Confido: A Breath of Fresh Air in the Land of the Greedy
Confido (Token Symbol $CFD) with a 1250 ETH hard cap (around $400,000) completed its ICO yesterday. There was a cap of 2 ETH per person and unsurprisingly the ICO got over in seconds. The tokens are being distributed today and there is already a rush of buy orders at Etherdelta.
What is Confido?
Confido is a payment solution developed to be used by both businesses and individuals. It provides secure escrow payments using smart contracts, without relying on a third party to control the money. The unique thing about Confido is its shipment tracking feature. Confido will track a package up to the point that it gets delivered, and will only then release the funds. This is all done in a trustless and decentralised fashion using smart contracts on the Ethereum & RSK blockchain combined with Chainlink.
By now we are so used to hard caps exceeding tens of millions of dollars that an ICO with a tiny cap such as Confido’s came as a refreshing breath of fresh air. To quote from the FAQ at their website:
“We think the current ICO space is messed up; companies are raising millions without a fully working product or existing customers. We have talked with financial analysts and we simply don’t need more than $400,000 to develop and market our project. ICO’s are a great opportunity to get funding for a project, but we don’t want to abuse this opportunity.
Starting with a low market cap is also beneficial to investors. Greater gains can be realised when the initial market cap is low. It’s much easier to go from 1 to 2 million (market cap) than it is to go from 100 to 200 million.”
There is an upside of 25x if the market cap reaches $10 million. And this won’t merit them a place even in the top 200 tokens in Coin Market Cap. But more than this I’m impressed with the ethical approach the team has taken in not exploiting the market to raise an obscene amount of money. The only thing remains is execution. This baby can fly if they can deliver on the product. The team looks solid. The founder/CEO, Joost, is available and very approachable on email and telegram. Their product has a real world use case. The alpha version of the product is expected to launch in January 2018. There are talks about partnering with Chainlink and Kleros.
So do we have a winner here? Looks like it to me. Super tiny cap, stellar team, a product with a real world use case.. it is checking all the right boxes. I would love to hear your thoughts on the prospects your see for this. Please share your research/views in the comments.
Disclaimer: I hold $CFD tokens bought during ICO. This is not an investment advice or a shill post. I am rarely excited about ICO tokens, mostly I wrote this to organise my thoughts on Confido. Please do your own research before deciding to invest or not invest.
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