Experty ICO Review: Is Experty ICO Worth Investing?
The Experty pre-sale will start from 25th January 2018 for a month. The Experty Initial Coin Offering (ICO) is a project aiming to solve the talent crisis in the blockchain community by allowing experts to monetize their skills through a skype-like voice and video application. Is Experty ICO Worth Investing? Read this Experty ICO review to learn more about its advantages and potential.
Disclaimer: This article does not endorse or recommend participating in any initial coin offerings. This article should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
Experty ICO Review
What Is Experty?
Experty is a voice and video application which allows experts in their field to monetize their time and knowledge on the Ethereum Blockchain. It is an application, where payments are automated through an operations contract (OC) allowing voice/video calls to be monetized without an upfront payment.
The Ethereum blockchain allows for automatic payments from client to contractor based on the predetermined rate and the length of the conversation.
The current focus of Experty is to solve the problem of talent crisis in the blockchain community. It does so by allowing experts in the field to monetize their skills through a Skype-like voice and video application. An automatic smart contract system handles all the payments using its very own token EXY.
In other words, it is a virtual platform for consultants, lawyers and other specialists who now can bill for their expert knowledge and time in cryptocurrencies. It could conceivably also be used for “pay per view” businesses, particularly if distributing premium content (such as a specialty class via webinar).
How Experty Works?
Knowledge provider sets their rate per minute, which is paid by knowledge seeker when they call. This exchange is settled on blockchain using an Ethereum smart contract coupled with off-chain software.
Knowledge provider can share his direct call link without fear of receiving fraud or marketing calls. They can also display their availability schedule. Knowledge seeker saves time and money by contacting wanted person directly, and paying only for actual call time.
Experts can share their paid call links whenever and wherever they want (i.e. social media like LinkedIn, blogs and message boards). This avoids relying on Experty to create a marketplace for them. Payments are instant.
Possible use cases include lawyers, medical consultants, programmers, business advisors, professors, language learning, webcam chats, bloggers & youtubers and celebrities & influencers.
EXY is a utility token that will be used for all payments from advice seekers to knowledge providers. Token will be sold inside the application via credit cards, Ethereum, Bitcoin and other cryptocurrencies. EXY tokens are needed to perform transactions or staking, hence the more usage Experty platform has, the more valuable tokens will be.
For example, if seeking an expert in federal constitutional law, a litigant might be able not only to find that expert but directly pay them for their time – all by phone.
The idea also has vast promise for tele-education, paid teleconferences, and other situations where an expert needs to be both identified and efficiently compensated for their expertise provided at the end of a digital call.
They have a working application both for iOS and Android.
A WebRTC Protocol: This creates audio and video communication within the platform. The protocol is used in apps like Whatsapp and Google Hangouts to ensure peer to peer data encryption.
Fully Decentralized Call Links: This will allow users to post call links on other social media and message boards.
Instant payments: Payments will occur via the Ethereum blockchain after the call terminates based on the agreed to per-minute rate. A caller without sufficient funds to make at least 30 seconds of a call will not be able to make one. In addition, callers’ funds are monitored during the course of the call. Callers will also be disconnected when they do not have enough money in their account to continue to pay for the call.
Cross-Platform Calling Application: Users will be able to use most Operating System platforms upon the initial launch of Experty. This includes both iOS and Windows.
Availability Schedules: Knowledge providers will be able to set availability time. Working hours, in other words, can also easily be preset by users.
Built-in Ethereum Wallet: All users will have a built-in Ethereum wallet to manage sending and receipt of funds.
Who’s Behind Experty?
ReactPoland, the company behind Experty, was founded in 2014, with Experty being conceptualized and developed throughout the start of 2017. The Experty team also secured $700,000 in seed funding earlier in the year.
The bios of the key members of the team are listed below:
Kamil Przeorski, CEO – Co-Founder of ReactPoland, self-employed programmer since 2013.
Tom Dyl, Chief Technology Officer– Lead Developer at ReactPoland.
Greg Kucmierz, Solidity Engineer – Former software engineer at Cisco. Primary Solidity engineer on the team.
Team members are not all stars. Lot of experience in programming, but most of them don’t have big name companies on their resume and only 1-2 have Solidity knowledge, while others are more JS focused developers. However, they do have respectable advisers, and the prototype is already done, so this gives me some confidence that they will be able to pull it off.
Advisors of the project include Josh Olszewics, @CarpeNoctom on Twitter, Pawel Bylica, Software architect for Golem and Ethereum, Craig Sellars, CTO of Tether, BlockV, former CTO of Bitfinex, Nicolai Oster, Head of ICOs at Bitcoin Suisse, and more.
The company launched the idea at the beginning of 2017. During the year, it began development of the project and raised $700,000 in seed investments. The company will begin their planned Token Generation event in Q4 of this year.
Development of the desktop beta will be finished in Q3, 2018. Ongoing refinement of the service is planned for the first two quarters of 2019.
The vast majority of the use of funds (80%) is allocated to software development and marketing and community building.
The company plans to enter the market through primarily medical advice and software development verticals. To that end, they are approaching large portals like BestDoctors.com, Quora.com and GitHub.com as well as Linked In, to begin to integrate and offer their services.
Targeted experts include influencers on blockchain – including those who have Youtube channels devoted to the topic. Other core expert users include consultants, developers, and paid premium support models.
They are also looking to support customers who engage in paid webcam chats to fundraising charity events.
- The token sale will start on 25th Jan 2018 and last until 25th Feb 2018.
- The ticker will be EXY and token type will be ERC223 (an updated version of ERC20).
- ICO Token Price: 1000 EXY = 1 ETH
- Fundraising Goal: $9,000,000 or 33k ETH (hard cap) – whichever is lower
- USD Total Tokens: 100,000,000
- Available for Token Sale: 33%
- People from the USA can’t participate in this ICO.
To create real value for Experty.io token holders, they have decided to use a unique mechanism licensed from New Alchemy called “Cash and Burn”. Experty.io will generate a limited amount of tokens for contributors during the ICO and the pre-ICO. A small percentage of every transaction on the Experty platform will be placed on the Experty Asset Contract (EAC). At any time, any Experty.io token holder can “Cash and Burn” their tokens. Thereby, an EAC holder may irrevocably destroy or “burn” tokens in return for their share of licensing fees held by the EAC.
Is Experty ICO Worth Investing?
Experty’s decentralized solution presents the opportunity to integrate with a variety of third party services, many of which already contain a large user base. These services can make additional profit by way of fees collected through Experty should they choose to utilize their platform.
This is a very efficient go-to-market strategy and the win-win situation between the users, the company, and large web portals. Using a revenue sharing model, they will have an incentive to integrate the Experty.io platform into their existing system. Experty will also provide them with software development services in order to make the integration process as smooth as possible.
Businesses around the world have more and more to rely in consultancy to thrive through a more complex and disruptive fast changing economic, social and technological fast changing world. The consultancy industry is an increasing part of the business life and special as the international economy gets increasingly more volatile and software driven.
In recent years, consultancy corporate profits in general grew dramatically, meaning that executives are now more willing to authorize new consulting projects as long as they see the potential for a good return on the cost.
With the advent of fast growing area of consultancy such as Digital consultancy, innovative disruption and Fintech, the pace of chance will accelerate much further. Further more with the advent of Internet of Things technologies, big data platforms and special Blockchain the speed of dramatic disruption is bigger than ever.
In this scenario the consultancy industry has to have a stronger lean startup pace rhythm towards technology. Consulting services and solutions have to drive the lead in innovation, and has to be creating an open business, open data sound consulting business and partnership network in the operations tech and digital transformation change management area.
In the statistic chart below, the global consulting market has booked year on year growth, although growth rates differ between the more mature markets and emerging economies. With a total value of around $250 billion, the global consulting sector is one of the largest and most mature markets within the professional services industry.
As we can notice from the trend, the steady growth in consultancy industry indicates Experty’s mission fits very well in the future market.