BlockFood - ICO Review

Thanks to the invention of cryptocurrencies — and in extent, the blockchain technology — there seem to be more possibilities than ever, when it comes to revolutionizing different industries. Whether it is finances, healthcare, supply chains, gaming, or anything else, developers from around the world seem to have found use cases for blockchain, and methods in which it can make current systems better.

Blockchain comes with numerous improvements when compared to current technologies. It is more secure, decentralized, immutable, and it offers to give the power back to the people, and away from those who would keep it for themselves.

As such, it can reduce and resolve issues like corruption, and make the world a better place, while at the same time, it delivers greater efficiency and lower transaction costs. Now, it is safe to say that a lot of blockchain use cases still remain theoretical. There are several reasons why that is. Some hesitate to accept it because it is too big of a change to be accepted at once. Others fear the lack of regulations. In some cases, blockchain is still not developed and mature enough to deliver the changes that it promises.

However, there are also projects that have found their way to realization, even when it comes to areas such as food ordering. In fact, one project — called BlockFood — focuses on this issue particularly, and it already launched its ICO last year.

About BlockFood

BlockFood is a project that aims to deliver a non-profit decentralized food ordering platform. It utilizes smart contracts, and it promises to resolve a number of issues by delivering a fairer sharing economy and a smarter platform for ordering food online.

It is the first project launched by the Open Sharing Economy foundation, and it wants to allow customers to order food from various restaurants, who would deliver it straight to their doors via couriers. Its business model relies on fair wealth distribution, as well as dynamic commission rate, that is adjusted to structure costs.

Its white paper goes into greater detail when it comes to the project's philosophy, market, and technical solution. We, however, are going to take a look at its ICO details.

BlockFood ICO details

BlockFood launched its ICO during a rather unfortunate period in crypto history. It held its preICO from January 8th, 2018 until February 8th of the same year. Its ICO came only a month later, starting on March 8th, and ending on April 12th.

As mentioned, this was not the greatest period in crypto history. The regulators were already hunting down ICOs, proclaiming most altcoins as securities, and at the same time, crypto prices why sinking faster than ever before.

It is safe to say that this might have been the worst time to launch an ICO, but BlockFood did it anyway.

It sold its BFT token, which is a utility token developed on Ethereum's network, which makes it an ERC-20 token. It had a price of $0.2849 per 1 BFT, and it only accepted ETH in exchange for its tokens. Unfortunately, the project never released information regarding how much it managed to raise. Its soft cap was 1,000 ETH, and its hard cap was 54,000 ETH, which is quite a major difference.

Still, considering the period, it is likely that the hard cap was never reached. As for the soft cap, it remains unknown. The project was registered in France, and it required KYC and Whitelist procedures for those willing to participate. As far as it is known, it had no restricted areas.

Author: Ali Raza for:

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StartMarch 8, 2018
EndApril 12, 2018

As mentioned, the project was launched in a bad period for crypto, and particularly for the ICO model. The trust in ICO was slim, and not a lot of investors were willing to buy just about any token, as they were only a few months earlier. The project had a decent team, although it lacked advisors, and the team remains entirely unverified.

Jack$Dan   August 15, 2019  

Considering the fact that the project's token never emerged on sites like CoinMarketCap, and the project itself seems to have gone silent, even on Twitter, it is likely that it failed during the crypto winter of 2018.

Carrie   May 14, 2019  

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