ICO Review – Moonlight
Premise
3.5/5 Pretty good
Moonlight is creating a decentralized Upwork-like platform on the NEO blockchain. Targeted towards freelancers, it has a matchmaking system that lets tasks be matched to people or organizations well suited to completing them.
Besides emulating Upwork, it also has LinkedIn like features, such as trustless resumes – which are built off work completed in the Moonlight ecosystem.
Finally, it incorporates project management features to allow the coordination of complex projects within Moonlight.
Compared to Upwork, Moonlight’s offers native cryptocurrency payments and a potentially better project management system. Compared to LinkedIn, Moonlight has trustless resumes.
Team
4.5/5 Excellent
Moonlight’s team is excellent, with numerous City of Zion members or founders. City of Zion is a very reputable NEO development team which has created several core NEO dapps.
Besides the core team, the advisors are also strong, and include a NEX founder as well as YCombinator alumni.
While the development side of the team is extremely strong, we would have liked to see more business expertise, as the target market is quite competitive.
Token
5/5 Perfect
The LUX token is a NEP-5 token which has similar properties to NEO. Just like NEO, it can give holders GAS. It can also be used for remittance for reduced fees on the platform, however other types of crypto payments are not barred.
50% of tokens will be sold for $10 million USD. This is a high percentage of tokens sold, and a low cap, both very good signs. Tokens can be bought with NEO, GAS or ETH.
Moonlight has an innovative vesting model. Besides the standard vesting for the team, there is also a tiered vesting scheme for investors. Up to 250,000 LUX (about 17 ETH) can be immediately vested, while higher amounts will vest over time. This prevents whales from dumping coins after the crowdsale.
We like the token economics, distribution of Moonlight, as well as the fact their platform is not restricted to a proprietary token. In fact, this is the best token economics distribution and mechanics we’ve seen so far for a Dapp type ICO.
Risks
2/5 High Risk
The risk of this project not fulfilling its main goals is quite low – their roadmap is conservative, whitepaper thorough, and their team strong enough that we believe they can create the desired product without much issue.
The risk we see is more on the business side – Upwork and Linkedin are established, very strong competitors. LinkedIn in fact we would say is extremely strong and difficult to disrupt at this point.
On the other hand, Moonlight has a few things going for it. Its main target is not LinkedIn, but rather Upwork, which is successful, but not a particular good platform. As any freelancer can attest, Upwork is slow, expensive(freelancers often negotiate payment outside the platform to avoid its heavy fees), and just generally not that well designed. Its main advantage is its network effect.
While network effect is strong, the numerous weaknesses of Upwork make it ripe for disruption. If Moonlight can offer a better user experience, better payments(the international nature of crypto fits very well in with freelancers – who are often internationally based) and also its promise of matchmaking tasks to people and organizations, there’s a chance it may start making waves – and then real revenue.
Summary
Very good
Moonlight is an under-hyped project that is very solid. It has a great team, a good premise, very well thought out and favorable token economics, and a good roadmap. We think this team will have no problem delivering a great product.
Business wise it will have an uphill battle against its established competition, but if it can deliver on its promises, we think it will have a better product than Upwork – and a fighting chance at changing the future of freelancing.
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Very Good
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