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Past-ICO Review: Iungo

  • Eric Eissler
    🕵️‍ ICO Watch

    While free Internet and millions of hotspots around the world would be anamazing feat, it appears that the world might be ready for something so nice


Past-ICO Review: Iungo
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Iungo is a part of the movement to provide free decentralized access to the Internet via a swarm of hotspots throughout the world. The vision is to have shops and offices, as well as individuals,  act as hotspots for Iungo and provide Internet access for all, without passwords or lengthy registrations. While this sounds like a fantastic idea, the company would upset the current business model and ISPs would be run out of business. ISPs are not going to let this happen and will in many countries where money buys influence with the government, will work to put up roadblocks to prevent Iungo from flourishing. In other, more open societies and countries, the government may want Iungo to assist them on their mission.


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Financials

Iungo had an ICO that ran from Dec. 7, 2017 to Feb. 1, 2018 and raised $46 mln in proceeds to fund their lofty business goals. The token entered the market at $0.47 on Feb. 4, 2018 and immediately started on a downward trend. The token currently trades at $0.019. The market cap has shrunk down to $780,000 with daily trade volumes hovering around $1,000. This indicates that there is not much interest in this company, nor is there much potential nor cash left in the coffers to keep the company going.

The Team

RIČARDAS BERNOTAVIČIUS- Co-Founder / CEO

Founder of multiple MedTech and IoT companies. Successful entrepreneur with a clear focus on business, media and cryptocurrency.

PAULIUS SIREVIČIUS- Co-Founder / COO

Successful entrepreneur, ICO and Blockchain enthusiast. CEO and Partner of multiple online companies.

ANDRIUS MAČYS- Co-Founder / CTO

More than 14 years of experience in IT, managing director and Blockchain enthusiast.

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Ambitious project but not much information

While Iungo is very ambitious and surely garnered much attention, we were unable to get any comment from the company directly. There is no roadmap on the site, and the news and company blog is filled more with marketing stories rather than any pertinent information about how the company is doing or what they are doing to achieve their goals. Based on the public financial information, it is safe to say that progress is rather stalled and the fact that the company does not directly address this issue is another sign that there is a problem. The only note of progress on the website was that back in mid-July Iungo launched an alpha version of the product but there was no follow up on how it has performed almost two months after the launch.

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The Top Rate ICO Industries in 2018

  • Stavros Georgiadis
    📊‍ Infographics

    Investing in ICOs requires due diligence and analysis of potential risks and returns.


The Top Rate ICO Industries in 2018
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Investing in ICOs requires due diligence and analysis of potential risks and returns. CoinDesk is its article named “The Seven Pillars of ICO Investing” has listed the most important pillars to consider before deciding to invest or not on any specific ICO project.

These 7 Pillars are the following:

  1. Team
  2. Idea
  3. Execution
  4. Legal/Regulatory Framework
  5. Tokenization
  6. ICO Structure
  7. Price Divers

What is interesting and should not be surprising though in the ICO investing is the fact that business models and marketing, promotional channels differ significantly in the amount of fundraising, as some business categories have in general twice the median funding compared to the smaller ones. The following statistic may be useful to investors as it represents the ICO categories with highest median funding. A higher amount of funding may be justified by future business prospects about what investors believe are the most promising trends that could be deliver desired returns on investments given the risks taken.


Categories with highest median funding in 2018:

  1. Blockchain Infrastructure
  2. Internet & Telecommunications
  3. Computing & Data Storage
  4. Data Analytics
  5. Asset Management
  6. Legal Services
  7. Social Media & Communication
  8. Supply & Logistics
  9. IT
  10. Identity & Reputation

These business categories are referenced not in random order, but from highest to lowest order of median funds raised. The Blockchain Infrastructure category has the highest median funds raised at $ 7,012,289, while the Identity & Reputation category has the lowest median funds raised in 2018 at $ 3,750,000. The first and last business categories have a significant difference between them in terms of median funds raised as the Blockchain Infrastructure category is 87% larger than the Identity & Reputation category.

Another key interesting statistic in ICO investing is the geographical distribution of projects fundraising in the third quarter of 2018. The following infographic shows that there are again very large differences within continents. Europe and specifically Russia with $ 182.9 Million was the largest market, Israel with $19.6 Million was the smallest market, while South Korea witnessed a significant drop in fundraising as according to ICORating, in Q3 2018, 17 projects with South Korean origins raised USD 68 million, compared with 16 projects and USD 301 million in Q2 2018.

Geographical distribution of projects based on origin of the project team, Q3 2018

Geographical distribution of projects based on origin of the project team, Q3 2018

Country of origin means a country in which more than 50% of team members were living at the time of an ICO.

Another point worth mentioning is that in Q3 2018 USA had the largest number of projects compared to all mentioned countries in the above infographic, still Russia with a smaller number of projects, 63 was as mentioned the largest market.

Cover image via u.today
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