GenEOS ICO Review

 · 12 mins read

GenEOS is a new platform for constructing and adapting applications using a blockchain. They aim to bring business transformation and automated record-keeping, turning entirely secure, distributed, decentralized, and scalable applications into a new norm of the business world.

Intro and Overview

Product description

Technology

Ecosystem

Market and competitors

Overview

Delivery

Roadmap

Team and advisory board

Token distribution and token sale details

Funds Utilization

Hype

Website review

Media and community 

Conclusions and editorial opinion

Risks and Potential

Investment prospects

Intro and Overview

GenEOS is a new platform for constructing and adapting applications using a blockchain. They claim to “transform business processes, bringing automated record-keeping and turning entirely secure, distributed, decentralized, and scalable applications into a new norm in the business world”. It’s a US-based company and everything is properly organized to conduct an STO that meets all the SEC’s requirements. GenEOS has a special non-profit organization to administer all the funds and tokens.

The project admits that at the current development stage, it is a follow-up, if not a clone of EOS by both technology and functionality. The team plans to “optimize the interface and the features on offer in an operating system based on users’ feedback, meaning that over time the user experience will probably diverge”.

Project name

genEOS

Token symbol

genEOS

Type of token

utility

Network

Ethereum, ERC-20

Website

https://geneos.io/

White paper

Open WhitePaper

Hard cap

Not determined, with softcap - $2 million

Price

1 genEOS = 0.11ETH

Total Cap Size

1 000,000,000 genEOS

Country

USA

Team

4 core team members, most of the team - from outsourcing companies

Public Sale Date

June 26 – December 23, 2018

Public Sale Conditions

KYC, AML

Total Token Offered

900 mln (90%)

Public Tokensale Date

June 26th, 2018

 

Product description

Technology

The main idea is that project participants will be able to develop, create and launch their own business outcome-driven solutions on the top of blockchain 4.0 technology but also monetize unconsumed bandwidth by renting it out to third parties.

The team plans to “eliminate the barriers to adoption and build a community of business and technology professionals to deliver on the power of blockchain technology, introducing an operating system-like environment”.

Ecosystem

GenEOS ecosystem includes:

  • Business Community will consume and adopt business oriented dApps and will share their business requirements, use cases, and monetization strategies with other members of the genEOS ecosystem
  • Technology Community will work on establishing a supply chain of experienced professionals that will implement business dApps
  • Partners Community will support the ecosystem
  • Investor Community will supply low-risk investor opportunities.

Market and competitors

Overview

The industry is overflowing with projects building their ecosystem for dApps and blockchain implementation and planning to become a “Noah's Ark” for business, in which lucky investors will sail into a decentralized future.

Ethereum is the first, biggest, and most well-known dApps platform. EOS has just closed its tokensale with rather impressive results. There are also such projects as NEO, QTUM, Cardano and many others:

  • EOS is a decentralized operating system which can support industrial-scale decentralized applications without transaction fees and high TPS.
  • NEO is a blockchain project “that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”
  • QTUM is a decentralized and open-source smart contracts platform and value transfer protocol which focuses on mobile dapps. QTUM integrates the best parts of the Bitcoin and Ethereum platforms into a business-friendly blockchain.
  • Cardano is a blockchain platform that provides a programmable blockchain and smart contracts for dApp development, it’s the first blockchain with peer-reviewed tech and was describes as “New Ethereum” and “NEO killer”.
  • Menlo One - is another dApps platform with an integrated marketplace and social media functionality.

 

Delivery

Roadmap

The situation with the roadmap is weird. On August 7, the website doesn’t show any detailed roadmap. Instead, four points of the “project history” are listed in the FAQ in response to the question "what is your roadmap". In a graphical form, the roadmap is published on Twitter and Facebook of the project on August 6.

(Source: genEOS Twitter account)

Team and advisory board

Key team members are not listed on the project’s website or whitepaper. Insted the project offers detailed information about technical, legal and blockchain partner companies that take on various functions of project development. The main team members are published in the project's card on the ICOBazaar.

Executive team

  • Alexander Landa – executive director – is originally from Kiev, lives and works as a sales director in California. Sales director at Datameer, previously worked for SocialTigers and Think Big. Linkedin profile
  • Ivan Bondaryk – CTO – Belorussian developer, CTO at OpenLedger company, which is outsourcing technical team at genEOS project. Previously worked at HubDSP and Bitteaser. Linkedin profile
  • Dmitry Lavrenov – Dev Team Lead – is an R&D developer at OpenLedger and  Aetsoft. Linkedin profile
  • Deslrée Falter – event manager – is an events Coordinator and Hospitality Manager at OpenLedger Linkedin profile

Advisors

GenEOS’ advisory partner, OpenLedger ApS, has considerable experience of conducting successful ICOs and building successful blockchain-as-a-service applications, including a decentralized trading platform.

Ronny Boesing, the OpenLedger founder and CEO, is a serial technology entrepreneur who has been working in blockchain since 2014. Linkedin profile

Agencies

Three mentioned agencies are in charge of technological,  legal support and promotion:

  • Aetsoft is the project’s technology partner. The company has been on a mission of assisting businesses in developing custom blockchains as well as creating and implementing next-gen business applications on Ethereum, Graphene, and EOS blockchains.
  • NextGenOne llc, a non-profit organization registered in the United States of America, carries out STO as a SAFT type PPM for the genEOS project, ensuring transparency while using the latest guidance from the US SEC and US FINRA.

 

Token distribution and token sale details

 

Total Token Offered

900 mln of 1 bln

Token price

The price is 0,11 ETH

Public Tokensale Date

June 26, 2018

Bounty program

unknown

GenEOS token sale started on June 26 and has 176 distribution periods (‘windows’) ending on December 23, 2018. Ethereum (ETH) and fiat currencies (USD, EUR, and CNY) are admitted for purchase. The team announced only the softcap of $2 million. All investors need to go through the KYC procedure before the token sale is over.

There will be a total supply of 1 billion tokens, all of which will be issued during the crowdsale event. The crowdsale is divided into 176 windows, each of first 175 windows is 1 day-long and the final window will last from December 18, 2018 to December 23, 2018.

There are no regional restrictions - residents of any country are welcome to participate in the crowdsale since the Secured Token Offering (STO) is carried out by a US-based non-profit organization.

90% of the entire token supply (900 million genEOS tokens) will be allocated and available to the Secured Token Offering. 10% of the entire supply will be allocated to the NextGenOne llc, which is responsible for administering the STO.

 

Funds Utilization

There’s no information published on how the funds will be used.

Hype

Website review

GenEOS website monthly audience is not available due to lack of data at similarweb.com. Their website domain was registered in March 2018, we can assume that the site itself was launched recently and its promotion is not sufficiently active and attendance figures are low.

(Source: Similarweb.com)

Most of the visits are linked to direct visits (97%), and about 3% come from search queries.

The team has a Github profile with 5 repositories available.

 

Media and community

The media activity regarding GenEOS is quite low. There are no articles about the project itself and its technical components, no references.

Online image of the project shows no marketing campaign. Social media community is small: 2,146 subscribers in Telegram channel, no Telegram group chat at all, 1,121 followers in Twitter and Reddit (522 subscribers). Activity in Facebook is relatively high (4900 subscribers).

It seems like the team underestimates public attention and their project marketing needs. We expect the inactivity will be increased during this long 6 month token sale.

 

Conclusions and editorial opinion

Risks and Potential

There are several aspects of this project that raise doubts.  

Pros:

  • Transaction rates at least equivalent to real-time transaction processing of standard Web 2.0 applications.
  • The requirement for mining is eliminated, making energy costs comparable to those of traditional web applications.
  • Open-source code available on GitHub for developers to consult and use to develop their own Dapps.
  • Investors from any country can participate in the project, as a US-based non-profit foundation conducts the Secured Token Offering (STO) for GenEOS.
  • Large, easily available technical implementation and support ecosystem with over 60 technology professionals to start.


Cons:

  • Strong dependence on EOS technology and ideology.
  • Whitepaper doesn't answer what technological and functional advantages the project has.
  • Hardcap is not determined.
  • There is no detailed roadmap, very short history of project development. Roadmap initially is presented in FAQ section on a website.
  • Key team members are not published on a website. There’s no actual project team, all code contributors outsourced.
  • Very long STO.
  • Very low marketing activity, website was registered in March 2018.
  • No Telegram chat, the main communication channel is Facebook page.
  • No reviews or media limelights.

 

Investment prospects

At this stage of the project's development, the main question is why is it better than the already existing successful platforms, in what way is it profitable for new investors, and how is it more convenient for developers. The advantage of the project is the availability of the testnet which allows to evaluate the functionality. Given the length of the token sale, we can expect that serious work might be done and all the all the questions that arise in this article will clear up.