BMJ Score: 3.6
Quick Summary185 crypto investors read this
CommentaryAmbition is one thing; execution is another. MeFy’s grand plan is to reform healthcare delivery in one fell swoop. Many of its aspirations are, in fact, taking place across medicine, but only here and there and in increments. There’s a reason for that. Healthcare is fragmented. It’s comprised of vastly varied and competing interest groups -- hospitals, insurers, doctors, pharmaceutical makers, to name just a few. MeFy is headquartered in India, and perhaps the industry in one of the world’s most populated nations is different. But if healthcare reform in the U.S. is any indication, MeFy, with all its good intentions, has a long slog ahead.
- How to invest: In order to participate in the MeFy pre-ICO, register at the following link for their whitelist.
- Discount: 15% bonus throughout the pre-sale
- Eligibility: Citizens and/or residents of the following countries are excluded: the U.S., the People’s Republic of China and any other countries and regions where token sales are prohibited.
- Token Price: 1 MEFY = 0.20 USD ●Min/Max Contribution: 50 ETH - 500 ETH and 5 BTC - 40 BTC
- Jurisdiction: Mefy is a privately-owned company registered in Australia and is compliant with all of the relevant obligations and requirements of the Australian Securities and Investments Commission 2001 (Cth) and the Corporations Act 2001 (Cth).
- Problem addressed/solved: The traditional healthcare system has many problems in connecting patients, insurance, doctors, and medicine. MeFy works to solve this by integrating the following into a smart healthcare ecosystem as a one-stop shop to include: ■ Meme edge devices, which use blockchain not to just track health records but to also create records through IoT enabled devices. This allows individuals who subscribe to Meme services to test statistical data about their health. ■ Meme Econsult, which will feature an entire user health record as created by the doctor. This will enable users to consult any doctor worldwide at record speed because the doctor will already have access to your prior health records instantly. ■ Meme Care app, which focuses on diet and lifestyle management to enable individuals to share health tips, as well as enable researchers to get paid to publish their findings. It can provide services such as reminders to take medication, it captures details of your physical activity, and it suggests meal ideas to assist with dietary needs. ■ Meme smart supply chain, which enables retail pharmacies to manage their inventory and supply chain.
- Target customers/customer/ segments/verticals: MeFy is a platform for anyone that wants to have easy access to health records, medical care, and insurance at the click of a button. It seeks to redefine the healthcare industry by removing bottlenecks and streamlining all aspects. The initial target audience is India, with the hope to expand internationally.
- Value creation: MeFy and its platform MeMe Care focus on improving healthcare for individuals by using AI, supply chain management, IoT devices, telemedicine, and personalized medicine. With its health record management and hospital management capabilities, it provides an international scope for healthcare, making it easier for those who travel to access healthcare when needed.
- Competition: MeFy will face stiff competition in this space, especially from other blockchain-related companies. MedCredits and MedicoHealth are both major players, just to name a couple. MeFy has already established a subscriber base in India, which should help advance its overall user adoption.
- Market size/potential: The global home healthcare market is growing fast, with a compound annual growth rate (CCAGR) of 8% and will exceed 517 billion USD by 2025. The global self-care medical devices market is expected to reach USD 16.8 billion by 2019.
- Regulatory risks: The major regulatory risk here involves compliance with HIPAA regulations.
- The healthcare market needs change, and blockchain projects are attacking the industry with full force. MeFy will enter a huge market that will only grow from here on out. Having said that, many other blockchain projects also want to dominate the healthcare space. MeFy is unique because it is not tackling one issue, but attempts to resolve almost every inefficiency that plagues the industry as a whole. It will be a tough market in which to excel due to high rates of competition. 4.0
- Investor value: The MEFY token, as an integral part of the MeFy ecosystem, performs multiple functions and has been designed so that customers will want to use it frequently, driving up the value of the token. Furthermore, MeFy platform participants benefit from holding and transacting in MEFY Coin tokens to avoid currency conversion fees.
- Disclosures: It appears that MeFy tries to be as “full disclosure” as possible, but it’s debatable as to whether they executed their transparency effectively. The website can get complicated and doesn’t do a great job of explaining the full scope of their project. Their whitepaper is informative but disorganized. The layout is important for potential investors because a sloppy website/whitepaper gives the impression that MeFy is withholding valuable information.
- Token distribution: 59% Crowdsale Distribution, 28.75% Presale Distribution, 4.55% Team & Advisors, 3.9% Company Reserve, 3.75% Marketing and Long-term Partners.
- Use of proceeds: Research & Development 50%, Sales & Marketing 15%, General Operations & Administration 10%, Accounting, Legal & Compliance 15%, Hardware & Software Licenses 10%.
- Caps: Soft cap is $10 million USD; hard cap is $35 million USD.
- The MeFy team admirably takes a tiny percentage of the MEFY tokens (%4.55). It shows investors that the team cares about building the company, even if that means less tokens for them. MeFy must learn to describe their product and company operations in a more effective manner. It needs to be in “plain English” so that readers can get a better grasp on MeFy as a whole. This will instill investor confidence and make MeFy appear more transparent about their operations. However, MeFy does provide a Disclosure document that has some pretty valuable information about the company if you’re willing to read through a few boring pages of legalese. 3.5
- Track record: MeFy fails to produce detailed descriptions of their team. They only provide a photo, quick job description, and LinkedIn profile, though to be fair, those profiles are verified. After reviewing the CEO’s profile, Sanjay Sinha is the bright spot of the group. He’s a former senior program manager, CEO, and founder of a few companies before MeFy. His entrepreneurial experience will certainly help advance this project through the ICO and beyond. There are also over 40 developers on their team, as well as a plethora of doctors and advisors.
- Integrity: It’s hard to tell whether the MeFy team has the integrity you want from an ICO since there are no real descriptions for each member. Having said that, the CEO has an impressive resume and an eleven-man team behind him. Their model is affordable, accessible and authentic, with a good mission statement.
- The lack of information lowers the MeFy team score by quite a bit. On the other hand, the deep bench of developers, advisors, and doctors associated with the project show promise. 3.0
- Sanjay Sinha, Founder & CEO (LinkedIn)
- Kaushik Kumar, Co-Founder (LinkedIn)
- Abhijit Roy Founder, Director & CIO (LinkedIn)
- MVP: MeFy launched its MeMe App Pilot with its first EDGE Clinic and Web App for doctors in March 2018. They expected to onboard 200 members/subscribers within 3 months; however, they onboarded 2875 subscribers in India alone.
- Token use case: The fundamental unit of value within the MeFy system is the MEFY Coin token (“token”), backed by healthcare services. Tokens provide non-volatile, inflationary-resistant digital value within the MeFy system. The MEFY token provides for multiple features within the MeFy platform: a form of payment, currency exchange, gamification of healthcare, social and gaming functions, data share, and payable access to de-identified health histories.
- Value-added: The MeFy token is required for all activity on the MeFy platform. It serves as the base token for all functions, and it has a variety of uses unique to this platform such as gamification of healthcare (MeFy game mechanics are tied to actions associated with MEFY tokens and smart contracts).
- Decentralization: MeFy transactions between individuals and healthcare professionals are routed through a decentralized peer-to-peer network.
- Token Supply: Max token supply of 200 million MEFY.
- MeFy’s pilot app has nearly 3,000 subscribers, an outstanding accomplishment that should help the spread of MeFy, especially in India. Their token is required for all activity on the platform, and it will have many users including patients, doctors, and hospitals. The overall design of MEFY and its many uses help drive demand for it and the platform. 4.0
- Technical difficulty/investment expertise needed: The MeFy platform has many functions, so it can be difficult to keep track of how everything actually works. Having said that, MeFy provides a few YouTube videos demonstrating the functionality of their product and how individuals would incorporate it into their lives.
- Halo effect: MeFy has no listed partners to date.
- Buzz: MeFy must ramp up their marketing efforts. Their Facebook, Twitter, and LinkedIn accounts add up to a mere 1,300 followers. Considering the product kicked off in June of 2015, the MeFy team should have been able to gain more traction in the media. That said, there is a lot of activity on YouTube and Reddit for this platform, and the buzz within the community is very positive.
- MeFy has a mediocre social media presence and subsequent media coverage. They have no listed partners to date even though they claim partnerships will help bring this project into the mainstream. With lots of activity on YouTube and Reddit, the buzz is positive. Furthermore, the entire aim of this platform is to provide a user-friendly platform that is readily available for healthcare. 3.0