Disclaimer : Please note that we are not associated with the ICO nor are paid for preparing this review. This is our personal opinion and investors are advised to do their due diligence before investing.

In this age of internet and mobile revolution, lot of data is being generated by each user every moment. Data has become similar to oil in the current economy. So it is easy to understand why everyone, be it Governments or Enterprises, is trying to gather as much use data as possible. And the use of these data is limitless; be it to understand user behaviour to sell products or to censor and suppress certain thoughts in the society. This has led to an era where organizations are going to any length to collect these user data even if at the expense of user privacy and security.

This led to the invent of remote IP usage wherein user can bypass the scrutiny of other stakeholders. However, there is huge gap in demand and supply of IPs in the current ecosystem due to the flawed nature of its operation. IPSX is trying to make this ecosystem more viable by making it more conducive and rewarding for the IP providers. It will create a Blockchain based system fully automated, with full clearing of utility tokens associating the price and distribution, based on offer and demand for IPs.

We have analyzed the ICO based on the below parameters:

1. Necessity or problem statement (12%)

2. White paper (9%)

3. Product Status (10%)

4. Team (10%)

5. ICO Pricing (7%)

6. Business Model/Revenue Source (15%)

7. Token Value Increment Options (15%)

8. Social Media Presence/Hype (10%)

9. Competitors (12%)

Below is the score we have given for each parameter and overall rating of the ICO.

Please continue reading for detailed analysis. 

1. Necessity or Problem Statement (12%)

As stated above the major issues for the current consumers in the internet world are:

For IP Consumers (Requesters):

• Need to achieve privacy and security while using internet
  
• Need to access geo-blocked services / media
• Bypass national and corporate restrictions.
• Data Mining by business providers
• Usage of dedicated IPs in VPN and VPS applications
• Adding security later for enterprises

For IP Providers:

• Liabilities of sharing IPs- they might have a problem when sharing the IP without knowing the exact usage
  
• Providers don't get any revenue for the IP sharing/ IP renting processes
• Bandwidth and Speed Quality of the IPs provided thereby making those not usable for enterprises
• The current service level and uptime is not usable for business and service providers.

So the above problems existed since the commencement of internet era; It got accentuated with the revolution of mobile services. And the current ecosystem doesn't address the core of the issues thereby leaving a lot to be desired by the stakeholders. We give a score of 8 out of 10 for the necessity of the solution proposed.

2. White paper (9%)

You can go through their whitepaper in the ‘Details’ tab.

Averagely written whitepaper with detailed information about the problem statement, current ecosystem, the solution from IPXS, the economy etc. However, the roadmap is not detailed and needs a lot more to be defined. Also the technical design is not very exhaustive for such a complex use case. Overall it can be improved by adding more details. We give them 7 out of 10 on this aspect.

3. Product Status (10%)

The platform development is at the early stages. The technical specification is not yet completely finalized. Even though there are already a few applications like TOR, it will be really interesting to see how they migrate similar concept to blockchain. Though we would have liked to have a hands on experience on the platform before rating the ICO, we like the concept and the team behind it. We give them 6 out of 10 for the product status.

4. Team (10%)

The team is has many players who were part of GeoRanker. They proved their quality at GeoRanker and the industry experience they bring is really inspiring. George, Xavier and Sergiu have huge industry experience and they will bring the same to IPSX. Overall they have a decent team in place but would need to revamp the development team to make the platform development hassle free. We give them 7 out of 10 for team.

5. ICO Pricing (7%)

They are planning to sell 50% of the total available tokens with a target of 10,800 ETH. This makes the company valuation at around $20 Million which is very very attractive, Another good thing is that any unsold tokens will be destroyed, however we don't think that there will be any unsold tokens. The only thing that we didn't like is that only 50% of tokens are available for sale which seems a bit greedy to us. However, overall very highly attractive pricing and valuation. We give them 9 out of 10 for ICO structure and pricing.

6. Business Model/Revenue Source (15%)

IPSX will have primarily 2 revenue generating source. 

• Charging a commission on the exchange of IPs through the platform
  
• Charging a commission for other service and application providers to use the platform to develop other applications like VPN providers, Data miners or Web Crawlers.

Remote IP usage market is more than $60 Billion and is growing at 16% YoY. If they are able to capture a 0.1% market share of this industry, then with a 10x calculation factors, it will make the valuation of the organization at around $ 60 Million, which itself will  be a huge achievement for the start up. So if they are able to stick to their roadmap then they have a huge potential to generate multimillion dollar revenue for the investors. We give them 8 out of 10 on this aspect.

7. Token Value Increment Options (15%)

IPSX will be the only medium of transaction in the the IP exchange ecosystem. So its demand will increase as more and more people start using the platform. Also as there will be other peripheral applications built  on top of the ecosystem, it will help increase the demand for IPSX tokens. So we see a huge growth potential for IPSX tokens once the platform is launched. We give them 6.5 out of 10 in this aspect.

8. Social Media Presence/Hype (10%)

This is one of the major aspects that they need to focus on to make the ICO succeed. Their social media presence is rather limited and groups are relatively less active compared to other good ICOs. However, recent partnership with Amazix services must help them increase the social media hype and publicity. We give them 6.5 out of 10 in this aspect.

9. Competitors

There are many traditional players in the space which are currently active like TOR. It will be very difficult for IPSX to compete and make a mark in the initial days. However, adding incentive system and blockchain to the mix will give them a huge advantage against incumbent players in the ecosystem. So if they provide a decent service with ubiquitous platform then they will be able to  easily penetrate the market and achieve their desired target.

Based on their roadmap and capable team, we hope that they will be able to fend of their competitor and capture market share. We give them 7 out of 10 in this aspect.

Based on our analysis we give a overall score of 71.85 out of 100 to IPSX which is a decent rating.

It has a very good growth potential and moderate risk. If you are considering from medium to long term perspective, it will give you handsome return on the investment. But a lot depends on how then plan out the roadmap and how much they stick to it. So IPSX aims to create a blockchain based platform that can remove the bottlenecks  faced in current remote IP renting/sharing industry and help many people who are currently affected breach or data privacy and censorship by Governments.