Enkidu is a blockchain based project that seeks to disrupt the trillion-dollar global collaboration market. The project's aim is to create a decentralized platform that could enable individuals to find like-minded people to team up with when they need to create and launch products or services.
Enkidu achieves this by introducing its payment gateway which essentially makes collaborations easy, transparent and efficient. According to Enkidu developers, the payment system is designed in such a way that it splits payments between collaborators without the need for third parties.
The trustless system runs smart contracts that deploy when all the preset agreements between collaborating parties are met. In a nutshell, Enkidu eliminates the need for lawyers during the creation of limited companies.
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Hard Cap: $30 million
Payment Methods: ETH, BTC
Total Cap Size: 1.5 billion ENK
Technology: ERC-20 token
Whitelist/KYC: Whitelist and KYC required
Restricted areas: China, India, USA
Presale: Mar 12-26th
Public Sale: June 15th - Aug 15th
The Enkidu team hopes that people will now collaborate on various projects, create digital teams, build small businesses and design products with ease, regardless of their location. The private pre sale of tokens ended on March 26 while the public sale is scheduled to start on June 15.
The project features a white list and KYC is mandatory for all participants. Unfortunately, the ICO is not accessible to citizens of China, India and the USA.
ENKIDU'S White Paper
The project's White Paper goes into great details to prove there's an existing gap in the collaboration industry. Before we delve into the documents for details, it's important to note that Enkidu is developed and managed by Avalon Labs, a Bangalore based group that builds and invests in start-ups.
According to the white paper, Avalon Labs first experimented with the idea of a decentralized collaboration platform after struggling to complete the needed legal process when the company was creating its first ever global venture.
Out of the challenges the team faced, they developed the project in 2017 to help millions of people and businesses to collaborate at a global scale without worrying about legal processes. The white paper points out that business collaboration across borders was a tedious and time-wasting process that involved the hiring of lawyers on both sides of the collaborations.
The two sides would then decide on various parameters like revenue sharing. Because businesses involve money and trust is needed.
As things stood, the collaborating parties had no means of trusting each other. And this is where their idea of a trustless model came in.
The Enkidu team created a trustless, decentralized and reliable platform suited for global collaboration. The solution packs great features that make collaboration easy, and efficient.
For instance, using the platform, you can easily create a digital company without worrying about how you will go about splitting profits, expensive accounting and legal fees, conflicts, or vesting. All these are taken care of by smart contracts.
The project introduces its proprietary technology that creates private 'resolutions' for collaborators making their work easy. The white paper goes on to show the huge gap in the SME industry that can be filled by Enkidu.
For instance, European based SMEs made over $3.9 trillion in revenues annually after the European Union adopted the Small Business Act which makes it easy for SMEs to profitably run businesses. Because Enkidu simplifies the way SMEs run business, it could gain results similar to those in the European Union.
Project Use Case
Enkidu could easily transform small businesses by bringing down the cost of doing business. according to the Enkidu team, Micro and Small Enterprises would thrive because they no longer need to worry about exorbitant legal and compliance fees at the early stages.
Using the blockchain, Enkidu hopes to transform the lucrative freelance and gig economy by changing how it operates. For instance, instead of freelancers getting a one-off fee for work done, they could get residual income from projects they're a part of.
This is possible because the blockchain is immutable and keeps records of all transactions, so it's easy for freelancers to track their projects even when they have completed working on them.
Through the white paper, the team does a great job to prove how their platform benefits small and large companies as far as collaboration is concerned.
ENKIDU Team Overview
Avalon Labs comprises over 30 team members with diverse backgrounds in blockchain technology, entrepreneurship, marketing, engineering and computer science. The team has interests in blockchain, liquid nutrition, SaaS, virtual reality among others.
Its led by Varun Mayya, the CEO and author of collaborative book, "Pyjama profits". He founded Avalon Labs in 2017.
Next up on the list is Shashank Udupa, the head of operations at Avalon Labs. Udupa is a co-founder of Avalon Labs and is a former investment banker.
Abhinav Agora heads the marketing department at Avalon. He has a solid background in viral marketing.
The white paper lists a number of advisors and investors backing the project.
First to be listed is David Drake, an investment Advisor and board member at WePower.
Jay Smith is the second advisor. He's the chief marketing officer at Factom, one of the most respected and oldest blockchain firms.
Anshumani Ruddva, a former VP at Practor is the third to be mentioned.
Other advisors listed include Ramgupal NC, a former program management director at Emirates ID Authority, UAE.
Giovanni Lesna and Divyashish Jindal complete the list of advisors. Giovanni works as Chief Commercial Officer at HedgeToken while Divyashish runs an ICO consulting firm, Jacobi Partners.
How Does The Token Work
ENK is Enkidu's native cryptocurrency token. ENK is a utility token that fuels the Enkidu ecosystem. It plays a significant role in the projects payment gateway where smart contracts for each project are generated.
It's important to note that Enkidu runs on Ethereum smart contracts and ENK is naturally an ERC-20 token.
To create smart contracts, you'll need ETH, BTC, ENK or fiat currencies. The payment gateway converts all currencies into ENK.
The platform charges a constant transaction fee of 0.5 % for each transaction completed. The fee is then split into two, with the first half going straight to the team to support operations.
The remaining half is burnt. According to the team, burning half of the transaction fee will gradually increase the value if tokens as the project scales to reach millions of people.
Enkidu has created 1.5 billion tokens. However, only 52% of these will be sold to the public during the crowd sales.
9% of tokens will be reserved to incentivize users and the Enkidu community while 28% of total tokens are reserved for the Avalon team and shareholders. There will be a vested period of one year for the reserved tokens.
Additionally, 5.5% of tokens will go into marketing. Onboard advisors and partners will get a similar amount of tokens. The team intends to transfer all unsold tokens into the Enkidu reserve.
After the successful crowd sale, Enkidu plans to use the funds to bolster their talent pool, kickstart their marketing campaign and to build the platform.
This being the case, 30% of funds will be used to grow the platform while a further 30% goes into sales and marketing. 25% of funds will support operations and 10% will go into staffing. The remaining 5% will be absorbed by the legal team.
What Do Investors Gain
The continued growth of the Enkidu project is good news for investors. Because the team plans to burn half of all tokens earned as transaction fees, there's no doubt the tokens will be more valuable as the project gains traction.
Additionally, investors can take advantage of the discounts on offer for early investment. For instance, tier one bonus stands at 25%, tier 2 at 15% and tier 3 attracts a bonus of 10%.
There's a white list and the team is accepting applications from investors.
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Roadmap and strategy
The team has laid out a strategic roadmap that will propel the project into a roaring success at the shortest time possible. Ideally, they started by laying out the basics like idea validation and on boarding of partners.
In Q1 2018, the team has already completed the presale of tokens, raising over 1,311 ETH. This will be followed by the public sale on June 15.
Q2 2018 the team released the Alpha version of the project and this will be followed by a mobile and web platform core release in Q3 2018. In Q4 2018, the public Beta version is released followed by Enkidu's web and mobile launch in Q1 and Q2 2019.
Opportunities & Risks
Given the impactful nature of SMEs, there's no doubt the Enkidu project could potentially transform this sector, renowned for creating millions of jobs globally. It's easy to see that the platform serves a need and could soon gain wide adoption.
On the risk front, Enkidu could face serious competition if other blockchain firms come up with a similar solution. The biggest challenge however, is the changing blockchain landscape.
The regulations targeting the industry seem to grow with every passing day across the world. For instance, Enkidu is not available in China, USA and India, arguably the three largest markets for its product.
ICO SIGNALS :
Looking at the project's white paper and team, there's confidence that the product will put up a worthwhile fight. First, the team seems to be well grounded in blockchain technology and can be relied upon to deliver such a big project.
The advisors also boast of many years experience in the industry. However, like with any other blockchain project, success is not guaranteed as it depends on many factors.
Overall, Enkidu looks like a solid project that could potentially disrupt the collaboration market. The project had already partnered with various industry players to try the project. However, many aspects of its usability will become clear after it's fully rolled out.