Crypto News

ICO Analysis: AIDCOIN

In 2013, the Tampa Bay Times did a thorough investigation into the 50 worst charities in America. What they found was horrifying. These organizations raised a combined $1.3 billion over ten years. However, only $350 million of that was put to good use, with the rest being scooped up by greedy, for-profit companies. Blockchain seems to have found another breakthrough use case, this time in the area of ​​charitable giving. The Blockbuster versions of charity fundraising in the past required donors to have absolute trust that their money would go to the promised goals. The difficulty with this is that you don’t trust anyone. AIDChain is a donation tracking program that allows anyone to track AIDCoin, which should help prevent fraud. The program can also track cash flows by integrating with bank APIs. According to the companies: “Charities can also use the program to register, verify identities, and manage communications with donors.” Another promising feature of AIDCoin is AIDPay, which is a donation/entrance button. Charities can integrate this feature into their website and accept various forms of Crypto or fiat, allowing for easier exchange at the current price of AIDCoin.

Token AIDCoin

Supposedly, AIDCoin will be the only form of payment allowed into the ecosystem and required to access various services on AIDChain. As you can see above, the program plans to exchange donors’ credit cards, PayPal, Bitcoin and Ethereum into AIDCoin. This is great. However, they do not explain how they will do this. When I asked “Do you use cash/Bitcoin/Eth to buy back AID out of the transaction and what % will you keep for the company?”. They responded with: “We actually have two ways to do this: Integrate with existing transactions via API; Allocate a portion of AIDPool and the funds received to create storage data and manage Crypto conversions. Sometimes the answer may be a mix of the two solutions above, we cannot say exactly how this program will work right now because we need to test many other available options”. This is not really an answer to my question.

AIDCoin Project Development Team

AIDCoin is backed by CharityStars, an online company that has already raised over $10 million in charity auctions. CharityStars is VC backed and looks to be doing well. However, $10 million in charity auctions is not exactly a rock-solid number. The AIDCoin team, or as I call it the CharityStars team, is now x25. The CEO and co-founder, Francesco Nazari Fusetti, has had success in the past. Their other co-founder Manuela Ravalli has been ranked as one of Italy's top ten female entrepreneurs under 35. The team seems capable and have been working together at CharityStars for a few years now.

Decision

Last year alone, the online donation market in the US reached $15 billion. There are many opinions about this “idea”. This is just a temporary idea. The company has a static website that is up and running but AIDCoin is not yet implemented. The AIDPay gateway is the most prominent. With the requirement of AIDCoin being the only coin while accepting cash and other Cryptos, it is just too perfect. They have figured it out. Many projects become unviable when they abandon the use of their coin. The technology that allows them to do this is not yet built. These are the company’s achievements and strategy so far. As you can see, the AIDChain beta will not be released until Q1 2018.

Risks of investing in AIDCoin

The big issue is price volatility and escalation. They are building on the Ethereum blockchain which is not ready for use as they say. Token volatility will be a concern. For example, how bad would it be if a charity raised the $50,000 they received in AID but by the time they sold it at a reasonable price in the transaction, the price had dropped and they only received $35,000? (-4) CharityStars is a real company/website. They have been auctioning since 2013 and have raised $10 million so far, and their Twitter shows that they are actively running various auctions. While they currently have 17,000 followers, their auction announcement tweets rarely get more than a few likes. This lack of popularity is quite concerning. Will they put the company on Blockchain and actually make it go bust? They don’t have any marketing budget to spare. (-3) They are basically ICO Whitepaper, no working product, if we trust that they will build what they promised then great. The huge pioneer for this project seems to have no plan on how to build and integrate AIDChain. They said that this AIDChain can convert cash and Crypto contributions of people to AIDCoin instantly. That is literally all they said. They did not give any explanation on how they will build this technology. And according to the Token allocation plan, they forgot to classify the Tokens for AIDChain. How will this chain provide AID if there is no AID? (-5)

Trade Cryptocurrency a Pro with PayCoin

"Experience the ultimate in cryptocurrency trading with PayCoin. Our platform offers a comprehensive suite of benefits designed to elevate your trading experience to new heights. Trade with confidence on our secure and reliable platform, backed by state.