ICO Reviews

FreeMark – Asset backed stable-coin lets you earn royalties for owning (ICO Review)

FreeMark – Asset backed digital currency engineered for global use. The secure FreeMark is a medium of exchange engineered to preserve the purchasing power of your wealth. Unlike other currencies, it is backed by real assets. As the money supply grows, you earn royalties for owning the FreeMark. 

Web presence

What The Merkle is saying
The Freemark, offered by Worldfree, is an asset-backed stablecoin.  It’s managed in an audited fund producing an endowment scale return, which provides the liquidity and facilitates royalty payments on the growth of the money supply. Its founder explains, “It runs on a Nodechain, which offers transaction speed much faster than a blockchain, at much greater security.” Freemark investors are rewarded over time in Freemarks.

Article link: https://themerkle.com/stablecoins-is-control-the-answer-to-crypto-volatility/
Fintech interview with the founder
A renowned journal “Fintech Review” conducted an interview with the founder of FreeMark Mr. Kevin Kirchman. The interview has covered a very detailed span of this project. We encourage everyone to read this to get a detailed perspective of the project,

Why FreeMark
Cryptocurrencies Are Terribly Inflationary:
When they are going down, cryptocurrencies are inflationary—a 10% inflationary decline in value over a day or two is like Zimbabwe or Venezuela. This causes erosion of savings. Because the FreeMark is stable, an owner can make funds with it if commodity prices in general increase. But the FreeMark also provides a means of gaining more of them, rather than a price increase of each.

Volatility Kills the Crypto-economy:
Cryptocoins go up and down, sometimes 20% in a couple of hours. This massive volatility keeps most people from using cryptocurrencies as a practical medium of exchange—it’s too risky. When the Bitcoin is going up (deflation), fewer owners want to spend it. When it’s going down (inflation), fewer buyers want to accept it.

That’s where the stablecoins like FreeMark come in. It offers, 

1. Stable:
Necessary for a sound and expansive crypto-economy, a stable currency, pegged to a basket of 20 commodities (to the 6-month moving average) eliminates the volatility of government and crypto fiat currencies.

2. Secured:
The FreeMark is built upon a better model of transactions than just the blockchain. The Nodechain uses “ownership” as the basis of its data structure, while immutable blockchains store transactions independently and privately for each owner, keeping their data off public networks, even though it is encrypted.

3. Backed by real asset:
The FreeMark is not a fiat currency. Government or Cryptofiat currencies like Bitcoin have no intrinsic value. It and other stable coins have taken the worst aspect of government currencies and copied it in the digital world. There are no physical or productive assets backing them, unlike the FreeMark, where 75% of revenues from sales go into an audited, regulated fund.

4. Royalty:
To be adopted by mainstream users, a crypto currency must give them an incentive to switch. The patent-pending Growth Rate Royalty automatically pays owners greater returns the earlier they buy. These returns are paid in FreeMarks based upon your average monthly balance. During the first year, the royalty rate is 7.5% times the growth rate of the FreeMark money supply (not 7.5% interest). Because growth rates are higher in the beginning, earlier owners are paid more.

The technological overview
The FreeMark: 
Worldfree’s FreeMark is a new cryptocurrency to be introduced in 2018 that will eventually have 100% backing, automatically pegged by the Atomic Central Bank® to a basket of 20 commodities. It can be immediately converted into most other currencies or used to purchase goods and services on the Worldfree Network. Holding it should deliver an increase in ownership on an average balance, correlated to the positive growth of the money supply. Thus it works contrary to normal fiat currencies, where increases in money supply reduce value; with the FreeMark they receive more of them at the same value. Existing cryptocurrencies are often unstable over short periods, massively inflationary or deflationary.

The Nodechain: 
Worldfree also introduces Nodechain technology, which is different than a blockchain because it does not store transactions system-wide. It operates in a massively parallel architecture, and data file sizes per node are anticipated at less than 1Mb, with a 50X redundancy factor, irrespective of the network’s size. Transactions on the Nodechain network can be processed predominantly on the participating parties’ systems, with an effectively randomly-selected node updating the coin ownership, accessed through a function of a hash pointer. The patent-pending Nodechain still fulfils the design requirements to eliminate double spending, with greater security and better privacy, overcomes the limitations of the consensus paradigm, and processes transactions in seconds for each participant, irrespective of network size. It is distributed with redundancy, using extent-based parallel access.

The technological overview of FreeMark can’t be captured within a short scope of a review. So we encourage everyone to please visit their website and read the whitepaper to get more understanding on the asset backed stablecoin and the Nodechain. 
The Team
Worldfree’s Team has re-engineered the cryptocurrency, including the blockchain itself. Led by a second-generation software entrepreneur, veteran fintech and AI software developer, the CEO and his team have re-designed the digital currency functionally—both economically and technologically, from the ground up.

The Worldfree team developed the world’s first technology to deliver direct answers from live, unstructured internet text. The technology has been used by many G200 clients and IBM offered to acquire it.

Now Worldfree is bringing natural language reasoning to a better engineered cryptocurrency, along with advanced crypto- and economic technology.

Token features and benefits
What we think about FreeMark

Branding: (0.8 out of 1)
It is not very often when you come across a program which has a very high merit but little less on branding. FreeMark is one such program which has a very high merit according to us. The program is built by a well-known IT company of UK whose patented advanced natural language reasoning platform is already being used commercially by many G200 clients. If you’ve read through the technical overview, you are aware of the technology already. The company has already applied for two patents related to their technology. So branding here doesn’t have much importance because of high merit of the technology. So we are awarding 0.8 out of 1 in this parameter. 

Office address and registration: (2 out of 2)
The registered entity name behind this ICO is “Worldfree Software Corporation Ltd.” The company is registered in UK vide registration no. 10725622. The company was officially registered back in April, 2017 and the registration address is “Suite 150 2 Landsdowne Row, Berkeley Square, London, London, England, W1J 6HL”. We have checked the company directory of UK and found the information correct. No deduction in this parameter. 

Working product: (NA for this ICO)
FreeMark is a stable-coin backed up by a basket of 20 commodities and pegged through the concept of Atomic Central Bank which is awaiting patent currently. Since this company is not building any platform or any exchanges, this particular parameter is not applicable. 

Team & LinkedIn profiles: (2.2 out of 3)
FreeMark has a team of 10 members including 9 advisors. Since the product is being created by an established company, they didn’t mention any other core team members in their ICO website. We have checked each profile carefully and tried to explore their experience and connection list. We have excluded the profile of advisors because they do not form the core team of the company and associated with other projects as well. 

1. Number of connections: (0.7 out of 1)
We have checked each and every profile carefully. Out of the 10 team members, we have found only 3 members with less than 500 connections. Since there is no way to determine the age of a LinkedIn profile, we are considering the number of connections to assume the age of the profiles. so we are awarding 0.7 out of 1 in this parameter. 

2. Profile pictures: (1 out of 1)
We have checked each and every profile pictures uploaded in their LinkedIn profiles and found no discrepancy. 

3. Mention of FreeMark: (0.5 out of 1)
This parameter is a bit of a disappointment for us. Out of 10 members, we have found only 3 members have mentioned their association with the FreeMark ICO in their LinkedIn profiles. We have tried reaching all 10 members to confirm their association and received reply from 5 of them confirming the same. For the rest 5 members, we didn’t receive any reply. So we are awarding 0.5 out of 1 in this parameter. 

Business feasibility: (1.7 out of 2)
FreeMark is a product of a legally registered company in UK and they are already filed for 2 patents for the same. The company is planning to bring in a asset backed stable-coin in the market. If you have read the article published by The Markle, which I have already mentioned at the beginning of the review, you can understand that the crypto market is not overloaded with the stable coins. On the contrary, we have only very few options available in the market currently. So FreeMark will not face a very stringent competition like many other ICOs. Also with their unique royalty program, investors will earn money for owning FreeMark. Overall, we are highly satisfied with the commercial possibility of FreeMark. Rest depends on the execution. We are awarding 1.7 out of 2 here. 

Our rating: (1.8 out of 2)
We have taken a real long time to publish this review because we tried to contact every associated party of this project. We researched a lot about the company registration and related due diligence. Finally, we are impressed about FreeMark and its application in the real world scenario. So, we are awarding 1.8 out of 2 in this parameter. 

Final verdict: 
After thorough research on the platform, Best ICO team has decided to award total 8.5 out of 10 to FreeMark ICO. This is the highest rating we have awarded till date to any ICO listed in our website. 

Blog Admin
A seasoned Crypto currency professional with an open mind to understand and accept the dynamics of crypto eco-system.

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