ICOrating

BITCOEN Basic Review (https://bitcoen.io/)

ICO dates (28.11.2017 — 15.02.2017)

Web: icorating.com

Email: info@icorating.com

Twitter: @IcoRating

Links

Project details

Name: BITCOEN

Ticker symbol: BEN

Project type: Platform/Cryptocurrency

Extended company

description:

BitCoen is an official crypto token, a business platform and a

system of services complementing each other, created for

interaction between representatives of Jewish communities

worldwide.

[1]

Company: Bitcoen Ltd.

Website: https://bitcoen.io/

Whitepaper: https://bitcoen.io/Whitepaper.pdf

ICO details

Public ICO launch: 28.11.2017

Public ICO end date: 26.12.2017 [2]

Crowdsale duration

(weeks): 4,1

Token type: ERC-20

Token supply: 100 000 000

Tokens available for

purchase (Pre-Sale

+ Public ICO):

20 200 000 [2]

The purpose of

attracting

investments:

1 BEN price: 1 USD

Accepted payments: BTC, ETH, LTC, Waves and other cryptocurrencies, fiat.

Bounty: Not announced

Token role: Functional

Team

Team (number of

people) 12

Advisors and

partners (number of

people)

12

GitHub: https://github.com/BitCoen

Social media

Twitter: Posting: 14, Subscribers: 4321

Telegram: Subscribers: 1500

Medium: Subscribers: 23

Linkedin: Subscribers: 40

Facebook: Subscribers: 2302

Youtube Posting: 6, Subscribers: 101

Project information

BitCoen is an official crypto token, a business platform and a system of services

complementing each other, created for the interaction between representatives of

Jewish communities worldwide.

[1]

BitCoen will provide the following services: - A market place for Jewish businesses - Advertising - Online and offline payment systems - A loyalty program - BitCoen wallet - The opportunity to make charitable contributions.

[2]

Partners:

N/A

Advisors:

Dmitry Marinichev (LinkedIn) - CEO at Knopp (9 years), owner of RadiusGroup (18 years.) Angelika Sheshunova (LinkedIn) - business development consultant at Enki.com, COO at Flat.me & Rentoolz, business development consultant at TopExpert, operational Director of My-Apps. Moty Cristal (LinkedIn) - Professor in the dynamics of negotiations at Moscow School of Management SKOLKOVO (7 years), CEO at NEST, Negotiation Strategies (11 years.) Ilja Eisen (Facebook) - specialist at Booz & Company and Roland Berger; Nailya Zamashkina (LinkedIn) - Chief Operating Officer at Fintech Lab, leader in Startup Leadership Program, commercial director at CJSC MOBI.Money. Aleksandr Lemchik (LinkedIn) - founding partner at LKP Group, managing partner of Lemchik, Krupskiy & Partners. Structural and Tax consulting (20 years.) Andrey Shmergelskiy (LinkedIn) - CEO at Mercedes-Benz Art-Motors Ltd, owner of La Ruche (11 years old), founder of TDK Alexandrovsky Passage (11.5 years.) Andrey Nedobylsky (LinkedIn) - technical director of iZ³ | Izzz.io, the head of information service at justbefit, senior PHP programmer at ArtSkills. And: Ivan Piskunov - Co-Founder and CTO of Asirus Consulting Agency. Vladimir Mazur - Vice-President of the National Fund BF "RIV". General Director of Stroy Invest. Casas and Thomas Klett - Lecturer at the University of St. Gallen and partner of Institute for Leadership and Personnel Management. Sergei Cherniavsky - Vice Chairman of Central Government Committee of CSU of Bavaria on Migration and Integration of Augsburg.

Investments attracted:

N/A [34]

Conclusion

There are well-known experts from the Russian venture industry involved in the

project. This attracts interest in the project from the community.

Strengths of the project:

- the project is founded by well-known experts.

- the BitCoen project can be obtained for purchases in more than 700 stores; this is a

clever move to attract attention to the ICO.

- tokens play a functional role in the project.

Weaknesses of the project:

- this project could certainly be of interest to Jewish communities but the

specialization greatly narrows the market niche in comparison to the general market

for payments.

- the team does not have technical specialists in the field of blockchain (white paper);

this could lead to an increase in costs for the system during the development and

maintenance phase (also, the project does not have CTO.)

- the project does not disclose its commercial strategy, which does not enable any

deep assessment of market capacity.

- there are few figures or information on the market in the official documentation.

Market and industry

According to Nielsen research (2016), we believe that: - 69% of the inhabitants of the European countries participate in loyalty programs where points and bonuses are awarded. - the most popular was a discount on products. According to an Aimia report, 85% of respondents in 11 countries report that they are members of at least one customer loyalty program in 2015. - According to official data, there are 741.2 million people in Europe and 3 million

Jews, therefore about 2 million Jews who participate in loyalty programs constituting a

potential audience for Bitcoen.

[29],

[30],

[31],

[32]

According to the official documentation, we see that the project will specialize in

popularizing tokens to pay for goods and services within Jewish communities.

Comment:

We believe that limiting to trade within specific communities can significantly reduce the potential market niche of the project and, consequently, token demand. Unfortunately, the team did not provide an overview of the

potential market in the official documentation.

Competitors

During our research we have identified the following competitors in the field of loyalty program creation: Gatcoin - A platform that allows enterprises to issue digital tokens and use them within an overall marketing strategy. Sandblock - A platform that unites traders and customers and provides creation of

their own tokens and joint loyalty programs.

[2]

Resume: The main difference between Bitcoen and its competitors is the

specialization in Jewish communities.

Engineering features of the platform

The platform is built on the basis of blockchain technology based on the source code for the izzz.io platform (uses a consensus based on Confirmation Proof-of-Activity (LCPoA) and a trusted node system) using API and smart contracts. Features of the Bitcoen blockchain: - LCPoA block generation algorithm reliably protects the network from spam and fake transactions, and it does not require large expenditures of computing resources. - absence of mining in the system. - platform transactions in the network are free. - high network speed (up to 25,000 transactions per second.) Mining is completely absent in the system and all transactions within the platform network are free of charge.

[2],

[33],

[34],

[35]

Technology description

As GitHub description shows, the project is built using iZ³ (Izzzio) – a fully customizable private blockchain platform. A mobile wallet will also be developed, in which it will be possible to determine points within a given radius that accept BitCoen for payment. The platform will work as follows:

• Registration on the platform.

• Purchase of Bitcoen token for Fiat or Crypto currency.

• Companies within the community will have the opportunity to: o organize joint loyalty programs. o make money transfers. o participate in charity. o place products in the project marketplace. o place advertising. o accept payment for goods and services.

(private individuals will also be able to make payments and transfers, pay for

purchases in stores and donate)

[2]

Comment:

In our opinion, technical component of the project is not

sufficiently disclosed. The platform itself will be built using iZ³

(external blockchain platform) as well as external developers

(see relevant section for the details).

Technological Roadmap

In the future, with the development of technology and data capacity it is planned to

implement the following:

- December 2017 – Q1 2018 - creation of the BitCoen crypto wallet and mobile application. - Q3 2018 - launch of BitCoen Loyalty program.

[2]

- Q4 2018 - creation of a payment system, BitCoen Pay, with the ability to conduct offline payments and QR-code technology. - Q2 2019 - launch of a single marketplace BitCoen Platform for Jewish businesses, goods and services. - Q4 2019 - creation of an advertising platform for the popularization of Jewish businesses BitCoen ADV.

Comment:

There is a description of platform development in the roadmap. In the course of technological development BitCoen will concentrate more on increasing the functionality of the token. The project is planning to complete the development of all stated modules up to the end of 2019. The project will be aimed firstly at consumers (loyalty system

and payments) and then on business (marketplace and

advertising space.)

There are no active blocks in the open repository:

- BlockExplorer - a Block Explorer for blockchain.

Screenshot of

repository

Comment:

According to GitHub, we can conclude that the development of

the project is low. In addition, there is only BlockExplorer in the

repository.

Documentation

We have analyzed the Bitcoen website and documentation for sufficiency and

consistency for making an investment decision.

The documentation includes the white paper, presentation and privacy policy. The

white paper and presentation are available in English and Russian. The privacy policy

is available in English only. In the submitted documentation, Bitcoen is described in

sufficient detail, but the strategy for development and entering the market is not fully

disclosed.

In the English version of the WP, the token distribution is presented in Russian.

The website also provides information about the project, the staging of the public ICO,

the advisors and team. The website is available in English, Chinese, Korean,

German, Spanish, Italian, Hebrew and Russian. An additional feature of the website is

a link for registration in the whitelist.

[1]

Resume: Documentation allows forming a comprehensive view of the

project.

ICO

Public ICO launch: November 28, 2017

Tokens to be

released, % 20%

Token type: ERC-20

Accepted as

payment: BTC, ETH, LTC, Waves and other cryptocurrencies, fiat.

1 BEN cost 1 USD

Crowdsale period: 11 weeks, until February 15, 2017

BitCoen tokens are loyalty points within the BitCoen Loyalty program and an internal means of payment within the BitCoen ecosystem including the BitCoen platform. You can spend BitCoen tokens: - on project partners; companies that accept payment in BEN and participate in the loyalty program. - on joining the general BitCoen loyalty program (for business.) - on payment for services or gratuitous help to each other. - on charity. - on obtaining additional services in the Bitcoen Platform (Marketplace.) - as a commission for using the BitCoen Pay service.

Token issue limit: 100 000 000

Advantages of token holders: limited tokens, functional tokens which allows using

platform services or sell them.

Maximum planning

amount of profit: $20 000 000

Current amount: ~$1 000 000

Token sale is implemented in several stages:

[1]

Comment:

Tokens which are not distributed during the token sale will be

transferred to the reserve fund for the further functioning of the

system immediately after summarizing token sale.

After the completion of the token sale, Bitcoen tokens will be

traded on crypto exchanges.

The team reserves the right to issue BEN tokens from its

reserves into the market. The price of issued tokens after the

completion of the token sale is determined by the market.

[2]

Bounty

Link N/A

Scheme of interest

distribution by

program

N/A

Resume: N/A

Tokens and capital distribution

Tokens and capital are distributed according to the following scheme:

Tokens and capital

distribution scheme

- 200 000 BEN - PRE-SALE - 20 000 000 BEN - TOKEN SALE - 41 500 000 BEN - reserve fund - 15 000 000 BEN - team - 6 000 000 BEN - advisors - 5 500 000 BEN - bonus fund of token sale participants - 1 800 000 BEN – Bounty program

Resume:

There are two types of BitCoen token intended for the market: basic, and those with restrictions. The main BEN is owned by BitCoen recipients and partner companies. The team, advisors, board members and bounty recipients have tokens with restrictions on sales and/or exchange to stabilize the project. The team has a time limit of 2 years from the date of BEN distribution. Members of the Board of Directors have 2 years limit from the date of BEN distribution. Advisors have a 6 months limit. Bounty recipients have a 3 months limit. Tokens do not affect the distribution of shares in the company.

The incentive system is set up such way that it is more

profitable to buy tokens earlier.

Development plans

It is planned to use contextual advertising, the production of training videos for

individuals and businesses, and launch of token trading on exchanges to attract

users.

[2]

Resume:

There are no time intervals given for the advertising campaign.

In addition, there is no information about scaling - when and in

which country it is planned to launch the platform.

However, the platform has a partner database: King David,

Ozon, Lamoda and other online stores.

Team

The team consists of 12 people and 12 advisors. Information about the main team

members based on LinkedIn is given below:

David Dyshko (LinkedIn) - President, responsible for coordinating work with the community. There is no information on previous activities on LinkedIn; Viacheslav Semenchuk (LinkedIn) - CEO. Serial entrepreneur, Business Surgeon, creator of more than 30 startups, founder of Life pay.ru - leader of Russian market mpos, Creators.ru (top 100 studios in Russia for web-development), uberun.ru, sex-box.ru. Currently: Business Coach, consultant in Igor Mann Bureau of Speakers, business surgeon at SEMENCHUK.com, the founder of AKSELERATOR.ru; Dmitriy Gorozhankin (LinkedIn) - Commercial director. Commercial Director in European Medical Center. Previously: Head of Sales Department at Medsi, Director of the Department of Partner Sales in OSAO Russia; The team has 9 more people.

Resume:

9 people identified their affiliation with the project on LinkedIn.

The team members are mostly from Russia. Unfortunately, not

all members of the team were found on LinkedIn.

The team also includes a lawyer, a mobile application

developer, email marketing expert, public relations specialist,

partner interaction specialist, editor, product director, business

development specialist and marketing and communications

director. However, there are no dedicated specialists in the

field of blockchian technologies; there is no CTO.

Marketing

Information about the project is available on Twitter, Facebook, VK, Telegram and

Medium. There is no Bounty program.

The project is working on social media. Twitter, Facebook, VK and Medium regularly

update news. The format of the articles about the project shows that they were written

mainly by order.

Comment: Interest in the project is gradually growing. Marketing campaign unfolds on Facebook, Twitter and VK.

[1]

Analysis of website traffic based on Similarweb.com data showed the following: [6]

Traffic sources

(Similarweb.com)

Comment: 52,82% traffic - direct links, 11,03% - referrals, 18,46% -

search, 12,54% - social media.

Traffic through

search: 18.46%, 100% of which is "organic" traffic

Referral links: 11%

Comment:

There are no attendance data on Similarweb. However,

according to Alexa.com, attendance on the website is 6,311

people. The number of monthly page views is 25,230. The

website is most popular in Russia.

[33]

Resume:

According to the available data, it can be concluded that users

are still not sufficiently interested in the project. However, the

team is conducting an active advertising campaign on social

media. There is support from the media.

Contacts

The developers may be contacted using the links below.

Website: https://bitcoen.io/

Twitter: https://twitter.com/Bitcoen

Telegram: https://t.me/bit_coen

Medium: https://medium.com/@bitcoen

Linkedin: https://www.linkedin.com/company/25007264/

Facebook: https://www.facebook.com/bitcoen

Github: https://github.com/BitCoen

Bitcointalk: https://bitcointalk.org/index.php?topic=2451565.new#new

Youtube: https://www.youtube.com/channel/UCk5fZMDP-j8cHFWKUxtJRFw

Useful links

1. Website https://bitcoen.io/

2. White Paper https://bitcoen.io/Whitepaper.pdf

3. Presentation

Deck https://bitcoen.io/Presentation.pdf

6. Similarweb https://www.similarweb.com/website/bitcoen.io#overview

29. http://www.nielsen.com/fi/fi/insights/reports/2016/perspectives-

on-retail-loyalty-program-participation-and-perks-.html

30.

https://www.aimia.com/content/dam/aimiawebsite/Aimia2015Gl

obalLoyaltyLensReport/Aimia%202015%20Global%20Loyalty

%20Lens%20Report/AIMIA-Loyalty-Lens-Research-Report.pdf

31. http://www.world-globe.ru/regions/europe/population/

32. http://jewish.ru/ru/events/world/8585/

33. https://a.pr-cy.ru/bitcoen.io/

The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communica-tion. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analy-sis more comprehensive and informative.