CoinDash is basically a three-layer platform on Ethereum Blockchain designed for new and experienced users, providing them with adequate tools to manage trading portfolios and maximize profit. The CoinDash ICO will take place on upcoming July 17th and there is much to expect from this interesting upcoming project.
Layer 1: Portfolio Management Tools
Instead of struggling with Excel sheets to track your investments and wasting a lot of time updating prices, CoinDash aims to provide a dynamic platform to manage your portfolio. Multiple public keys from exchanges like Poloniex or Bittrex can be added to automatically track all your past transactions. This allows users to easily monitor their own portfolio. The CoinDash platform is capable of monitoring the price volatility of assets and calculating a corresponding risk level for the whole portfolio, which will be benchmarked to the market.
Layer 1 is innovative but first of its kind for automated price calculation. Its true value lies in combination with social trading (layer 2). The main competitors for this functionality are Blockfolio and CryptoCompare. Blockfolio is doing very well because its mobile app can track your assets. Coinigy can also be rated as a major competitor. Coinigy doesn’t offer portfolio management explicitly but offers its users a platform to trade on all exchanges with just a single account. Besides that, Coinigy also offers a toolkit with loads of functionality to perform technical analysis.
I personally would prefer a platform which combines portfolio management, with risk management and technical analysis tools. A mobile app isn’t essential because I feel more comfortable trading using a desktop PC with a big screen that can display all the relevant data, unlike mobile.
Layer 2: Social Trading
The social trading functionality is unique to CoinDash as a crypto project. The best known social investing platform is eToro, which offers the same concept for non-crypto assets like FIAT pairs (EUR/USD or USD/CHF). “Co-founder, Adam, from CoinDash has set up the Shanghai office for eToro. There are obvious synergies between us, although at the moment we cannot disclose any more details”, Ram Avissar, CMO at CoinDash has said.
CoinDash has applied the same idea as eToro to crypto trading and is the first social crypto trading platform that will launch an ICO. The concept is simple – traders are able to follow (or imitate) profitable traders and act the same way they do to get a piece of the pie. New users get an opportunity to see experienced user’s positions and their live trades. They will get the chance to gain confidence, learn from the ‘professionals’ and make some nice revenue. On the other hand, successful traders are encouraged to share their trades and enjoy earning some revenue shares.
The social trading functionality makes use of risk levels. Users can filter successful traders by trading style (long or short term), but also by risk levels of the assets they are likely to trade and the relative profit they made to that point. This allows the user to find the trader who perfectly suits his style of trading.
Who are the competitors of CoinDash crypto social trading: “To be honest, at this moment I don’t see any direct competitors”, Avissar continues, “There are different projects out there that act as crypto funds such as Iconomi, Taas & Melonport but they do not provide the tools that we do, and make their investments based on their own criteria. Other players in that market such as Shapeshift Prism, gives you an opportunity to build your own portfolio but without any help in deciding which assets to hold. Sentiment gives you data feeds that help you decide where to invest so I’ll say they are the closest to be called ‘competitors’ but the service they are offering is very different and focuses only on one aspect of our platform so they are not targeting the same audience as we are.”
Layer 3: Marketplace
After having gathered enough data, CoinDash aims to become a whole marketplace where each user can use the platform not only for monitoring and participating in ICOs but also for executing trades on the secondary markets, finding interesting projects and managing their portfolios with a large variety of tools.
The biggest challenge CoinDash faces is creating enough hype around the platform. It is never easy to bring a new product to the public and attract a massive number of users. The founders hope that people will see the added value of the platform so it will become the leading variant of eToro for social crypto trading.
Vision and roadmap
“The CoinDash team already has a working product and we want it to be commonly used and the default for managing portfolios. Assuming that within five years our community has millions of users, we can see a lot of where to grow and how big the market is. After achieving the goals of creating management tools and investment tools we want to become an entire marketplace ourselves, and really think that the possibilities here are endless”, Avissar said. However, take this with a grain of salt. It is possible to become an entire marketplace, but it might be better to stick to the core functionality of being a social trading platform first, combined with dynamic portfolio management.
The CoinDash roadmap reveals that they first want to implement functionality to copy ICO investments (first 3-4 months after the CoinDash ICO is expected to end). In Q2-Q3 of 2018, they plan to finish the functionality to copy the trades. This copying procedure will be accomplished through the use of smart contracts. “Using a smart contract gives users the ability to designate a certain amount of funds in their portfolio, send them into a smart contract and choose a trader they want to imitate. Whenever this trader participates in an ICO, the smart contract will automatically send the user funds to the same ICO address, effectively participating on behalf of the user.”
Team formation and company culture
“Alon and Adam, the co-founders, are longtime friends and shared the idea of creating a shared project in the crypto space”, Ram says, “I met Alon in an ETH Meetup and got immediately hooked by the idea. Emmanuel, Eli and the rest of the team are all active members in the crypto community and though I can’t speak on their behalf, I’ll say that the formation is totally natural. It is safe to say that our entire team is very experienced in the crypto world.”
“We are a multicultural company with bases in China, Israel, and the USA. We are 24 hours a day factory spread over three totally different time zones. I’ve worked in several similar companies before but never experienced such high standards of teamwork. This is a great privilege for me, to be part of such a talented team. Each of us has his own domain and processes but decisions are taken after general consultation in a very professional supervised way.”
The reason for ICO
“All of us at CoinDash truly believe that ICOs are the future for funding and that they will soon be the preferred way of raising funds. And not only in the crypto world, as they are the best way of getting funds from the public, allowing everybody to take part in something they believe in. Having said that, we must admit that some recent ICOs sometimes missed those goals as they were overfunded and lacked a healthy correlation with the basic ideas behind them.
CoinDash’s ICO funds will be used mainly to execute their complex platform. The platform is open-sourced and will use smart contracts and will operate using our internal coin: CDT. Each user will have to pay CDT in order to use the platform’s different functionalities. Other than that, the tokens we sell during ICO will be also be used for future activities such as customer acquisition, faucets, PR & marketing, and product development. All of the above require us to go for ICO.”
Portfolio management is up and running and CoinDash brings a viable product that can be very functional. At the moment, the team is focused on the ICO launch. As the ICO ends, the first development will be the copying of ICO trades using smart contracts. The idea of a combination of portfolio management and social trading is very interesting. It would be even more useful if it integrated with some technical analysis tools (maybe in the project’s third layer).
ICO Numbers and more info
Total Cap: 12,000,000 USD
Number of tokens: 1 Billion
ICO start date: July 17th
CoinDash on BitcoinTalk