Parkade ICO review / PRKC token overview
Hello and welcome to CryptoTimes.TV!
Today’s review is for all of those who always have a problem finding a parking spot, because Parkade is a project that’s going to make our life easier in that regard. Or so they are hoping.
But before we go any further, here’s a quick disclaimer. We’re not financial experts and this review cannot be regarded as professional investment advice. So we suggest our viewers do more research on their own, before considering any investment in this particular project.
What is Parkade about?So, let’s take a look at what this team is up to.
The idea behind Parkade is to increase the supply of parking space worldwide and lower the price of parking. The first task is approached by building more parking facilities that will be owned by the company. As for making parking more affordable, well, we’re not quite sure how exactly this aspect is going to be achieved. It is claimed that the team will leverage some cutting-edge technology, but what does it imply? We’ll be talking about that in more detail next.
Also, you should definitely check out their official website at www.parkade.io.
What market is Parkade about to enter?First of all, it is clear that Parkade is about to face a great deal of competition in this sector, since parking is one of the most rapidly growing markets across the globe. And even more so, if we take into account that the concept of building regular parking garages is not at all innovative.
We assume they’re regular, because the team hasn’t clarified as to what measurements and strategies it’s come up with to solve this global issue. All we’ve managed to gather is that the next step after the ICO will be purchasing parking real estate which will be improved by “building up rather than out”. So does it boil down to simply building taller structures? It appears that it is exactly what the Parkade strategy is all about.
By the way, you can check out an almost identical project dubbed Parkres that’ll be holding an ITO later this year.
All about the PRKC tokenThe Parkade Coin ICO is designed to build infrastructure and develop a mobile application to manage parking across the globe.
In addition to company owned parking lots being listed within the application, users will be able to rent out their own parking spots, offering an additional way to earn parkade coins or local currency, and benefit from the business.
The ICO soft cap is $3 million, which seems to be very little for developing any substantial amount of parking infrastructure all over the world.
The total supply of coins will be 240,000,000. Parkade Coins which are unsold during the ICO will be allocated to the reserved pool and locked for 12 months, and then released gradually over time. And you can see more info about tokens distribution on the screen.
Those willing to participate in the token sale, get ready your Bitcoin, Ethereum or Litecoin, because the entire list of accepted currencies is limited to three.
Now what about Parkade MVP?The Parkade Team is developing the Parkade.io mobile application, designed specifically to help you park anywhere in the world with a click of a button. With this app you’ll be able to rent and reserve a parking place as well as have the opportunity to rent out your parking space.
Again, all of that isn’t something revolutionary, but a dedicated app connecting drivers worldwide might prove useful.
However, the full scale development of the app hasn’t started, but there’s a demo version available for download.
Who is on the Parkade team?To our surprise, there are no IT experts on the Parkade team whatsoever, let alone blockchain engineers.
Here are the key characters of the project.
The founder is Vik Kwatra, a business owner with over 10 years of management experience. He co-founded another real estate investment enterprise called Cancom Development, located in Edmonton, Alberta. As per Vik, he has developed and planned over 6,000,000 square feet of commercial and residential properties over the past decade.
Other individuals are also connected to the same Canadian company.
For example, Vanessa Tang is a Client Relations Manager at Parkade, the same position she had at Cancom Development. The rest of the team is also either a Cancom employee or otherwise connected with real estate.
For the sake of completeness, we must touch upon Advisory Board which does include one software developer – Jason Cihelka. He founded an IT company called JCACE back in 2009 and claims to have a strength in blockchain. But please keep in mind that Jason hasn’t played his role at Parkade just yet.
Parkade CommunityThere’s a bounty campaign running right now, but how much is going to be allocated for this purpose is unknown. And it doesn’t seem to progress very well, because all activity on social media is really low.
They have a blog on Medium with 0 followers and 6 posts as well as a Facebook profile filled with some 48 posts that provide little data besides a link to the official website.
But Parkade also has a YouTube channel which has been somewhat active over this past month.
What is in there for me?The fact that the team didn’t even bother to develop the app to present at least some proof of effort seems a little odd. All that necessary infrastructure aside, it’s hard to believe that engaging a group of developers for this task would be extremely costly. It’s just really difficult to see their commitment. Anyway, with the current schedule the development should only begin this November.
One advantage to Parkade is the county of registration – Estonia – which is becoming a major blockchain hub with solid crypto regulation.
Overall, our team got an impression as if a group of regular contractors decided to play the trendy crypto card and raise some additional funds for just another project. Hence little interest of the team in the development of dedicated software and scarce elaboration on the role of the native token.
As usual, it’s up to you to decide if this project is worth a try, but please take your time to study all available data on it.
We wish you well and see you soon!
ICO start: Sept, 2018
ICO goal: $3,000,000
Registered Country: Estonia
Parkade company founded: Feb 25, 2016