E-commerce is the need of today in this global economy.The Kart Block ecosystem is the turning point to the conventional marketing and sales industry where the primary focus was limited to product promotion and ad-revenues.
Kartblock connects people all around the world, trade goods without intermediaries, send and receive funds effortlessly. Kartblock marketplace will allow vendors to sell direct to customers with cryptocurrency.
Through the use of the block chain users retain their data, blockchain technology gives power back to the users. The result is consumer empowerment and unparalleled sales potential for retailers and advertisers.
Kartblock has prepared a nice explanatory video to understand the e-commerce eco system they are building. I encourage everyone to see it to understand more about this project.
Decentralized/Blockchain Ecosystem is the technology layer of Kart Block ecosystem. This layer will be powered by the Ethereum blockchain network and native tokens will be standard ERC20 tokens. This layer will handle and record the payments, transactions, smart contracts, data verification, etc. through Hyperledger.
The Kart Block ecosystem at its core is a combination of e-commerce platform, digital wallet, and Tokenized reward mechanism. A simple yet powerful idea behind this ecosystem is directly rewarding the customers/users for their valuable contribution to the Kart Block platform, without the need for any middlemen. This reward will be in the form of a cryptocurrency (Kart Block Token).
The picture below explains the basic process flow of Kart Block ecosystem,
Three pillars of Kartblock
1. Digital wallet:
The digital wallet will serve as the entry of users to this ecosystem. It will be used to store the Kart Tokens as rewards and use this crypto currency as required by the user.
2. Kart Block e-commerce:
This component will be like any other e-commerce platform available today. The marketplace will be powered by vendors and their products for sell. Only the major underlying difference will be that the customers, as well as, the users will be rewarded with Kart Tokens for their actions. This platform will run atop the blockchain layer to maintain trust and transparency.
3. Kart Block Tokens:
This is the native cryptocurrency of the Kart Block ecosystem. It is the standard ERC20 token and will be used to provide incentives to the users, merchants and the customers (For e.g. adding new users/merchants, updating profiles, purchasing products via Kart Block etc.).
Core technology and blockchain integration
Kart Block ecosystem can be divided into two parts as below,
1. Centralized ecosystem/layer:
The centralized layer of Kart Block ecosystem will govern its Android and iOS app, and its website. This layer will run over the base layers, i.e. blockchain layer. For proper functioning, maintenance and updating of this interface systems, they are kept under the company’s control, and open-ended development will be allowed in the future.
2. Decentralized/Blockchain Ecosystem:
This will be core-soul technology layer of Kart Block ecosystem. This layer will be powered by the Ethereum blockchain network and native tokens will be standard ERC20 tokens. This layer will handle and record the payments, transactions, smart contracts, data verification, etc. through Hyperledger.
KartBlock being a new player in the market, already struck partnerships with 3 other market players namely, Wishknish, Nobar and Iame. The details of these partnerships are available in their blog and the links are given below,
Token symbol: KART
Smart contract: Ethereum ERC 20
Token type: Utility
Token price: 1 ETH for 14,925 KART + applicable bonus
Minimum purchase: 0.01 ETH
hard cap: 26,800 ETH
Token supply: 1 billion in two phases
ICO status: Private sale live with 60% bonus
What we think about Kartblock.io
Branding: (1 out of 1)
Kartblock ICO is branded well with sufficient amount of technical details and token information. The whitepaper is well written and bifurcated into all important aspects of the project. We are awarding 1 out of 1 in this parameter.
Office address and registration: (2 out of 2)
The holding company of Kartblock ICO is registered in Dubai Free Zone. The registration details is as below,
License Number: 1803180.01
Registered Address: Office 10, Level 1, Sharjah Media City, Sharjah, UAE
We have also checked this details with the Sharjah business directory through https://www.shams.ae/license/verification and found the details are true. The picture below is captured from the Sharjah business directory page.
We didn’t find any anomalies in the details provided by the ICO team and hence we are awarding full marks in this parameter.
Working product: (0 out of 1)
Kart Block doesn’t yet have a working product available for market tasting. As per the road map updated in the ICO website, the MVP will be available by third quarter of 2018. So we are unable to award any marks in this parameter as of now. However, the rating will be updated once the MVP is available and tested by our team members.
Team and LinkedIn profiles: (1.92 out of 3)
The KartBlock team consists of total 21 members out of which, 13 are the core team members and 8 are advisors. We have contacted few of them randomly to ensure the legitimacy and authenticity of these profiles and we didn’t find any issue there.
Number of connections: (0.69 our of 1)
Out of 13 core team members, we have found only 4 team members with less than 500 connections. Since there is now other way to judge the age of a LinkedIn profile, we assume the number of connections as one of the validations parameters.
Profile picture: (0.85 out of 1)
We have personally visited each of these 13 profiles and found only 2 member accounts without any profile pictures. Rest all are matching with the published ICO team page and LinkedIn profiles.
Mention of Kart Block: (0.38 out of 1)
Out of 13 core team members, we have found total 8 members without any mention of Kart Block ICO on their professional profile. We consider this is a very serious parameter to validate the legitimacy of an ICO.
Business feasibility: (1.7 out of 2)
Kart Block is essentially trying to build a complete e-commerce ecosystem which will be active globally by effectively eliminating the need of intermediaries using the blockchain technology. It is easier said than done and requires a lot of investment and time to make it successfully operational.
E-commerce is a trillion dollars economy worldwide and the market is beings handled by a few known players through its centralized operation hubs. Implementing blockchain technology in this environment will bring in a lot of new opportunities as well as help expanding the horizon. We see a lot of opportunities in this platform which may help Kart Block to reach new heights within few years of operation. We are awarding 1.7 out of 1 in this parameter.
Our rating: (0.7 out of 1)
Even though we see a lot of opportunities in the sector Kart Block is aiming to disrupt, we must also factor in some of the risk areas like logistics and import/export taxes while assessing the potential of this ICO. Operational challenges will be there and we sincerely hope that Kart Block team will be able to overcome these challenges with their expertise. After much deliberation within our team, we have decided to award 0.7 out of 1 in this parameter.
Final verdict: (7.32 out of 10)
After detailed analysis and study of the ICO, the Best ICO team has decided to award 7.32 out of total 10 points. Overall, Kart Block looks a decent ICO to us and we wish all success to Kar Block in this competition intensive market.