Rated on Nov 30, 2018
Modified on Dec 3, 2018
Hard cap 21,000,000 USD
→ What is the soft cap?
"The main reason, why we release our token, is to attract early investors and share 80% of our revenue with them."
→ Sharing of revenue? Is this a security token offering?
→ Which exchange will be listing your token?
Certainly hope that the team will respond so that the community understands your offering.
Will be willing to revise rating if team responds.
All the best!
ICO team member replied on 3 Dec 2018
Dear Clemen, thank you for your questions! We truly appreciate your interest in our product.
✓ We do not have a soft cap, since we are already backed. But internally, our soft cap is $4,000,000. That would mean that the company acquired contributions in the value of the initial investment.
✓ Yes, Sonata.ai is clearly an STO. We believe that security tokens are future of the market, even though they are very complex from the legal perspective.
✓ We are currently negotiating with a few exchanges. Sadly, I cannot tell you more about that. The only thing I can tell is that 3 exchange platforms from the top 20 (based on Coinmarketcap) are among the possible candidates.
Hope this will help to clear any doubts about Sonata.ai. If there is anything else, we would be happy to help!
Thank you for your prompt reply.
Project looks interesting with a few variables left to tackle to make it successful.
All the best!
Rated on Dec 5, 2018
Modified on Dec 5, 2018
Team is good and capable of delivering promised product.
Whitepaper is decent with all required information about the concept and business.
..but I have a big NO for yet another exchange. There are already 2000+ exchanges and this market is super super saturated. Apart from top 10-20 exchanges most exchanges has 0 trade volume!
I cannot see any future to this project and 21m is too high to build an Exchange given there are plenty of open source code available for $100s which is almost a complete product!!!
Rated on Mar 10, 2019
There are of course already a number of different exchanges out there and the market is over saturated, however this one has a clear yet simple vision which is explained well in the white paper. The team is strong as well which is another plus.
Rated on Mar 12, 2019
I do not think that it was foolish to enter an already saturated industry. Because they have a platform. In short, it is good if there is USP. Even if it is this, it should have a unique fan in any industry.
But for now, I have not been able to find such a point in this project.
I think the team is really good.
Hard caps are a high category in recent years.
Rated on Feb 27, 2019
→ Blockchain Advantage - ✅
→ White Paper - ✅❤️
→ Team Composition -✅
→ Token Economics - ✅❤️
→ Business Model - ✅
→ Social Media Presence - ✅
→ Collaborations & partnerships - ✅
→ Fund Allocation -⛔️
→ Legal Loopholes - ✅
→ MVP/ DApp/ Working Product - ✅
Advantage - The vision is simple and they have explained it beautifully in their white paper. The tokenomics is quite nicely explained along with the business model. The best part is they are backed by a finance company, so STO is not really for funds collection. The exchange market is saturated but their present offering can capture a sizable market share if properly implemented.
Disadvantage - The main disadvantage is the amount of hard cap which is quite high for an exchange - 21 million US$ (Soft cap is 1 million US$ - more than reasonable). The funds allocation is also high for the legal (9%) and Security (19%) (although if this 19% is utilized for insuring the crypto-assets or not is not explained). Clarifications ???
You can find my ratings methodology here- https://medium.com/@krishnenduchatterjee/ico-evaluation-investing-a-vc-perspective-for-investment-over-greedy-short-term-returns-433f6f9e13d8
Thank you for your rating. You are right, the hard cap may seem a bit of a stretch, but there is a logic behind this. We don't expect to become number one platform overnight.
Licences to sell securities are not exactly on the cheap side. To operate the service, we will pay huge fees for market making and marketing. Of course, there are also rewards back to the token owners that we pay no matter if we actually end up in black numbers or not. We expect that we will need to subsidise the whole operation for years, before there will be any actual profit.
As for the funds allocation, legal contains licenses and fees to stay relevant for years. It might appear overblown, but it was based on our research of pricing on (in that moment) overheated market. Also, funds allocated for security will serve partly as an insurance, your thoughts were spot on.
Hope this helped.
Rated on Feb 10, 2019
The market you are trying to penetrate is over saturated.
Most of the exchanges out there are targeting and do apply perfectly as a solution for novice traders; so what will be the main difference between what you are doing and what's already in the market?
I haven't seen a different mindset on these type of projects and this issue needs to change as soon as possible for these type of business models; only then, they can become viable.
The team itself is lacking trading experience, knowledge and intelligence on this specific project.
Doing an STO brings more legitimacy, but it doesn't solve any problem in the marketplace.
Rated on Mar 10, 2019
Well it is good to come with an exchange as an STO, but today the crypto market is in the greyzone, and such projects they need lots of regulations and licensing, plus if you want to bring thousands of members or even millions it will take years and years if you succeed anyway in raising the hard cap, as marketing costs a lot, also as they claim they have invested 4 million dollars on the platform, and they do not have anything other than some simple UX/UI? well that is very strange.
With 4 million dollars i can build an empire of platforms.
Having a financial company and experience in that field, does not mean that you will know how to operate a crypto exchange, today there are big exchanges which already are regulated and trusted out there by millions, why should they shift to your exchange, and take a risk, and probably you will not be able to excel between the giants and this big competition.
My opinion says, that you must reconsider if you really want to do this, it would be better to convert your financial company into the blockchain, it would make more sense.
Rated on Dec 6, 2018
There is very little opportunity for a new crypto exchanges except you have nuclear weapons which can destroy current main exchanges' business model - sharing 80% of your profit is old and not enough.
As you are fully backed by company in financial industry, it is an advantage for you, but at the same time it also can be a burden for you as we do not wanna see an old company just describe it as a new company by wearing blockchain+ai clothing to raise money from individual investors.
So I will trust you if you just allocate those tokens to the early users trading on your platform, for free of course.
But there is something that you might have not notice: we actually plan to give our tokens to early traders for free, as long as they don't sell.
See the concept here: https://sonata.ai/token #2 Get tokens for trading.
Rated on Nov 29, 2018
Modified on Nov 29, 2018
Smart project ! STO !
But i m a little bit disapointed by the demo that is only an UX/UI ....
And I don't understand that the product is non functional with $4 M already fund as we can read on the website ...
1) Usually the tech team is searching for an investor and shows him MVP to receive the seed funding. Our process is exactly the opposite. Sonata.ai was initiated by an investor who is himself a trader, interested in creating an exchange platform. Version of our MVP for public is yet to be developed.
2) Please, have a look on our roadmap (website or white paper). We clearly explain upcoming phases of Sonata.ai. Also, unlike other platforms, we rely on user testing, which is time-consuming process. That is why our development is a bit slower than you might expect.
I hope this sheds some light to how our platform is made.
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