BMJ Score: 3.9
Quick Summary18 Investors read this
CommentaryTrustLogics has identified several real problems in the recruitment industry: identity and data loss, false background information, and overpriced recruitment services. We are impressed with their vision to use the secure Hyperledger blockchain to facilitate digital authentication of professional data via auto-verification, certified validators, and peer reputation. What’s even more impressive is their working beta with over 100,000 users, and the numerous industry awards they’ve won for their innovation. While the TrustLogics team is experienced, they lack substantial partnerships, which is an area they can improve upon. We are interested to see how users adopt this platform, and if it will revolutionize the hiring process.
- How to invest: In order to participate, join the whitelist on the TrustLogics website.
- 25 June 2018 - 05 July 2018: 35%
- 15 July 2018 - 25 July 2018: 20%
- 04 Aug 2018 - 14 Aug 2018: 10%
- Eligibility: Citizens of the U.S are not allowed to participate.
- Investors can purchase TLT during the ICO with ETH, BTC, LTC, and BCH.
- Problem addressed/solved: The most pressing issues plaguing the professional recruitment industry are as follows: identity and data loss (SSN, personal address, and other required documents); fake reputations or accomplishments; no concrete background information; and overpriced service websites that are designed to help recruiters find qualified employees. Global recruitment managers also have difficulty verifying references.
- TrustLogics stores data on blockchain and makes it available via user permissions, and has use cases that have been utilized across many other industries.
- Verified data is a must on the platform.
- Target customers/customer/ segments/verticals: The TrustLogics platform will be sought out by businesses (job recruiting) and jobseekers. It will connect both parties in an efficient and simplified manner, making the hiring process much easier on both sides.
- Value creation: TrustLogics creates the most value for job recruiters, as it provides them with factual data on potential candidates that can be verified with the blockchain. Companies can now save thousands of dollars throughout the recruitment process, and job seekers will find work much sooner than they would otherwise.
- Peer power to refer suitable candidates while also building digital portfolios with reviews, ratings, and reputation levels. Also eliminates the need for headhunters.
- Storing verified data on blockchain is more secure. TrustLogics uses Hyperledger due to the massive amount of data being stored.
- Facilitates digital authentication of professional data via auto-verification, certified validators, and peer reputation
- Competition: The identity validation sector continues to be one of the most promising markets for blockchain use. TrustLogics looks to take that idea into the job market to create a more trustworthy environment so that everyone is who they say they are. However, they’ll encounter serious competitors and will have to find a unique value to differentiate their business from the competition.
- Market size/potential: The U.S. unemployment rate currently resides at 3.9%, the lowest rate since 2000. The job market is strong, and both startups and established companies are on the hunt for qualified employees. TrustLogics is coming into play at the right time, as employee recruitment is a pressing issue for most companies.
- Regulatory risks: Regulations for sensitive data, like the recently enacted General Data Protection Regulation (GDPR).
- Investor value: The TLT token will amass value as more users and recruiters join the platform. At the moment, unemployment is at a 21st century low, and the job market has plenty of open positions. TrustLogics just might be arriving at the most opportune moment.
- Disclosures: Aside from an impressive MVP, TrustLogics lacks in the disclosure department. They have a relatively short and uninformative whitepaper, no lite paper, and no FAQ section. They should look to revise their whitepaper and release a more detailed version in the future, so there’s more transparency for the project as a whole.
- Beta launched last November with over 100,000 users
- Token distribution: 55% main sale, 24% founders, team, and advisors, 10% partnerships, 8% early app users, 3% bounty and referral.
- Use of proceeds: 40% research and development, 40% marketing and global expansion, 10% infrastructure, 6% legal and regulations, 4% other costs.
- Soft cap: $2 million USD
- Hard cap: $16 million USD
- Track record: The TrustLogics team boasts impressive resumes. They’ve worked at or been a part of prestigious organizations such as Coca-Cola, Dell, Deloitte, Chase, Wells Fargo, and Bank of America. The 23-man TrustLogics team has extensive, relevant experience that will translate well into the company mission. It appears that many of the employees have held high-level position at their respective companies, meaning they’ve likely had experience with recruitment and have first-hand knowledge of the most pressing problems involved in the recruiting process. Lastly, their CEO, Srinivas Dubba, has built and sold two medium-sized staffing companies. He is the owner of several patents covering business and engineering initiatives, and has been involved in blockchain since 2016.
- Integrity: Working for major corporations like Wells Fargo, Coca-Cola, and Bank of America requires a certain degree of integrity and trust. A significant portion of the TrustLogics team has these famous brands in their background, giving investors confidence that they’ll carry their proven abilities to TrustLogics and its goals.
- Srinivas Dubba (LinkedIn)
- Sujith Achuri (LinkedIn)
- Tony Valdes (LinkedIn)
- MVP: TrustLogics has the best proof of concept of any Pre-ICO analyzed by BMJ. They boast an astounding 100,000+ users currently registered to their beta version. The beta version is available on the App Store and Google Play store for free.
- Token use case (What does it do? Is it really required?): Users of the platform will pay with TLT to verify that their data (milestones, accomplishments, and work history) is accurate and up-to-date. Corporations can use TLT tokens to leverage the power of an extensive recruiter network to fill open positions. TLT will also serve as a reward for users based on their activity on the platform.
- Value-added: At first, TLT appears to be a rather basic utility token, but TrustLogics ensures its use by requiring payment in the form of TLT in order to verify your information, which is essentially the premise of the whole platform. TLT is certainly required when using the TrustLogics platform.
- Decentralization: The TrustLogics platform will be a decentralized ecosystem.
- Token Supply: 427,224,610 max supply of TLT.
- Technical difficulty/investment expertise needed: TrustLogics does not require specific expertise in order to fully understand the ins and outs of the project. They provide a user-friendly video at the top of their website to help potential users or investors learn about the project.
- Halo effect: Partnerships for TrustLogics includes AIESEC, Republic of Suriname, Republic of Guinea, and a few other less notable partners. The partnerships that TrustLogics has appear scattered in different industries. It will be interesting to see how TrustLogics intends to utilize these partnerships to reach their ultimate goals.
- Buzz: TrustLogics’ main social media platforms—Facebook, Twitter, and Telegram—have 9,000, 6,000, and 7,000 followers respectively. They have a solid overall presence online and are featured on some major news sites like Coinspeaker and Yahoo Finance. They’ve been able to generate a lot of hype around the project because of the recognition they’ve received from organizations like the American Business Rewards.
- Won the Stevie Award!