SimplyVital Health aims to be a use case of the blockchain for medical records and management of payments. It promises to use the power of a decentralized ledger to securely manage the handling and distribution of medical data. The SimplyVital Health builds upon the healthcare blockchain, ConnectingCare. The ICO is coming somewhere down the line in February, but the publicity has already started and interest may only increase. This ICO enjoys special promotions and a shiny image for being a promising use case of the blockchain. This may bring success, but also causes risk for investors.
The ICO, however, is open for the pre-sale stage, which aims to gather $40 million. The long pre-sale, going on for 60 days total, would be followed by the formal ICO. The pre-sale is open only for verified accredited investors contributing 35 ETH or more.
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What is SimplyVital Health?
SimplyVitalHealth is the company behind Health Nexus, the project linking healthcare providers and insurers.
- SimplyVital Health
- SimplyVital Health White Paper
- Country of origin:
- Ticker: HLTH
- ICO Dates: 22 February 2018-22 March 2018, presale open
- Hard Cap: N/A
- Funds raised: Undetermined
- Industry: Healthcare
- Funds accepted: Ethereum
- My Rating: 4/5
SimplyVital Health Social Media
SimplyVital Health Overview
This ICO is aimed to fund the creation of a next-generation healthcare solution for the blockchain. The team behind ConnectingCare, an already functioning solution. However, this project is not tokenized, and in fact, SimplyVital Health has delayed the ICO to deal with KYC and AML requirements.
Health Nexus, the intended system for this project, is mostly tailored to the American type of insurance-based healthcare, where risk estimation and cost control are essential. Health Nexus will use some of the featured of Connecting Care for handling the data.
SimplyVital Health works in the area of medical data sharing, where security is of utmost importance, as well as ease of use, speed, and cost. Using a distributed ledger to protect data through a smart contract means both availability of the data, and a cryptographic protection that has so far never been broken, provided the smart contract is built well.
SimplyVital Health adds a touch of trust to miners, who in this case would be validated entities and not voluntary participants.
The platform will also host developer tools to encourage the creation of healthcare apps. According to the project's PR updates, the next stage would be to build a HIPAA-compliant blockchain ecosystem capable of running HIPAA compliant smart contracts.
The SimplyVital Health Team
This project is not a developer-driven idea but relies on experts in the medical field. The project is not open-source and users cannot view the work of the experts. The small, but specialized team includes:
- Katherine Kuzmeskas – Co-founder & CEO
- Lucas Hendren – Co-founder & CTO
- Jake Dreier, MBA – Director & Growth & Operations
- David Akers – Senior Advanced Blockchain Engineer
- David Korn, MPA, FACHE – Business Development Strategist
- Kenny Winn, MHA – Business Development Strategist
- Lori Dollard – Business Development Strategist
About SimplyVital Health Token
SimplyVital Health uses the most common type of token, the Ethereum-based digital asset known as an ERC-20 token. This type of asset allows for transactions, participating in smart contracts, and storing limited data on the blockchain.
The token would be used as a system of rewards for data storage. This way, HLTH tokens would serve in the manner of MaidSafe and STORJ. The data would be encrypted once, so the distributed storage would not be compromised. The blockchain itself, which is public, would be holding only encrypted, unrecognizable data.
The HLTH token would be also a transaction currency for buying and selling healthcare data to use in risk calculations. And one of the main purposes of the token would be to provide development funding for the Health Nexus.
There will be 200 million HLTH tokens minted, with 60% total sold in the crowd sale, 12.5% left for the team, 10% for consultants, 13% for technical tokens and partnerships, and another 4.5% for bounties.
Investing in SimplyVital Health: The Pros
The pros of this project include an already up and running database with partners and clients. The highly specialized nature of this project means low competition and a slim possibility for copycat projects due to lacking the expertise in healthcare insurance.
The team seems to have clear real-world problems to tackle, and has a clear idea of using the blockchain.
The Risk of SimplyVital Health
Deploying smart contracts, especially when it comes to sensitive data, is a major risk. Distributed systems are very robust, but very difficult to control in cases of errors. For this, SimplyVital Health would have to rely on a system of voting, and in a way build a semi-centralized system, which cannot be attacked or hijacked.
SimplyVital Health will have no traditional crypto community, since it would be a niche service. It may have its clients and experts to use it, but for laypeople, the HLTH token would have no utility beyond being a speculative asset.
Final Thoughts on SimplyVital Health
While SimplyVital Health boasts of a simple platform, in fact, its product hinges on complex rules, security and a strict blockchain governance, as well as a well-built smart contract to prevent any leaks, lockdowns or problems.
The users for the Health Nexus system are small practices and hospitals. The blockchain, while providing a store of tamper-proof data, is not crucial to the main product, which is the risk and cost tracking system Connecting Care.
Usually, investing in a token yields the biggest returns when the digital asset is traded on well-visited exchanges. In the case of SimplyVital Health, little is known about the commitment of the team to bring the token to an exchange beyond EtherDelta and Cryptopia. Since Health Nexus would basically lack a community of laymen and crypto enthusiasts, getting on an exchange may be delayed, in the manner of the KIN token. The KIN token, linked to the promising and established Kik app, has not seen any efforts for a listing, possibly due to potential legal repercussions, and therefore only sees limited trading and a depressed price. The HLTH token may end up with the same fate, or languish for years before achieving growth.
At the moment, Mr. Lucas Hendren is engaged with the community on Telegram, where 1060 members are interested in the project, a rather robust number for a still-untraded token. Most of the talk is about market price and potential exchange listings.
With an ICO price of roughly $0.40 at the ICO, SimplyVital Health is priced for potential returns and may be a good choice, though still depending on affording to lose some ETH in case the price crashes. For the clear idea, dedicated team and a previous project with revenues, My Rating for this ICO is 4/5.