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ICO Review

Petchains ICO Review : World’s 1st Blockchain based Pet Shop

About Petchains

 

Petchains is dedicated to a global panpet market information management system and the trading platform.

It is based on the idea of building an ecosystem which should revolutionize and change the lives of animals and shall offer all services for pets. So in a way, Petchains refers to the digitalisation of the pet economy. The main motive of the Petchains solutions is to provide more efficient and in-depth services with the technical power for pet lovers to improve the lives of their beloved pets.

The project named Petchains is the brainchild of the combined efforts of the professional and dedicated team which is made up of experts in computer science, veterinary doctors, blockchain specialists, academics and business consultants, who are working to improve the standard of living for animals.

 

GREEN FLAGS

1 The blockchain has an important role to play in this project which proposes a better living standard for pets around the globe.
2 The project Petchains has a well-defined roadmap which shall enable it to achieve its goals.
3 Only Blockchain based enterprise which uses dApp as “social networking is mining” model which would entitle users to receive token incentives over participating in varying social activities.
4 Petchains has very well defined the token and fund allocation for the project. It shows that they have well planned for the successful implementation of the project.
5 Petchains continuously looks to improve its functionality based on user experience. Their final aim is to create a veterinary research laboratory in Q1 2020.
6 Petchains team have co-founders that have expertise in various aspects of blockchain functioning, ICO marketing, ICO legal issues and most importantly experts in the field of veterinary. Which seems to be their ultimate aim.
7 The team Petchains have incorporated Bounty programs for creating awareness and adoption among the masses.
8 The onboarded advisors are from varying sectors and have relevant work experience which must contribute to the overall success of the project.
9 The project is fully dedicated to developing a new pet community on a digitised platform which includes modern, relevant and trending technologies allowing peer-to-peer connections to increase the reach of Pet chains services in the global market.
 

RED FLAGS

1 Pet lovers are around the globe and some innovation based on blockchain that would support a better living for them shows no significant amount of social activity. The social media followers for the project is a concerning factor. They need to be more active to spread awareness related to their innovation.
2 There are no KYC/Whitelist limitations for the users on this particular projects platform. No KYC of the team members on ICOBench yet, which is a huge concern here
3 The hard cap is 89,285 ETH compared to softcap of 5,000 ETH. The amount they aim to raise is overestimated.
4 The team members although have a LinkedIn profile but seems a week one as many have failed to incorporate their relationship with Petchains, which is deemed important.
5 The will conduct 2 rounds for the sale of tokens. They have failed to state the fate of the unsold tokens. Will they be re-used in the project elsewhere or will it be burned. This remains unclear at the moment.
5 Petchains currently does not have an MVP but shall have one by the Q1 2019.
6 The overall project is based on the welfare of the pets around the globe, yet there is no partnership with any firm that deals in the same domain. No potential tie-ups with any pet product company
7 The website states to implement STO & ICO concurrently, which has been neglected in the whitepaper as how it will be implemented. Both above-mentioned categories are different and demanded a clear emphasis on their functioning and implementation.

 

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