Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom presents a novel approach to credit risk assessment allowing both traditional fiat lenders and digital asset lenders to issue compliant loans on the blockchain while increasing competition to lower fees and improve borrower experience at every layer of the credit issuance process.
The Bloom protocol presents solutions to the following problems:
Phase 1: Bloom Invitation System and Voting
Phase 2: Bloom Identity Matching (BloomID)
Phase 3: Credit Staking (Precursor to BloomScore)
Phase 4: Creditworthiness Assessment (BloomScore)
Phase 5: Bloom Credit Protocol Launch + BloomCard
Phase 6: Democratized Autonomous Credit Infrastructure
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:The Equifax hack in September 2017, which allowed attackers to obtain crucial personal identity information for 143 million people, shows that a decentralized and secured credit scoring system like the Bloom protocol is much needed.Bloom is a protocol that other lending platforms can build on top of, meaning that Bloom will be mentioned anytime it is being used by a lending platform. In crypto, news flow is one of the factors that drive liquidity and price so this is important.The co-founders all have impressive credentials, with Alain and John being in the identity space since 2013.The white paper is well written and covers ways to prevent exploits of the protocol, for example, users creating a new BloomID after ruining the original one, or users manipulating BloomScore by creating fake BloomIDs to vouch for themselves. This shows that the team has put a lot of thoughts into the technical side of the project and shows the team’s competency.
Concerns:The team has not developed any proof of concept/beta, so essentially this project is still at the white paper stage.The project has a high hard cap of $50 million, the majority of which will be used for user acquisition. This makes sense from a business perspective, but in general, the higher the starting market cap for a project, the lower the potential return for ICO participants. Therefore, we believe the attractiveness of the ICO depends on how much funds are raised.It looks like all the co-founders are working on Bloom on a part-time basis while they are also working on other businesses that they have founded. It is unclear how much time they are able to allocate to Bloom. There is no estimated completion timeframe for the milestones listed in the roadmap, so we are unsure when the protocol will be completed and ready to roll out.
ConclusionOverall, we are neutral about this ICO for its short-term potential and like its long-term potential if it raises less than $30 million from the ICO. Our thoughts of the tokens for short term and long term are as follows:For short-term holdingNeutral. Hard cap of $50 million is very high, especially for a white paper project. We are not sure if the project can reach the hard cap, so there may not be unmet demand for the ICO.For long-term holdingDepends. We believe the project can provide attractive long-term return if the project raises less than $30 million, otherwise we are neutral. Even though the team is impressive and they have a well-thought-out plan, the project is at a white paper stage and it probably takes a long time for the protocol to launch.
The ambitious hard cap of $50 million is also on the steep side. While the project idea of decentralized credit scoring and lending platform is ostensibly great, the team has impeccable credentials and the white paper is thorough although, there is a lack of proof of concept. The team is also seemingly working part-time on the project seeing that there is an unclear timeframe for the roadmap.
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