ICO Review: GoodMoney

The future of money is Good.

Marco van Crypto
Sep 5, 2018 · 4 min read

Weblinks: Site | To be announced: Twitter, Telegram, Whitepaper

According to the GoodMoney project team, the large-scale adoption of cryptocurrencies despite their many advantages is still limited. A few reasons they cited are: 1) Poor user interfaces, 2) Sub-par go to market strategies and 3. few teams that have experience building massive direct-to-consumer brands that scale. GoodMoney’s proposes to build a platform that will be known as “the first global alternative to fiat and fee-based banking.”

To address the 3 reasons for the limited adoption of cryptocurrency they are building:

  1. Stable Coin and a multicoin Wallet.
    The stable coin will be a 1–1 fiat to crypto which will have the following features: auditing, user friendly interface, peer-to-peer, will enable token holders to manage both their fiat and crypto cryptocurrencies in a single mobile app.
  2. Exchange for fiat and crypto pairing without banking fees.
    Token holders will be able to easily convert crypto to fiat and back. Alongside that, the GoodMoney project team expects that the “no banking fee” will entice the public to adopt their crypto solution.

Further, they are utilizing Smart Contracts, Blockchain 3.0, Stablecoin Protocol, and Stablecoin API.

Tokenomics

— Total Tokens: not published
— Hardcap: not published
— Total Tokens Being Sold: 35%

— Presale
Allocation is 35%
Presale round 2: date unannounced; tokens for sale: 31,000 ETH

— % Allocation
Seed, Private sale, Pre Sale, and Main Sale: 35%
Founders, Team, Advisors: 5% each
Operations & Marketing: 35%
User Incentives: 15%

— Vesting
Operations & Marketing: Total release is 16.7 years (35 billion)
User Incentives: Total release is 16.7 years (15 billion)

Those are the only information that we have so far. As of this writing, their website is very bare of information. What they do have is an invitation to “Join the Waitlist”.

Rating: Due to the fact that we do not yet understand this project works, we are giving this a rating of 1/5 stars.

Roadmap

There is no Roadmap published publicly but according to information we privately have, mainnet will be in Q2 2019.

Rating: It looks good enough but we need more information, so for now, we’d rate this with 1/5 stars.

Team

The team is comprised of leaders who have built 4bn companies. The website has no photos of members but for a full account of their individual profiles, LinkedIn link is provided.

Gunnar Lovelace, Founder & CEO
Gunnar is a serial entrepreneur and the Founder of Thrive Market. He also co-founded and is the current Chairman of Love Heals, a socially conscious boho chick jewelry selling globally in 450 stores.

Seth Taube, Co-founder
Seth is the founder and CEO of an investment banking company specializing in asset management services called Medley Management Inc and has taken to date 3 companies Public. Moreover he is the current Chairman and CEO of Sierra Income Corporation.

Nick Sullivan, Co-founder & CTO
Nick is the former VP of a data management platform later acquired by Salesforce. He is a technology expert who founded ChangeTip, a tipping platform later called ChangeTip which was acquired later by Airbnb.

Andrew Masanto, Co-founder & CSO
Andrew was a former employee at Rothschild as an Investmetn Banking Analysst. He co-founded Hashgraph Public Ledger, and he is an advisor and early contributor of AirSwap.

Bear Kittay, Co-founder & Head of Business Development
In the last three years, Bear Kittay (not in the photo above) is both Advisor and Investor of Partnered and Shaker. He is a member of the Board of Directors at Bridges for Music. He is also known for being a Social Alchemist and Global Ambassador for the Burning Man, and the Project Lead of the Fly Ranch Project.

The Marketing and PR will be managed in house by an unnamed person who formerly worked for VISA.

Rating: 4/5 stars. They certainly have the experience and skills to required to carry out the project plans.

Advisors

As of this writing there were no advisers mentioned.

Investors

Here is a list they gave us:

— BlockTower Capital (cryptocurrency investment firm),
— Multicoin Capital (crypto investment fund),
— David Siemer (venture capital),
— Reeve Collins (Tether Cofounder before it was sold),
— Gil Penchina (a Partner at Ridge Ventures and former CEO of Wikia),
— Ken Howery (PayPal Cofounder),
— Mitch Kapor (Lotus founder),
— Peter Diamandis (X Prize founder) ,
— Justin Rosenstein (Cofounder of Asana),
— DNA,
— Scott Walker

Rating: 3/5 stars. It seems that industries that could potentially benefit are represented.

Conclusion

Using the factors already discussed above, I give this project 2/5 stars. We think it might be too early although it doesn’t seem so in their business pitch.

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Disclaimer: This review is for information purposes only, not an invitation to invest. Consult an expert before investing.

All images used in this review are properties of their respective owners.

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