Group Project IO: ICO Review

What is Group Project?

Group Project was made with the objective of defending brands, retailers, counterfeits, and consumers. Their goal was to create a fail-safe authentication system that works with blockchain technology.

GroupProject.IO icoIn their whitepaper, they have decided to accomplish this goal through four features:

  1. Blockchain Technology: With Blockchain, Group Project can store data over thousands of products in order to show its validity. And it’s encrypted, so the data is safe and protected from outside hackers.
  2. Crypto-Tag: This is the “crypto-barcode” of the products. It acts as a marking system to determine product validity. If your crypto-tag is valid, then it cannot be replicated.
  3. Group (GRUP) Tokens: GRUP tokens are used to interact and participate on Group Project’s platform. These tokens allow you to buy verified products from other manufacturers in a decentralized and secure manner.
  4. Mobile Application: The application provides a platform for iOS and Android users to buy verified products. It uses the Crypto-tag data to tell the user if the product is authentic or not.

What Problem Does Group Project IO Solve?

Verification is one of the biggest issues that occur within our digital economy. Some companies have difficulty in deciphering the difference between real and counterfeit goods. Because of this, thousands of fake products are sold daily.

Group Project IO plans to solve this problem through the use of Crypto-Tags. Crypto-Tags are scanned by mobile devices and don’t need a battery for power. By obtaining information about the product, you can verify that it’s genuine and not a false one.

The product’s data is then stored on Group Project’s blockchain so that the data will be encrypted, unfalsifiable, and immutable, all of this is used to protect your data. It will also provide information on its blockchain as to where the product was made and by whom.

As group project’s platform uses blockchain technology, the product crypto-tags can’t be replicated. So it’s impossible to pass fake products as real ones. As a result, users will be able to benefit by having a quick system that lets them identify legitimate goods.

ICO Information

  • Website: Here
  • Whitepaper: Here
  • Fundraising Goal: $3,000,000 (Softcap) – $25,000,000 (Hardcap)
  • Price: 1 ETH = 1000 GRUP
  • Accepted Tokens: ETH, BTC

Disclaimer: The information in this review is made for educational purposes. Don’t invest in any ICO unless you speak with a financial advisor first.

Positives
  • Enhanced Security: The crypto-tags have a two-layer security process. If the crypto-tag is physically removed, then the digital tag is destroyed. This will show that the product is tampered with.
  • Clear Project Goal: Group Project’s solution is simple, and it creates a network where users are buying realistic products. People who are creating their own products or their own brand, view Group Project as a great security system.
  • Unverified Products: Group Project’s system stops counterfeit products from being sold. For example, if a counterfeiter tries to place a verified Crypto-Tag on a fake product, the verified product will be unsellable.

Negatives
  • Slow Growth: While it’s an interesting platform and project idea, Group Project might take a few years before it gains mass market appeal.

We will be happy to hear your thoughts

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