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CryptoProfile ICO review

Coin Name: CryptoProfile Tokens

Ticker: CP

Coin type: ERC20 token

Hashing algorithm: KECCAK256

SoftCap: $1,162,556

HardCap: $30,463,808

POW block time: 15 Seconds

Private Sale: 1st November 2018

ICO start date: 1st February 2019

Presale date: 1st January 2019

ICO duration: Until 28 February 2019 or when the hard cap is met

The summary indicates that the main ICO will start on 1st February 2019 and run till the end of the month or until the hard cap is reached, whichever comes first. Some of the main things we like are that the project seems to have an actual soft and hard cap indicating that the development team knows what they want to get from the platform.

The main problem that CryptoProfile seeks to solve is the rampant failure of ICO projects in the cryptocurrency industry. They highlight that 90 percent of all the ICOs fail in less than six months. A large proportion of them are scams where people trick investors to finance their ideas only to disappear after the money has been collected. This is one of the most prevalent problems due to the lack of proper regulation in the cryptocurrency industry. The main problems they highlight include:

Ø ICOs with poor technical execution in the main project

Ø ICOs with poor business models that are not viable

Ø ICOs relying on replicated ideas

Ø ICOs using pump and dump strategies to trick investors

Ø ICOs that offer airdrops at a low value

Ø ICOs that use marketers that are not adequately skilled

Ø ICOs that exploit bounty hunters in the market

CryptoProfile provides a solution where investors get access to legitimate ICOs that they can invest in without any fear of being swindled. The firm will conduct thorough due diligence on any ICO projects that want to be listed on its blockchain-based platform. They will then accept them as clients in their ICO marketing service. They will be required to pay $100k in CP token for marketing of the tokens. The CP tokens returned will be locked in a smart contract for six months until the client is listed on an exchange. Ten percent of the ICO’s tokens will be airdropped to investors who will be holding the CP tokens.

The diagram below shows the business model that the platform will be using.

In a sense, the platform performs due diligence on ICOs in the market and holds these platforms to a long-term contract by requiring them to acquire CP tokens for at least six months. The aim is to dissuade the pump and dump ICOs. Any ICOs accepted by CryptoProfile will have extensive due diligence research conducted on them to ensure the technical, business and financial aspects are legitimate. Even the founder, team and advisors behind the platform will be investigated to ensure that they are legitimate in their business offering.

CryptoProfile seems to follow the tried and tested approach of creating its blockchain on the ERC20 token. The benefit is that it will rely on Ethereum to provide the security to the platform. This is better than having a mainnet with poor security as the underlying blockchain of the platform. The whitepaperindicates that in the future they are willing to create their mainnet. The following is a scoring of the key features we look at in an ICO review:

The speed of the platform — While it is nothing to write home about, we believe that the 15-second transaction speed is adequate for the type of platform that is being built. The platform will mainly deal with providing airdrops of approved ICOs to token holders. A 15-second delay will not affect that in any way. Therefore, the speed is adequate for the task.

Security of the platform — Since the platform relies on the Ethereum network, the security protocols are inbuilt into the Ethereum platform. It provides relative protection from hackers and Sybil attacks. Additionally, the encryption provides security and privacy for the platform. It also includes AML and KYC protocols that are becoming an industry standard.

Transparency — A trust-less system require transparency to ensure that investors and the ICOs have peace of mind. CryptoProfile has adopted a fully decentralized approach to how the platform runs to ensure that the investors can review the ICOs for themselves and the due diligence reports. This ensures that all stakeholders are comfortable that no issues will affect them.

Scalability of the platform — The platform can be scaled horizontally by increasing the number of users, and the number of ICOs included without any issues with speed or security. Once the platform becomes large enough, it will create its mainnet. Scalability is also guaranteed by the low latency of the algorithms that have been used.

Language used on the platform — As an ERC20 coin, it relies on Solidity as the main programming language. It is a JavaScript iteration which makes it easy to work within the future.

A review of the team indicates a legitimate team of people who are verifiable. CryptoProfile provides adequate information on the core team and the partners. Some further digging has shown that the individuals are all legitimate. The main members of the team include:

Max Ng who is the managing director and co-founder of the platform. He has already been involved in the digital currencies industries which are probably where he realized there is a gap in the industry.

Jaclyn Lim is the deputy managing director and also a co-founder of CryptoProfile. She has invested in more than ten different ICOs with a 100 percent profitability record. She also seems to have a good understanding of the cryptocurrency market.

Charles Ram is another co-founder and the sales and marketing director. His skills in cryptocurrency marketing are evident with his numerous awards in the field and keen insight into the Fintech industry.

Alan Lew is also a co-founder and the chief technical officer. He has experience in the development of interactive business websites and some insight into platform creation and Fintech development.

Kelvin Lew is also a co-founder and the digital marketing director. He has very 12 years of experience in the digital sphere and can utilize the right marketing tools as well as the right way of expression to engage the right kind of audiences.

Andrew Se is a member of the team and one of the co-founders. He is an experienced Crypto Analyst capable of evaluating the technologies, business models, market trends and incentives along with managing 200+ different token types.

Amarpreet Singh is one of the leading advocates and contributing member of Global Blockchain community, Senior Advisor of Global Blockchain Foundation and is an Advisory Board Member of many Blockchain projects around the world.

The key partners of the platform include DigiFinex, Talenta, Weblearningresources.sg, oex.com, kryptoia,Cryptaw, Ceito, MastertheCrypto, and IKIGUIDE.

The CryptoProfile website, cryptoprofile.io, is quite interactive. It has an attractive design with a good graphical integration. The images are appealing, and the language used is simple enough for investors to understand. Navigating is quite easy using the tabs in the website. It also has a FAQs section that allows people to answer as many questions as possible. The website also has chat support that allows people to speak to customer representatives.

The whitepaper is quite informative. It is quite large, and it comprehensively provides all the details that any tech-savvy investor may want. It provides insight from the technical aspects to even the plans of the firm. The one issues that I can highlight is the need for a simple one-pager for investors who are not very tech-savvy.

The roadmap is informative. It provides details on the conception in 2016 and progress that the company has made to date. It also gives information on plans including the upcoming ICO, Presale, and development of the platform. The roadmap also provides adequate information on the plans of the platform. It highlights when the test net will be launched, when the exchange API sourcing and integration will happen and when the application will be developed. The roadmap also suggests that there will be a possible monthly airdrop of other projects.

The token economics is well highlighted with a clear diagram and information on how the CP tokens provide utility for the platform. It provides information on how the writers, crypto novices, partners, subscribers, and project ICOs interact with each other in the platform. Payments are made using the CP token creating an effective flow of tokens. The utility of the tokens means that CryptoProfile is better for investors that platforms that are purely speculative.

The financing section provides adequate information on how the tokens will be allocated for different purposes. 23.4% will be allocated for the ICO, 17.7% will be allocated for private sales, 17.7% for the Pre-sale. 17.7% will be seed 2, 2% will be seed one money, 10% will be reserved while 6.5% will be left for the team and finally 5% will be used in the bounty campaign.

The token sale will have a soft cap, and a hard cap of $1,162,556 and $30,463,808 respectively from the total token supply is 753,471,015 CP tokens. The minimum fund utilization based on the soft cap is shown in the following pie-chart.

Listing fees at 18.6%, the content team at 14.5% followed by the marketing team at 14.3 percent and the IT team at 14.1%. The sales team will require 10.1 percent, Referral fee at 6.8 percent and the CPF at 5.5%. Accounting will use 2.2%; consultant team will use 5.6% while office rentals will use 2.7%. If the hard cap is achieved, the funding utilization will be as follows.

Listing fees are at 3.7%, the content team at 11.0% followed by the marketing team at 17.6 percent and the IT team at 16.9%. The sales team will require 5.3%, Referral fee at 4.0 percent and the CPF at 12.0%. Accounting will use 4.0%, the consultant team will use 7.4% while office rentals will use 2.8%. Operation team will use 6.8% while the security team will use 4.8%.

A look at both the funding requirements shows that around 20 percent of the allocation will be used mainly for marketing and sales. The adequate allocation on the marketing indicates that the business is serious about pitching to cryptocurrency enthusiasts and investors once everything is launched. Cryptoprofile has a vast Crypto Community as well as exchange partners, attracting investors is not an issue. After the funds are raised, they will be able to engage even further when it comes to PR Media and Social Media Marketing and build an even bigger Crypto community. It will also enable them to support our ICO projects and client’s projects generating more airdrops for the community. The marketing will allow people in the community to understand the importance of having ICOs verified but CryptoProfile to avoid scams.

CryptoProfile does not have any specific red flags. It seems to be a genuine platform from a group of authentic enthusiasts trying to solve a legitimate problem. It provides an opportunity for investors because the token economics gives a genuine utility for the CP tokens. As a result, anyone who buys tokens during the ICO is almost guaranteed of making proceeds once the tokens are listed on popular exchanges on launch.

CryptoProfile also states that the value of the token will be maintained. They answered this in the FAQs section by stating that the firm already has a successful working business model with a vast crypto community generating income, they will be able to buy back the tokens to maintain the value as they will keep getting airdrops from our clients’ projects.

CryptoProfile is a start-up worth investing in. The team behind it knows what they are doing and they are tackling actual problems. The token economics and the business model means that those who invest in the ICO will be able to sell their tokens because if the utility. It is a platform worth investing in for the long run.

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