This afternoon I will be looking at the PChain ICO.
Always remember I am not a financial advisor and you should always do your own due diligence before investing in any ICO.
So lets dig a bit and take a closer look at PChain shall we?
If you’ve been reading my reviews you’d have noticed I never dive into the white paper. I’m not interested in reading 50 complicated pages only to realize the ICO isn’t for me.
I just want to break it down looking at three things. The ICOs team, token metrics and how much hype is behind the project.
In short I want to look at the core mechanics and fundamentals of an ICO and the team backing the project.
Usually I will start by looking at an ICOs token metrics. I want to see what their hard cap is. I want to see how many tokens and what they do with unsold tokens. How the bonus structure works etc.
Here are some things I look for.
- Token Price
- Hard Cap
- Pre Sale / Private Sale
- Token Supply
- Unsold Tokens
- Circulation Supply
- MVP – Do they have a minimal viable product?
Finally I look at the hype behind a project. How people are responding to Pre ICO and when it’s active.
These are just some of the things that should be at the forefront of your mind.
So today I’ll be looking at these things with PChain ICO.
PChain wants to bridge Ethereum smart contract functinality with Bitcoin to provide faster transaction times. If this can be done it would increase scalability.
In order to have a better understanding of PChain you really have to look at it in a comparative way. If you look at some of it’s blockchain competitors it may help.
Some examples with market capitalization would be:
- Zilliqa $294m
- EOS $4.7b
- ICON $807m
Other examples: EdenChain, YGGDrash, Wanchain, Dragonchain
What you’ll notice about all of these (excluding the ones not on exchange) they all did very well. Reason being you can build on top of their platforms which really gives them their value.
Same with Pchain. There hard cap is actually quite low sitting at around $21 million USD. Total token supply will be 2.1 billion. Circulating supply will be set at 35 Percent. They are also giving 65% of their proceeds to research and development. 20% to marketing. 10% to operations. 5% toward legal and compliance.
One of the concerns I have with the PChain project is lack of transparency. I don’t know if the bonuses have been vested or locked up. They don’t give any information on pre sale or private sale metrics.
However before we get into that lets look at the positives behind the PChain project.
PChain – The Good
Four things really stand out with the PChain project:
- Building applications on their own blockchain
- Merging chains all into one project
- The team is very strong
- Many working partnerships
So there really is a lot of good things going on with PChain but the question is can it pull it off? I’m all for new companies with great ideas but that does not mean I feel comfortable throwing money at it. That’s just me.
PChain – The Bad
Thing is anyone can say they want to merge things or be the fastest. Unless you have a prototype you can test it’s all talk.
If we look at the competitors they all essentially want to do the same thing. The project is basically a White Paper idea and has no working product from what I can see.
So PChain DOES NOT have a prototype or MVP and they are asking for your money.
I also have an issue with their roadmap. It’s an 18 month timeline.
The final thing that really bothered me with PChain is their test net. It’s not going to be online or available for another 7 or so months.
Recently there have been many projects coming out of China that are similar to PChain. Most of them did fairly well when they hit the markets. The question is can PChain replicate that.
PChain – My Conclusion
So if you’re looking at selling points I do think PChain is a winner. However there are two things that stand against it. The fact that is does not have an MVP and a lack of transparency.
I don’t think I’d call PChain a money grab or a scam. It seems like the company has good intention. Just feels as if they have an idea and they want money to go and figure it out.
Personally I don’t invest in ideas. It’s possible they could deliver on all their promises but looks like a long drawn out plan.
For these reasons I will not be investing in the ICO. The project comes with a lot of risk for me personally. I’ll watch this project closely over the coming months to see if anything changes. For now it’s a no with PChain and moving on.
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