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Is Crowd1 Legit or a Scam? A critical unbiased review!

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is Crowd1 legit

Is crowd1 legit?

Disclaimer: Just like everything on this website, this review is an opinion based on our observations. If you have other insights that we may have missed that would change our views, please bring them forth. Read additional disclaimer at the end of this article.

A lot of buzz, whether it is paid or organic, has been heard recently about Crowd1.  We had gotten few requests about our opinion on this project because of the ‘cryptocurrency’ payment aspect involved with the project.  

This article is an answer to those requests.  

What is Crowd1?

What does Crowd1 do?  

That depends on who you ask or where you get your information from.  

For instance, when you read up on their website BEFORE registering, this is how you see Crowd1 describing what Crowd1 does:

“Crowd1 is an internationally known online networking company that provides members with an opportunity to engage in the largest growing online sales force. Crowd1 provides tools for you to take part in international networking, the gig economy, and quality education. Achieving better digital equality in the world while building a network of motivated entrepreneurs remains at the heart of the operation. During the first 16 months, Crowd1 managed to grow a sales force of over 5 million Affiliates and counting.”

The vagueness is a wow factor in that entire paragraph.  AFTER you register, the true model is revealed to you and here it is, in their own words:

“Crowd1 brings you possibilities of a lifetime residual cash flow based on your team’s growth. The best way to utilise the crowd economy is to introduce your friends for free. You become a part of the cash flow created when your friend’s activities create cash flow in the crowd. Take the opportunity today and put yourself in the central position of a global movement.”

Notice the text that we highlighted in bold, those reek the stench of Multi-Level Marketing business which in many cases have been regarded as a PYRAMID scheme.

Their intro video is quite uneventful and useless, in our opinion.

CROWD1 – IMPOSSIBLE IS NOTHING!

Join the world’s fastest-growing network marketing company. Impossible is nothing! https://crowd1.com/

Products offered by Crowd1

Crowd1 offers 3 products and all of them are exclusive to Crowd1 members:

  • AffilGO

Affilgo crowd1This is an affiliate marketing site for the online gaming industry and eSports including “online casinos, slots, sports betting, lotteries, mahjong, poker as well as other Mobile Games.”  This space is not new and there are many established companies in the space.  Competition is fierce and adding an affiliate angle to this space is new but the success depends totally on how many of these referrals actually enjoy playing these games.

  •  MIGGSTER

Miggster Crowd1MIGGSTER is a mobile gaming platform exclusively accessible by Crowd1 members.  MIGGSTER lists out the global statistics related to the mobile gaming industry that are not entirely true about the actual potential of the mobile gaming space.  For example, the website refers to the 5 Billion Mobile users in the world, however, not all mobile phones are useful for the mobile games platforms to play. This reduces the total potential market size to 2.7 Billion smartphone users.  There are already many successful mobile gaming platforms, it might be a uphill battle to convince people to play on MIGGSTER, especially when the platform is only available to Crowd1 members, in our opinion.   

  • MyGritHub

MygrithubThis is the platform where all the educational packages are housed.  The site claims to be “World Class Marketing Real Estate Training”. Our impression is that the name is a clever rehash of the world’s famous site for developers, ‘Github’. 

The more we look at the platforms that are already out there doing the things (like affiliate marketing, online gambling and mobile gaming) that Crowd1 wants to exploit, the less we are convinced about the ‘successful execution’ of Crowd1’s vision.

What we don’t like about Crowd1?

There are so many things that we despise about this company for many reasons (listed below).  We have seen this before and were victims of such a MLM company which actually had products that we could use in our daily lives and that still failed miserably.  

Smell of Pyramid scheme

crowd1 Pyramid Scheme

This is a pure opinion of ours.  The whole set up of selling digital products based on membership level and ‘number of individuals’ you invite to your network to upgrade your own level sounds like a Pyramid Scheme.  Although, we do understand that not all pyramid schemes are ponzi.  

Merchandize

The merchandize section shows the products that are not that unique and something that you could get over Amazon for half the price.  As such, we are not sure if the listed merchandise will pick steam.  Obviously, with over 5 million users on their platform, there may be a market for their merchandise.

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Cost of entry

The basic plan starts at €99 and can run up to €2499.00. Below is the breakdown of each of their plans:

WhiteBlackGold Titanium
€99€299€799€2,499
Education package from mygrithub.com Value €99Education package from mygrithub.com Value €299Education package from mygrithub.com Value €799
Education package from mygrithub.com Value €2,499
Crowd1 Rewards worth €100Crowd1 Rewards worth €300Crowd1 Rewards worth €1,000Crowd1 Rewards worth €3,500
Streamline up to level 4Streamline up to level 8
Streamline up to level 12

Streamline up to level 15
Matching bonus up to level 1Matching bonus up to level 3Matching bonus up to level 4Matching bonus up to level 5

Line of business

The main allure is developing your own ‘global gambling network’.  Many people might have moral issues with gambling business and some religions (and countries) specifically ban gambling activities.  We have no moral issue with gambling but it might be for many.

Rumors about a scam

If you search for Crowd1 on the internet or YouTube, you will find 3 types of people:

  • Those who have never heard about Crowd1
  • Those who are current members and pimping it with their personal referral codes
  • Those who despise the company and call it a scam with their own version of the ‘proof’

For instance, Trijo News ran a piece stating that “beyond the polished surface, you find a suspected pyramid scheme veteran as the founder, and a concept that seems to be in the gray area of what is legal.”

Some crypto enthusiasts are comparing it with other Crypto Scams.

What’s working in favor of Crowd1’?

We tried hard to keep our preconceived notion about this company from the time we first landed on the website to the videos and the whole model.  

Quite honestly, it has been a big challenge.  Yet, here are few things that we think go in Crowd1’s favor:

CEO 

“Life is not fair and we should be grateful that it is not, if it were, we would be bored,” that’s the quote from Johan Staël von Holstein, CEO of Crowd1.  Whether you agree with that statement or not, Johan has a history of turning startups into billion dollar companies, however, he also has been associated with the companies that were wound up.  

For example: Icon Media Lab started by Johan and served as CEO for the first two years has gone public.  His second venture, Letsbuyit.com went public too.  However, his next two ventures namely, IQube & MyCube were both wound up.

We will have to see the fate of Crowd1 as to whether it goes public or gets wound up.

History

Many MLM companies are a big deal in the world.  For example, Amway, a company that has products sold exclusively to its members.

Industry

While gambling could have it’s own disadvantages,  it could also add the  advantage of  onboarding clients that play consistently on your platform, hence,  generating handsome recurring revenues.  This aspect could very well surprise everyone, including us, who are staying away from Crowd1.

Great combination of crowdfunding and network marketing

Many MLM companies are a big deal in the world.  For example, Amway, a multi-billion dollar company has a massive user base who buy and promote their products exclusively available for Amway members.  Crowd1 combines that MLM model in the digital space with the power of network marketing across 3 different spaces: gambling, affiliate marketing and digital education.

Work From Home in a post COVID world

Covid19 has changed the way we view work from home forever.  There are going to be a lot of job losses by the time we are done with this pandemic and that means, there will be a lot of scope for companies that promise the opportunities to become your own boss and that is one of the things Crowd1 sells.

We take a closer look at the Terms and Conditions

Generally, we do not dissect terms & conditions of a project but for this one, we are looking at the Terms and Conditions (T&C) of Crowd1, the entire 33 pages of it.

Right off the bat, this line in the T&C “Every “SUBSCRIBER” assumes sole legal responsibility for his or her decisions to follow suggestions made in any of the services the services offered on Crowd1.com,” is somewhat skewed in its formation and shifts the entire onus onto the unassuming consumers. [This is a standard practice in the industry, however, we would have expected some phrase where it says ‘we are vetting the products on our platform before they are offered, however, responsibility lies on you, etc., etc., but let’s move on.]

This caught our attention: “Company, “Crowd1.com”, and any of our subsidiaries, do not guarantee or represent that any “AFFILIATE”, who follow any suggestions or advice given in any of our services, will be making profits.”  

And here is where I believe the picture is worth a thousand words.

crowd1

Above screenshot is from the Google Play Store.  Look at the potential balance and the streamline level.  The indirect suggestion that someone could stand to gain that big of a ‘bonus’ at 1st level is quite astounding and yet the terms and conditions actually deny any claims of possibility to make any money.  From a legal standpoint, they are on point but their claims (although hinted indirectly), contradict to the T&C, in our opinion.

Let’s continue.

Another flag, although legally accurate I suppose, is this one: “understand and agree that Crowd1.com reserves the right to cancel my account at its absolute discretion, and no form of refund will be due to me for whatever reason”  and this one “In addition, Crowd1.com, reserves the right to approve or deny the reactivation of a canceled account. Moreover, Crowd1.com is under no legal obligation to disclose reasoning for such denials.”   

It doesn’t even refer to ‘violations leading to termination’, no, it explicitly says “absolute discretion and no disclosure of ‘reasons’”, talk about monopolizing the rights!

We are ready to quit right now, but we are only on page 3 of 33. 

One way gift certificates, as per the T&C, “REFUNDS on Gift Certificates – The original owner of the gift certificate cannot receive a cash refund on the Gift Certificate but it can be deposited back to their account. The party who has received the gift certificate to join the C1 opportunity will not be able to redeem or request a refund for the Gift Certificate. There are no cash refunds for gift certificates.”

Some concerns on how the confidential information is handled are noticed in here: “Company may supply to Independent Affiliates confidential information, including, but not limited to genealogical and Downline reports, customer lists, customer information developed by Company or developed for and on behalf of Company by Independent Affiliates (including, but not limited to, credit data, customer and Independent Affiliate profiles and product purchase information), Independent Affiliate lists, manufacturer and supplier information, business reports, commission or sales reports and such other financial and business information which Company may designate as confidential.”

In our opinion, this is all coming together as a big ‘make money for us, not for you’, for instance, here is a term in the T&C: “No commissions are paid on the purchase of Sales materials or for Sponsoring Independent Affiliates.”

Refund policy seems a bit wanky.  For instance, how are you to test a product without actually using it?  In our limited interpretation, that is what it sounds like based on these terms in the T&C lifted directly:

“When you purchase a Crowd1 Education Package, you have a 14-day cooling off period which means that you can regret your purchase entirely and get a refund of your money. This cooling off period will be terminated and cancelled immediately if you: 

  1. Choose to use any of the features in your Crowd1 website 
  2. Have used your Crowd1 products including but not limited to Education Packages”

We have never seen a company saying that you are entitled to a refund as long as you do not open the package or use the product.

I think we are done with looking at their twisty Terms & Conditions. Here are their Terms and Conditions if you would like to give it a full read.

Their tagline, “Impossible is nothing” is quite corny because of its fallacy.  For example, you cannot bring dead back to life or turn the time even by a split second or the list goes on where things by their very nature are impossible.  And, it is just a rehash of the most overused motivational line “Nothing is Impossible” which I always thought was a foolish statement used by people dreamers with no plan or execution.  

Count us unimpressed, so far.  

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Issue with the countries that are banned

The other aspect that we thought was interesting is the countries that are not allowed to participate, including the United States.

If this is truly a global company and has digital products that can be made available anywhere in the world, what’s stopping them from allowing the US participants?

We assume that the rules are much more stringent in the US in terms of investor protection.  Especially when it comes to a business model that looks like a pyramid scheme and the one that directly deals with the online gambling industry.

We understand that not all States in the US allow businesses associated with online gambling, and maybe that’s why they are not allowing participants from the US.  Well, if this were true, how come the company is registered in Dubai, UAE that has a ban on gambling and gambling related businesses (?).  This is merely posed as a question for someone learned enough to educate us.

Is it a scam?

Bitcoin fraud alertWe do not think that Crowd1 is a scam.  Following reasons support this assessment:

  • A company with actual products (irrespective of whether they are good or not) 
  • Team with history and background of running business
  • Online gaming is expected to be an exciting space in the coming years
  • The digital marketing line that is expected to grow leaps and bounds in the post-COVID world

The assessment that this may not be a scam is not a guarantee that your investment is safe.  We cannot provide that kind of assurance from our limited research.

Is it a Pyramid scheme?

In our opinion, Crowd1’s business model comes very close to a pyramid scheme, albeit we could categorize it as Multi-Level Marketing like Amway.  

The key variance between a business like Amway and Crowd1 is that Crowd1 exclusively deals with digital products like online gaming, affiliate referrals and educational packages made available to only its members instead of physical products.

Conclusion

We are not able to convince ourselves to invest in Crowd1 and for that very reason we cannot recommend it to others. Like we said earlier, we have been victims of similar ‘boisterous promises’ before and when we finally gave in to buy into the package, we couldn’t con others to be suckers like us.

Crowd1 may very well be a great opportunity for those who are good at convincing people irrespective of the product they are marketing. 

We could be wrong!

It is absolutely possible that we completely got this concept and the company wrong and we might be losing on a once in a lifetime opportunity.  

That is fine with us. 

We just don’t want you to lose on an opportunity if you think this is the best thing on the internet. Do your own due diligence and do not listen to some random guy on the internet.

For our own investment, we are staying away from Crowd1.  Do what suits you.

Thank you for reading and sharing this article. Stay safe and healthy!

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We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Is Elrond better than Ethereum? Should I invest?

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Elrond Token review

Elrond(ERD) Token Review

Would the modern magic of internet work if we were still using dial ups? If you are from the generation that doesn’t know what a dial up means, it looks like this:

AOL Dial Up Internet Connection Sound + You’ve Got Mail (America Online) 90’s

Take a walk down memory lane and listen to the AOL (America Online) Dial-up internet connection sound and the famous You’ve Got Mail. Subscribe to Adventures…

Essentially, it would take you 30 seconds to 3 minutes to connect to the internet and open a text email.

If you were to load the YouTube website at the 56kbps speeds (considered good in those early internet days), it would take you probably 20 minutes.

We tried to load YouTube at 56 kbps speeds and after 7 minutes we were still waiting for the page to load. Compare that to the broadband that loads YouTube in a split second.

You can test what it feels to browse at 56kbps here.

While it is quite an extreme and dramatic example, I think that is the closest you can come when you try to explain what Elrond is in comparison to Ethereum.

At its current state, Ethereum processes 15 transactions. Compare that to Elrond which processed 35000 transactions during the test net run.

Obviously, the test environment is different compared to the real world.

Ethereum 2.0 could solve some of Ethereum 1.0’s flaws with claims of 100,000 to Million TPS. That is something we have to wait and see.

OK, what is Elrond?

There have been at least 100 Ethereum killers on the market since the birth of Ethereum.  Ethereum (Classic) couldn’t kill Ethereum, so we are not sure others will.

What is Elrond

Ethereum currently has serious scalability and TPS issues. Listen to this clip where Vitalik admits that Ethereum 1.0 cannot scale.

No Title

ICO prospectus: “Build scalable apps on Ethereum.” Mod: “Youre saying the concept of launching something that doesn’t scale then rebuilding it as something thats scalable was part of initial the plan.”Lubin: “We knew it wasn’t going to be scalable for sure.”Vitalik: *nods* pic.twitter.com/MBSFkQeugj

Ethereum 2.0 could be a whole another story.  However, it is not a reality at the time of this writing.

Elrond on the other hand already delivers on what Ethereum 2.0 is ‘aiming’ to.

In a somewhat hyped elevator pitch, Beniamin Mincu, CEO of Elrond, said that Elrond is a 1000x improvement over other protocols in the blockchain space.

In a nutshell, Elrond offers a high throughput blockchain ecosystem that makes use of sharding that ‘scales’ (adapts) with the demand put on the network.

This adaptive sharding helps Elrond to be efficient, secure, scalable and provide a high rate of TPS.

This is why Elrond boasts itself as A highly scalable, fast, and secure blockchain platform built for internet scale.”

ERD Scaling

What makes Elrond Special?

The strength of Elrond, in our opinion, is not in its novel or groundbreaking innovation.

It is in the simplicity of picking the ‘best’ of all the blockchain protocols that preceded and only solve the issues that these protocols failed to solve.

For instance, Elrond picks sharding from Zilliqa but makes it ‘adaptive’.  It picks interoperability from Cosmos and implements it at Virtual Machine level.   

Elrond says it as much in its whitepaper: “Elrond was designed upon and inspired by the ideas from Ethereum, Omniledger, Zilliqa, Algorand and ChainSpace.”

If we are to compare blockchain revolution to the internet, we have to assume that many companies will be replaced by newer solutions. 

Whether Elrond is that ‘next generation’ blockchain or if it will be eaten away by another project is something we have to wait and see.

For now, let’s focus on what Elrond promises that makes it special.

“1000x improvement” over its predecessors

“Elrond is a new blockchain architecture that can bring 1000x cumulative improvement in scalability, throughput, transaction speed and transaction cost,” that is how Beniamin Mincu, CEO of Elrond, explains the project.  

Scaling

Elrond promises to be able to ‘adapt’ to the scaling needs of the network.  The project uses what is called ‘adaptive sharding’.

For the technically inclined, here an excerpt from the whitepaper:

“Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties.”

Sharding is the process of breaking down a big problem into small ones to solve it faster.

Security

Elrond uses a modified version of Algorand’s Secured Proof of Stake concept.

Secure Proof of Stake randomizes the ‘selection of a node’ so that security is not compromised through 51% brute force.

Elrond goes one step further on this sPoS model where it introduces ‘stake and rating’ criteria to be even eligible to be randomly picked as a node.

Adaptive sharding is the ability to scale up or down the number of shards depending on the transaction at hand.

Obviously, that is a dumbed down English explanation of it, as we understood it.

This makes selection of nodes ‘random’ while taking meritocracy into consideration.

The rating is dynamic and is recalculated at the end of each execution.

ERD Token

Many investors in the crypto space don’t care what the project does if the tokenomics are weak.

  • Transaction fees

Elrond’s utility is acting as the ‘native’ token on the network to pay for the transactions. The more transactions that take place on the network the more Elrond will gain in demand.

  • Staking

Elrond offers crazy returns on staking. This means, there is a probability that many tokens will be locked out of circulation which could boast the price.

  • DApp Deployment

Like any other blockchain network, Elrond token acts as the ‘utility’ on the DApps deployed on the network.

  • Validator reward

Validators are rewarded for their work and Elrond token is used in disbursing these rewards.

Team

Crypto space is excited about the team that is involved in the Elrond project.

Just looking at the profiles of CEO, COO and CIO showcases that you are not dealing with a group of wannabes.

Elrond Team

The team brings in the right mix of technical prowess and business acumen.

Many blockchain projects either lack a strong technical forte or suck at running the business.  Elrond may not have that problem due its ‘experience mix’.

Partnerships and Integrations

This is one project that is making a lot of buzz in the past two months, with continuous updates and partnerships. Here are a few:

ERD and Indacoin

ERD and Indacoin

Indacoin is a fiat gateway with over 500K users which allows users to buy crypto with Visa or Mastercard using USD, GBP, EUR and many other currencies.

ERD and dfinance

elrond and dfinance

Elrond will work together with dfinance to enable users to build Elrond native assets as well as allow Elrond users to access DeFi platforms on dfinance.

ERD and LDV

Elrond and EDV

ERD tokens are now available on LDV, a Romanian crypto exchange and a fiat gateway. ERD/EURO and RON/ERD pairs will be available on the platform.

ERD and Crypto.com

elrond and crypto.com

Users of Crypto.com can now buy ERD token on their app. Crypto.com is considered one of the easiest modes of buying and selling crypto. With deposits and withdrawals of erd token enabled on crypto.com, the token is now available for over 3 million users of crypto.com

ERD and Utrust

Elrond integrated with one of the leading payment gateway for ecommerce, Utrust.

ERD and Swipe

Swipe partnership elrond

ERD is partnered and now available on swipe, a multi currency digital wallet. Swipe has over 500K users.

The other partnerships and integrations include Stateless Money, Staked, Moonpay, FinNexus, and many others.

Elrond is gaining traction fast and furious. Will it amass enough steam to surpass other blockchain protocols?  

We have to let the time answer that question.

ERD Token Metrics

ERD Token Metrics

Source: Elrond

*These token metrics are about to change after the EGLD swap.

Some pump and dump chat

You will notice that Elrond is showcased on the Samsung official video introducing Samsung Blockchain.

Samsung Blockchain wallet elrond

First and foremost thing everyone is excited about is its mainnet launch. 

We believe the rise in price is not just because of its mainnet launch, but also the high staking rewards that are expected to yield after the mainnet launch. 

With over 5 Billion ERD tokens already staked during the testnet, it is possible that more users will stake their tokens for passive income.

Risk factors

Late to the party, not to the town!

There are a lot of blockchain platforms in the blockchain space. Many promise sun and the moon with 100K to a million transactions per second.  

Most of these promises are just that as of now, promises.

Elrond is late to this TPS race, however, it could do what others have failed: Actually live up to its claims on the Main net.

In this sense, Elrond is late to the TPS party but it is not late to ‘make a mark’ for itself in the blockchain town.

More advanced projects in the space

What happens when Ethereum addresses its TPS issues, scalability aspects and makes it incredibly easy for people to launch DApps?

Ethereum already has a massive penetration in the space that it could leverage.

Beyond Ethereum, there are other projects like Zilliqa that could pose stiff competition to projects like Elrond.

And, do not forget Cardano, a project that is preparing its arsenal for a hostile takeover of the crypto space.

What is a head in Elrond’s Roadmap

Elrond Roadmap

Source: Elrond

Elrond Swap

ERD to eGLD

With the launch of Elrond Mainnet, Elrond token (ERD) will be swapped for Elrond Gold (EGLD), at a 1000:1 ratio. Simply put if you hold 10,000 ERD tokens, it will be swapped into 10 EGLD. In terms of price, if the current price of one ERD is $0.024, the price of 1 EGLD (*1000ERD) will be $24.
Elrond has garnered quite a lot of buzz before the mainnet, now it all comes to how the project is going to progress beyond mainnet.

How to swap ERD

As per their official Telegram channel, exchanges are making preparations to support Elrond swap to Elrond Gold.  The tokens will be swapped in about 30-60 days and the ERD(ERC20, BEP2) will be replace with eGLD. Check with your exchange and look out for communication about the swap support. Till then, ERD trading will run as it is over the exchanges.

Pros of Elrond Token Swap

The swap is expected to reduce the current total volume of 21 Billion ERD tokens to 20 million eGLD and to 30 million over the next ten years which in theory should make the coins dearer.  How this will work in reality is something we have to wait and see. Case in point but in reverse is VeChain, which was trading at $9 before the swap at the ratio of 1:100 and the price dropped so low that it has not yet recovered.

Cons of Elrond Token Swap

In our opinion, it is easy for a coin to jump from 1 cent to 2 cents and 2 cents to 4 cents, however, there is a psychological barrier from investors to let a coin trading at $20 to move to $60. However, if you see from a percentage, the underlying gains are the same. 1 cent to 4 cents is a 400% jump, however, it will take a lot for a $20 to jump to $80. If Elrond proves its value in the blockchain space then the project may pump in spite of the denomination.
Thank you for reading and sharing this article. Stay safe and healthy!

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Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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V-ID is bringing real world use case to Blockchain, can it succeed?

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Vidt Token review

VIDT Review, use cases, future prediction

What follows is the byproduct of our research on whether or not V-ID is a good project.  

We have a tendency to FOMO, so read everything with a grain of salt and always DYOR.

What is V-ID?

Anything digital can be altered. How then can you be confident about the authenticity of the digital files you are dealing with?

“V-ID is a blockchain powered document certification service. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation.”

You can tag digital files using V-ID and anyone around the world can verify its authenticity by simply using V-IDs free checker.

If any information is changed within the file, V-ID flags it.

This technology has an immediate use case in the real world to fight digital frauds. Especially in dealing with:

  • Invoices
  • Scientific papers
  • Contracts
  • Official documents
  • Diplomas/certificates
  • Data from Internet of Things

Watch this quick video to learn about V-ID.

Introduction to VIDT V-ID Blockchain Powered Validation

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

Take a simple example of purported crypto ‘recommendation reports’ that float on the internet. How do you know they are what subscribers were given?

How can you be sure that the document is not manipulated by someone to ‘alter the buy up to and sell at’ prices?

In this simple situation, using V-ID, one could verify the authenticity of the document.

In a world of Deep Fakes, a solution like V-ID can be a lifesaver.

How big is the problem that V-ID solves? 

According to the Javelin Strategy report, Identity fraud cost $16.8 Billion dollars in 2019 alone.  

Obviously this includes credit card and account takeover frauds. However, when a solution like V-ID becomes integrated, there is an opportunity to curb these identity thefts as well.

Fraud Detection and Prevention which was valued at $17.33 billion is expected to grow at an 18% (CAGR) rate from 2019 to 2025.

The more diverse our technology becomes with the advent of Internet of Things, Artificial Intelligence, Cloud Computing, Augmented Reality and reliance on smart mobile devices, the more we grow vulnerable to fraud.

In our opinion, the fraud space is only going to grow bigger and faster.  

V-ID has an opportunity to place itself as a reliable solution by leveraging the blockchain’s resilience.

VIDT Technology

Source: V-ID

Using V-ID

Any solution’s success will depend on its ‘ease-of-use’. We tested the V-ID ‘certification’ to get a taste of the platform.

When we scanned the QR code of the document, it took us straight to the document where we could easily verify that it was indeed ‘authentic’.

The ease at which you can verify someone’s credentials, certifications, diplomas, etc., is simply awesome.

Users can verify the authenticity of other documents through their free online checker. Obviously, the company has to be signed up with V-ID for the documents to be ‘stamped’ on blockchain.

V-ID promises verification in 5 seconds.  Here is a video that shows how the verification works.

VIDT V-ID verification live demo

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

All in all, the concept behind V-ID is quite simple and easy to use.  

This ease of use accompanied by an amazing use case is what forms the basis for blockchain’s adoption.  The tool makes you forget about the blockchain altogether.

Does V-ID need Blockchain?

Yes. We think V-ID has a blockchain use case.

When it comes to providing a hack-resistant environment and resiliency to the underlying system, blockchain really shines.

The V-ID makes use of blockchain the backend without inundating the end users with the intricacies of ‘how blockchain works’ is quite admirable.

“Currently V-ID offers anchoring in Ethereum, Bitcoin, IBM Hyperledger, Fantom, LTO Network, Digibyte and Binance Chain.” 

For V-ID, in our opinion, Blockchain is not just a fancy jargon to allure people to the project but rather it is a smart technology choice to meet the business objectives.

Team

Vidt Team

Source: VIDT

Marnix van den Berg, Founder & CEO, has over 17 years of experience.  He is supported by 3 other Founders on the project.

Pim Voets is the Founder and Lead Concept Design, Ceciel van Helden is the Founder and Lead Programmer, Wico van Helden is one of the Founder.  

The teams section of the website shows about 9 team members and 6 advisors, including Chris Robinson, Ex-CTO of American Express.  

Just between the 4 founding members have a combined experience of over 70 years. Wico van Helden has hands-on experience in taking a company IPO.

Progress, Case-studies and traction

V-ID has been associated with many brands.  They showcase few case studies on their website:

VIDT Case study

AMSPEC is using the V-ID technology to verify the authenticity of their inspection reports

How AmSpec protects data integrity with V-ID

Amspec has started to utilise V-ID blockchain validation technology to protect the authenticity of their inspection reports. This means that recipients of a …

V-ID made history by bringing 17th Century Rembrandt to the blockchain.  This verification was made possible with CMS Law acting as notary, collaboration with Duowes Fine Arts and V-ID.  

VIDT Rembrandt on chain – V-ID collaboration with Douwes Fine Art and CMS

For the first time, V-ID’s validation platform, known for securing digital files against manipulation, extends its activities into the physical world, by val…

V-ID is bringing certificates and diplomas onto the blockchain.  To this end V-ID has collaborated with NYENRODE and HBO Drechtsteden.

V-ID successfully installed the first IBM Watson-connected IOE sensor with V-ID data anchoring.  

IBM & V-ID install first IoE sensor on IBM NL headquarters’ roof

www.internetofenvironments.org

V-ID partners with Caltrix Consultancy to offer a tailored solution for any financial organisation to comply with KYC/AML challenges. 

LTO Network and V-ID entered into a partnership by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. 

This alliance allows for any party to verify the authenticity of the diamond using the certificate, and the authenticity of the certificate using the V-ID service.

The brands with which V-ID has worked with and the diversity of the projects they have been involved in bring a lot of confidence in this project, in our opinion.

Price – Revenue Model

Companies need cash flow to sustain and grow. It is important to have a revenue plan for the company to thrive.

V-ID offers 3 different pricing options that you can see below.

VIDT Price chart

Euro 2 per file may seem like a big deal but companies have the option to use the verification only for sensitive documents.

For example, on invoices or contracts, to ensure authenticity.  

Challenges to consider

Icon Latest UpdatesOne of our favorite projects, ICON, also rolled out the Broof concept which helps organizations verify certification.

Blockchain projects, like ICON, with existing capabilities could potentially ‘extend’ their solutions in the verification arena.  This could pose stiff competition.

The verification problem is so big that it can accommodate more than one player, however, the more players you have the more it dilutes the upside potential.

What Blockchain identity verification will not solve!

Demand for counterfeits

When all is said and done, counterfeits exist because they have market demand.  Without demand a product doesn’t sustain long.

There are millions of people who want to experience luxury on budget, by choice or because of lack of choice.

The projects like V-ID cannot solve the counterfeit market for those who specifically seek them out.  

However, the project does solve the ‘authenticity assurance’ demand for people who are paying the full price for the genuine product.

Market for ‘copies’

Digital products have an amazing advantage which is its major flaw and that is: it can be replicated without much effort.

If someone is deliberately seeking out for a pirated copy of something, there is so little you can do.

VIDT, Coinmarketcap and where to buy and sell?

V-ID Blockchain has its own native crypto with ticker symbol: VIDT.

We have to specify this because there is another project on coinmarketcap with VID symbol and we had few folks who seemed to be confused.

At the time of this writing, VIDT was ranked at 224.

At this time, you can buy and sell VIDT at KuCoin.

In conclusion

Blockchain finds a great ‘real-life’ business use case in V-ID.  

The association of the project, even if indirectly, with big brands like IBM, AirBus and more is just a testament to the viability of this solution.

While it may be possible for other projects to try and emulate the V-ID solution, the focus and dedication of the V-ID team could put up a mighty fight, in our opinion.

Ultimately, the problem of fraud is quite big and could easily accommodate success of multiple players.

In the end, we are coming to the same opinion about V-ID that Chris Robinson, ex-CTO of American Express, did and that is “V-ID is a rare combination of 3 things — A great idea in a large and almost green space market. A company with a proven track record and real-world customers. And, finally, an exceptionally high quality team and advisors.

Thank you for reading and sharing this article. Stay safe and healthy!

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We do not endorse or guarantee the accuracy of the information and claims made.

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Crypto News Today #43

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Cryptocurrency Weekly News

What a week for the crypto bulls to come out!

Bitcoin performed exceptionally well and all the hibernating Crypto bulls spewed their predictions all over the internet.  

The hype frenzy was quite unreal and we are worried about the newbies that might buy into the hype and get in at the peak.

While most hypers were hibernating, we are keeping our calm and tracking the crypto space for the past 4 years.

If you want to see all that contributed (and continues to contribute) to the Blockchain, Bitcoin and crypto adoption – you just have to see the most important news since 2017.

In the spirit of continuing the tradition of keeping up with what matters, let’s dive into this week’s digest!

Brave and Guardian bring Firewall and VPN to iOS

brave-logoBrave Privacy browser that supports the Basic Attention Token (BAT) has partnered with Guardian to bring Firewall and VPN capabilities to the Brave Browser on iOS platform. In an announcement, Brave team disclosed that “with this partnership, the companies are integrating their technologies to enable the fastest, safest, most private Web browsing experience. Brave now offers Brave Firewall + VPN, available for download from the App Store. This partnership allows people to take back control of their own data, browse the Web, and use their apps more safely and securely.”

Ledger market data breach

Ledger Nano S reviewUnauthorized third party access using an API Key has compromised the contact and order details at Ledger.  A total of 1 Million email addresses might have been compromised. According to the official statement “Contact and order details were involved. This is mostly the email address of our customers, approximately 1M addresses. Further to investigating the situation we have also been able to establish that, for a subset of 9500 customers were also exposed, such as first and last name, postal address, phone number or ordered products. Due to the scope of this breach and our commitment to our customers, we have decided to inform all of our customers about this situation.”

Coinbase explores [more] new digital Assets

coinbase best exchangeCoinbase is exploring more digital assets to add to their platform.  These 19 digital assets include, as per the official post,  Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC. Obviously, there is no guarantee that all of these tokens are going to be added but it is quite interesting to see some of the good projects making the list.

Putin signs Crypto bill into law

Russia just passed a bill that will allow the companies in Russia to issue digital assets as long as they seek and procure approval from the Bank of Russia.  According to Reuters (translated) “They can be an object of collateral, purchase and sale transactions, exchange of one type of digital asset for another. At the same time, CFAs are not and are not recognized as a means of payment.”

SEC Wants to Start Scrutinizing Binance Chain Transactions

sec crypto regulations“The Contracting Officer has determined that CipherTrace Inc., is the only source that can reasonably meet the SEC’s requirement […].  CipherTrace products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.,” read the official statement issued by the SEC.  This makes it clear that the transactions that people have conducted on Binance assuming they are ‘immune’ from the US government’s scrutiny are going to be surprised by what follows.

Cardano mainnet launched

cardano staking newsCardano has successfully launched its mainnet and introduced its ‘Staking’ phase ‘Shelley’. The entire crypto community has been eagerly waiting for the launch and has received the upgrade quite positively with Cardano (ADA) price coasting at 13 cents. Generally, when the community is not happy with the upgrades and mainnet launch, it tends to show in the negative price action. The stabilizing price movement indicates that the Cardano community has welcomed the mainnet launch.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

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spam your inbox and we only send one email per week
with updates, news, eBooks, tax updates, and more!
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knowledge, not spam!  Subscribe here.

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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