• indaHash

    3.2
  • indaHash is a marketing platform that allows influencers to earn money by participating in brand campaigns on their social media profiles.

About indaHash

indaHash is a marketing platform that allows influencers to earn money by participating in brand campaigns on their social media profiles. As summarized in this review, indaHash was launched in January 2016 with a focus on micro-influencers (those in the sweet spot of reach and engagement), and in its first year ran 497 campaigns in 34 markets, while their influencer network grew from 10,000 to 110,000 and their employee count from 6 to 62. indaHash now boasts a network of over 300,000 influencers from 70 markets; over 400 clients, including Fortune 500 companies (such as Coca Cola, Sephora, VW, Adidas, P&G, McDonald’s, L’Oreal, New Balance, etc.), who have run over 1000 campaigns on the platform; and over 130 employees in 7 countries (Germany, UK, Poland, Singapore, US, UAE, and South Africa).

With indaHash, a brand submits either a photo/video for reposting or an assignment for influencers to create and publish their own content. The company or agency designates the tags to use and selects the criteria for influencers such as categories and follower counts. The indaHash platform then broadcasts the campaign to influencers who fit the requirements, moderates the submitted content, and tracks performance in terms of reach and engagement. The client pays the participating influencers according to reach (CPM), engagement (CPE), views (CPV), or content creation (CPCon), with rates set by indaHash, and receives a report detailing the campaign’s performance as well as rights to all the content created for the campaign.

The requirements for being accepted as an indaHash influencer include having at least 700 followers, a “proper number of posts”, a “good engagement rate”, and a “decent quality of posts (no memes, plagiarized or controversial content)”. Once accepted, the rates for an influencer’s participation are determined algorithmically and dynamically, based on followers and engagement. Influencers access the platform through a mobile app, whose Android version currently has an average rating of 3.3 from 1,899 reviews (including numerous complaints about long waits to get verified/accepted as well as a lack of campaigns), and whose iOS version has an average rating of 2 obtained from 21 ratings (with an ‘All Versions’ average of 3 from 62 ratings). After logging in, influencers can see the list of campaigns available to them, and the details for each campaign assignment. Generally, influencers have to take a photo or record a video and publish it on a social media account, with the brand’s specific #hashtag and @tag/mention in the description. Influencers can see their remuneration (rate per post) before deciding whether to participate, and their account balance is updated once the content is submitted, moderated, and posted. Withdrawal of earnings is limited by a minimum amount and payment terms are 30 to 60 days; payments come from indaHash directly and are deposited into the user’s bank account.

indaHash is now launching its IDH cryptocurrency, with a pre-ICO set for November 8, to be running for a week. Although fiat currency payments will remain available, using the cryptocurrency will allow influencers to be paid immediately and without revealing their private information, as well as make the platform available to more participants worldwide. Influencers will be able to sell their IDH coins back to indaHash (via a buyback program based on fiat payments from brands) or on a crypotcurrency exchange, as well as use them for special offers or early access to brand products and services. Furthermore, influencers will be able to exchange their IDH for personalized tokens, which they can then use to reward followers for engagement and to grow their audience. Fans would then be able to exchange these personalized tokens for things like access to exclusive content, a meeting with the celebrity, or making an appearance in a post. Fans will have their own indaHash profiles where they can see their balance of different influencer tokens. In order to incentivize use, brands buying a campaign with IDH coins will receive benefits (discounts, extra features), while influencers with more IDH in their wallets will receive higher bids for campaigns.

Although the Ethereum infrastructure is sufficient to handle the current volume of platform transactions, indaHash is aiming for mass adoption which will bring it beyond Ethereum’s capabilities. While IDH tokens are planned to remain on Ethereum, indaHash is looking at scalable solutions for the personalized influencer-fan tokens, such as Raiden (in which case influencer-fan tokens will be off-chain), Plasma (which will provide influencer-fan tokens with greater versatility), or other blockchains such as EOS or Exonum. The current whitepaper concentrates on the business plan and does not go much into implementation, but states that a technical whitepaper describing the platform architecture will be published, albeit without mentioning when.

Team

Transparent involvement; strong emphasis on business development; a bit low on tech dev, but includes solid blockchain advisors. The company lists numerous job openings on its website, also with an emphasis on regional business development, growth, and client relations, along with some administrative, creative, finance, and IT.
Barbara Soltysinska
Co-founder and CEO

Previously co-founder and CEO of LifeTube (a Polish YouTube multi-channel network) which was acquired by Altus TFI; has received awards and recognition for her work in the interactive marketing and business sector.

LinkedIn

Dariusz Zielinski
COO

 Also Managing Director of the Newsweek brand at Grupa Onet-RAS Polska (print and online media group in Poland); previously Strategy and Development Director for National Geographic at Gruner und Jahr (publishing house).

LinkedIn

Włas Chorowiec
Co-founder and CPO

Previously co-owner of LifeTube; also, according to the website but not mentioned on LinkedIn: previously founded NextClick (CEE targeted content recommendation platform), and has cooperated with Gruner+Jahr, Burda International, Bauer Media, Marquard Media and Ringier Axel Springer (RAS).

LinkedIn

Daniel Wroblewski
Chief Software Architect

Also a microcontroller programming specialist who designs and engineers professional audio products, a developer of WordPress plugins, and according to the website, an expert in backend technologies with extensive experience in designing high availability and scalability systems.

LinkedIn

Dmitry Khovratovich
Blockchain Advisor

Also Blockchain / Smart Contract Lead at INS Ecosystem, Security and Smart Contract CTO at ICObox, founder and Security Lead at ABDK, and Cryptographic Researcher at Evernym; has attained numerous notable achievements and awards in cryptography and blockchain security.

LinkedIn

Bok Khoo
Blockchain Advisor

An actuary and quantitative software developer with over 28 years of industry experience, working with clients including banks and corporate treasuries, investment managers, government entities, exchanges, and financial soft vendors in Australia, New Zealand, Asia, the UK and Europe. Also known as BokkyPooBah on ethereum.stackexchange.com, github.com and reddit.com/r/ethereum.

Michał Sokolik
IT Project Manager

Also Software Consultant at Starcom; has 15 years experience in hi-tech companies (Telecommunication Research Institute, Lynxrail) and top media agencies (ZenithOptimedia, Starcom).  

LinkedIn

Paweł Wrona
CFO

Previously Chief Financial Analyst at SAR PW and Financial Analyst at InfoCredit; according to the website, has 10+ years of business experience in numerous freelanced investment projects including greenfields, real estate, and fundraising.

LinkedIn

Crowdsale Details

Token Sale Dates

Pre-ICO: 8-November, 2017 to 15-November, 2017

ICO: 29-November, 2017 to 20-December, 2017

 

Total Supply

400,000,000 IDH

80% of the total amount (= 320,000,000 IDH) are for sale, while 20% will go to influencers and market education activities as well as a reward program, with 2% for bounty and promotional campaigns.

No tokens will be distributed to the team – for this the company will rely on its buyback program.

Raise Limits

Hard cap determined by the amount of tokens for sale: 320,000,000 IDH

Pricing Structure

Pre-ICO: 1 ETH = 4,480 IDH (40% bonus)

ICO week 1: 1 ETH = 3,840 IDH (20% bonus)

ICO week 2: 1 ETH = 3,520 IDH (10% bonus)

ICO week 3: 1 ETH = 3,200 IDH (0% bonus)

Minimum transaction amount 0.05 ETH.

Project Highlights

Technical White Paper

https://s3.eu-central-1.amazonaws.com/idh-files/ico-landing/indahash_whitepaper_ico.pdf

Not a technical whitepaper, a business plan.

Location

Poland

Blockchain

Ethereum

Project Code

N/A

Prototype

N/A for the tokens, but there is an existing, operational platform with fiat payments.

Token Rights

Payments and rewards for influencers and fans.

Influencers will be able to sell their IDH coins, use them for special offers or early access to brand products and services, or exchange them for personalized tokens to be used for engaging and growing their audience.

Ratings

Product

View Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

4
N/A
4 - Beta or initial rollout.
Appeal

Does this solution have a distinct edge?

4
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2
N/A
2 - Quite a few / somewhat better competitors.
Innovation and IP

Is there (patentable) innovation and intellectual property?

2
N/A
2 - Some, but nothing outstanding.
Use of Blockchain

View Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

2
N/A
2 - Some, but not much.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

3
N/A
3 - Issuing a custom token is justifiable.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

4
N/A
4 - Mostly decentralized.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

2
N/A
2 - Meh, okay.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

5
N/A
5 - All issues addressed coherently.
Readability

Is it easy enough to understand?

5
N/A
5 - Crystal clear. Enjoyable.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architectecure? Does it address implementational challenges?

3
N/A
3 - More information required.
Roadmap

View Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4
N/A
4 - Down to earth.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

4
N/A
4 - Long term.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

4
N/A
4 - Available and trusted.
Current Position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

4
N/A
4 - Past a few hurdles.
Compliance

View Breakdown
Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

1
N/A
1 - None in the near (or any) future.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Partly; compliance not fully assured.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

3
N/A
3 - Prototype / MVP / alpha.
Attention to Compliance Issues

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

3
N/A
3 - Limited to blanket standard.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

3
N/A
3 - Semi-professional (e.g. Howey Test)
Company and Team

View Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

2
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

1
N/A
1 - Severely skewed.
Token Sale

View Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

1
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

5
N/A
5 - Majority of tokens sold, strict vesting periods, milestone dependent release.
Media Presence and Following

Is the ICO well planned in terms of time, phases and scenarios?

2
N/A
2 - Minor exposure and interest, or ambivalent reception.
What is the company’s own business model? Where does its revenue come from? How are clients (brands, agencies) charged for running campaigns?

indaHash’s business model is about connecting influencers with the brands in an automated and scalable way via a mobile application. Instead of conducting a campaign with one big, digital celebrity, brands can engage several dozen or even hundreds of mid-tier influencers with smaller reach, but with higher engagement rates. That way, the activity and engagement around the branded posts are much more effective. Since the beginning of indaHash, more than 340,000 influencers from 70 countries have registered in the app. The income of the company is generated from the brands which conduct the campaigns. The brands have various payment possibilities, depending on the goals they want to achieve. Currently we are offering the following business models:

 

  1.    CPM (Cost per Mille) – cost of reaching one thousand followers of an influencer
  2.    CPE (Cost per Engagement) – cost for one interaction (like / comment / share, etc.) under a sponsored post of an influencer
  3.    CPV (Cost per View) – cost per one view of a sponsored video
  4.    CPCon (Cost per Content) – cost of creating a piece of content (photo or video for a brand)
When will you be publishing a technical whitepaper with a clear development timeline? How can you be sure that your business-development timeline can be fulfilled without knowing your technical abilities and limitations?

Before publishing the general whitepaper we checked the technical possibilities of integrating with the existing indaHash app and we started working on the technical whitepaper. In this way, we set the terms of integration which are manageable with the existing in-house development team, external blockchain developers and advisors. We are currently working on the descriptions and graphic mock-ups of individual flows. We want to prepare the descriptions in the best possible way, so that they are clear for the potential participants. Our significant advantage is that we have a working business and an existing app that we want to integrate. However, integrating the indaHash Coin into the app will require a significant development effort. Technical whitepaper will be published before the ICO.

Why are there not more developers, and why aren’t there any blockchain developers on the core team? The only dev related positions listed on your job openings are IT / frontend and QA. What are your plans in this regard?

Our product development team currently consists of 20 people. We are actively conducting the blockchain recruitment process using the direct search model. This way we can directly reach people from the blockchain community. Before, we were suspending the recruitment process because we are intent on acquiring top  talents and  we wanted to start the recruitment process as soon as we announced the ICO.  

Some of the advantages you state for issuing a token, such as allowing influencers to be paid immediately and without compromising their privacy etc., could be facilitated by allowing payments in Bitcoin. Other advantages, such as the personalized influencer-fan tokens, could be implemented as an internal reward system that doesn’t really require blockchain architecture. How would you explain the need for your own custom token?

There are several  reasons for which we decided to create the indaHash Coin. We invented a dedicated ecosystem for the cooperation between influencers, brands and fans. The indaHash Coin will be a key component to fuel this ecosystem and connect the above-mentioned groups. It will also be a means of exchange between the brand and the influencer thanks to the Pay-With-Fame functionality. By using indaHash Coins, influencers will be able to get early access to products and services from brands, as well as significant discounts. The brands, in turn, will be able to use their indaHash Coins to conduct further campaigns with the influencers in the app (exclusively via indaHash Coins as a dedicated influencer means of payment). If we want to achieve a high level of adaptation of the cryptocurrency in indaHash we need to give the influencers a unique tool, designed specially for them, which will satisfy their needs.

As we know, a significant problem with using BTC or ETH in business is the volatility of the exchange rate and the lack of the possibility to influence this rate due to the huge number of external factors. Payments in BTC have also become quite expensive, currently about 5-7$ per transfer, which is far too much considering typical pay-outs for mid-tier influencers. We decided to create our own Ethereum-based tokens in order to have significantly lower transaction costs and also to be able to influence the real value of the indaHash Coin by implementing a buy-back program.

Every month indaHash will buy their own tokens back from the market, using the money received from the brands to settle payments with influencers. In this way, we will be able to ensure a stable and constant growth of the indaHash Coin value. Our cryptocurrency will reflect the value and the growth of the real business, which would not be possible if we were using BTC or ETH. In addition, we reserved 18% of the indaHash token supply for education and promotion purposes among influencers. These tokens will be used for conducting the campaigns in a form of bonuses and incentives for using the indaHash Coin in settlements. Moreover, we do not believe in a big adaptation of cryptocurrency among influencers with payment model which assumes fractions and paying 0,058 ETH to the influencers for a post worth $20. This is why the pool of our tokens is 400,000,000 so there will be no payments in fractions.

Have you ever considered making Bitcoin payments available on your platform?

Payments in BTC have become quite expensive, currently about 5-7$ per transfer, which is far too much considering typical pay-outs for mid-tier influencers.

What is the relationship between the IDH tokens and the influencer-fan tokens?

As we know, creating a new cryptocurrency for influencers will require deploying the smart contract and programming it in a certain way. We want to automate this process and use the indaHash Coin with a certain market value in $ to cover the technical costs of creating the “influencer-fan tokens”. The whole process will be reserved only for the influencers who posses the indaHash Coins.

Could you, for example, let your influencers accept Bitcoin payments and use some kind of internal system for influencer-fan rewards?

The Bitcoin payments are currently impossible to implement due to the high fees. Our target group are the mid-tier and micro influencers. The internal audience fan reward system also can not be implemented because we will create the indaHash Score on the basis of the activity of the influencer’s fans. This will be the tool for the brands to measure the real engagement of the individual influencers on the basis of the activity of their audience. If we want this product to be credible, the activities need to be transparent by both the influencers who will compare themselves with each other as well as the brands who will decide about cooperating with the individual influencers.

How do you plan to handle mining and gas costs, transaction fees, etc.?

At the moment, our advisor Bok Khoo  (Ethereum Dev BEc, AIAA, Director and Consultant is an Actuary and quantitative software developer with over 28 years of industry experience. https://ethereum.stackexchange.com/users/1268/bokkypoobah) created a revolutionary system called “ Token Teleportation Service”.  It’s a ERC20 token smart contract that implements the BokkyPooBah’s Token Teleportation Service (BTTS) interface that provides Ethereum accounts with the ability to transfer ERC20 tokens without having to pay for the Ethereum network transaction fees in ethers (ETH). Instead, the account pays for the token transfer fees in the token being transferred.

How do you address legal and compliance issues related to your token? So far, although your platform already exists, the infrastructure for your token does not - does it? How soon after the token sale can influencers start getting paid in IDH and using them for something other than selling them back to the company or on an exchange?

We have an internal law department which covers all issues concerning legal and compliance. We are currently working on the infrastructure and are planning the implementation of individual functionalities according to the roadmap which is published on indahash.com/ico in 2018.

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