Electrify Asia ICO Review and ELEC Token Analysis
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Electrify Asia ICO Overview
60% of the world population lives in Asia and almost half of this population are connected to central power grids. As more countries liberalize their electricity markets, this infrastructure will provide the means for private energy retailers to bring innovation to the power sector.
Consumers will have a choice regarding both where their energy comes from and why type of power source generates it. By 2025, the World Energy Council predicts 15% of electricity capacity will be run on decentralized networks. In addition, there’s also an increasing demand for the benefits that alternative energy sources bring.
Innovative solutions to meet the demand for expanded access to renewables and more efficient energy trading are needed. The Electrify Asia ICO seeks to meet this growing consumer demand by building an intelligent energy ecosystem.
Electrify Asia ICO Value Proposition
The Electrify Asia ICO will enable the decentralization of power production, bringing consumers a wider variety of prices and energy sources. At the core of Electrify Asia’s intelligent ecosystem is the onchain version of their offchain energy retail marketplace.
Marketplace 2.0 will replace the offchain version, allowing consumers to access all of Electrify Asia’s services via web or mobile phones. The main advantages this model provides to consumers are twofold: firstly, electricity retailers purchase their energy wholesale, giving consumers access to cheaper prices. Secondly, expanded consumer choice and p2p energy trading provide greater access to renewable energy.
At the heart of this new ecosystem will be energy smart contracts secured on the blockchain, fueled by the ELEC token. The ELEC token will allow the producers and retailers to access Electrify Asia’s ecosystem. Retailers and producers will be required to stake their ELEC as a deposit to offer their energy in the marketplace. Transaction fees will also be paid by energy providers using the ELEC token for the usage of Electrify Asia’s smart contract platform.
On the consumer end, customers will be able to purchase energy from electricity retailers on Marketplace 2.0. To log energy on the blockchain, the team have developed the PowerPod, an IoT device that enables energy trades. Energy producers will be required to use the PowerPod to log energy output and to deposit a minimum amount of ELEC rated generation capability as permission to write energy data onto the blockchain.
Electrify Asia ICO Team
Julian Tan is the CEO and Co-founder of Electrify Asia. Julian was with Sunseap Energy for 5 years prior to founding Electrify Asia. His previous experience also includes a stint as Research Engineer at the Solar Energy Research Institute of Singapore.
Martin Lim is COO of Electrify Asia. Prior to joining the team, Martin served as Director of an arms company called Armetall Sistema. Martin was also once with Sunseap Energy as a Business Development Consultant. He has spent over 15 years as Creative Director at a number of companies.
Chief Technologist John Lian is responsible for designing the Electrify platform architecture from backend server specifications to database design and network connectivity. To this end, John has around 8 years of experience handling the tech side of startups that he co-founded.
Electrify Asia have Jun Hasegawa, founder of OmiseGo, on board as an advisor of the project. Jun will be assisting with direction on blockchain scalability and payment solutions for Electrify Asia.
Electrify Asia ICO Strengths and Opportunities
The team have already established a working electricity marketplace in Singapore for enterprise clients with 12-16 retailers on it. The marketplace can be viewed here. The marketplace provides a functioning pilot for what will make up the architecture of the company’s foray into foreign markets as well. Having first-mover status in Singapore and no competition, Electrify Asia have a clear path to growth ahead in their home country if they manage to implement the onchain technology and demonstrate its advantages to the populace.
The main selling point for consumers is that typical savings on the Electrify platform are between 25% to 30% off the electricity tariff charged by the Singapore government utilities provider. For households, Electrify Asia estimates a 20% savings rate. Reduced rates are available because retailers can now buy power at discounted wholesale prices and then sell it on to consumers via the Electrify marketplace. In other words, the cost structure between the Singaporean government utilities provider and the power producers is higher than those with private retailers on the Electrify marketplace.
This results in a price difference between the two favoring Electrify. The potential for both households and large enterprises to save on their electricity bills is a huge incentive to switch over to the platform. Moreover, electricity is still supplied from the main grid and the quality and stability remains the same as well.
Electrify Asia ICO Weaknesses and Threats
“As countries around Asia gear up for the liberalisation of their electricity markets,
ELECTRIFY will deliver value through our marketplace and peer-to-peer (P2P) platforms.”
The Electrify Asia ICO is using energy market liberalization as a selling point for their project. However, there is little indication of an overall trend toward market deregulation, especially in the more command oriented economies of Asia. Regulatory hurdles therefore represent a particularly difficult issue for the Electrify Asia ICO should an effort be made to penetrate the Southeast Asian market.
Targeting a country like the Philippines, where the government’s role in utility provision is strong, will be almost impossible without a government-linked advisor or partnership similar to that established by Power Ledger in Thailand. In the developing world, many governments who provide electricity through state-owned services or in conjunction with crony companies will be reluctant to allow for competition in a sector that generates much needed revenue. Developing connections with government officials in their target region is therefore key to expansion.
In more open markets like Australia, Electrify Asia will face competition from other blockchain-based energy marketplaces that have already made inroads. In Australia, Power Ledger has a pilot project lined up and WePower have also made their first steps into the market. For their expansion plans, Electrify Asia’s best bet is probably the Japanese market. The country’s receptive attitude toward blockchain and liberal regulatory environment are both welcoming factors. However, at the time of writing the team have yet to establish any partnerships with Japanese entities.
The Verdict on Electrify Asia ICO
With the particularly high utility case for trading energy on the blockchain, the competition in this space is only increasing. The issue with electricity is of course that utilities tend to be a sector with high levels of regulation, the degree to which varies from country to country.
With Electrify Asia’s foothold in Singapore, building their base at home and finding the next viable market with a suitable regulatory environment will be key to success.
We’re going to make a medium bet on this one.
Learn more about Electrify Asia ICO in our TELEGRAM CHAT (https://t.me/CryptoBriefingSupporters).
ELECTRIFY ASIA ICO REVIEW SCORES
SUMMARY
The Electrify Asia ICO shows some strong indications of a solid project. The team is great and picked the right time to jump at this opportunity. Their offchain platform will transition existing users onto the chain and the Singapore market is ripe for expansion. We will be placing a medium bet on this one.
Founding Team……………………….8.6
Product…………………………………..7.2
Token Utility…………………………..9.0
Market…………………………………..5.0
Competition…………………………..6.5
Timing……………………………………9.5
Progress To Date……………………7.1
Community Support & Hype…..8.8
Price & Token Distribution……..8.1
Communication………………………9.5
FINAL SCORE……………………….8.1
UPSIDES
- Universal product utility- everyone needs power
- Offchain energy marketplace up and running
- Team well-suited to the task
DOWNSIDES
- No partnerships with enterprises or government entities
- High level of competition in market
- Onchain hardware could take a while
Today’s Date: 1/20/17
Project Name: Electrify Asia
Token Symbol: ELEC
Website: https://electrify.asia
White Paper: https://electrify.asia/whitepaper/
Crowdsale Hard Cap: $30 million
Total Supply: 750,000,000
Token Distribution: 50% Token sale, 18.4% Team and future team members (Vesting: 50% at each 6-month interval), 9.0% Advisors and Partners, 18.5% Treasury and Community Development, 6.1% community development for small-scale energy producers and consumers, 11.2% Reserve, 1.2% Contribution to research to blockchain public scaling development, 4.1% Airdrop to the community
Price per Token: 1 ELEC Token = $0.08 USD
Maximum Market Cap (at crowdsale price): $60 Million
Bonus Structure: N/A
Presale Terms: Closed
Whitelist: TBA
Important Dates: February 23rd to March 1st 2018
Expected Token Release: Two weeks after ICO
ICO Review Disclaimer
The team at Crypto Briefing analyzes an initial coin offering (ICO) against ten criteria, as shown above. These criteria are not, however, weighted evenly – our proprietary rating system attributes different degrees of importance to each of the criteria, based on our experience of how directly they can lead to the success of the ICO in question, and its investors.
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Founding Team
This category accounts for the leaders, developers, and advisors.
Poor quality, weak, or inexperienced leadership can doom a project from the outset. Advisors who serve only to pad their own resumes and who have ill-defined roles can be concerning. But great leadership, with relevant industry experience and contacts, can make the difference between a successful and profitable ICO, and a flub.
If you don’t have a team willing and able to build the thing, it won’t matter who is at the helm. Good talent is hard to find. Developer profiles should be scrutinized to ensure that they have a proven history of working in a field where they should be able to succeed.
Product
What is the technology behind this ICO, what product are they creating, and is it new, innovative, different – and needed?
The IOTA project is a spectacular example of engineers run amok. The technology described or in use must be maintainable, achievable, and realistic, otherwise the risk of it never coming into existence is incredibly high.
Token Utility
Tokens which have no actual use case are probably the worst off, although speculation can still make them have some form of value.
The best tokens we review are the ones that have a forced use case – you must have this token to play in some game that you will probably desire to play in. The very best utility tokens are the ones which put the token holder in the position of supplying tokens to businesses who would be able to effectively make use of the platforms in question.
Market
There doesn’t have to be a market in order for an ICO to score well in this category – but if it intends to create one, the argument has to be extremely compelling.
If there is an existing market, questions here involve whether it is ripe for disruption, whether the technology enables something better, cheaper, or faster (for example) than existing solutions, and whether the market is historically amenable to new ideas.
Competition
Most ideas have several implementations. If there are others in the same field, the analyst needs to ensure that the others don’t have obvious advantages over the company in question.
Moreover, this is the place where the analyst should identify any potential weaknesses in the company’s position moving forward. For instance, a fundamental weakness in the STORJ system is that the token is not required for purchasing storage.
Timing
With many ICO ideas, the timing may be too late or too early. It’s important for the analyst to consider how much demand there is for the product in question. While the IPO boom funded a lot of great ideas that eventually did come to fruition, a good analyst would recognize when an idea is too early, too late, or just right.
Progress To Date
Some of the least compelling ICO propositions are those that claim their founders will achieve some far-off goal, sometime in the future, just so long as they have your cash with which to do it.
More interesting (usually) is the ICO that seeks to further some progress along the path to success, and which has a clearly-identified roadmap with achievable and reasonable milestones along the way. Founders who are already partially-invested in their products are generally more invested in their futures.
Community Support & Hype
Having a strong community is one of the fundamental building blocks of any strong blockchain project. It is important that the project demonstrates early on that it is able to generate and build a strong and empowered support base.
The ICO marketplace is becoming more crowded and more competitive. While in the past it was enough to merely announce an offering, today’s successful ICO’s work hard to build awareness and excitement around their offering.
Price & Token Distribution
One of the biggest factors weighing any analysis is price. The lower the price the more there is to gain. But too low of a price may result in an under capitalized project. It is therefore important to evaluate price relative to the individual project, its maturity and the market it is going after.
The total supply of tokens should also be justified by the needs of the project. Issuing a billion tokens for no reason will do nobody any good.
Communication
Communication is key. The success of a project is strongly tied to the project leaders’ ability to communicate their goals and achievements.
Things don’t always go as planned but addressing issues and keeping the community and investors in the loop can make or break a project.
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