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ICOrating
SKRAPS Basic Review (http://ico.skraps.io)
ICO dates (15.01.2018 — 15.02.2018)
Web: icorating.com
Email: [email protected]
Twitter: @IcoRating
Project details
Name: SKRAPS
Ticker symbol: SKRP
Project type: Investment, Banking, Cryptocurrency, Platform
Extended company description: Skraps is a blockchain-based platform for micro
investing.
Company: Skraps Inc.
Website
Whitepaper
ICO details
Public ICO Start: 15.01.2018
Public ICO End: 15.02.2018
Token Sale Duration (weeks): 4.4
Token type: ERC20
Total number of tokens issued: 110,000,000
Tokens Available on Sale (Pre-Sale + public ICO): 66,000,000
Investment goals:
50% — platform development
30% — marketing
3% — payment for legal services
2% — exchange charges
10% — team
5% — other
Price of 1 SKRP:
1st week - $0.30
2nd week - $0.35
3rd week - $0.40
4th week - $0.45.
Accepted payments: ETH, BTC, LTC, BCH, DASH, XRP
Bounty: The program starts on December 8, 2017 and runs until February 15, 2018.
Token role: Functional
Team
Team (number of people): 10
Advisors and partners (number of people): 5
GitHub: N/A (available soon)
Social media
Twitter: Posts: 104, followers: 420
Telegram: Subscribers: 2000+
Medium: Posts: 2, Subscribers: 4
LinkedIn: Subscribers: 7
Facebook: Subscribers: 150+
Project information
Skraps is a blockchain-based micro-investing platform where users can invest and
round off their transactions in cryptocurrency.
Customers can get started in 3 simple steps: Connecting a debit/credit card or wallet
with cryptocurrencies, spend money as usual and invest the change resulting from
rounding up the purchase sum.
Skraps works similarly to Acorns, but it can be used for purchases with
cryptocurrency as well as fiat. Users can invest and manage their funds through the
Skraps platform and be rewarded for consistent investment.
To invest cryptocurrency a user needs to connect their wallets to the platform. After
that, whenever a purchase or transaction is made, the difference received from
rounding up will be invested in the Skraps portfolio. A user can select a portfolio type
based on risk level.
The platform will also have a Leaderboard function so that users can publish their
high yield portfolios for others so that they can copy them.
Project advisors:
Aayush Jindal (Linkedin) — Director and founder of InfoTrics Solutions, founder of
EduTrics, writer and analyst at NEWSBTC, currency analyst at Titan FX.
Greg Sigalov (Linkedin) — Founder and CTO at Arrow Science and Technology,
co-founder and R&D research fellow of at Arenarts Inc., formerly: research fellow at
the University of Illinois at Urbana-Champaign.
Nikhil Mohan (Linkedin) — Director of research and development at Lightrains
Technolabs PVT Ltd, co-founder of Blockchain Interest Group.
Diego Emilio Cruces (Linkedin) — IT manager at Upwork, formerly: IT Manager
and head of the LATAM division at Globallogic Inc.
Volodymyr Lytvyniuk (ICObench) — Advisor for First Crypto ETF and Nametoken;
success rate of staged ICOs is 8.1/10.
Project partners:
Oraclize — providing oracles for projects.
ICObox — partner in the field of ICO.
Coinfirm — technology partner.
Reality Keys — a platform that tracks cryptocurrency rates and transactions.
KYC-chain — technology partner in the field of identification.
Coinpromote — partner in the field of marketing.
Attracted investments: n/a
Summary
The project is based on cryptocurrency and an investment platform. Attention to the
project from the blockchain community is currently low.
Strengths of the project:
based on the analytical data, we note that the project team has chosen
a steadily growing market where we believe it is possible to occupy a
prominent share.
the platform will be built on proven and widely used technologies.
Weaknesses of the project:
there are no specialists in the field of trading and creation of investment
portfolios.
competitive advantages are insignificant (however, a project
representative stated that the team is in contact with several reputable
crypto portfolio managers/funds).
no market entry strategy or methods of attracting users to the platform
(the team will be working with a digital marketing group and with
several notable crypto influencers/traders who will be promoting their
Skraps portfolios to their social media followers).
Market and Industry
Capitalization of the cryptocurrency market is US$589.7 bln as of 18.11.2017
according to data from CryptoCurrency Marketing Capitalizations. According to
Infoholic Research LLP report, the Cryptocurrency and Blockchain technology
market will grow by 35.2% in the next five years.
According to blockchain.info in the world there are 14.7 mln users of cryptocurrency
wallets, it is also expected that the increase in the number of users will be 40% per
year. [Https://blockchain.info/charts/my-wallet-n-users?timespan=all],
[Https://www.researchandmarkets.com/research/34frjf/worldwide],
[https://coinmarketcap.com/]
According to information in the white paper, 40% of millennials believe that they do
not have enough money to start investing in the stock market; moreover, most of
them believe that a large sum is needed for starting.
According to the team, returns on investments in cryptocurrency and tokens could
amount to more than 15-20% per annum. The capitalization of cryptocurrency at the
time of writing the white paper was $163 billion. White Paper
Comments: The market for cryptocurrency and its users is dynamically developing,
which speaks about a possibility for the project to occupy its niche given the correct
strategy of promotion.
Competitors
The team pinpoints the following competitors in the field of micro-investing:
Acorns — a micro-investing platform that rounds up purchase amounts to the
nearest number and invests the difference in different assets depending on the
client's risk appetite.
Stash — a micro-investing platform.
Clink — an application for investing that also forms a portfolio for the user.
Competitors in the field of investing in cryptocurrency:
Coinflash — a platform that invests the results of rounding up in Bitcoin or Ethereum.
Dust — a platform for investing a small change from daily purchases in
cryptocurrency portfolios. [White Paper]
Summary: The main difference of Skraps from its competitors is the possibility for
investing in both fiat and cryptocurrency, as well as the possibility to invest in crypto
assets.
Engineering features of the platform
The platform will function as follows:
1. A user connects their cryptocurrency wallets and debit/credit cards to the
platform.
2. Makes a purchase using them.
3. The purchase amount is automatically rounded up.
4. The difference between the rounded up sum and the purchase sum is
invested in assets that meet the risk level of a user's preferences. White
Paper
Technical description
The platform uses smart contracts and an API to perform operations. In addition, it
will use the ENS service to give smart contracts user names.
All user data is protected by 256-bit encryption.
Oracle services will be used to obtain prices for different tokens.
The Skrap wallet will be connected to three different exchanges: Kraken, Poloniex,
cex.io. White Paper
Comments: The team will use existing technologies that already function
successfully.
Technical roadmap
In the future, with the development of the technology and the amount of data it is
planned to implement the following:
April 2017 – Concept.
December 2017 - white paper - ICO smart contract audited and released.
February 2018 - mobile + desktop application development.
March 2018 - Beta desktop + mobile app version released to whitelist members.
April 2018 - Beta v1.0 desktop + mobile app versions released to general public.
May 2018 - Production ready app v2.0 released.
June 2018 - Desktop + mobile app versions released to general public.
July 2018 - Open source development governance process to community.
August 2018 - SKRAP DAO complete. White Paper
Comments: The roadmap presents a step-by-step development of the product. The
white paper has a description of the platform; on the site one can find out how the
mobile app interface will look. The repository is not yet available, but the team
promised to create it and open the code in the last week of December.
Documentation
We checked the site and documentation of SKRAPS for sufficiency and consistency
in order to make an investment decision.
The documentation includes the white paper, presentation and the terms and
conditions, all available in English (updated languages on the site). The project is
described in sufficient detail in the white paper. The main emphasis is placed on a
detailed description of the technical component of the project, the principles of
platform operation and the benefits of investing in crypto assets.
The website also provides information on the project, the staging of the public ICO,
system operation, roadmap, the partners, advisors and team. The site is available in
English. An additional feature of the site is that it provides only necessary
information, allowing a reader to form an impression about the project.
Summary: The documentation provides insight into the project. The principles of the
platform operation are described in sufficient detail.
ICO
Tokens to be issued for sale, % 0.6
Public ICO Start: 15 January 2018
Token type: ERC20
Accepted payments: ETH, BTC, LTC, BCH, DASH, XRP
Price of 1 SKRP:
1st week - $0.30.
2nd week - $0.35.
3rd week - $0.40.
4th week - $0.45.
Crowdsale duration: 4 weeks, until 15 February 2018
SKRP is the currency of the platform, used to pay for Skraps account services,
platform payment of 5%.
SKRP will also be used to pay for professional managers who will manage
investment portfolios on the platform.
Issuance of tokens limited to: 110,000,000
Advantages for token holders: Tokens are functional which enable either
payments for platform services, or sale of the tokens.
Dividends: no
Additional issue of tokens: no
Escrow: no
Max Goal: US$21,450,000
Minimum Goal: US$1,000,000
Bonuses: It is possible to purchase a token at a lower price in the first week of the
ICO.
1st week - $0.30.
2nd week - $0.35.
3rd week - $0.40.
4th week - $0.45.
Bounty program
Link to Bounty
Scheme of the program % distribution 5.5 mln SKRP is allocated to the Bounty
program. The program is open in the following directions:
Telegram - 275,000 SKRP
Subscriptions - 825,000 SKRP
Facebook / twitter - 1,100,000 SKRP
YouTube - 550,000 SKRP
Blogs / articles - 550,000 SKRP
Translation - 275,000 SKRP
Referral programs - 1,100,000 SKRP
Reddit - 275,000 SKRP
Special programs - 550,000 SKRP.
Summary: The project has an extensive bounty program. All the terms of the
program are specified under the link.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company. The
reward system is set up so that it is more advantageous to buy tokens earlier.
Development plans
Roadmap of the project:
April 2017 – Concept.
December 2017 - white paper - ICO smart contract audited and released.
February 2018 - mobile + desktop application development.
March 2018 - Beta desktop + mobile app version released to whitelist members.
April 2018 - Beta v1.0 desktop + mobile app versions released to general public.
May 2018 - Production ready app v2.0 released.
June 2018 - Desktop + mobile app versions released to general public.
July 2018 - Open source development governance process to community.
August 2018 - SKRAP DAO complete. White Paper
Summary: The roadmap presents a description of the development of the technical
aspect of the project, but there is no description of any marketing campaign nor any
strategy for scaling.
The project team is staging the ICO on the basis of Skraps Inc., however, in the
future SKRAPS DAO will be convened.
Team
The team consists of 9 people, as well as 5 advisors. Information on the core
members of the team (LinkedIn) is as follows:
Kal Mokhtar (Linkedin) Co-founder and CEO. Co-founder of Organicade, Inc.,
founder of KTM Trade, LLC, formerly manager of International Business
Development at UNCL.
Mohamed Sherif Effat (Linkedin) Co-founder. Formerly a financial analyst at
Nobelis Egypt.
Bogdan Fiedur (Linkedin) Blockchain Expert. Co-founder of Bitjob, consultant on
Blockchain and ICO at PayPie, Auditchain, Requitix.io.
Vinshu Gupta (Linkedin) Blockchain Expert. Blockchain Consultant at Emirates
NBD, formerly software developer at Sopra Steria.
There are 5 other people in the team.
Summary: 5 out of 9 employees indicated their affiliation with Skraps. However, we
note that almost all members of the team position themselves as advisors, although
the website names them as members of the team.
The team also has the following specialists and experts: developers, marketer and
manager.
Marketing
Information about the project is available on a variety of popular services such as
Twitter, Telegram, Medium, Bitcointalk, Linkedin, and Facebook. The project has a
bounty program open.
The project is active on social media; there are regular news updates on Twitter and
Facebook. The team communicates with users on Telegram.
The format of articles on the project suggests that they were primarily ordered by the
project.
Comments: The level of interest in the project is low for the time being. The
marketing campaign is mainly being developed on Twitter and Facebook.
Analysis of SKRAPS website traffic based on Similarweb.com data showed the
following:
Traffic sources: Similarweb
Comments: direct: 86.84%, referrals: 12.34%, search: 0.82%.
Search traffic: 0.82%, of which 100% is "organic" traffic
Referral Links: 0.1234
Traffic sources: https://a.pr-cy.ru/skraps.io [https://a.pr-cy.ru/skraps.io]
Site evaluation: 0.68
Traffic: visitors: 2 329, views: 9 330
Social activity: score: Facebook - 31
Summary: Based on available data on the project, it can be concluded that there is
growing interest in the project (the team has won voting campaigns on ICOBox’s
platform with over 4000 votes and have also been upvoted on several listing and
rating sites like https://cryptorated.com/ico-request-pipeline/). The team is conducting
an advertising campaign on social media, and communicating with users via
Telegram.
Contacts
You can contact the developers through the following links:
Website
Telegram
Slack
Bitcointalk
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.