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TokenStars Rating Review


Investment Rating

Expiry date : Expired 29 Jan 2018


We have reviewed project's progress as of December 2018 and identified very poor performance of the token as compared to market - capitalization of the project dropped more than 100 times since listing date. Moreover, the team collected money for one token and then converted it into another, which is not very transparent. It seems that the token lacks utility and market, herefore project rating have been decreased to Risky+.

We assign TokenStars a "Risky+" rating. 

Despite the fact that the TokenStars project is entering a highly competitive market, it has a number of advantages over classic competitors. These are the opportunity to build up an unlimited network of scouts and promoters, a clear and heightened motivation for the market, a decentralized voting system and the opportunity for token holders to make decisions on organizational matters.

The project team has assembled very strong experts (including those in the tennis sphere). We get the impression that these people are well aware of the difficulties that young tennis players have to face. In the process of communication we have had a good impression of the project manager, and we have received reasoned answers to all our questions.

The project has clearly formulated development plans, the implementation of which is now carried out in accordance with the established deadlines; the economic model with moderate assumptions is still stable under different scenarios, as well as a thoughtful marketing strategy.

All this helps us assign a high "positive" rating. The investment rating of "better than the market" is confirmed by the successful fund-raising during the pre-ICO. In the long term, ACE is also quite an interesting asset from our point of view; the number of tokens is limited, there will be no new issues, and the system of payment of premiums and commissions is arranged in such a way that all payments will be made in ACE tokens. The probability of the Tokenstars project's success is above the market average one, so the token is very likely to be truly in demand for future transactions in the system.


General information about the Project and ICO

The ACE project is a platform that aims to provide financial support for the promotion of young talented tennis players seeking to get into professional sport worldwide. TokenStars solves one of the main problems of young players - the problem of financing, thereby significantly increasing their chances of success. Thus, the idea is that investing in athletes at an early age will bring significant returns to the investor in the future. After all, when a player starts to achieve results, he not only begins to receive prize money, but can become a celebrity and obtain expensive advertising contracts.

TokenStars decentralizes all the key processes associated with finding players (with the help of scouts) and promoting talented tennis players (with the help of promoters). Holders of ACE tokens will get access to exclusive services and products (training with a star, VIP tickets and much more).

TokenStars starts with the release of ACE tokens.



Platform for smart contracts : Blockchain Ethereum

Contract type : ERC-20

Token : ACE

Target volume for tokens sale : US$7,500,000

The maximum number of tokens sold (hard cap) : 9,900 BTC

Maximum number of generated tokens : 165,000,000

ACE Price : 0.0001 BTC

Accepted currencies : Bitcoin (BTC), Ether (ETH)

Geography of sales : ACE Tokens are not subject to offer and distribution, nor can they be resold or otherwise transferred by holders to private individuals or legal entities that are resident or registered in the United States of America (including states and the District of Columbia), Puerto Rico, US Virgin Islands, other US possessions or (ii) countries or territories where transactions with digital tokens are restricted or in any other way are prohibited by applicable laws or regulations.

Pre-ICO : US$1.5 million collected

Start of ICO : September 10, 2017, 10:00 pm

Maximum term of ICO : October 31, 2017, 22:00 (or earlier, whenever the maximum number of tokens is reached during the sale of the tokens)

Minimum target amount : 100 ACE tokens

Maximum target amount : no limit

Date of token distribution : November 7, 2017, 22:00 (or earlier, if and when the maximum number of tokens is reached)

Bonus program for ICO : An additional 5% bonus will be added when buying more than 5 BTC worth; higher bonuses are available from purchases > $50,000 (write to [email protected]).

Day 1-3 - 40%

4-6 days - 30%

7-10 days 20%

Token distribution : For each 60 tokens sold, an additional 20 tokens are created and stored for the team, partners and expert council, and an additional 20 tokens will be created and stored for the community. Undistributed tokens (the difference between the maximum number of created tokens and ones actually distributed) will not be created.

The scenario of fund distribution based on the results of the sale of ACE tokens, in which it would be possible to attract at least $7,5 million is given below:

  • Initial grants to players (38.6%) - basic expenses for juniors: tennis academies, trainings, flights, equipment, etc.
  • Subsequent grants to players (12.9%) - additional funds for the most promising juniors.
  • Marketing (19.3%) is the promotion of the ACE platform to attract scouts, promoters, new users and professional players.
  • PR (8.4%) - ACE events and tournaments, partnerships with PR agencies.
  • The operating team (3.9%) - salaries to higher and operational management, including taxes
  • IT team (3.9%) - salaries of programmers and developers of the technical platform, including taxes.
  • Ad insertion team (4.6%) - salaries to employees of the department of advertising sales, including taxes
  • Team Scouts (1.9%): bonuses and salaries to the head of Scouting Service, staff and external coaches, including taxes
  • Other expenses (2.7%): accounting and audit, flight and rent
  • Legal expenses (1.5%): legal advice on blockchain, drafting contracts

Slack : (570 members)

Twitter : (869 members)

Telegram : (269 members)

Facebook : (282 members)




Project services and their usage

ACE is an infrastructure token using the Ethereum protocol; it has functional application only on the ACE platform, solely within the prescribed functions. The number of such functions will grow over time. The creation of a token is required for the organization of the internal economy of the ACE system, which will ensure interaction within the community.

Any member of the platform (token holder) can assume the role of a scout, promoter or analyst.


  • Collect and analyze information about players and identify those that have the greatest potential, using platform tools. The platform allows them to standardize the evaluation process, and will also provide an opportunity for communication with the players themselves, parents of future stars and coaches.
  • Form reports - Sending of reports to the ACE community for professional evaluation through a decentralized voting mechanism.

Any token holder can become a scout. For successful recommendations of new players, scouts will receive a reward.


  • Manage fan accounts of tennis players on social networks, building up of fan bases.
  • Attraction of advertisers and sponsors (using materials from the ACE)

Any member of the community who is willing to promote players and attract advertising contracts can become a promoter. Vacancies will be published on the site; however, token holders will have an advantage over other candidates for the vacancy. If the community is not satisfied with the results of the work of a promoter, they can lose their status through the vote of system participants.

Scouts and promoters will receive compensation only for work performed within the framework of the ACE platform. Compensation will be paid exclusively in ACE tokens; it will not be paid if scouts or promoters fail to act accordingly.

To aid the transparency of the work done by scouts and promoters, monthly reports on KPI implementation will be published.

Analysts​​(all participants, including scouts and promoters):

  • Research the statistics and data about the players.
  • Vote for signing contracts with players, as well as for the extension and break of these contracts.
  • Participate in voting on such issues as replacing the head of the scouting department and an inefficient promoter.
  • Form proposals for the project team on operational issues of the ACE business (these solutions will serve as expert recommendations for the agency's management).

All community members can use their tokens to purchase services and products on the platform:

  • Training with the stars (individual, group, online lessons).
  • Communication with the stars, access permit for training.
  • VIP tickets and autograph books.
  • Purchase of advertising (for advertisers).

The full functionality of the ACE platform will be available only to holders of ACE tokens. A beginning user on the platform will be able to purchase tokens on the exchange. Owners of tennis tokens will be able to exchange them for tokens from other sports verticals in the future (football, poker, e-sports and more).

To pay agency fees, sponsors, players and advertisers can only use ACE tokens, which they will need to purchase on the market.

Many sports have already changed their approach to finding talent and have begun to rely on numbers and statistics. For example, in football scouts and managers use the InStat system which helps agents find potential stars while they are still playing in the lower leagues. Tennis has not yet passed through such a transformation, and therefore the creation of such a product looks very timely.


Development strategy and Roadmap

In the long term, the team plans to establish a talent management agency using decentralized processes of searching and promoting athletes.

Initially, the project will be implemented for two sports: tennis and football, with a progressive expansion into other sports and new directions, as well as strengthening its positions in already occupied niches.

The composition of the first pool of signed tennis players will look like this:

  • 2/3 of the pool will be players aged 13-14, 1/3 will be at the age of 15-16.
  • 50% boys, 50% girls.
  • Between 1/3 and 1/2 of the pool will consist of athletes which are not from "not tennis" countries.

Japan, China, India and Brazil are target markets for the project's founders, as within these territories public interest in tennis is growing every year. A large percentage of athletes from "non-tennis" countries is accounted for by the size of the local market.

As a rule, in such countries athletes enjoy high popularity even with relatively modest results on a global scale. Currently the number of fans of top 20 players exceeds 172 million people, and ACE intends to attract 1 billion fans of tennis to blockchain, including by attracting athletes from countries where tennis is poorly developed.

Signing of contracts and sponsorship agreements with the players will be conducted according to the following schedule:

Several contracts will be signed with the current top-200 tennis players, who do not have contracts with traditional agencies for various reasons. The ACE agency has already signed the first contract with Veronica Kudermetova, the winner of 19 international tournaments (66th line of the pair rating of WTA and top 200 in singles). It is expected that she will sign her first advertising contract in September 2017.

The white paper presents a roadmap for the project, within which development plans in all directions are specified in detail. The beta version of the platform will be created in the 4th quarter of 2017, and the first players will be finalized in the second quarter of 2018. At the same time, the KPI system will be introduced. A fully developed product is intended to be created in the second quarter of 2019.

ACE also plans to place tokens on exchanges in order to trade them openly. Trading on the stock exchange will begin after the ICO, as soon as all the necessary documents have been drawn up.

We can therefore say that the team has clearly formulated tasks, methods and terms for their implementation. To date, the project is being implemented in accordance with the announced schedule.


Market Review

The market for sports scouting is well established. The top 40 sports agencies for searching and managing talent operate contracts for more than $40 billion, and this implies approximately $1.95 billion commission. Sports agencies are true multibillion-dollar businesses. The industry is so large that it exceeds the GDP of such countries as Serbia, Bahrain, Cyprus, etc. According to 2016 ratings, the ten most successful agents earned over $550 million for their services.

At the moment, sports agencies finance young tennis players, signing contracts with them, and when the player improves his rating the agencies help with the arrangement of lucrative advertising contracts receiving about 20% of athletes' income for their work.

The popularity of professional tennis is also growing very fast. The total prize pool in Grand Slam tournaments has grown 4-fold over the past 15 years. Big tennis is one of the most popular sports in many countries: there are about 1 billion tennis fans worldwide. Top-10 tennis players have more than 172 million subscribers in their social networks. Rafael Nadal alone has 25.9 million fans. In China and India, this sport has recently become of special interest; proof of this is in the numerous admirers of the world star Lee and of Sanja Mirza - the No. 1 seed in the doubles category .

In addition, fans spend much money on sports and sporting idols. For example in 2016 in Great Britain, tennis fans spent $2.2 billion. From calculations and statistics shown, it can be seen what a large and developed industry tennis is together with the sums spent by fans and earning agents.



It is worth noting the qualifications of the team, which consists of 12 people. The experience of the main representatives will be considered below.

The project's founder is Pavel​​ Stukolov​who has the following experience:

  • VC Investment Manager (private VC Fund / family office)
  • Strategy and M&A Director (Sistema Mass Media)
  • Project Manager, IBD (Nord Capital)
  • Senior Analyst, DCM (RIG-Finance (Russian Investment Group))

Marketing Director Irina ​​Shashkina​:

  • CEO (Lingualeo)
  • Business Development Executive (Rambler&Co)


1. Target Summit Conference 2
2. GM Lingualeo Russia and SIC3
3. CMO Groupon Russia & Ukraine4
4. CMO Groupon Russia and Ukraine5
5. Partner and CEO of e-promo6

Chief Technical Officer Evgeny ​​Potapov​:

  • CEO в ITSumma. 10 years of experience as the Founder & CEO at IT

Financial Director Vladimir​​ Schmidt​:

  • Business Development Executive (mel.fm)
  •  Co-founder, managing director (teamo.ru)
  •  Project Manager (Fast Lane Ventures)
  • Sales Director (Favorit oil)
  •  Financial Analyst (GE Money Bank)
  •  Financial Analyst, Junior Financial Analyst, Insurance claims coordinator, Call center specialist (Bank Renaissance Capital)

Head of sponsorship programs Madina ​​Hóoke​:

  • Co-Founder (LLC "IAM")
  • COO (VisualDNA)
  • Regional Director (Groupon Russia)
  • Comercial Director Russia&CIS (Grupo Mall)
  • Founder (M Travel)

Developer and software architect Dmitry​​ Rodichev​:

  • Founder (FalseTrue)
  • CTO (The Regulars (by Plentyy, Inc.))
  •  CIO (More Magic Software)
  • System Architect (Alloka)
  •  Senior programmer / System engineer (Finance stock)
  •  Team lead / Senior Developer (Confidential Software)
  •  Advanced programmer / system administrator (WWW.NNOV.RU)
  •  System Administrator (NNOVER.RU)
  •  System Administrator / Advanced Programer (MOSKVA.COM)


  • MongoDB for Developers
  • Real-time-web-with-node-js
  • Shaping-up-with-angular-js
  • Staying-sharp-with-angular-js


  • Alloka
  •  NN.RU
  •  www.nnov.ru
  • Roem.ru

Product Director Timur Gavrilov:

  • Product Head (LinguaLeo)
  • Product Marketing (ABBYY Language Services)
  •  Business Development/Product (Flocktory)
  •  Regional Director (Groupon)

An important advantage is that the team brings together professionals from different industries who have extensive experience in creating, developing and promoting projects.

Special attention should be paid to the composition of the expert council of Tokenstars. Among the 9 experts there are Russian sports stars (Anastasia Myskina, Veronika Kudermetova), professional trainers (Sergey Demyokhin) and a representative of the highest level of sports agents (Maya Kurilova). On the Expert Council there are some very experienced marketing and advertising specialists (Ksenia Chabanenko, Alexander Stratilatov, Evgeny Kuznetsov) and an experienced blockchain expert (Oleg Abdrashitov) which is crucial to successful development. We would also like to note the presence of a well-known businessman, Elena Masolova - on the council, who has already invested $ 300,000 in the project.

Thus, once again we note that the qualification, the experience of the team and the expert council inspire confidence. Their readiness for dialogue and openness to constructive criticism helps give a very positive evaluation.


Marketing strategy

The project’s developers plan to allocate 19.3% of the funds raised in the ICO for marketing, which will be $1.45 million (given that the goal is $7.5 million). The allocated budget will be spent on the promotion of the ACE platform, to attract scouts, promoters, new users and professional players.

At the current stage, the project’s media coverage is at an average level. Promotion in social networks is very modest, and only bounty hunters are engaged in it. The number of participants at the time of studying the material is small (see the section "Project Description"). However, there are regular references in the media to this project on Forbes, Financemagnates, INC and a number of others.

The TokenStars ACE bounty program will be 1% of all tokens sold during the Pre-ICO and ICO if the total amount of funds raised is $15,000,000 or more, and 0.75% if the amount is less. The general bonus fund of TokenStars ACE will be divided as follows:

  • Translation and moderation (community management) - 20%
  • Signature and avatar - 40%
  • Blog and Media - 15%
  • Reddit - 8%
  • Twitter - 7%
  •  Facebook - 5%
  • Reserved for other interesting ideas - 5%

In the course of communication with the project's founders, we managed to discover details of the marketing plan, which the team has not yet published, but reports that soon it will be freely accessible. Development will take place in two directions:



According to the developers of Tokenstars, agreements have already been made with the major sports media Tribuna digital and Sports.ru (international audience), the world's largest application for fans of Manchester United, which will lead a non-blockchain audience to the platform after its launch.

Sports fans worldwide spend huge sums on their hobbies. Nowadays, presence at a match or watching it on TV is not enough, fans want to be closer to their idols.

Therefore, modern fans are ready for a new experience; Tokenstars gives them such opportunities - for example, by ordering exclusive products or training and communication with the stars.

ATTRACTING FANS will happen via the following channels:

TV (Not direct media buying, but appearance via celebrity endorsement (e.g. logo on star’s t-shirt or other)) + ONLINE VIDEO

«This is the channel that has the greatest amount of reach and effectiveness when it comes to communicating the knowledge about the sport. We incorporate advertising into major translations of sporting events (live or recorded). Coupled with online video this allows increase in amount of communication and reaching non- and occasional tv viewers. The greatest amount of affinity reach can be received from incorporation into the advertising blocks of:


  1. Sports YouTube channels
  2. Sport bloggers
  3. Sport commentators
  4. Recordings of games and highlights»


«Social media is one of the most important platforms for ACE to use to communicate with potential platform participants. Modern people spend a great amount of their time on social media. It is a place where they surround themselves with up to date sport content by subscribing to the accounts of athletes, clubs, sport unions, bloggers, etc. By analyzing these subscriptions, we are able to build an advertising campaign for social media platforms that uses micro targeting».



«One of the greatest ways to engage a fan into the project is to advertise it near and inside the stadiums, where the athletes who are already signed are playing. This is the place, where the call to «Share the» success» has the most weight.



Using people’s and groups’ popularity in social communities for advertising purposes. Agency ACE has already signed a first contract with the professional tennis player Veronika Kudermetova and her first advertising contract is expected to be signed shortly.



Currently, most brands use sports stars, including tennis ones, to promote their name. The attractiveness of brand cooperation with ACE is as follows (quote from the marketing plan):

    • The company evidently has a marketing strategy of high quality, although it is not yet published. The developers intend to promote the project in several directions, which is a big positive point. ACE has a partner JAMI (top 5 digital agency in Russia), with whom the marketing strategy of ACE was developed.


Competitive Advantages of the Project

Currently, competition among sports agencies is very high. You can name several dozen companies, both large and small in size, offering their services to professional athletes in a variety of sports. Some agencies are focused on a particular sport, others choose several priority directions, however, most agencies still provide services in many sports.

At the end of 2016, the top three leaders were as follows:


  1. Creative Artists Agency (main areas: Football, Baseball, Basketball and Golf). Value of contracts under management is $7.8 bln.This will bring the company's revenue in the form of a commission of $ 290 mln for several years.
  2. Excel Sports Management (Baseball; Basketball; Golf). Value of contracts is $3.1 bln, with a commission of $ 149 mln.
  3. Boras Corp (Baseball). The value of contracts is $2.2 bln, with a commission of $132 mln.

The five largest agencies in the world, which also include the Wasserman Media Group and Octagon, together represent about 30% of all professional athletes, which indicates the high barriers to entry into this market.

Among the leading agencies, tennis is not in the main top 10 of world sport; agencies consider their priorities to be in other areas. In tennis, the leading position is taken by the WME-IMG agency (12th place in overall ratings, tennis players comprising 7% of all sportsmen working with the agency) with the value of contracts under management of more than $271 mln and commission of almost $43 mln. The TEAM8 agency, created by one of the best tennis players in the world - Roger Federer (35th in the general rating with $ 74 mln under management and $ 13.1 mln commission), also has a large share. Smaller companies such as Global Sporting Connections (contracts with 30 players), Lagardere Sports, Agent Atleta and others are represented in the market.

As a rule, traditional agencies have a number of scouts and promoters on their staff.

However, this has its drawbacks:

  • High costs (maintenance of staff, flights, etc.). Not all agencies can afford it.
  • It is difficult to scale the business (for this reason "non-tennis countries" are not in the sphere of interests of traditional agencies).
  • Subjective evaluation of the player (often the expert makes a choice intuitively).
  • Corruption issues.

Unlike most competitors, the Tokenstars project at this stage will focus only on tennis and football. The main advantages of the project will be the decentralization of the process of searching and promoting talent. For this purpose, the agency will have:

  • A global network of scouts, as well as a system for their motivation. This will allow for a primary assessment of the athlete's skills the by player's location.
  • A global network of promoters and a motivation system for them.
  • Decentralized Community Voting, for which the community will rely on the results of analytical research, and will be able to make decisions based on an objective assessment of indicators.

Decentralized Community Voting will allow the use of one more important new idea - the chance for community members to offer solutions for operational activities that will serve as expert recommendations for the agency's management.

Thus, Tokenstars enters a very competitive market. However, it should be noted that management is aware of the strengths and  weaknesses of competitors, and tries to create a product that will have the necessary advantages, and which in turn will permit a successful start to occupy a significant share in the market and develop success.


Risks of the Project

At this stage there are no serious specific risks that could affect the attractiveness of the project. There are some traditional risks associated with the crypto industry which should not be ignored. Nevertheless, we draw the attention of investors to the following points:

According to the Tokenstars team, it is planned to hold two ICOs almost simultaneously - the tennis project ACE (ICO on September 10, 2017) and the football project GOAL (ICO on September 30, 2017). Investors' funds will go immediately to two projects, which may lead to a dilution of liquidity for each of the projects. In our opinion, it would be more logical to first conduct the ICO for ACE, and taking advantage of its success to then hold the second ICO. Moreover, the prerequisites for the successful sale of ACE tokens are very good. The development team refers to the bookbuilding platform ICObox, which will assist the project in conducting the ICO.

Currently Tokenstars does not have a working prototype platform; the release of the beta version is planned for the fourth quarter of 2017. Consequently, the platform will begin to collect users by the end of the year, at best if there is no delay in launching the platform.

The marketing strategy has not been published, i.e. investors will not be able to get a clear idea at the moment whether ACE will be able to attract the necessary number of users to the platform. It is also vital to take into account the fact that the project currently has a low profile in the media.

Tokenstars has no rivals on the blockchain, but we cannot ignore serious and experienced classic competitors. Sports agencies are businesses running into billions of income.

Economy of the Project

The economic model is worked out by the Tokenstars team to a high level.

The documentation presents a conservative model of the expectation of players' income during their careers. 4 groups of tennis players are considered: super-stars (top-5 players), top-50 players, top-200 players and failed players forced to retire:

  • The model does not include the income of super-stars from the top 5.
  • The model allows for failed players earning only $5000 during a career, although in real life according to analytical data, any player seeded above 500 can pay agency costs.
  • The model is created assuming player retirement is at 30 years old. In real life, many players show good sports results after this age, and the advertising earnings of athletes are at maximum level after reaching this age.
  • The ratio of advertising fees to athletes' prize revenues from competitions in real life is about x5, not x2 as considered in the model.

The documentation lists three variants on the composition of the cohort (pessimistic, realistic and optimistic) consisting of 30 juniors (when selling tokens for a total of $15 million, if less is collected then the model will be adjusted proportionally) and 10-20 stars from the top 200 (with a contract for promotion of advertisers):

Three development scenarios (pessimistic, realistic and optimistic) are also considered and calculated in the economic model:

ACE charges a standard commission of 20% of the player's prize money (excluding local taxes) and 20-25% of the advertising income of the athlete.

From the above economic model it is clear that under any scenario a cohort of players will be paid initial contributions between 19 and 21 years old.

Estimated revenue for each development scenario (pessimistic, realistic and optimistic) is $39.7 million, $60.6 million and $78.2 million respectively. Revenues are formed from prize and advertising fees in a ratio of 30% to 70%.

In the first years of the project, cash flow for the agency will be generated by the income of professionals from advertising contracts. The income from the cohort of juniors will allow the scaling of the business in future. ACE plans to sign advertising contracts with top-200 players, who earn substantial prizes to cover their own costs for participating in tournaments. Therefore, ACE does not have to incur additional costs for training, relocation and so on.

In the future ACE intends to sign a contract with a current professional coach and open a small ACE Academy for juniors, which will significantly reduce the cost of training.

Judging the economic model, we can say that it has been worked out in detail, and various scenarios of development have been considered from the negative to the most optimistic. Creating a financial model, the developers demonstrated full competence in this area and in the objectivity of their assumptions.


Investment highlights of the token

ACE tokens do not give the right to participate in the distribution of assets or profits of the company, nor players' incomes, and they are not debt liabilities. From their characteristics they are infrastructure tokens, and are intended only for payment of services within the platform, so the price of tokens will directly depend on the number of its participants. In this case, the number of issued tokens will be limited by the ICO, and there will be no new emissions.

For a better understanding of the scale of the ICO, one can imagine the following scenario: All tokens could for example be placed among the fans, and each might acquire tokens worth $1000. It will take about 42,500 of these fans to buy out the whole issue. And if the figure of 1 billion fans of tennis looks at first glance somewhat inflated, then considering the investment appeal from such an angle, we can say that the  tokens have good prospects.

To pay agency fees, sponsors and advertisers can only use ACE tokens, so the higher the ACE agency fee, the more tokens will be purchased on the market. Over time, as the platform becomes more popular and the number of participants increases, the demand for tokens will grow.

Placement of tokens on stock exchanges will allow everyone to buy them at any time and thus join the community and assume one of the proposed roles. Any participant, whether a fan, just an interested one, an advertiser or a children's coach who trains a prospective player and wants to promote him, should buy a token to gain access to the system.

Owners of tennis tokens, if desired, can later exchange them for tokens of other sports projects.

In order to increase attractiveness, in the first week of the basic ICO there will be special conditions - investors will receive 4%-8% of bonuses depending on the time of acquisition among other things.

Based on the above we can say that tokens have a significant growth potential. Over time, when the first contracts will be signed and initial popularity will appear (at least in narrower circles), their potential will become even greater, even in spite of the high competition. At the initial stage, the growth of attractiveness will largely depend on marketing to promote the product.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $6500 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.