the fact that they are not allowed to release the name of any partners for the time being. Also, there are no big investors yet.

Development

The project is still under development and may undergo significant changes over time. Although it is intended for the project to follow the specifications set forth in this document, and the project team will endeavor to work towards those ends (subject to internal business considerations), changes may be required to be made to the specifications of mHealthCoin for any number of reasons.

Token price decrease

There are several price factors discussed above that may put significant pressure on the price of the token. We would like to note that we disregard all systematic price risks when considering the degree of token price decrease probability.

Based on the analysis performed and taking into consideration all of the risks associated with the mHealthCoin project as of February 2019, we decided to assign the mHealthCoin project a “Risky+” rating. The rating may need to be reassessed once the beta/alpha/MVP versions of the product are released and feedback on the them is received.

2. Project & ICO information

The project has the following public pages:

Website

Whitepaper

Reddit

GitHub

Twitter

Facebook

LinkedIn

Telegram announcements

Telegram

YouTube

BitcoinTalk

 

PRE-SALE

PUBLIC SALE

Start date

February 15th, 2019

March 1st, 2019

End date

February 28th, 2019

June 30th, 2019

Ticker

MHEC

Token type

ERC20

Mining

Yes

Token supply (for sale/total)

3,120,000,000 / 6,000,000,000

Soft cap

ETH 3,000 or BTC 732 or equivalent value

Hard cap

USD 25,000,000

 

Estimated capitalization (Total valuation = Hard cap/tokens for sale * total token supply)

~ USD 48m

Token price

Please, see the pricing model below.

 

Discounts/Bonuses

Yes

Lock-ups

Yes

Minimum purchase

0.1 ETH or 0.003175 BTC

 

Currencies accepted

ETH, BTC

 

Restricted list

China, USA

 

KYC procedures

Yes, performed by the team

 

Country of legislation

Hong Kong

 

According to information received from the team all unsold tokens will be burned.

If the soft cap is reached and the hard cap is not reached, app development and device development would be made the first priority, in order to achieve the core value of the project under the concept of “mine, your health”.

Under Small and Big Data Analysis the team means that they will focus not only on big data analysis for the general population, but also on individuals and family size data analysis. The term “Small” refers to personal and small, family sized groups of people for AI analysis and personal advice in a more tailor-made way.

The project offers the following bonus system - there are 18 weeks, which is 4 months in total, for the crowdsale stage. The team represents the following pricing model:


 

The reward for those who purchase the coins, will be a bonus distributed in the form of mHealthCoins to all coin holders on certain dates. The bonus would depend on the business development of this project. The bonus settlement dates would be settled quarterly on the last day of March, June, September and December. But the first settlement date for bonus distribution is seven months after the end of the ICO period, which is the 31st December, 2019. And the second bonus settlement date is 31st March, 2020, the third bonus settlement date is 31st June, 2020 and so on. The bonus will be distributed to the wallets of coin holders within 1 week of the settlement dates.

According to information from the Telegram group, the team is still planning the bounty program but it is supposed to be released by the time the app is out, for example getting extra tokens when doing exercise at a certain time and place..

According to the project’s whitepaper, the following sales promotion activities are planned:

  • Packages of ICO sales

To attract investor interest, packages of ICO sales will be offered. For example, if a person buys 10,000 (5,000) coins, then will get a free Smart Watch (Smart Wristband).

  • Special promotion campaign

A special promotion campaign is routinely offered with higher tokens mined by completing specific missions.

  • Walking activities

By using GPS technology in the app, participants will need to walk from a designated location to a destination to complete the tasks, somewhat similar to the famous and popular mobile game Pokémon Go, ensuring a certain distance is walked every day.

  • Gesture Motion Detection activities

Users will be required to complete particular gesture motions in order to accomplish the tasks. For example, a routine reminder to drink water every hour, so the users need to pick up their phones and imitate the gesture of drinking water to meet the requirement of the task and earn tokens. It is supposed to motivate users to drink water and do some stretching exercises between time intervals.

The following token distribution scheme is presented:

In relation to token allocation, 10% of the total issuance amount is for the private sale, 20% is for the company reserve and 70% is for the public sale:

  • For the private sale, the team is targeting private investors and institutional investors before the crowdsale stage. 10% of the total issuance, which is 600,000,000 tokens, is offered to investors at a price of USD 0.00125 per token, with a minimum purchase amount of USD 100,000, which equals 80,000,000 tokens. A maximum of 10 private investors or institutional investors are allowed access prior to the private sale stage. There is a lock-up period of 180 days from the date of the investor’s purchase during the private sale stage.

  • 70% of the total issuance, which is 4,200,000,000 tokens, is for the public sale. 60% of this 4,200,000,000 tokens (42% of the total issuance) is for the crowdsale stage during the ICO period. The remaining 40% (28% of the total issuance) is for mining at further levels of exercise and calories consumption by app users.

  • 20% of the total issuance is for the company reserve and marketing expenses. 18% of the 20% for the founders, team and further development of the project. The remaining 2% of the 20% is for marketing expenses including airdrop, advertising, marketing promotion, etc.

There is no lockup period for customers who purchase mHealthCoin during the crowdsale stage.

The vesting terms of the token are not specified.

The team provided the following fund allocation scheme:

Most of the funds raised will be used for sales and marketing, this is because this project is particularly user-based. Therefore, the project team needs to spend much more on the marketing part to attract more users to use the mobile app and wearable devices.

30% of the funds raised will be spent on research and development of both software and hardware in order to create a complete system for users to monitor their health status and gain their benefits. Platform support and maintenance, regular operation and reserved capital are allocated 10% each respectively.

We would like to make a particular note of the following:

  • There is no crowdsale smart contract, only the token’s SSC. It has been confirmed that all unsold tokens will be burned.

  • The bonus structure is questionable, as it’s very complicated and may be confusing for the customers, as the project team is boosting prices this way.

  • There is no publicly available information regarding KYC procedures (only basic whitelisting).

  • There are no lock-ups for the crowdsale stage. The vesting terms for the company reserve are not specified.

  • According to the project information, the presale should have been started on December 10th, however, as of the report date, the presale has still not begun.

3. Technical overview

The all-round mHealthCoin platform is a blockchain based health data recording and analysis platform. Members are encouraged to do exercises and follow healthy habits, and will have their health date encrypted and submitted to the blockchain as part of their account information.

The blockchain will be based on the Nxt blockchain, using Proof of Stake (PoS) consensus.

Health information generates new coins in the blockchain. Members can use these coins to redeem partner discount coupons, which can be used to purchase goods and services via the cloud exchange.

Health data will also be submitted for artificial intelligence (AI) analysis, which is built on top of the blockchain, to unleash the hidden potential of the customers’ fitness data for their benefit. A chatbot will be built, and based on the analysis result, it will offer personalized advice to further encourage members to continue their healthy habits and achieve their health and fitness goals.

There will be a mHealthCoin mobile app, which will be an all-in-one platform for peers to manage their health and fitness data, and their cryptocurrency wallet. All services on this platform can be accessed via this application. The application also works as miner on the blockchain, collecting user health information, when the project’s smart wearable device is not present.

The mHealth system will be built with a three-tier architecture:

The APIs can further be classified into user API and partner API. Through the user API, individual users can record and access their own health and fitness data through the mobile app.

According to the project’s whitepaper, blockchain technology will be used as the backbone of the health and fitness data storage as well as for keeping records of all coin transactions. Independent nodes, encompassing the distributed ledger technology (DLT), will be geographically spread across multiple sites with no central administrator and used for storage. A consensus algorithm will be shared by the nodes to record, replicate, share and synchronize data in their respective electronic ledgers.

Besides the main chain of keeping track of all of the coin tractions, each member will also have their own chain for keeping their own encrypted health data. This health data chain has only been recently added, with all data being encrypted using the encryption keys in the member’s app. For every 100 blocks, one coin will be awarded to the member account as a reward. For security and privacy reasons, all health and fitness records have to be validated and striped of any personal identifier before being uploaded to the blockchain. All published blocks will be permanently embedded in the blockchain and replicated in several locations.

Two-factor authentication will be required for any sensitive actions and transactions. A one-time password or biometrics will be required on top of the usual password when users want to link a new device to their account, or remove a connected device.

We note that there currently there is no beta/MVP available, the UX/UI design provided can’t be considered as an indicator of the team’s serious intentions.

 

4. Description of services & their applicability

Nowadays, people are becoming more aware of their healthiness because of all of the technology we have in our daily lives now. Technological devices and machines have created a closer relationship between people and health.

mHealthCoin is a blockchain-based health management platform. This project aims to build an ecosystem where users get rewarded by maintaining a healthy body, in addition to being healthy.

The development of wearable devices leads to a closer connection between people and health. People can wear the devices all the time to monitor own body status in order to maintain healthier body by doing different kinds of exercises. Hence, the project team is going to launch a coin which works in close connection between people and their health by using an attractive incentive scheme. The healthier the customer is, the more rewards they gain.

According to the project’s documentation, the project’s own branded smart wearable devices will be able to collect and monitor health data, and to provide a more specific analysis of their body for users. It is strongly recommended to wear these wearable devices all the time, in order to gain as many coins as possible, since these devices will use calories instead of movement or distance run as a calculation method to gain the reward, so even sleeping, the user can burn calories while gain their coins.

The smart-wearable device combines the features of a smart watch, GPS device and a blood pressure monitor. It constantly tracks 24 hours’ blood pressure and heartbeat, monitoring and uploading the results to the app. It can also analyze user activity to distinguish whether they are resting, walking, doing different kinds of exercise, or sleeping. If the device owner is sleeping, the quality of sleeping is also measured. If they are doing outdoor exercise, the watch can also perform real time GPS tracking.

The following specifications are presented in the whitepaper:

Based on the smart wearable device, this project aims to build an ecosystem where users get rewarded for maintaining a healthy body, in addition to being healthy. The mobile application, connected to these smart wearable devices, collects health related information to claim token rewards from the token store. Users can claim rewards from the project and their partners using the token. In later phrases, being healthy will become a mining activity. mHealthCoin, an ERC-20 compatible coin, rewards users when they keep healthy habits, like drinking water, sleeping well, exercising, all recorded through the mobile app. The coin will be well recognized by different parties internationally as the project advances.

To increase the shares of the global market, different types of devices would need to be designed to suit the far reaching different demands of people. A smart wristband and a smart watch are the core products for the wearable devices sector, which can be fully integrated into the life of the user. Besides the project’s primary function and common users, the following can be outlined:

mHealthCoin will focus its marketing activities on Pure investors and End Users separately in order to reach its target audiences. For the Pure investors, who act as fundraisers of sorts, there will be three defined types of interested investor: 1) Institutional Investors, 2) Private Investors and 3) Public Investors. mHealthCoin will use the investor funds received as a means of furthering the project’s goals. The project is not just aiming to start a new cryptocurrency, but to develop an ecosystem platform and create value for each other.

On the other hand, some brands and famous merchants of related products or services may be targeted too. The project team is going to provide quality products and services to all users resulting in offering the best user experience to all stakeholders through the platform.

 

5. Roadmap

The following roadmap is presented In the project’s documentation:

Before the end of the ICO period of March 2019, the team plans to focus on crowdsale promotion activities and on preparations for business development, including app and wearable device development, business and production assessment, market research on market trends and related products and services too. Then they can be confident in executing the planned marketing and business development activities step by step. Pre-registration for the app will be launched during the ICO period by airdrop, with bonuses given to registered future users. According to the whitepaper, once the number of pre-registered users reaches 50,000, a number of branding partners have agreed to cooperate with the project through the platform.

The following marketing activities are planned to be conducted simultaneously with the above roadmap:

We believe the roadmap has the following problems:

  • The roadmap lacks detailed information on the milestones before March 2019, which makes it complicated to trace the project’s development from the previous milestones and confirm the timeliness of their implementation.

6. Market outlook

6.1 Market overview:

Despite the significant volatility of the market, the spread of blockchain technologies in modern society is becoming increasingly active. This is due to the undoubted convenience and extensive technical advantages provided by the use of blockchain technology in various sectors of the economy and public life. For example, document circulation in government institutions in many countries around the world are transferred using blockchain technology, and also the active use of blockchain in the financial sector, agriculture, and production management. According to statista.com, it’s expected that by 2021 the global blockchain market will rise to USD 2,312.5m.

One of the most promising and socially significant areas of implementation of blockchain technologies is healthcare. The market for medical technologies and services in the health sector as a whole is one of the most steadily developing and active markets. Its volume exceeds 7.5% of the world’s GDP, and funding for health care start-ups is growing at a very large scale, especially in North America, Europe and Asia. By 2020, the global healthcare market is expected to be valued at USD 8.7 trillion.

The general trend towards the quality of healthy lifestyles among modern people also plays an important role in this recent growth. Hence, mHealthCoin is committed to creating a mobile platform and its own brand of wearable devices that can integrate healthcare into every part of people’s lives.

According to the 2017 Global Health Industry Trends Survey conducted by the American College of Sports Medicine (ACSM), among the top 20 trends in 2017, wearable devices continued to maintain a high position for a second year. It also showed that some trends that emerged in 2017, remain unchanged in 2018 (for example, high-intensity interval training, educated, certified, and experienced fitness professionals and wearable technology).

The evidence to support the strong demand for wearable devices from the global market is quite solid (according to the researches of 2017 & 2018):

Worldwide Fitness Trends

2018

2017

High-intensity interval training

1⬆

3

Group training

2⬆

6

Wearable technology

3⬇

1

Body weight training

4⬇

2

Strength training

5 ||

5

Educated, certified, and experienced fitness professionals

6⬇

4

Yoga

7⬆

8

Personal training

8⬆

9

Fitness programs for older adults

9⬆

11

Functional fitness

10⬆

12

Exercise and weight loss

11⬇

10

Exercise is Medicine

12⬇

7

Group personal training

13⬆

14

Outdoor activities

14⬇

13

Flexibility and mobility rollers

15⬆

20

Licensure for fitness professionals

16 -

n/a

Circuit training

17⬆

19

Wellness coaching

18⬇

15

Core training

19 -

n/a

Sport-specific training

20 -

n/a

We’d like to highlight, that the wearable technology trend has slightly decreased in comparison to the past year.

A source from Gartner indicates that the exported volume of all wearable devices has been growing since 2016. The estimated exported volume of smartwatches in 2018 is 48.2 million, and the exported volume is expected to almost double in 2021 to 80.96 million.

However, as the team mentions in its whitepaper, current devices can’t be described as being valuable or irreplaceable things in the market, as they failed to provide concrete incentives for users to wear the devices.

6.2 Competitive landscape:

We will use Porter’s Five Forces framework to perform an initial competition assessment for the mHealthCoin project.

Bargaining power of customers – High

The key factor for almost all projects is its popularity with all types of users. The platform will only succeed if it succeeds in attracting enough customers to the platform. We assess the bargaining power of customers as high.

Bargaining power of suppliers – Low/Medium

Since there are several labor types, AI and expertise on the supply side of the project, the bargaining power of suppliers can be assessed as medium.

Threats of new entrants - Medium

The project is really ambitious, and for new entrants, the entry cost is quite high, especially on the technical side – developing a device, AI algorithm, IT infrastructure, etc. Any other project starting today would necessarily have a delay of around 6 months due to the fact that any new AI algorithm has to learn for approximately 6 months.

Threat of substitutes – Medium/High

The threat of a substitute product or service is high if it offers a valuable proposition that is uniquely different from the present offerings of the industry. There are assumptions that one of the newcomers will offer a more unique solution than the existing ones.

Industry rivalry – Medium

In the current market, there are many other coins and tokens related to health or sports in different mechanisms and business models. In the project’s whitepaper a competitor analysis is presented, however, we’ve added several other points to compare:

None of the above mentioned projects are listed yet and they haven’t gained enough popularity yet either, despite their ICO dates having happened at least 9 months ago according to publicly available information. There is also no information regarding their market cap, which makes it difficult to estimate the potential market cap for each of the projects. The UHX project has suffered from the volatility of the market and has not been updated for a long time (according to their Telegram group). The Coinhealth project seems to be already closed (their Telegram, Twitter, Facebook accounts are not live). HealthCoin Plus’s Telegram group is not live, but their Twitter and Facebook are regularly updated. As for Sweatcoin, its app is live, however, it’s not on blockchain. These facts can be interpreted as advantages for the mHealth project, as there is no market leader, and the mHealth project has a good chance to gain the market. However, there are still some negatives, such as, the project could repeat its competitors’ development scenario, and another con is that wearable devices independent of blockchain technology are already popular, so the reasons to create a blockchain-based health management platform are not strong enough and might be questionable.

 

7. Team

The following team members are presented on the project’s website and in the whitepaper:

 

Andy Yuen

Viaceslavas Ruck

Position

CEO

CTO

Total experience

15+ years

No data

Relevant experience

Yes

No data

Relevant education

Yes

No data

Professional achievements

Former MD @ Joe Winna Int’l Co., Ltd

No data

LinkedIn

Yes

No

Connections

128

-

Endorsements / Recommendations

No

-

 

 

Michael NG

Alvis Jean

Position

Global Business Development Director

Engineering Leader

Total experience

17+ years

No data

Relevant experience

Yes

No data

Relevant education

Yes

No data

Professional achievements

Director of Maxector Retail Services and Management Ltd

No data

LinkedIn

Yes

No

Connections

263

-

Endorsements / Recommendations

Yes

-

 

 

Justas Paker

Jonathan CK

Position

Business Development

Principal Engineer

Total experience

No data

No data

Relevant experience

No data

No data

Relevant education

No data

No data

Professional achievements

No data

No data

LinkedIn

No

No

Connections

-

-

Endorsements / Recommendations

-

-

 

Another disadvantage of the project is that several team members have no LinkedIn account. Another problem to note is the fact that the project team presented consists only of the “Heads” - Principals and Chiefs, there are no linear specialists, such as blockchain developers, marketing and business development specialists, etc.

As can be seen above, the team composition can’t really be considered experienced and diverse, as the experience of the team members, especially that of the technical specialists in the blockchain area, can’t be confirmed, which may be related to the fact, that most of the team are Chinese citizens or work in China and it is quite complicated to verify the sufficiency of their expertise and professionalism via LinkedIn, also there are no specialists in other areas, such as marketing and finance.

Advisors

 

Solon Li

Derek Leung

Position

Advisor

Advisor

Total experience

5+ years (according to LinkedIn)

6+ years (according to LinkedIn)

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Founder of Authpaper Coin

Advisor in several blockchain projects (Authpaper, Cryptochainer)

LinkedIn

Yes

Yes

Connections

209

39

Endorsements / Recommendations

Yes

No

 

 

Terence Chim

Alex Chiu

Position

Advisor

Advisor

Total experience

11+ years (according to LinkedIn)

13+ years (according to LinkedIn)

Relevant experience

No

Yes

Relevant education

No data

Yes

Professional achievements

-

Advisor in several blockchain projects (Authpaper, Cryptochainer)

LinkedIn

Yes

Yes

Connections

70

202

Endorsements / Recommendations

No

No

 

The experience of the advisors is hard to confirm, since they are also Chinese citizens and it is quite complicated to verify the sufficiency of their expertise and professionalism via LinkedIn.

We would like to note, that there is no publicly available information regarding any already established partnerships or investors, and there aren’t any plans regarding further potential partnerships mentioned in the whitepaper, on the website or in their social-media. According to information received from the team, this is due to the fact that they are not allowed to release the names of their partners for the time being. Also, there are no big investors yet too.

 

8. Token analysis

Currently, the mHealthCoin token distributed in the ICO is not the platform currency, instead it is an ERC20-compliant token built on the Ethereum blockchain. Being part of the popular Ethereum platform, mHealthCoin can easily be shared, exchanged for other tokens, or transferred to a crypto-wallet.

Users are awarded mHealthCoins when they exercise with the app and can redeem them for different services on the exchange during the first phase of the project, since the blockchain platform is not ready yet. After the blockchain platform is released and properly tested, the project will migrate from using an ERC-20 token to using the platform currency. Token owners will be awarded with the platform currency equal to the amount of tokens they own.

The team is creating an ecosystem where every contribution has value. Once the mHealthCoin tokens are issued, it will be the basic currency for transactions within the mHealthCoin ecosystem.

The project team provides the following information regarding the detailed functions of the token:

Online shopping market and vendors’ products will be linked to advertising campaigns and content within the mHealthCoin platform. Users can treat their mHealth tokens mined in the early stage, as a discount to purchase products or services from the platform. And the vendors or advertisers can put the tokens received in the transaction back into the platform to pay for advertising, creating a full cycle of flow of interaction between coins and tokens. The team claims that the well-established ecosystem is the core value of this project in order to be consistent with the intrinsic value of the coin and its price.

 

 

9. Token price factor analysis

We identified the following key factors that may affect the token price:

FACTOR

DESCRIPTION

PRICE EFFECT

Demand for the service

It is difficult to predict the demand for the platform in 2020, once it is fully released, at the time of analysis (December 2018). Currently, it’s impossible to estimate whether the project manages against the non-blockchain competitors and gains its market niche, but taking into account that there is no leader in the health management blockchain market, the mHealthCoin project has a good chance to occupy the market.

⬆⬇

Development and release at each product stage according to the roadmap

Whether or not the team meets those milestones and the degree of product development at each stage will drive the token price up or down.

⬆⬇

Volatility of the crypto market

Taking into account that the team outlines the “speculative” function of the token and the high volatility of crypto markets, it may lead traders and speculative investors, especially at first, to trade mHealth, which may lead to token price fluctuations for the token or even speculative activities (pump & dump, etc.).

⬆⬇

Lock-ups

There are no lock-ups for the crowdsale or exercise reward part of the token allocation scheme. There are also no lockups for the company reserve.

⬇⬇

Limited token supply

Assuming that the company develops as intended and the demand for the solution is sufficient, a limited token supply can result in a long-term deflation of the token price.

10. Investment risk analysis

 

RISK

DESCRIPTION

LEVEL

MVP

The project is based on a technologically complex idea, which requires a large number of different stages of testing and coordination. Currently, there is no MVP or beta, and although the team claims that they’ve already started building the mobile app for alpha testers in Q1 2019, and provided the UX/UI design for review, this design can’t be considered as a part of the working product.

High


 

Team composition

Several team members have no LinkedIn account, which is a disadvantage for the project. Another problem to note is the fact that the project team presented consists of only the “Heads”- Principals and Chiefs, there are no linear specialists, such as blockchain developers, marketing and business development specialists, etc. The team composition can’t be considered experienced and diverse, as the experience of the team members, especially that of the technical specialists in the blockchain area, can’t be confirmed, which may be related to the fact, that most of the team are Chinese citizens and it is quite complicated to verify the sufficiency of their expertise and professionalism via LinkedIn. Also, there are no specialists in other areas, such as marketing and finance.

Medium/ High


 

Roadmap

The roadmap has the following disadvantages:

The roadmap lacks detailed information on the milestones for the period before March 2019, which makes it complicated to trace the project’s development from the previous milestones and confirm the timeliness of their implementation. Taking into account, that as of the report date the presale hasn’t started yet, we assess the level of risk as Medium-to-High.

Medium/ High

Market/competitors risks

mHealthCoin provides an analysis of blockchain competitors, but they don’t mention any non-blockchain healthcare management projects, including popular wearable devices, which have already gained popularity in the market. In this case the competitors’ area is expanding, which leads to an increased risk level. Taking the above information into account, we rate this as a Medium risk.

Medium

Partnerships

There is no publicly available information regarding any already established partnerships or investors, and there aren’t any plans regarding further potential partnerships mentioned in the whitepaper, on the website or in their social-media. According to information received from the team, this is due to the fact that they are not allowed to release the name of their partners for the time being. Also, there are no big investors yet either.

Medium

 

Development risks

The project is still under development and may undergo significant changes over time. Although it is intended for the project to follow the specifications set forth in this document, and the project team will endeavor to work towards those ends (subject to internal business considerations), changes may be required to be made to the specifications of mHealthCoin for any number of reasons.

Medium



 

Token price decrease

There are several price factors discussed above that may put significant pressure on the price of the token. We note that we disregard all systematic price risks when considering the degree of the token price decrease probability.

Medium

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $10000 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.