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What is WhenHub ICO?
Scott Adams is not afraid of risk- and so after being a cartoonist and branching out as a political analyst, he has also picked up blockchain technologies, hopping on the ICO trend. The project, more known as the “Scott Adams ICO” tries to solve the problem of awarding experts for their time.
- WhenHub Interface White Paper
- WhenHub SAFT (Dilbert Blog)
- Country of origin: USA
- Ticker: WHEN
- ICO Dates: Pre-sale over, Public Sale Open since November 10
- Minimum Investment: $250 for token event ($50,000 in pre-sale)
- Funds raised: Unknown
- Industry: Time tracking, Productivity Apps
- Funds accepted: Bitcoin, Ethereum, USD
- My Rating: 3/5
WhenHub Social Media
- Blog (Scott Adams)
- Blog (WhenHub)
- Github- not available/not open source
WhenHub Interface Overview
WhenHub is the already functioning array of apps and products by Scott Adams. The apps are centered around the idea of optimizing work and avoiding business situations which make the Dilbert comics funny but are no fun in real life. WhenHub has specialized software for presenting events on a timeline in a creative way, driving projects and developing ideas on a timeline.
On top of that, WhenHub will add the blockchain layer, and distribute tokens through SAFT: Simple Agreement for Future Tokens. WhenHub Interface will be the new product that will utilize the tokens, which will both serve as a source of financing and frontloading revenues and will have utility in the app. The SAFT process is put in place so that the tokens will be issued to the buyers once they have utility.
The project promises to deliver a functionality to contact experts and repay them for their time:
“WhenHub proposes to build a mobile app called “Interface” for connecting consumers to experts of all kinds via two-way video streams, text, audio, or in person. The app will be part of a larger service ecosystem called the WhenHub Interface Network (WIN) (Patent Pending) and use existing WhenHub API services.”
The WhenHub Team
Unlike other ICOs, WhenHub's team of developers is not on the frontlines. The idea behind the project came from Scott Adams, along with a small team of co-founders and advisors:
About the WHEN Token
The WhenHub token sale is only open for registered money managers from the USA, and not individual investors. The ICO will be open for investors from Australia, Canada, European Economic Area, Hong Kong, India, Israel, Japan, Russian Federation, Switzerland, United Kingdom and United States (excluding New York State). The probable reason for this is the selling of tokens for cash, which may require different regulations than simply gathering Bitcoin and Ethereum.
WHEN tokens will have utility within the WhenHub Interface app and will be used to pay experts for the time spent on advice and consultations, sometimes in just 15-minute increments.
Buying the WHEN token at the ICO requires a process of registration to fulfill KYC requirements, and there is a minimum of $250 for participation. The bonuses for the token sale will be dropping until November 19, when there will be zero bonus.
The token issuance will vary to ensure that the price of expert advice remains steady in dollar terms. At the moment, the total issuance of WHEN tokens has not been announced, but the ERC-20 standard allows for quick fluctuations and changes in minting new digital assets as needed. The tokens will not be mined, so a large number may hit the markets at one point.
The ICO has no known hard cap or planned number of tokens. When the app launches, the WHEN token would be used to pay the expert without a need for invoicing and without time lag.
Investing in WhenHub ICO: The Pros
The ICO offers a range of investment that a lot of potential buyers may afford to lose, at least in part- $250. And it is a well thought-out ICO. Scott Adams has unleashed his smarts on understanding blockchain and the ICO presentation has relatively little hype. The central product and drive for success would be the already existing apps and a user base for the products of WhenHub, so the startup will not need to build a product from scratch, or waste months in presenting a “proof of concept” stage product.
The ICO itself will enjoy organic publicity, being related to an otherwise famous person. It can hardly be counted as a celebrity ICO, like many other token sales backed by paid VIPs, sportsmen, and entertainers.
The Risk of WhenHub and WHEN Token
The WhenHub twitter account stated that the value of the WHEN token would be defined by the open market. It would not be exchanged for cash through the app itself. When it comes to cryptocurrencies, buying is infinitely easier than selling. So if you buy WHEN tokens for speculative purposes, it is good to have an exit scenario. Unfortunately, exchanges are becoming overloaded by tokens.
The WHEN token would hit the markets in Q1 2018 – a rather long time for cryptocurrencies. In a few months, unexpected events may hit the cryptocurrency market. We cannot know how much the funds gathered would be worth, as Bitcoin dropped rapidly in the past days and may be facing even more serious price pressures. Consider the cautionary tale of a recent ICO, the Polkadot, which had its funds locked away by a newbie tampering with a smart contract and accidentally killing it. This practically deprived the project of access to the ICO funds.
Buying tokens is also not straightforward. In the USA, as well as specific EU member states, local legislation may mean participating in the SAFT may be problematic.
The WHEN tokens can be bought in USD, Bitcoin, and Ethereum. This is quite unusual for ICOs, which rarely sell for cash. This approach may lead overly enthusiastic buyers into owning the ERC-20 WHEN tokens, without having the technical knowledge to handle them.
In addition, no one knows yet if the app would run smoothly in its relations with the Ethereum blockchain. It is unknown how WHEN transactions would be settled, or if they would require an additional ownership of Ethereum to supply gas for the transactions.
One WHEN token is sold at $0.10 price at the ICO, but from then onward the price would naturally fluctuate, especially with the effect of exchange trading. The minimum purchase will give the user access to 2,500 tokens. It is still best to avoid overinvesting, as the WHEN is a utility token, not a store of value. And while its price may peak due to speculation, the token itself does not give ownership to part of the business and is not to be considered a security.
Other WhenHub ICO Reviews
Surprisingly, I found very little information online from other people reviewing this ICO. Unlike ICOs like Electroneum, which was full of what I consider spam/scam material, the only YouTube video I could find so far was this one:
He does break things down pretty well, and has some interesting perspective on WIN. If you are interested in investing in this ICO, it's definitely worth 11 minutes of your time to get multiple perspectives!
Final Thoughts on WhenHub, the ICO by Scott Adams
The proposal by Scott Adams and WhenHub seems like a no-nonsense ICO linked to a robust product. But as a store of value, the WHEN tokens may disappoint. In the future, using the app may widen the influence of tokenizing content and work, as other ICO projects are popping up, utilizing the blockchain for tracking working hours or for other forms of micropayment.
The rating of three out of five is given for the robust product, but it is lowered due to the low investment potential of the WHEN token. Post-ICO tokens often fluctuate in price.
Also, a big unknown is the potential community of experts that would agree to be paid in ERC-20 tokens. In his blog, Scott Adams presented the product as offering a “long tail” market of experts on expert advice, but it is unknown who would be attracted outside the cryptocurrency community.
Not everyone has warmed up to digital assets, both in terms of estimating their value and being comfortable with the technology. And the quest to sell a rather obscure token may be a hassle, depending on the exchanges where it is listed.