autoXchange ICO Review
Last week our experts reviewed and added to our database more than 60 ICOs with different ratings from different business areas. Among them, of course, there are a lot of worthy projects with interesting ideas and strong teams. But the winner, as usual, is only one. The project autoXchange has the highest rating among the considered ICOs; its weighted average rating is 85.67 out of 100. And this is quite an objective assessment based on the ratings of three well-known rating agencies that have already evaluated the project. Let's take a look at the characteristics of the project, worked out well, and those characteristics, the team is still worth working on.
According to ICObench and Trackico, the ICO profile deserved high marks. The first agency gave 4.6 points out of 5 for it, and the second one the maximum of 14 points. But ICOmarks considered that the project, on the contrary, is still worth to work, and gave 6.7 points out of 10. Of course, it could be worse, and we consider the 6.7 points as a good result. On the contrary, the ICOmarks estimated the team with the maximum 10 points. The Trackico experts also agree with it and have given the maximum of 4 points. The agencies opinions differed in the evaluation of the social networks project activity. Trackico has scored a maximum 9 points out of 9, ICOmarks gave only 6 points out of 10. Next we will try to understand what the difference in estimations is, but first we will consider the project and the product that it creates.
The project team is developing a global ecosystem for the sale, exchange and financing of motor vehicle transactions. autoXchange intends to save the car market from intermediaries by using of blockchain, bringing dealers and buyers directly. According to the developers, going to the autoXchange platform, car dealers will be able to save on commissions for any transactions, because the platform will not charge them. The decentralised aXc ledger will also generate detailed listings data, increasing the number of vehicles. It will provide every dealer with access, for the first time, to a comprehensive list of all cars available in the market, without paying the costs of advertising on websites. However, speaking of "liquidation" of intermediaries in the automobile industry and connection of dealers with buyers, autoXchange experts, in our opinion, forget, that the main intermediaries in this business are exactly dealers. It would be much more useful if autoXchange offered a scheme to connect automakers and customers, bypassing the dealers. This would save much more money for customers. And the change of financing scheme of deals with motor transport, offered by autoXchange, looks rather interesting. The autoXchange funding platform will enable end customers to purchase cars by sourcing P2P (peer-to-peer) loans, based on the best rates. This will increase competition and enable them to source the best deals available to them. This scheme is impossible without blockchain and smart contracts. The project team claims that their in-depth knowledge and expertise in the car finance industry allows them to build a P2P financing platform using credit scoring and recommendations to the autoXchange marketplace. Well, let's look at the team's experience more closely.
It is worth mentioning Richard Brown, the founder and CEO of the company. According to his profile on LinkedIn, he is an experienced manager, who has held managerial positions in several IT companies. In 2008, he founded the software development firm in London, and he left it in 2010 (it looks like he left with a profit). It is also worth to mention Elias Bou Ghosn, who has spent five years in Microsoft as a Channel Sales Director EMEA and he has an MBA degree. In general, almost all employees of the company came out of the IT industry, which indicates their good level of training in this area. But it seems that none of them was previously connected with the automobile business. At least none of the team members have indicated this information on LinkedIn profiles. So, we do not know what was meant by the person who wrote that the team has "in-depth knowledge and expertise in the car finance industry " in the White Paper. Who specifically worked in car finance industry? We could not find them.
The White Paper looks pretty good. It has 39 pages and the team clearly set out the vision of the current situation in the automotive industry, and what benefits their project could bring. Despite the fact that there is a previously mentioned misunderstanding with the dealers, the remaining points do not raise questions. There are the calculations on planned revenues and elementary development of the elements of project monetization. Many ICO projects don’t have these important elements in the white paper. Here the team has shown that it intends to get profit from the startup, not just raise money and "do something ".
The work of the autoXchange team in social networks is not impressive. You can judge it yourself: The number of subscribers in Facebook-1302 people, in Twitter-209, and in Telegram-21 people! It looks like only team members and advisors followed the Telegram;-) We do not know what such low activity is related to, but taking into account the fact that the crowdsale of tokens is live, the team needs to carry out an advertising campaign more actively! It looks like the ICOmarks experts were right by giving low points for the social networks activity.
So, in the end, we have a project launched by experienced managers, who came out of the IT industry, but had not worked in the automotive industry, with a good but demanding refinement, idea and lack of promotion in the crypto community. The team definitely has something to work on. And to reach the hardcap, it needs to work very hard. But if the desire is large enough and there is a will to win, the goal will be achieved!
By using autoXchange private vehicle owners and dealers are able to conduct complete sales processes. It helps to carry out sales, marketing and signing of the contracts. This service eliminates intermediates and all charges connected with them.
What is an aXc ICO?
autoXchange ICO, by using blockchain technologies and cryptocurrency, has a goal to create the aXc decentralized ledger. On one hand, it will help to streamline vehicle history, so every user will be able to learn it. On the other hand, users will be able to buy and sell the cars, to carry on transactions by using the aXc. That is native token of the system.
In addition to that, aXc token holders will have an opportunity to provide P2P car financing and pool aXc tokens with other holders to invest as a community. The decentralized aXc ledger is the engine that regulates all transactions and relationships between all entities. The aXc ledger will keep a record of transactions and vehicle providence, regulating these through transparent and effective smart contracts. As an open source project, the aXc ledger will be free to use by any 3rd party marketplace or application. This will enable market adoption of aXc resulting in increased usage of the aXc token worldwide.
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