HireGo logo

HireGo

HGO
Pre-ICO Start: 5/1/18 Pre-ICO End: 6/1/18

BMJ Score: 3.5

Market

Transparency

Team

Token

Adoption

Quick Summary

14 Investors read this
It's a car-sharing play. It faces one HUGE question: Will its decentralized, blockchain-based car-key token be enough to keep established rivals from treating it like one of those junkyard crushers?

Commentary

It goes by different names depending on where you live -- car-sharing (U.S.), ride-sharing (UK), lift-scheme (South Africa), and self-driving (India). And that’s the point. Alternatives to car ownership are catching on globally. Familiar names such as car2go and Zipcar already own market share and mindshare. Car rental services such as Hertz are vying for a piece of this trend. Even Mercedes Benz and BMW have launched their own services. If you’re coming in behind the automakers, then you’re really trailing your market. Apparently, HireGo is betting that its token scheme will win the day by the efficiencies it introduces. Instead of all that paperwork, a token serves as a rental record, dispatch, and access key.

Investment Information:

  • How to invest: Follow the link, https://www.hirego.io/Presale, and fill out the form to participate.
  • Discount: 35% bonus throughout the pre-sale.
  • Eligibility: U.S. residents cannot participate. No sign of a minimum investment requirement.

Market: 3.5

  • Demand for car-sharing services is expected to grow, as public transportation improves and parking worsens with urban-dwelling younger generations. Who needs a car, with all its cost burdens, to just sit there most of the time?
  • Product-market fit established by HireGo’s predecessors. As of July 2017, car2go is the world’s number one largest car-sharing company with 2,500,000 registered members and a fleet of nearly 14,000 vehicles in 26 locations in North America, Europe, and Asia. It’s followed by Zipcar, with 767,000 members and 11,000 vehicles.
  • Demand for car-sharing services is expected to grow, as public transportation improves and parking worsens with urban-dwelling younger generations. Who needs a car, with all its cost burdens, to just sit there most of the time? Number of global car sharing members stands at 7 million people, but it is expected to reach 36 million by 2025.
  • Located in the UK. Won't hit hard regulation.

Transparency: 3

  • Short white paper, missing key information.
  • Tokens will be distributed as follows: 60% main sales; 15% founders; 10% teams; 10% ICO organization, bounties, legal, and incorporation expenses, payments for advisors, third-party services; 5% HireGo app early birds.
  • No indication of use of funds.

Team: 3

  • CEO Luqman Hussain has experience as the founder of a successful mobile application development firm. Previously, he was a senior architect in UK's Financial Times Stock Exchange. He considers himself a mobile Dapp expert.
  • The main blockchain specialist, Ali Ayyash, actually co-founded the popular Beetoken, a decentralized home-sharing network. He's also an ex-Google and Amazon employee.
  • Team Members

  • Luqman Hussain (LinkedIn)
  • Adil Bashir (LinkedIn)

Token Mechanics: 4.6

  • First beta of HireGo iPhone app expected to launch in Q3 of 2018, second beta of HireGo car-sharing platform will launch in Q3 of 2019. Alpha demo is available on the HireGo website.
  • Tokens will be used for access and transactions on the platform, but each individual vehicle will also get a unique, non-fungible token. Each vehicle on the marketplace is represented as an ERC721-compliant token. The holder of a vehicle token will be granted sole access to the corresponding vehicle and, as such, the ownership indicates that a rental transaction has been initiated. The token is returned to the vehicle owner on completion of a rental.
  • The unique vehicle tokens add a special value to this project. It appears this will be the first time that tokens will be used as "keys" to access some type of material object (in this case a car).
  • Total supply of 100 million tokens.

User Adoption: 3.3

  • Concept is familiar and easy to understand -- P2P car sharing via a mobile app on the blockchain.
  • Partnered with Origin, Mobiq, Autodelen.net, and Hacken. They’re solid partners for the project but nothing mindblowing.
  • Quality engagement online. A few websites have featured this ICO with an article or two.

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