#ICO review: ONZ coin is it worth investing?
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Introduction
ONZ Coin strives to be the blockchain for social networks; the ONZ team strongly believes the sense of actual belonging is a fundamental human need, our need to connect and interact with each other to live. ONZ Coin is trying to use blockchain technology to share positive interactions across social networks to impact people offline. The ONZ Coin is a blockchain project to break down social barriers to provide people a sense of belonging and self-worth. The organizations states their mission as the following:
“ONZ team strongly believes that the sense of true belonging is the fundamental human need, our need to connect and interact with each other to live. But nowadays, we face a crisis of separation arising from a split of lotus in politics and ideology. When people turn against from each other distrust and rage, that are lonely, untethered and scared. ONZ team reckons that with technology the team may be able to do something about it.”
ONZ poses the question, has social media made us more isolated? In some aspects, people are losing their in-person communication skills, and are continuously glued to their phones. However, social networks have amplified individual’s reach and ability to connect with like-minded individuals across the globe. ONZ is building a token-based social platform to try and bridge the gap between social and real-world interaction. According to the ONZ white paper, the project has completed some test development on their testnet with a development stack built on DPOS blockchain technology, providing an efficienr and flexible model. The ONZ team also claims it launched a few internal proof of concept projects via an POW/POS altcoin platform on social media smart contracts. ONZ is a fork of LISK, which is a public blockchain platform that provides decentralized blockchain apps. As a forked cryptocurrency, ONZ runs independently as an individual blockchain network.
Growth potential
The ONZ coin ICO is believed to have the potential to grow at a very first rate, when compared to other coins that were launched in 2017 or before. This means that as an investor, you have a chance to see you investment grow as fast as you wished for. This will simply translate to more returns for you.
Less costly
One of the main reasons cited for the success of this coin is its affordability. The coin has been proven to bring more decentralization in the block chain technology with less than 5% of the costs. This means that anyone can afford to use this currency for transactions. As a matter of fact, the ONZ coin is believed to be the least expensive in transactions among all the crypto currencies. The amount saved from the low costs can thus be brought back into the capital base of this currency.
Token
The total population of ONZ at the pre-mined stage is 180,000,000 ONZ, 75% of which will be offered in ESP and ICO. Before the main ICO, an early 40% bonus will be shared between January 29- February 4, 2018, and an early supporter phase will give out 45% bonus between January 22–28, 2018.
Deemed as a social value coin, ONZ Coin provides a mechanism for appreciation spreading across various social media platforms. The coin aims to model the weighting of an individual in social media, based on their Activity, Recognition, Influence and Assets. This sounds very similar to a Klout Score or other social media influencer weighting systems. The whitepaper lists the coin value of ONZ Coin at a fixed price of 0.0000037 BTC.
For all its ambition, the organization fails to show real-world application of the coin or a business case use for the application of the ONZ Coin. The lack of use cases makes it difficult to valuate ONZ favorably.
Team
“ONZ team sees a gap between social media that people interact in the cyber world and the real face-to-face interaction. And we aim to build a real-time, real-space token based social media community to bridge the gap, holding to the faith that with ONZ the team can do something to restore the connection breakdown in our society and also raise awareness on the problem,” said a spokesperson from ONZ.
But I was unable to find any information about any team member associated with ONZ Coin. There are no team members listed in the whitepaper, while LinkedIn and the company social accounts are days old with no person associated with them. The lack of executive presence in the whitepaper is cause for concern from an investor standpoint and from a blockchain community who values transparency. This is a major red flag for prospective investors attracted to this project.
Returns
The coin is expected to give the highest returns among its colleagues in the block chain technology. Some think that getting returns of over 200% monthly is quite possible with this coin. The launch of this coin will actually revolutionize cryptocurrencies, as everyone turns to it for investment.
Drawback
The most highlighted Drawback of ONZ is the lack of information about the team Members
My Conclusion
There are reasons behind the success of this currency, which was launched not so long ago. Other than the above mentioned reasons, the coin enjoys all the features that make crypto currencies in general appreciate in their value. The developers of this coin understand that it might be a little difficult to fully integrate social network with cryptocurrency, but they have hope that soon they will succeed. In conclusion, therefore, whether this coin is worth investing in will highly depend on what you value. My opinion would be, this can be very good opportunity but dont in totally at all, given that the developers are faceless.
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