Unfortunately this investment was deemed a scam. It's still the wild west here in Cryptocurrencies and this unregulated environment brings scrupulous agents along with the prospects of innovative technologies. You can read more about this scam here.
With the Benebit ICO, the idea is to introduce a global decentralized loyalty scheme network that is built on blockchain technology. This will allow companies and individuals from around the world to interact with each other for cashback and loyalty deals without borders.
The pre-ICO sale of tokens runs from January 22 to March 21, while the main ICO period will be from March 25 to April 30.
To understand the possibilities and risks with the Benebit ICO it is crucial that we look into the details and find out all about the offering.
The information provided here is for informational purposes only and should not be seen as investing advice. Our opinions on this site are only that, if you are considering an investment into cryptocurrency or anything we speak about on this site, please advise a trusted financial professional first, before doing so.
Token: BNE tokens
Hard Cap: 40000 ETH
Payment Methods: BTC / ETH / LTC / DASH
Total Cap Size: 300 million BNE tokens
Technology: Loyalty Points, ERC20 Token
Pre-ICO Date: : January 22 – March 21, 2018
Public Sale Date: March 25 – April 30, 2018
The Benebit project aims to give brands and users a platform on which they can interact and build up a stronger relationship. The users get cashback and loyalty points, while the brand is able to use the Blockchain technology to attract new customers and make more sales.
With the Bene Card, there is no need to use any other type of loyalty card, as it replaces other branded cards and allows for fast, easy and secure participation in any loyalty scheme. As for the companies that use it, they get a useful toolkit that allows them to better get to know their customers.
Project Use Case
As seen earlier, there are two sides to Benefit; the user benefits and the benefits to the brand. The White Paper goes into a good deal of detail about exactly how this platform could be used in the real world.
For instance, the Bene Card can be used instead of credit cards or fiat payments. This allows users to keep all of their loyalty payments from different companies in one secure place.
As for businesses, they can lower their transaction costs by using the Benebit platform for all of their cashback and loyalty payments. With a point of sale app, GPS based suggestions, QR codes, in-game points, custom deal alerts and more, here is a system that can help out in many different situations.
BENEBIT Team Overview
It is clear that the team working on Benebit is one of the key factors that will determine whether or not it is going to be a success in the long term. In this respect, we can see that it has a strong, well-rounded team that should help to progress the project in a professional manner.
Blockchain entrepreneur John Laverty is the co-founder and CEO. Howard Sharp is another co-founder, as well as taking on the role of CTO. Ian Livingstone is the COO.
Victoria Ellison is the CFO and Robert Davis takes on the role of CMO. As usual, you can see the full profiles of these and other team members on LinkedIn by following the links on the Benebit site.
Among the advisors who are on board with this project are Mudaser Iqbal and Sergei Logvin, as blockchain advisors. Waqar Ahmed is a strategy advisor and Desmond Marshall is an ICO advisor.
How Does The Token Work
Anyone who uses this platform can deposit fiat money into their Benebit account and then use their BNE tokens to make purchases and receive their loyalty rewards.
Of the 300 million coins that will be made, 225 million will be sold to crowd sale participants. 45 million will be retained to facilitate deals with brands and advertisers. The remaining 10% will be split between the team, the advisors, and the bounty reward program.
No more coins will be produced after this. Indeed, if the full allocation isn’t taken up in the ICO, the left-over tokens will be destroyed.
What Do Investors Gain
As is typically the case with ICOs, the biggest hope for investors is that the coins become far more valuable and popular as they gain in use and popularity. Whether this happens is the unknown factor with any ICO, but understanding the details covered in their White Paper helps to make an informed decision on this.
The bonus for early investors taking part in the first week is 20%. This then drops to 15%, followed by 10%, 5% and then zero as the weeks pass. With no bonus, 3,000 BNE is equal to 1 ETH, so it is clear that there is scope for the value to increase if the project turns out to be a success.
9 QUICK WAYS TO EVALUATE ANY ICO
With dozens of ICOs coming out each week, we've put together an oversimplified 9 step framework on how we evaluate ICOs. Download it and start your ICO investing with a no-bullsh*t resource.
Opportunities & Risks
The Benebit team have put together a comprehensive White Paper that lays out why this platform could be a success. Basically, people like brand loyalty schemes, but there are a number of issues around how they are run that stop users and companies from getting the full range of benefits from this approach.
If Benebit manages to get people to use this platform to keep all of their loyalty schemes in one place, then there is a huge amount of business that could come their way due to this.
As for risks, there are some common issues that are found on most ICOs. These include vulnerability to hackers, competitors getting in first, and other possible setbacks. In addition, it is possible that not as many people as expected are interested in using the platform.
ICO SIGNALS :
The Benebit ICO appears to be a well-thought-out project that answers a number of existing problems. There are benefits to be had for both the end user and the companies that offer reward schemes, so there certainly appears to be the possibility of it being a great success. But always ask yourself, "is this the best opportunity available for my funds right now?"
There is no doubt that there are a number of risks associated with any ICO. Yet, the proposal in this case makes a lot of sense and there is a chance that it could become a big success if enough brands and users get involved in it early on.