Analysis of indaHash – Tokenizing The Influencer Industry

Summary

  • Project name: indaHash
  • Token symbol: IDH
  • Website: https://indahash.com/ico
  • White paper: https://s3.eu-central-1.amazonaws.com/idh-files/ico-landing/indahash_whitepaper_ico.pdf
  • Hard cap: 100,000 ETH (public crowdsale ICO contributors own 80% of total token supply if hard cap is reached)
  • Conversion rate: 1 ETH = 3,200 IDH
  • Maximum market cap at ICO on a fully diluted basis: US$38 million assuming current Ether price of $305
  • Bonus structure: 40% bonus during November 8 to 15, 2017 / 20% bonus during November 29 to December 6, 2017 / 10% bonus during December 6 to 13
  • Presale or white list: There will be presale
  • ERC20 token: Yes
  • Crowdsale date: Presale begins November 8, 2017 / crowdsale begins November 29, 2017 (please refer to indaHash’s website for the most up-to-date information)
  • Token distribution date: After the end of ICO period (December 2017)
Video summary (video is 7:39 long):

Project Overview

What does the company/project do?

IndaHash is a platform where brands can launch campaigns and reach a large network of digital influencers. Influencers can get paid for participating in specific campaigns on their social media profiles (e.g. Instagram, Snapchat, and Facebook).

Users interested in becoming an influencer can sign up for free with indaHash. They will receive a notification in the Android or iOS app if there is a campaign they can apply. They need to submit a proposal for the content (such as photos and videos) which is reviewed by an indaHash moderator and the brand.

If the content is approved, it is published. Influencers in the existing platform are paid by indaHash in terms of CPM, engagement, view or content, who is in turn paid by the various brands.

By introducing their own cryptocurrency, they aim to provide the following which will help promote adoption of their platform:

  • Immediate payment: Currently it takes 1-2 months to pay influencers for completed campaigns. indaHash pays out to bank accounts only, when the user has accumulated a minimum amount. IDH tokens will be used for instant settlement without the need to go through a bank account.
  • Wider audience: Anyone can send/receive IDH tokens so there are no regional limitations.
  • Influencer tokens: Most influencers do not have a way to reward their audiences. indaHash wants to give them the ability to create their own unique tokens that their audience can use to exchange for things like customized items signed by the influencer, etc.

Here is an introductory video of indaHash (video is 4:44 long):

How advanced is the project?

indaHash was established less than two years ago and have already achieved a number of milestones:

  • 300,000 influencers on their platform
  • Launched over 1,000 campaigns in 70+ markets
  • Served over 400 clients, including a number of Fortune 500 companies such as MasterCard, McDonald’s, Ford, Coca-Cola, P&G, Merck, Estee Lauder, Prudential and Comcast.
  • Secured partnerships large media agencies including 8 of the top 10 largest media agencies in the world according to Nielson: MediaCom, OMD, Carat, MEC, Zenith, Mindshare, Starcom and Vizeum.

Below is the development roadmap for the project:

2017

  • December: Expansion into 12 new markets: Japan, Australia, Nordics, Israel, Russia, Nigeria, Thailand, Indonesia, France, LATAM (Brazil, Argentina), India and Kenya.
  • December – January 2018: Integration with major exchanges.

2018

  • January – March: Prototype of influencer token contracts in Ethereum.
  • February – March: Wallet and indaHash coin integration with the indaHash app for influencers.
  • May: Integration of indaHash coins and Pay-with-Fame functionality with brand payments.
  • June – October: Perform tests and comparison of existing scalable contract networks with influencer contracts and select a reliable and secure protocol.
  • July: Introduce influencer token and reward system.

2019

  • January: Full-scale launch of influencer contracts.

What are the tokens used for and how can token value appreciate?

Brands

  • Pays cash or IDH tokens to indaHash to launch a campaign.
  • Receives IDH tokens by selling early-access products and services.

Influencers

  • Receives IDH tokens from indaHash as sign up bonus and for participating in various campaigns.
  • Spends IDH tokens to get early-access products and services from brands, or discounts when shopping.
  • Spends IDH tokens to create their own unique tokens and reward their audiences.

Audiences

  • Receives personalized influencer tokens and can exchange them for things such as gadgets, customized prizes signed by the influencer, closed meetings or social activities.

Influencers with more IDH tokens will receive higher bids for indaHash campaigns, which encourages them to hold the tokens.

indaHash also has a token buyback program. When brands pay using fiat currency to launch a campaign, indaHash will use it to buy back tokens from the exchanges.

The value of the token should increase with more users on the platform (brands, influencers and audiences) and more activity (campaigns, early-access/discounted products and services).

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Team

indaHash currently employs over 130 people in Germany, UK, Poland, Singapore, the US, UAE and South Africa. Below are the bios of the key members of the team:

Barbara Soltysinska, CEO and Co-founder – Previously Strategic Director at MSL Group, which is a PR and strategic communications consultancy. She co-founded LifeTube in 2013 (http://www.lifetube.pl/eng/index.php), which is the largest Polish multi-channel network on YouTube with over 300 channels and 43 million monthly active viewers according to their website.

Darek Zieliński, COO – Almost a decade of experience in the media industry. Previously Managing Director in a print and online media group based in Poland called Grupa Onet-RAS Polska and worked with brands such as Newsweek and National Geographic.

Włas Chorowiec, CPO – Previously co-owner of LifeTube and Product Owner of GG Network, a Polish mobile messaging app.


Opportunities

  • Unlike a lot of other declining startups that have raised funds through ICO, indaHash is actually a growing company. The company was founded in 2016 and already has 130 employees in 7 offices, and has worked with many Fortune 500 companies. This shows the credential of the company and the team.
  • If the hard cap is reached during the pre-ICO phase, the hard cap is effectively 71,428 Ether, which is a relatively reasonable amount.
  • Influencer marketing is a new and rapidly-growing industry, especially for influencers with a smaller audience. With indaHash’s automated platform, it is well-positioned to benefit from this trend.
  • IDH tokens fits nicely and actually complements with the company’s business model – the company doesn’t need to alter its business model for the token structure to work.

Concerns

  • It is unclear how useful it is for influencers to personalize their tokens – it may not have much value to their audience.
  • The indaHash team do not hold any tokens, so they don't have "skin in the game" as far as token prices are concerned.

Conclusion

Overall, we are neutral about this ICO for its flipping potential and like its long-term potential. Our thoughts on buying the tokens for flipping and investing for the long term are as follows:

For flipping

Neutral. Even though the hard cap is reasonable if participants contribute during the presale period, in this market environment, it is uncertain whether indaHash can reach its hard cap. With the large difference between the pre-ICO bonus (40%) and the largest ICO bonus (20%), we believe that there will be little contributions after the pre-ICO phase. Therefore, the ICO period may be prolonged.

For long-term holding

Good. indaHash is well positioned to take advantage in the growing influencer marketing industry and the token model makes sense. With the reasonable hard cap, we believe IDH tokens have strong potential.


For more information about the ICO, please visit the following links:

Website: https://indahash.com/ico 

Whitepaper: https://s3.eu-central-1.amazonaws.com/idh-files/ico-landing/indahash_whitepaper_ico.pdf

Blog: https://medium.com/@indahash 

Telegram: https://t.me/indaHash_chat

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