ICO analysis: Virtonomics
We present the second ICO analysis about project Virtonomics
We are continuing anti-scam and anti-fraud project by InnMind and partners: comprehensive analysis of ongoing ICOs, project assessment and due-diligence for investors. We are here to make this market transparent, structured and available for everyone eager to invest or simply learn more about ICO as a financial phenomenon.
Read the previous analysis: ICO analysis: Lordmancer II
The next analysis is about Virtonomics. So, let’s begin.
Virtonomics is an active project, which has a more than 10 years history in the market of virtual economy development. This year the project decided to expand the functionality and to introduce a new concept — “digging”, which will allow the users of the business game to earn the local currency Virts, which can subsequently be exchanged for cryptocurrency of the Virtonomica — VICoin.
The pre-sale started on November 21, 2017, and it will last until December 25, 2017. On the first day, 7% of tokens were sold without any advertising campaign. The first tokens are sold at the lowest possible price of 1 VIC = 0.2 USD is very limited (only 480,000 tokens). The next pool of tokens (1 980 000 tokens) will be sold at a price of 1 VIC = 0.3 USD. The target range during the Pre-ICO is 100 000–700 000 USD.
The total number of tokens will be 800 000 000 named VIC.
The main ICO starts in February 2018 & will last until March 2018.
Virtonomics global multiuser business simulator creates its proprietary cryptocurrency, VICoin (VIC) and an ecosystem for earning the cryptocurrency in an online economic game emulating the formation and development of an alternative global virtual economy. The cryptocurrency is gained during the game in a realistic business simulation where users build and expand their virtual companies, trade and compete with each other, and develop the business ecosystem in the virtual economic environment. The resources and tools for generation and digging of the “fuel” are special game entities purchased for VIC tokens (such as virtual mines extracting natural resources, virtual mining farms, virtual power plants etc). The volumes of “fuel” production for Virts cryptocurrency depend on the success and competitive position of a player’s virtual business, and on the quality and amount of mining assets owned by the user.
VICoin (VIC) is the token of Virtonomic$ application earned during the game of the business simulator by using special digging units generating Virts that the user can convert into VICoins.
Diggers use their virtual assets to get a certain amount of Virts special game bonuses. Virts are the “fuel” of VIC cryptocurrency. One can buy nothing for Virts in the game; instead, he is able and needs to accumulate them for subsequent conversion into VIC tokens. The minimum amount of Virts allowed to be spun off the game and converted into VIC tokens is 100. The exchange rate is 100 Virts for 1 VIC.
Digger companies face the need in hiring staff when they reach a certain size, willing to continue growing and scaling up, but the volume of managerial functions and the amount of labor required start to exceed the personal capacity of the core owner. In this case he hires deputies and delegates to them certain business functions (CMO, CFO, CCO etc) or management of certain units or divisions of his company (production, retail chain, service units etc). The labor contract, delegated functions and authority, working and payment terms to hired managers are realized in the blockchain platform based on Ethereum smart contracts. Settlements between the owner and his employee are made in VICoin. To get a labor contract, a potential hired manager must get VIC crypto wallet, obtain one VIC and pay for the placement of his CV and offer on Virtonomic$ labor exchange.
Proceeding from the above, the blockchain in this project is needed only for the organization of labor contracts and associated transactions
The project was founded by Sergey Menshchikov, undoubtedly, a very strong leader with vast experience in business. One of his projects was Forex Club, a small provincial company he joined in distant 2002. Together with his team, he managed to transform it into a large international company. In 2006 he started another business Virtonomics. In 2014 Sergey co-founded Simformer, an educational platform, nominated in 2016 for Best of Elearning Award by Elearning! Magazine.
Sergey Morgalev, Technical Director with 30 years of experience in software development, is Sergey Menshchikov’s college buddy and has taken part in all Menshchikov’s projects since their graduation. Having launched together at least two highly successful projects they are more likely to be on the same wavelength, and there is little risk that at some stage of the VICoin project the IT director — the key person in the team — will leave the project due to some disagreements, lack of communication or misunderstanding.
Mikhail Rakhaev, PhD., game design enthusiast, is another strong addition to the team with his more than 25 year-experience of game design and software development. Like Sergey Morgalev, he took part in creating Virtonomics algorithms, which means that he is neither new to the VICoin project.
Denis Zhuravkov, game designer and community manager, joined Virtonomics in 2008 and offered the project his vast experience and expertise in logistics, marketing and finance in the real sectors such as O&G refining, retail and online trade.
And last but not least Anton Fedotov, design / UX, joined Menshchikov’s team only three years ago, but before that he had worked as a web designer for two biggest newspapers in Russia — Izvestia and Moskovsky Komsomolets, which undoubtedly means that he knows what he is doing and the potential fans of the game will not be disappointed.
Wikipedia has an article on the project Virtonomics: https://en.wikipedia.org/wiki/Virtonomics
There are links to several publications in White Paper about the project Virtonomics, but none of the links allows you to read the text of the article:
- A Framework for Designing Mainstream Educational E-Simulations
- Serious Games for Serious Business
Also, the project was mentioned in “Samarskiy business journal” in 2006: Watch the journal
and in the article from Business press in 2007: “ВИРТОНОМИКА” — ЛУЧШАЯ БРАУЗЕРНАЯ ИГРА!
▶ The history of the project is more than 10 years. Now there are very few projects on the ICO market that have existed on the market for several years already and already have a large audience of their customers More than 2 million users from many countries of the world have passed through the whole project. On request “Online business game” in the Google search engine, the site Virtonomics.com is listed first.
▶ One of the key «assets» of VICoin is its team. They all have known each other for at least more than ten years. They are highly unlikely to have communication failures which are present in new teams. They all have vast experience and expertise in their fields of knowledge which means little risk of underperformance. It is always good for a project to have somebody as experienced as Sergey in terms of business development. However, none of the team members has any practical experience in launching an ICO project which can be seen as a disadvantage since these skills are highly necessary in time when 90% of ICOs fail.
▶ Virtonomics introduces a new approach to the possibility of mining for any user within the game itself, users have the opportunity to not just hone their business skills, but also to try themselves in the role of real miners who can earn money. This opportunity definitely attracts all existing users of the platform, as well as new investors who are certainly interested in the growth of the price of the token.
▶ Virtonomics has 2 000 000 registered users nowadays, but global marketing and promotion of the project globally will to attract much more users from all over the world.
▶VICoin is going to be widely represented in cryptocurrency exchange offices and on cryptocurrency exchanges, which will allow the holders of the token to freely trade with the coin.
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