Bonafi's idea is to create a platform that helps consumers, distributors, retailers and manufacturers to fight counterfeits.
It's introduced as a blockchain project based in Delaware that seeks to deploy blockchain as the tool to curb counterfeit goods.
Their argument is that counterfeits make up to 2.5% of global imports and generates over $1.9 trillion in revenues, presenting blockchain firms with an opportunity to change this trend.
Looking at the colossal amounts of money lost through counterfeiting especially in the pharmaceutical, fashion goods and electronics industries, the Bonafi creators saw an opportunity to build a platform that could help small and large companies to authenticate products, effectively weeding out counterfeits.
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Hard Cap: TBA
Payment Methods: ETH
Total Cap Size: 1 000 000 000 tokens
Important Dates: September 10, 2018- presale
Pre-ICO: September 10, 2018.
Public Sale: October 15, 2018.
They have a solution in the form of a decentralized platform that revolves around four main components namely; a crypto tag, blockchain technology, Bona tokens and a mobile application.
Users, comprising retailers, distributors, consumers and manufacturers can simply tap a mobile app to verify the authenticity of any product as it moves throughout the supply chain.
The Bonafi team is planning an ICO to raise funds to help them take their idea to the next level.
Project Use Case
Counterfeit goods are a global problem and the Bonafi white paper clearly shows how trillions of dollars are lost through counterfeiting.
Their platform is designed to work on user's phones, running on Android and iOS.
They say the most outstanding aspect of their platform is the Crypto Tag, a proprietary technology that's physically added to each product.
The Crypto Tag delivers crucial facts to the platform, giving the end user an opportunity to track and verify a product's authenticity using the mobile app.
The tags carry immutable data on the products' manufacturer, date of production, date of arrival to an authorized reseller store and past or current registered owners.
The whole concept is built around the blockchain, allowing traceability and low transaction costs.
Its powered by Nona tokens, which allow access to the mobile app.
According to their white paper, they will be selling crypto tags directly to manufacturers.
This gives it a competitive edge over other blockchain startups targeting the supply chain with anti counterfeiting solutions.
They accept that their product cannot entirely wipe out counterfeits, although it could protect consumers who want to buy genuine products.
Other than physical verification using the Crypto Tags, the team is working on a web browser extension to help online buyers verify goods before purchase.
They say the blockchain allows them to give reliable services because it's decentralized, attracts low fees, and provides an immutable record of all transactions.
They are also seeing the platform evolving into a personal data marketplace as it gains traction and gathers lots of users' personal data.
Other use cases include a reward system where Bonafi users will be rewarded for registering products.
BONAFI Team Overview
Steve Kuh is the founder and CEO of Bonafi.
He's shown to have over 20 years experience in IT.
Next up is chief technical director, Dr.BM Lwe, a supply chain expert with 20 years of experience in the Korean automotive industry.
Other team members include Abraham Kim, the CMO, JS Lee, a Radio Frequency Engineer, and Daniel Kuh, the Bonafi cofounder.
Their advisory team is led by Simon Cocking, a blockchain enthusiast and entrepreneur.
How Does The Token Work
Bona tokens are the fuel that powers the Bonafi ecosystem.
They allow users to get access to the Bonafi app and to verify goods using the app.
It's an ERC 20-type utility token and all users must have it to take part in the platform.
They are minting a total of one billion tokens through a contracted mining company.
Unlike other projects that are keen on reducing the circulating supply of coins, Bonafi will be mining extra coins to replenish spent or burnt coins.
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How The Investors Make Money
Every investor's dream is to make money.
As such, they look for the most promising ICO projects to invest in.
Given its practicality, Bonafi seems like a good bet for long-term investors.
First, its utility token is intertwined with the mobile app, meaning that anyone intending to use the app must have some Bona coins.
What this means is that as more people use the app, the demand for token goes up, and by extension, their price goes up.
Other than this, they have an attractive referral program that investors can take advantage of.
Opportunities & Risks
The global counterfeit problem is huge and presents a perfect opportunity for Bonafi and other companies to tap into it.
Bonafi's combination of an app, a blockchain, and a proprietary Crypto Tag puts it ahead of its competitors.
The only concerns, according to their white paper is the expected resistance from counterfeiters who are likely to challenge the project.
ICO SIGNALS :
It's important to note that Bonafi scores highly as far as the team is concerned because it has a healthy combination of blockchain talent.
It must be however noted that Bonafi is definitely not the first company to tackle the challenge of counterfeits, and could be facing serious competition from its peers.
With fierce competition, no one can really tell which solution comes our on top.
There's also the small matter of prototype as Bonafi doesn't really seem to have a tangible one in place.
Prototypes help users to get a glimpse of the product even before it's officially launched.
Overall, Bonafi's strength seems to be the proprietary and patent pending Crypto Tags technology.
Finally, it seems like a good bet for any long tern investor, given the vastness of the anti counterfeits industry and the huge ground that Bonafi has to cover to go mainstream.