BONAFI (BONA) ICO Review
Everything you need to know on BONAFI
BONAFI is a company focusing on authenticating the Supply Chain Using Blockchain Technology. By integrating the Crypto-Tag™ and Mobile Application with Blockchain technology, they are empowering Brands, Retailers, and Consumers the ability to fight against counterfeit products.
Their concept is simple. They developed the Crypto-Tag, which is embedded within the product which will serve as the identity of true product. The retailer and consumer will use the Mobile App to scan the product, and authenticate its real identity. The whole supply chain process, from manufacturing embedding, shipping status, consumer scanning, will be connected and stored in the encrypted blockchain via the Crypto-Tag identity. Therefore it is safe to protect the brand and consumer right on the products.
This ICO will use the funding to support the development of its Crypto-Tag and Mobile App. In addition, they will work to partner with commercials to trial launch the products. In order to use the Crypto-Tag and Mobile APP, the stakeholders need to utilize the BONA coins. As a result, BONA is a utility coin. The future popularity of the business will determine value of the coin.
What is the selling point?
- Concept (30%): BONAFI concept is simple. It wants to help brand to avoid loss on image from fake products. Consumer can also buy a real product against from counterfeit products. It is no doubt value added to both brand and consumers. However, it may not be a truly useful in todays business world. From the Brand point of view, the challenges they face no longer how to combat the illegal counterfeit, the problem is how they fight against legal counterfeit. There is a real example is a Japanese retail “MUJI”, being portrayed by a Chinese company called “MINISO”. “MINISO” has registered a legal brand name which is very similar to the “MUJI” brand. “MNISO” copy all the style from “MUJI” and sell same product to the customers. Although consumers know they are “counterfeit”, they still buy it because it is much cheaper. The market share of “MUJI” continue to drop in China. As a result, if the main purpose of BONAFI is to fight against the illegal counterfeit, it will not be very useful for the company.
- Demand (15%): As of today, there are 24K member in the telegram group. This number is large as compared with others ICO. The total ICO value will be US$100M (1 token = US$0.1) . Assuming 40% members will subscribe, each invest USD500, then total investment will be only US$5M. This is still far below the target of the funding.
- Competition (15%): There are many competitor serving similar needs in the market. Some are using the sticker to distinguish themselves from fake products. Some use scanner on the barcode to detect its identity. I cannot see there is a very uniqueness of this project how to change everything.
- Implementation (40%): It is very critical to have a good team to convert the idea into a practical business. For this project, I think there is a good development team because the CEO Steve Kuh has a lot of management and start-up experience. He is present in public via seminar and YouTube to share his insight on BONAFI. In the whitepaper, I love they has already had a concrete business plan on how much they will charge to the brand and consumers for using the Crypto-Tag and its mobile App for authentication. It looks they really has an outlook on this project and make it happen.
Is this a Scam / Fraud? No. I don’t think it will be a scam because it has a very good development team with concrete idea on how to make it happen. They focus on development of the Crypto-Tag and Mobile App while they partner with specialists to work on blockchain development side. The clear segregation of duty makes me feel comfortable.
This ICO is 100% sure Not a scam
Profitable? This ICO is neutral from my opinion, due to the lack of attractive concept and social media engagement, but offset by the outstanding management team and execution power. I give this ICO 54 marks.
54% Profitable Post ICO in my opinion.
If you want to make investment in this ICO, please remind the deadline will be 23-Dec-2018 (ICO end date)
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