Hi guys, we hope you have been following our posts on Cryptocurrency closely and getting to learn new things. In our previous post – Located here, to which we will be constantly adding new content, we brought the topic of ICO. Let’s discuss this topic of ICO in more detail via this post by taking an example of a revolutionary upcoming ICO, named, Medichain.
What is an ICO?
Have you ever heard of crowdfunding? It is a process by which companies collect money from people. Now you will ask – Why do people pay? This is because they believe that the company’s project is great and that in future with the growing profits of the company, their investment would give them profits.
This practice has been long going in an established market of Stocks/Shares and the term is called ‘IPO’ – Initial Public Offering. You can google to know more about this.
On similar lines, in Cryptocurrency world, the term has been replaced with a new name – ICO i.e. Initial Coin Offering. Why coin? You can very well guess from the name of ‘BitCoin’.
But, wait…Why should I invest even before the company has started its project? Isn’t that risky? Why not invest somewhat later?
A pretty simple answer – Time is money. The longer you wait, lesser the profits. This is because, by investing in ICO, you are among the few first investors for the company and thus get the coins/tokens at a good price which then increases when it gets listed on exchanges etc. However, needless to say, you must research a lot about the project, have a look at its team to check authenticity, read whitepaper to see if their methodology is something unique or not. Investment without research might hurt you in long run.
Okay fine. What is Medichain?
Medichain is an upcoming ICO which is starting its token sale soon.
Its use case is that it wants to build a platform based on blockchain in which data of patients will be stored on blockchain and can be accessed on permission by doctors, physicians, hospitals, and laboratories.
The patient will have full access to who he wants access to be given to his data, can provide different levels of access, limit the amount of time for which someone has access to his data.
The company also wants to start the concept of Telemedicine in which doctor and patient can consult online by the use of a webcam interface. However, the additional Unique feature that Medichain adds to this is allowing doctors to have access to patient’s records on patient’s approval.
Patient’s records mean his entire medical history, the type of medicine he has consumed earlier, any allergies and much more. Is there any existing online platform where all these details are stored as of now. We don’t feel so and that’s where USP of Medichain comes into light. This proves that Medichain has introduced a new concept which can fetch great results.
Some Key Points regarding medichain
- You can take your data anywhere because it is accessible on the GO
- The data remains anonymous
- There is no cost for both patients as well as doctors
- Due to its such great functionality, it has more than 2 billion potential users
- Cost saved due to solution provided to existing problems is estimated to be $150 Bn+
What are the benefits to the MCU token holders?
Of course, the investors who invest in a certain project do so as they believe they will be able to get several benefits. Some of the potential benefits of joining Medichain ICO are as follows:
- Institutional Medical Data Services (including Diagnosis)
- Medical Research Data Services
- Future business transactions on the MediChain Platform
- Research Program Voting with a chance to determine the focus of future research
- Personal Medical Data Storage and transfer
- Personal Medical Data Services
- MCU Discounts
Some important points you must know about MediChain Token Sale
- The Pre-Sale for tokens begins on 5th February and will be organized via icobox.io
- Users need to do KYC process by uploading their national identity documents to take part in the token sale
- The soft cap of funds to be collected has been kept at $2 million USD
- The hard cap of funds to be collected has been kept at $40 million USD
- The tokens will be ERC-20 compatible and hence can be withdrawn to wallets such as myetherwallet.com
- MCU is the name for the token of MediChain
- The likely price for 1 MCU= 1 USD in the token sale
How does the MediChain team plan to achieve its goal?
As it has been rightly said, a good plan is necessary to achieve a goal. In corporate world, the plan is often called ‘RoadMap’. MediChain team has developed a promising roadmap to achieve what they want to.
Targets for Q1 2018
- MedRec system live and scaled on Rackspace servers
- Research – Scientist program, 10+ rolling grants to get high-quality data
- Data stakeholder program starts to ensure buy-in
- Complete compliance and grow team
- Create partners and develop partnerships in 10-15 countries
Further research and analysis will be carried out
Big Data, Security, and Technology will be exploited for the best results
Moving on, the company plans to close partnerships with 10-20 big companies by the end of 2020 which looks like a great plan
Does team play an important role? Who are the team members in MediChain?
Yes, a team plays a very crucial role in letting you know if an ICO is good to invest in or not. If there are big names involved who have carried years of reputation, it is often an indication that the project is good.
The team members in MediChain consists of a people from wide range of streams such as medicine, blockchain specialist, creative designers, software developers etc. The team also has reputed people who have graduated from premium institutions such as Oxford University. To get a complete list of the team members and their qualifications, you can visit MediChain’s official website and click on the ‘Team’ bar.
ICO’s are not something which is straightforward to invest in. You need to learn a lot, read about projects, teams to know if the opportunity is right or not. Also, there is an always a risk of losing money because sometimes companies may also project a promising looking website and spread positiveness and hype, only to end up scamming the people who invested. So, the people who invest in these risky financial instruments need to have a big heart.
Moreover, you need to start with very small investments in your first ICO so that you don’t regret even if you lose. You can also follow websites such as ICOBencch, ICORating to know about upcoming ICOs.
MediChain does seem a nice ICO however it also has competitors who are looking to achieve the same such as Medical Chain is one another name in the market. So we need to wait and watch how the team overcomes these challenges to become the No. 1 in Medical Blockchain concept.
Check out this video to know more about MediChain project –