Libellum ICO Review: 1-Click Supply Chain Verification Platform
4/5 – Good
Libellum is a supply chain verification platform designed to make working with suppliers easy, safe and secured. This platform will be used for product certification, testing, and compliance.
Libellum seeks to partner with third-party testing and souring companies to simplify the process of certificate authentication for buyers and others. Through the use of a QR code supplied by a third-party testing company, the interested parties can scan the code and use their mobile or web application to fetch supplier information.
They are using blockchain technology to ensure that the information is secured, decentralized and transparent. This information can only be altered through the multi-verification process to guarantee that the manufacturers are compliant with regulations.
An API is to be developed to allow the clients to insert the platform into their system with ease. Another part of the project is the e-commerce plugin that would be used to link their platform to e-commerce websites, like Amazon and Shopify to name just a few. It would help make sure all products listed to their online store are legally compliant.
Suppliers will get easy access to their certifications, to verify their validity almost instantly. They can easily refer their customers to Libellum to review their data.
Testing companies can use Libellum to keep track of their suppliers’ certifications. They would get a notification whenever their supplier is of the need to renew their certification.
Clients can use their app to verify test reports within seconds and grant access to authorities, regulating bodies or customs whenever asked for documentation for customs clearance.
3.5/5 – Pretty Good
Libellum’s CEO and Co-founder Manuel Becvar have been working with China for 15 years in both the retail and manufacturing industries. He has built himself a network of manufacturers and testing companies. It is his goal to create a platform that uses blockchain to make supplier verification fast and easy. Please check out our podcast if you want to hear more about Tips & Tricks During Your China Sourcing Endeavors w/ Manuel Becvar.
Their team is made up of four members, with years of background in their respective fields of sales, marketing, business, IT, software engineering, and e-commerce. They have a dedicated development team of three professionals who specialized in programming, web and software development.
4/5 – Good
Libellum tokens, under the symbol LIB, are smart contract tokens are based on the Ethereum ERC-20 Standard. The total token or maximum supply is 100 million LIB, where 1 LIB is equivalent to USD 0.05 for private investors, USD 0.08 on the pre-sale and USD 0.1 on the public sale.
Libellum sale hard caps are USD 500,000 for the Early Investor Program and USD 3.2 million for the pre-sale. 80% of the funding will be utilized for the development of the project.
Users can use LIB to pay for subscribing on the platform, allow access Verified Manufacturer Database and use of E-commerce API. Although Libellum platform does accept fiat and credit card payments on their platform, token holders are granted discounts when they use their LIB tokens.
3/5 – Medium Risk
Libellum’s revenue source will depend on the earnings from potentially millions of companies all over the world who would want to purchase from China using their platform. It includes importers, exporters, compliance regulators, customs, product testing laboratories, and more.
Their platform is charging subscribers amounting to USD 97 for monthly, USD 997 years, USD 9.97 for one-time lookup or USD 39.97 for five lookups. Their longterm goal is to reach 200 thousand users in three years.
It can be considered a modest figure if you factor in that these manufacturers, online sellers, testing companies, and others will switch from their current verification system to instead use Libellum.
3/5 – Pretty Good
Libellum will be facing many challenges with their project. They have much work to accomplish to generate the impact in the supply chain at the level that they are aiming, which is to say that this ICO may or may not work. Even if Libellum were able to deliver their promise, the faith of their platform will depend on a relatively small number of suppliers, testing companies, and e-commerce websites whether they would opt for their service or not.
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The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.
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