23-May. Bruce: They have been producing bicycles. Main net in Q4. Advisors are cool: Apex, Red pulse and more.
Sergey: It looks like a medium. It depends on the market. It looks like Hero Node and Rate3. Link
Picolo Research is neutral on this ICO project as we have several concerns as to the team’s ability to pull off their ambitious plans. In addition to this, we do question the need to create their own blockchain. There are currently a handful of established projects in the space, as well as several more launching (ShareRing and Origin Protocol, slated to launch their ICO in the near future).
On a brighter note, we acknowledge the existing strong partnerships in place, which in turn increases their rate of network adoption.
Overall, for the reasons listed below, Picolo believes that investment in UChain is highly speculative:
• Weak advisory team and technical development team relative to other projects
• Intense competition within this sector with the risk of overcrowding as barrier to entry is rather low
• Relatively high market valuation of $63m
• Utility need of this project creating their own blockchain is not compelling
Not withstanding the above, we remain optimistic on how blockchain solutions could help eradicate several issues within the sharing economy. In addition to this, the market is large enough to accommodate several players. Therefore, there might be some upside potential should the project be able to execute their promised deliverables.
In light of the preceding, we remain neutral on UChain and believe that it requires a highly speculative appetite for investment.