ICO Analysis: HELIXHILLS (HILL)
Today we are going to know about a new project HelixHills.
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Need for Blockchain
The need for the blockchain is completely unnecessary in here considering the market success of exactly similar products.
Products like Fiverr and Freelancer have been in the market for years and considering the minimum number of complaints, I don’t think there was a need for a replica in blockchain unless something groundbreaking was possible.
Just because there was no such project in the blockchain, doesn’t mean that it has to be created. Considering that fact, even there are projects similar to these project, which are still struggling to get the market share due to these giants mentioned above.
Utility or Security
Though they say it as a utility as they are trying to use it in the system, currently I see this more as a security due to the fact that they are trying to raise funds as well as not use it more than a means of payment in the system.
Currently, there is no MVP details given on their website as of writing this. And considering their roadmap, it is too far away.
Team & their experiences
The team is based in Ukraine while the company is stated from Estonia in ICOBench, while the funny part being their roadmap, which says it will register their company in the coming time.
Regarding the CEO, VEACESLAV POPOV, according to the Linkedin stats, it looks like he has some experience in being the CEO. But the funny part is, he has been the CEO for a company for the past two years:
Which does not even have an MVP, neither is it registered anywhere and nor was this mentioned in the roadmap, as the idea itself was done by Q3 of 2017 according to their website.
Now considering the CBDO, DEM MELENEVSKYI
Or should I call him Dmytro Melenevskyi? According to Linkedin.
He has not even updated his LinkedIn profile yet considering that he is the Chief Business “development” Officer of a company, that is very odd indeed.
Considering the fact that the company is having less number of team and number of Advisors shows me they are trying to get many good names for their company just for the showcase and not entirely for the experience & advice from the Advisors.
But before I went in deep with the experience reviewing of these advisors, I noticed one name “ STEPHANOS CONSTANTINOU” which recently lost credibility for me personally considering he was taking money for paid rating in an ICO Reviewing site like ICOBench. So, the inclusion of him in the team is a big no from my side.
Funds Target, timeline & phases
Considering the target, they are aiming for around 40K ETH to be raised and assuming the ETH value to be pegged to around $500, it comes around $20M.
So, they are trying to disrupt the current leaders like Fiverr, etc which raised 3 times the target they are trying to raise in their series D funding around a few years back.
And not just considering the technological advancement they have to build in the blockchain ecosystem as well as the marketing reach they require to even come close to be considered.
So, even discussing their timeline and phases looks vague to me, as they are selling around 65% of their token in these 10 phases of ICO. So, the possibility for another round is only based on equity, which is not a normal thing in crypto projects.
Funds Usage, Token Distribution & Valuation
The total token supply is around 100Million which is actually a decent amount which gives us more space to evolve in terms of the price of the token.
While the problem comes when the ICO fund raised doesn’t seem enough for the project to get enough traction in a competitive market like the one they are trying to get into.
But at the same time, with almost nothing to assure and just a whitepaper and a fine website, they are asking the community to get around 20M, which is not a small amount to be taken without anything tangible to be offered. While this was a common norm before, nowadays, people are supporting more projects with an MVP rather than just a whitepaper.
Social Media Activity & Engagement
They have very low social media footprint with around 200 likes on Facebook and just a few followers in Linkedin and other social media.
The big no moment for me was when I saw that the Bitcoin Talk ANN Thread was a self moderated one. Why? Negative or Constructive Criticism which they don’t intend to build or improve can be deleted by the management.
Checking their GitHub, I saw that the work has been done by some external company which they may have a tie-up with. And the last update to that was around 2 months ago.
There is a lot of negative and no signals for me personally in this ICO Project even without going further deep. So, I would suggest avoiding this ICO for now, or until further improvements are brought up by the project.
Please let me know if you want to see more parameters to be added to my analysis or want to give me some tips or want to correct me on my findings or even want to share some secret regarding the companies I would be writing in time.
The above was just an analysis for those who want to spend less time finding about the project. But please don’t consider this as an investment advice.
The above article was not paid for. And the respective company didn’t know about the same.
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