ICO Review: Minerva – Payment solution on the Blockchain
Minerva is a payment solution based on the Ethereum blockchain, which main idea is to incentivize merchants that use the Minerva primary token – OWL.
Project name: Minerva
Token symbol: OWL
White paper: https://minerva.com/whitepaper.pdf
Hard cap: $10 million for 60% of the total token supply, which is 100 Million tokens
Conversion rate: 1 OWL = $0.175
Maximum market cap at ICO on a fully diluted basis: $17.5 million
In essence, Minerva is a payment solution, designed to be a mainstream crypto currency for all kinds of online merchants which will be rewarded for every transaction paid via OWL, their main token. Their business model revolves around taking the crypto currency adoption to online merchants and platforms, incentivizing them to accept crypto currency payments (OWL payments) and making it easier and more secure for the regular online customers to pay for products and services.
How they are going to maintain the whole system while actually paying the fees involved with the transactions? Well their solution is actually very simple. They’ve created a so-called “reverse transaction fee” which work as a sustainable cashback for merchants. Also they incentivized coin parking options, both of these features will arguably help combat violent short-term fluctuations. They will tax a percantage of these options to handle the operation costs.
All in all, Minerva is both a platform with a tangible economic model as well as a cryptocurrency.
They have a relatively small team of 9 people. Most of them have a lot of experience in the online marketing sphere, making them good for creating buzz around the project and closing partnership deals.
Kevin McSheehan – Founder & CEO
Kol Shtufaj – Creative Director
Greg Bailey – IT Veteran
Jevgenijs Steinbuks – Economic Advisor
Corey Jackson: Founder & CTO
Ron DiIorio – Founder & Strategic Partner
Keidi Carrington – Legal Advisor
Positives and negatives
The good things about Minerva are:
They already have a use case – their first partnership with a live-streaming platform making $20MM in revenue
and having over 10 million users (as stated in their Whitepaper).
They will introduce a Minerva Smart Money Alliance (MSMA), which is something similar to the Ethereum Alliance, a consortium of different organizations and companies which will be either accepting OWL tokens as payment methods or partners to the Minerva. This alliance will emphasize both the OWL token use and security.
Their team looks very familiar with the best online marketing tools and practices. This along with their bounty campaign will ensure creating big hype for the project, which in terms of crypto is very important.
Their hard cap is relatively small $10 million, combine that with the posible hype around the project and you have a big opportunity for creating enourmous demand on the crypto market.
Their business model involves a lot of partnerships and clients, meaning that if their team manage to secure them, there will be a constant news flaw.
On the other hand, the bad things and concerns are:
As of now they have no public github, but in a recent blog post they promised to disclose it soon.
Their main idea is to be as any other payment crypto currency, but without the fees involved and with decreased volatility. This means that they will face a lot of competition within the blockchain industry because they are numerous other crypto currencies that are already widely used and accepted. The team will need to work really hard to deliver on their promise of mass adoption.