An Analysis of MediChain ICO

I would like to do an analysis of the upcoming MediChain ICO. An ICO recently listed by cryptonews as an ICO to watch.

MediChain wants to save lives with the block chain.  Built on Ethereum, Medichain uses the block-chain to record medical data. This gives patients the chance to gather medical data from different sources and store it in one place. These sources include prescriptions, medical devices. You could then access this data from anywhere. Access this data while you are at another doctor, or possibly at a critical time. 

What Is The Problem MediChain Is Trying To Solve?

MediChain is a medical big-data platform in the healthcare industry. They aim to use the blockchain to store all our medical information in a secure manner and to be able to give access to specialists when it is needed, regardless of the payer network or EMR(Electronic Medical Record) used. The main problem that MediChain is trying to solve is to reduce the number of deaths as a result of bad medical records. They will do this in two ways.

Firstly medical information is collected in a number of different places, this makes it difficult to always have available. Patients and doctors might not have it when they need it when it might be critical. This can result in deaths.

Secondly billions of dollars are spent annually on research for new treatments. Having a decentralized source of this information could make this information easier to access. This 'big data’ is of huge value to pharmaceutical companies, healthcare systems and insurers. Applying big data technologies to this would mean reduced research costs and reduced cost of medicine, and better research into cures of diseases.

I give MediChain a 5.0/5.0 for their ambitious goal of trying to solve a global challenge.

What Is The Total MediChain Token (MCU) Supply?

MediChain Utility Tokens (MCU) represents the value of arbitrary patient data blocks.  MCU Utility tokens can be purchased via medichain.online during the tokens sale. 

1 MCU has a value of $1 US. 

The total supply is 100,000,000 MCU of which 45% of these tokens will be available for sale with the balance being allocated to the Partner Fund (15%), Team & founder Fund (18%), Advisors (6.5%), Medical Data Fund (10%) and Bounty (4%). 1.5% of the tokens will be used as a bonus during presale.

Pre-Sale 6,500,000 MCU

6.5% of MediChain tokens MCU will be distributed at presale. That will be five million sold and one point five million bonus tokens

Public Main Sale 40,000,000 MCU

40% of MediChain tokens MCU will be sold through the public sale. Received funds will be used toward the operations of the MediChain for the next five years. This includes development, administration, marketing, financial and legal consultancy expenses.

All unsold tokens during pre and public sale will be burned. This is a good practise as it demonstrates that the company will not devalue the MCU tokens.

The ICO has a hard-cap set at $40 million USD and a soft-cap of $2 million USD. I do not foresee that the soft-cap being a problem and I think that such an ICO would easily reach the hardcap mark. However it is noteworthy to note that this ICO is taking place during one of the biggest selldown of the cryptocurrencies. 

I give MediChain a 5.0/5.0 due to their likely sell-out TGE.

Does MediChain have a MVP as well as a viable Business Plan/Roadmap?

The company currently has a two year roadmap. 

The Q1 2018 MediChain roadmap includes a release of MedRec as a MVP.

Medrec is a prototype system similar to MediChain developed by a team at MIT. Medrec is also built on Ethereum. The team at MediChain will use this to analyse and develop their approach.

MediChain sees itself as a Big Data platform for medical data. The main sales will be from selling medical data to researchers, pharmaceuticals and insurers. 

The roadmap includes determining pharmaceutical and research companies needs and establish partnerships with them. The partnership should extend to ten to twenty pharma companies by 2020. The plan also includes recruiting additional talent and development and increasing capabilities of their focus area - big data technology.

I give MediChain a 4.0/5.0 here.

Listing on Exchanges

The information about exchanges listed is not provided currently on the MediChain website.  

Akhila Nandanavanam responsible for Traffic management at MediChain recently stated that the MediChain cannot disclose of a finalized list of exchanges. This is due to the timing of the soon to launch presale ICO. The company does however intend to list on a number of exchanges. This is common practice among many ICO in the recent months as more and more scrutiny is placed onto the crypto industry. I do not think this will be in anyway limiting the project.

I give MediChain a 3.0/5.0 in this area.

Team and Advisors

The team is headed by Dr Mark Baker a big data specialist. The team now consists of nineteen people.  Eight have roles in business development with experience in marketing, analytics to ICO’s and block-chains. The development team consists of front, back-end engineers and block-chain developers. This is one of the largest team I have seen in recent months for any ICO. They are really putting a lot of emphasis on getting the project to work.

The advisors consist of a tech news editor, block-chain and ICO specialists. The advisors also include a legal and compliance expert and the founding director of the Bitcoin foundation. Jon Matonis, Founding Director of the Bitcoin Foundation, as well as Mike Raitsyn, Founder of ICOBox, are both onboard. This is a strong advisor team for MediChain.

This team will no doubt ensure that the ICO is successful and that the underlying technology is sound.

I give MediChain 4.0/5.0 in this area.

Overall, I would give MediChain a 4.0 / 5.0 for their ICO. This project is both interesting and worthy of investment.