XCOYNZ

Significant disconnect in Milestones. Where is the milestone of when the exchange will be completed? There is no single mention of the product except all about token sales?

"The XCOYNZ Exchange enables Individuals to set their own fee when exchanging their Crypto assets."

Willing to revise rating if team responds.

All the best!

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Aasam Alim
ICO team member replied on 21 Jan 2019
Dear Clemen,

Thank you for your feedback via the review that you have submitted.
We value your thoughts and I would like to also thank you for highlighting the missing roadmap sections on ICOBench. We have taken steps to correct this, and you should find that the roadmap section now includes the full version of all of the XCOYNZ platform components (once ICOBench moderation is completed).
The initial review by ICOBench only listed our Token Sale Roadmap rather than our Product Roadmap which we have now requested to be updated.
I can see this may be why you concluded that we are 'all about token sales'

At this point I would like to highlight that the XCOYNZ platform includes an Exchange, a Smart Algorithm Wallet and a Payment Gateway.
Of course, we have details of all of these in our Light paper and full Whitepaper.

The Team and I strongly believe this industry needs careful filtering out of fake and scam team members and support your strong views on other ICO's where you have identified lack of KYC verifications and so forth. As you can see, this is not the case for us.

I would also like to take this opportunity to illustrate our vision, which is not just to make things simpler and faster, that's what we all aspire to achieve, but it is to actually make this platform available for all types of people from all walks of life, and not just those that are crypto savvy.

I trust this is enough information for you to make a more informed decision on your review, and I am happy to continue a further discussion should you wish to get a better understanding of our business vision and core values.

Thank you and best regards,

Aasam.
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Dear Aasam

Thank you for your positive engagement.

1. Milestones have been updated with clarity on product roadmap. Do you have a MVP ready?

2. Team needs to beef up on the Advisory as only one member has past experience of a completed ICO.

3. Softcap and hardtop numbers are realistic.

Looking good!

All the best!

This looks like an interesting project. Has a good team and the whitepaper is well drafted. They have a POC and KYC has been completed.

These are the kind of projects that will help create mass adoption of cryptocurrency.

Good luck, would like to see this project take shape.

I like the following ideas about them.
Because all Crypto assets are consolidated into a single wallet, it can be used to process payments more quickly and pay only a single fee that is reconfigured and controlled.

But they seem to have stagnated. I will review to show this stagnation. I will do further review if this project starts again.

→ 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 team and its role are well defined and quite capable although the development and ICO marketing lacks a bit. IEO partnership is an advantage. The already have an MVP.

Disadvantage - WP link not working. Business model is unclear especially when users can choose their fee; does lower fees means lower priority in Tx. The fund allocation is quite strange especially when 75% is development costs. So, in the event the raise say 20 million - 15 million US$ is development cost which is ridiculous for an exchange. Partners like KYC+AML, liquidity partners, etc are lacking. More importantly, goal of expansion and focus is missing.

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

The vision of the project is not a new and not original, having on the market a very large number of very well positioned, rich and powerful competitors, but it has all the credentials to find its place on the market and become a success. I see work behind, commitment and decent background experience.

The team is a fairly complete and well distributed in the roles, each of them has a decent background, perhaps missing a bit more experience in the financial sector but also in the blockchain and perhaps some more members at full time, despite the various position are covered by the advisors, we know that the advisors have another thousand commitments in the meantime so they can not give 100% to a single project.

Social networks and communication channels are held very well, are active and have a good amount of community members. Website done well, detailed and pleasant to see, while the whitepaper (available in various languages) is written and analyzed very well, presenting a little all the necessary aspects.

Github presents good activity, even if some development updates are missing, but this does not mean that they are not working.

The tokenomics is clear and accurate, the only flaws are in the distribution, I find a little excesive 5% to the bounty while the reserve fund (17%) should be a little higher. Another thing that I find excessive is the sale of 580M token with 50% bonus, these may not be liked very much by big investors. Good business plan and reasonable roadmap.

MVP that works well enough and meets the parameters that a good demo must respect.

It will be a pleasure to follow the project developments in the coming months.

Vision : Bring a support to adoption users with the wallet and exchange processes.
Product : features are quite interesting. Smart Algorithm Wallet and payment gateway are the best one. I do appreciate the effort made for the end user to facilitate the experience of token management. The control of the fee for the exchange is however not based on a clear token economy but the idea to reduce fee is good and needed. The extension of the credit card is a nice one.
Team : Good team supported by a lot of advisors.
Investors will be attracted by a such model as it is similar to BNB token from Binance. Their success will depend on their capacity to deliver (including the customer experience) , consolidate their token economy and adoption rate.

Xcoynz is yet another project which is trying to set up a Crypto exchange.

Team - Based on the review of the team credentials in the whitepaper and social media it appears that they do not have any significant experience in running a crypto exchange business. Most of the team members except the founder seem to be working on the project only on part time basis as can be evidenced from multiple positions held on LinkedIn profile. As per LinkedIn one of the Team members, Tushar Gaikwad has left the project in October 2018, however he continues to be featured as Team member. Other interesting thing is that the number of advisors listed exceed the total number of team members. Not sure how much value is added by having so many advisors and what value add each individual advisor is providing to the project.

Vision – The use of blockchain technology to seems to be at the core of the business. But don’t see them adding a lot of value to already crowded crypto exchange space.

Product - It appears that the project is currently at conceptual stage.

Overall the Team looks inadequate with most team members working part time. This shows lack of complete commitment from the core team to the project which is a huge concern for me. Concept of the project is nothing new to the crypto industry. Crypto exchange space is already very crowded with number of exchanges far exceeding the number of projects. Existing exchanges themselves are finding it very difficult to stay afloat, so starting a new exchange from scratch and building a sizable user base is a herculean task. I would not invest in an exchange which is still at conceptual stage and doesn’t have any user base or regulatory license. Crypto exchange business is a natural monopoly which benefits from the economies of scale and network effects. In the long term only a handful of players would be able to survive. I would wait this one out and give this IEO a pass.

Disclaimer: Above is my personal opinion and not an investment recommendation. Please do your own research and take independent financial advice before making any decision

You can find my rating methodology here. https://medium.com/@niravgala/nirav-galas-ico-bench-rating-methodology-c7186a354c9e