SOP- ICO Analysis

The purpose of this SOP is to provide all the information needed to capture and fill in the data in the ICO Analysis
Google form. Also, this document will provide information on how the data needs to be captured and presented
and details on the source documents required to support that information.

Please go through this SOP before filling out the google form and keep referring to it while entering the details.
This would help in maintaining the consistency of the data.

Certain terms frequently used throughout the Google form are ICO, Whitepaper, Roadmap and Token

These are defined below as follows:

ICO: An Initial Coin Offering (ICO) is used by Blockchain startups to bypass the rigorous and regulated capital-
raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is
sold to early backers of the project in exchange for legal tender or other cryptocurrencies. ICOs are similar to IPOs
and crowdfunding. Like IPOs, a stake of the startup or company is sold to raise money for the entity’s operations
during an ICO operation. However, while IPOs deal with investors, ICOs deal with supporters that are keen to
invest in a new project much like a crowdfunding event.

Whitepaper: Whitepaper is a document released by the companies planning to launch an ICO. It states what the
project is about, what needs the project will fulfill upon completion, how much money is needed to undertake the
venture, how much of the virtual tokens the pioneers of the project will keep for themselves, what type of money
is accepted, and how long the ICO campaign will run for. Roughly half of the information needed to fill in this form
is given in the Whitepaper so it is highly recommended to read the whitepaper of the company assigned to you
before filling out any details.

Roadmap: A roadmap is a list of deadlines that the crypto development team has given themselves to reach
certain stages in a development cycle.

Token: Tokens are a representation of a particular asset or utility, that usually resides on top of another
blockchain. Tokens can represent basically any assets that are fungible and tradeable, from commodities to loyalty
points to even other cryptocurrencies. Tokens are created and distributed to the public through an Initial Coin
Offering (ICO), which is a means of crowdfunding, through the release of a new cryptocurrency or token to fund
project development.

General rules to be followed:

1. Follow standard capitalization rules everywhere. Please don’t write the details in CAPS unless the company
name/token name itself is all capital as given by the company.
2. The Whitepaper has to be read word by word as it contains information in, not only, the headlines and the
H.O: 6th Floor, 2 Kingdom Street,
London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
start, but also, in the midst.
3. Information related to any company shall be traced from the primary sources including ICO Alert and the
company website itself.
4. In the absence certain official source find the information in other reliable sources such as tokendesk or
coinschedule.
5. Not Available should be written as N/A.
6. Please name all the source documents in the following format Unique ID-Doc name (For example if a particular
document of company 642 gives the address of the company it should be named as 642-Company address info.pdf
7. Unique ID in this SOP for reference purpose will be 642. Please note that each company has a different unique
ID
8. All the files uploaded should be in “.pdf” format
9. The pdf files can be processed by using softwares: FOXIT Reader & PDFill PDF Tools.
10. Any feedback on the form, please write it at the bottom of the form and get it added.

Process of capturing and entering the data:

PERSONAL DETAILS:
1. Name- As is
2. College Name- As is
3. College Registration Number: As is
4. Date of birth: As is
5. Background (Example: B. Tech Electrical and Electronics): As is

INFORMATION ON ICO:

1. Company name: Name of the company as found on the website.

2. Company unique ID: The Unique ID will be assigned to you.
3. Status: An ICO can be categorised in to one of these six characterisations: Active Pre-ICO, Upcoming Pre-
ICO, Concluded Pre-ICO, Active ICO, Upcoming ICO and Concluded ICO. Please note that this information
can be found on the http://www.icoalert.com/ website. Also, please upload the screenshot of the website
in PDF form which depicts the status of the ICO. The document should be named as 642-ICO Status
info.pdf.
4. Private round: Token sale event that Blockchain enterprises run before the official crowdsale or ICO
campaign goes live. Details will be available in the company website or the documents released by the
company.
5. Company name: Legal name of the company / business or venture as filed. In most cases it will be same
as the company name mentioned above.
6. Company address: Please write the address of the company and upload the source document as 642-
Address info.pdf
7. City: To be captured through the address.
8. Country of origin: To be captured through the address.

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
 9. Industry sector: To be identified by the nature of company’s business. Examples are Banking, Gaming,
Fintech, Healthcare, Digital Payments, Real Estate, Threat intelligence.
10. Competitors: Company Industry and competitors to be identified and explained through research or will
be available in the Whitepaper.
11. Tagline: This section is usually found on the company home page sometimes under the logo.
12. Company website link: The link for the homepage of company website.
13. White paper link: The link for the Whitepaper of the company. Please note that whitepaper needs to be
uploaded separately at the bottom with the other source docs 642-Whitepaper.pdf.
14. One pager link: The link for One Pager of the company.
15. Yellow pager link: A Yellow paper unlike the White paper describes the technical specification of the
project.

Important instructions for sections that follow:

• Every detail captured in this section needs to be highlighted saved and uploaded as a pdf document in this
format: 642-Token Name info.pdf, 642-Token symbol info.pdf etc.
• As a lot of these details will be captured through the Whitepaper, please highlight the whitepaper and
upload the highlighted document with comments- Token Name, Token Symbol, Token sale start date
wherever that information is given in the document using the text tool of foxit reader and re-upload it as
as consolidated document as 642-Token details. Please note that it should be properly highlighted and
have comments.

TOKEN DETAILS:

1. Token name: Name of the token as given in the White paper.

2. Token symbol: Symbol of the token as given in the White paper.
3. Total token supply: Total token supply disclosed by the company usually given in the White paper.
4. Token circulating supply: This is the number of tokens in circulation post ICO. This information is usually
relevant for Concluded-ICO’s.
5. Token supply nature: This is to capture the data regarding the nature of token, whether there is a fixed
number to be circulated or not.
6. Token sale start date: This information can be found in the Whitepaper or the company website and
other reliable media sites such as tokendesk.
7. Token sale start time: This information can be found in the Whitepaper or the company website and
other reliable media sites such as tokendesk. If the start time is not given write it as 00:00. Please write
the time-zone after the time.
8. Token sale end date: This information can be found in the Whitepaper or the company website and other
reliable media sites such as tokendesk.
9. Token sale end time: This information can be found in the Whitepaper or the company website and other
reliable media sites such as tokendesk. If the start time is not given write it as 00:00. Please write the
time-zone after the time.
10. Listing date: The date on which the ICO plans on getting listed. Refer the company website, Whitepaper,
Roadmap and other media articles to capture this formation.

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
 11. Hardcap: The hard cap is the total issuance of a coin that will be created. This amount is fixed and
specified before an ICO is launched. The coin distribution can never exceed this amount. If the amount is
10 million write it as $10 million. Try to write this value in US dollars. If any other currency is used specify
it clearly.
12. Softcap: A soft cap is the amount received at which the crowdsale will be considered a success. It is the
minimal amount required by the company. If the company does not reach its softcap amount during the
ICO then they will allow the investors to retire their support. If the amount is 10 million write it as $10
million. Try to write this value in US dollars.
13. Hiddencap: This information can be found in the Whitepaper or the company website and other reliable
media sites such as tokendesk.
14. Currency accepted: This is also given in the Whitepaper or company website. Examples are ETH or BTC.
15. Masternode: A Masternode is simply a cryptocurrency full node or computer wallet that keeps the full
copy of the blockchain in real-time. They can be run by anyone. However, there is an entry barrier
(minimum number of tokens) in place to ensure that the system doesn’t get malicious. This info can be
found in the whitepaper or in the official telegram groups.
16. Masternode payout structure: This info can be found in the whitepaper or the official telegram group.
Running a masternode is usually incentivized. Different cryptocurrencies have different incentive models
through which a masternode operator can earn a monthly or weekly income. If the amount is 100 write it
as $100. Try to write this value in US dollars. If any other currency is used specify it clearly.

BONUS:

1. Bonus Investors: This is given in the Whitepaper and can be found by searching bonus in Whitepaper.
2. Token standard: This info is also given in the Whitepaper. Examples are ERC-20.
3. Token features: The types of tokens are:
• Currency tokens: Coins, or cryptocurrencies are digital tokens that act as online currencies that
can be used to buy and sell goods and services and can be held as a store of value.
• Equity Tokens/ Tokenized Securities: Tokenizes securities, also known as equity tokens or
security tokens, represent a share in a company that has completed a token sale. Tokenized
securities are, therefore, effectively similar to stocks and imply ownership and control.
• Utility Tokens: Utility tokens, also referred to as app coins or user tokens, provide access to a
company’s platform, product, or service. An example of a utility token would be the filecoin
token.
• Asset Tokens: Asset tokens are digital tokens that represent a physical asset or product. A great
example of asset tokens would be tokenized gold. Startup projects such as Goldmint are digitizing
and tokenizing physical gold holdings to allow investors to purchase difficult-to-store physical
assets such as gold online.
• Reputation/Reward Tokens: These are given as rewards to users on a platform. They can
symbolize a user’s reputation or simply a reward for being active on a specific blockchain
platform. This type of token is difficult to value and are thus not very popular among investors. An
example of this would be Steem Power on the blockchain-powered social media network Steemit.
4. Token Exchange Rate: This is usually given in the Whitepaper. Example: 0.00333ETH per 1 xyz

TOKEN SALE STRUCTURE:

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
In different countries, especially in Europe use a decimal and the comma separator interchangeably. So
1,000.00 in India / US / UK is written as 1.000,00 Please be wary and capture this data sensibly.

1. Share Test: The information on various shareholdings is given in whitepaper or the company website.
Please check if it adds to 100%.
2. Party and Shareholding columns: Please write the party name and shareholding percentage and upload
the table at the end of the columns.
3. Fund Unitization: Please add the shares and see if they add up to 100%. This may also be mentioned as
allocation, as in Crycash. Follow the same instructions as of Share Test.

ROADMAP:
Road map is similar to a forward-looking business plan for the company. This section is important to establish
the verity of credentials of a company. Also, the Roadmap should be downloaded with a date stamp and the
company name. So, the roadmap here, once downloaded, would be saved as RM_Cryptocash01302018.PDF.
The Roadmap usually is an image, or a clipping from the website or one of the website publications. The
Roadmap for Crycash is on page 21 of the whitepaper.

Multiple actions under a date should be captured in bullet points. The standard format is
• Abc
• Xyz

Please note that sometimes in a roadmap the date may be given as Q1-2018 or H1-2018 or Jan-2018. In such
cases put the last date of the quarter/month/year as the date. For example, if the date is given as Q1-2018,
please put 31-03-2018.

MANAGEMENT:
This data has to be pulled up for the top 6 management personnel of the company. This is for the C- level
executives, VPs and Directors. Usually engineers don’t make a cut.
In some cases, the management gives their LinkedIn profile. Please use that as a starting point in the
management profile section and then capture a gist of the management.

1. Management Name: As is
2. Management Designation: As is
3. Management Profile: To be captured in this format:
Harry has 23 years of experience in the crypto industry and was Vice President of Corporate Administration
at ABC Inc prior to joining Crycash.

Previous roles:
• ABC Inc (Nov-2004 to Mar-2017): Vice President of Corporate Administration
• XYZ Inc (Sep-1999 to Nov-2004): Business Analyst
• PQR Inc (Apr-1994 to Sep-1999): Business Analyst

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
 Education: Bachelor of Business Administration (1992) and Master of Business Administration (1999) from
the OPR University.

INTELLIGENCE:

Company Brief: A company brief should cover the following points:

• Write an opening statement that summarizes the purpose for opening such a business in brief.
• Address your audience by describing the types of people who will benefit the most from the topic
discussed in your opening statement. Focus on the benefits of the goods, services, solutions or business
goals presented in your opening statement and how these benefits directly affect your audience. Provide
reasons for why you believe your business has the goods, services or resources to help your audience.
• Provide scientific or academic evidence that supports your claims. Include a brief list of recent statistics,
industry studies and surveys.

Company background: A company background should cover the following points:

• Provide the back story, including date of founding, and who was involved.
• The origin of the idea for the business
• The market opportunity they are pursuing (and why)
• Progress to date, including any relevant key milestones
• Short-term growth plans

Market size and competition: Market size and competition should cover the following points:

• Industry description and outlook: This is where you’ll outline the current state of your industry overall and
where it’s headed.
• Target market: In this section, you’ve got to be specific. It’s important to establish a clear understanding
of your target market early on. For example, if you’re a shoe company, you aren’t targeting “everyone”
just because everyone has feet. You’re most likely targeting a specific market segment such as “style-
conscious men” or “runners.”
• Competitive analysis: The competitive analysis should contain the direct and indirect competitors with
their strength and weaknesses.

Pricing and company position: You need to answer the following questions in this section:
• What is the company’s Target Market?
• What Unique Value Do You Provide Them?
• How is their price compared to the competitors?

Company Management:
• Provide the legal structure of your business and introduce each of the business’ owners. Provide details
on the owner’s experience, education and other skills that relate to the business. Include each owner’s
percentage of ownership and explain how each owner is involved in the company.

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
 • Introduce each member of your company’s board of directors. Provide the names and contact
information for each owner, as well as a detailed description of each member’s background, experience
and credentials. Give details on each member’s contributions to the company and explain how each
member will contribute to the company’s future. You can refer the management profile section above for
filling in the details here.

Company technology: Write a brief summarization on how the company’s technology shows/does not show
potential and benefits/drawbacks of implementing it.

Investment Risks: While companies are generally obligated to discuss risks in their regulatory disclosures, risks are
often subjective and hard to quantify (e.g. the threat of a competing technology). It is the job of the
analyst to make these determinations.
• Investment Thesis: The motivation for a bullish or bearish stance on a company is uncovered in this
section. It can come at the top of a report and include parts of a company overview, but regardless of its
position in an analysis should cover the key investment positives and negatives.
• Valuation: The most important part of any financial analysis is to come to an independent value for the
token and compare this to the market price.
• Key Risks: This section can be part of the bull/bear story in the investment thesis, but is meant to detail
key factors that may derail either a bullish or bearish stance.

Investment Case: As some of the points needed in this section have already been covered one way or the another,
so try to keep this section on point.
• Purpose of forming this company
• Problems: Use data and numerical analysis to support your narrative.
• Solution to problems described above
• Why Now: what’s the need for such company now.
• Market Size: To be done using competitor analysis
• Competition
• Product
• Business Model
• Financials

SWOT Analysis: SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for
identifying both the Opportunities open to you and the Threats you face. Write this section in bullet points. Create
this in a word file and then copy paste it to the google form. This bullet should be very concise.
Strengths:
• What advantages does your company have?
• What does your company do better than anyone else?
• What unique or lowest-cost resources can your company draw upon that others can't?
• What do people in the market see as your company’s strengths?

Weaknesses:

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com
 • What could your company improve?
• What should your company avoid?
• What are people in your market likely to see as weaknesses?
• What factors lose you sales?

Opportunities:
• What good opportunities can you spot for the company?
• What interesting trends are you aware of?

Threats:
• What obstacles is your facing?
• What are your competitors doing?
• Are quality standards or specifications for your company’s job, products or services changing?
• Is changing technology threatening your company’s position?

H.O: 6th Floor, 2 Kingdom Street,

London, W2 6BD, UK
2, 3rd Floor, Padmavati Complex, Nanjappa
Reddy Layout, Koramangala, Bengaluru-95
Jobs@Inwara.com