- Project name: Populous
- Ticker symbol: PPT
- ICO date: July 2017
- Market cap*: $129 million
- Circulating supply*: 37,004,027 PPT
- Total supply: 53,252,246 PPT
* As of October 20, 2018. Source: Coinmarketcap
Populous is a peer-to-peer invoice discounting platform. Their platform uses smart contracts powered by a blockchain ledger to pair invoice sellers and lenders without the need to transact through third parties.
Their vision is to increase funding for small and medium size enterprises (SMEs) while reducing invoice fraud by transacting on a peer-to-peer blockchain platform. Populous uses two tokens to facilitate the lending and exchange of funds on their platform; Pokens and Populous Platform Tokens (PPT).
Pokens are used internally to purchases invoices on the platform, and they are pegged at a rate of 1:1 to whatever local fiat currency for which they are being exchanged. Pokens and PPT are both ERC-20 standard tokens powered by the Ethereum blockchain.
PPT are used as collateral to invest in invoices on the platform. When one lends their PPT, they will receive the profit in Pokens for their lending of capital and their principal PPT investment in return.
Below is a diagram showing how the Populous platform works in a nutshell:
Founded in 2017 and based in London, Populous World Ltd. was founded by Stephen Williams. The project raised over $10.2 million USD in their ICO.
The 2018 year has been volatile for Populous so far. A £1 billion deal with Luxure Global Citizen was terminated due to an unauthorized announcement of the deal.
Beyond their initial launch, Populous has released their beta-live mode which facilitated the first invoice auction. The first invoice on the platform was filed in May for £190,000 GBP.
The Populous team provides frequent progress updates on their blog: https://medium.com/populous-world. Below are the key news/milestones achieved by the project:
- July 2017: ICO concluded
- September 2017: XBRL data integrated
- November 2017: Beta released
- February 2018: Luxure Global Citizen terminated deal with Populous
- May 2018: First invoice filed on platform
- May 2018: Populous partnered with Cashaa
- June 2018: Populous partnered with TradeSpace
- October 2018: Business Intelligence platform open build beta
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Populous’ products are not launched yet. Beta is live for both the Populous and Business Intelligence platform.
The team publishes a lot of blog posts but very few of them are related to the actual progress of the project both in the business and technical front.
Rather, the vast majority of the blog posts are about the need for the services that Populous provides and its potential market size. Some are even completely unrelated content, for example, there’s a post about Ethereum mining dated September 24, 2018, which is completely irrelevant for Populous’ stakeholders in our opinion.
The development progress on its official website is wrong. The Populous smart contract repository has 301 commits with the last one made on August 27, 2018, while the ETH-Connect repository has 145 commits with the last one made on February 6, 2018. If they are making progress, at least it is not public.
Overall, it looks to us like there’s a lot of marketing and little substance. We believe the team should focus on engaging the community on the development of the product rather than talking about Populous’ idea.
Quite a few other lending platforms are already live, and the progress for Populous is quite slow in our opinion, considering that it is 15 months after its ICO.
- Website: https://populous.world/
- Whitepaper: https://populous.world/invoice-finance/about-platform.html
- Medium: https://medium.com/populous-world
- Twitter: https://twitter.com/bitpopulous
- Telegram: https://telegram.me/Populous
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