Thanks for asking. There are three reasons we need a new token:
1) We focus on mini-jobs and favors in remote places, so you need to be able to pay the service provider quickly and without high wiring fees, etc. as the mini-jobs are small amounts.
Example: if you want someone in your next vacation destination to check if there are vegetarian dishes on the menu of the local restaurants, you will offer something like $5. If you need to wire them to someone there and pay $30 wiring fee it kills the deal.

2) if you order a service somewhere without seeing or knowing the service provider, both parties need to be sure the compensation is there. We offer an eacrow service in our smart contract. Once you order a service, the agreed amount of coins is licked in an escrow. Once job is done you can release them, but you cannot get them back (unless the person you hired agrees). In case of disputes over a service independent jurors will review the case

3) to make the platform successful we need a global reach with plenty of users everywhere. That way if you need a service your chance to find someone to provide it is much higher.
We plan to partner with messenging app providers to boost users, but first we need a lot of marketing to make the platform a success and drive value of the C4Fs up. An ICO is a fund raising method to allow us to complete development and do sufficient marketing.

Thanks and have a great day

Sorry to hear this. Would you mind to explain what specifically you dont find conclusive ?
Not trying to change your opinion, just trying to see what we can improve to give a more transparent outlook.
The key criteria for success will be market penetration / user count. That’s why we have ambitious plans on growing market size after the ICO.
Part of it is marketing (thus the biggest chunk of the ICO funds goes there), part is strategic partnerships with existing app platforms such as WhatsApp or Line, etc.
If we could integrate Coins4Favors with a major messaging app, we gain hundreds of millions of users over nite.

Thanks for the feedback

Thanks so much, we are convinced that creating a global market for minijobs is a great potential.
Look at what Uber and Airbnb were able to do by connecting people in the Sharing economy, where people can be user or provider of a service. That market is $20 billion already and mostly just those two areas: transportation and lidging.
With Coins4Favors you open up a peer-to-peer market for anything.
With number of users scaling up and more and more transactions happening the value of a Favorcoin will only go up... good to be in early

In the short run you are right, hyped ones will have a high chance to create a good increase once listed if they are sold out.
However, if you have one with a great concept, it will grow over time and can outperform the quick gain by a multiple regardless of being hyped - all depends on what your investment horizon is.

Caution - Advertizing:
While we get a lot of sign ups now after just getting started already and sure work hard to make it a hype, we are sure our own ICO will be VERY successful in the long run as well because it combines two technologies (geo-location and blockchain based payment system) and addresses a market need not met so far.
If you want to check it out, see Coins4Favors, since today also listed on ICOWatchlist

Have a  great weekend

I bought early and then bought more when it was north of $2... on average I am back to profit zone but decided to let them sit and not look at them for a while.
I think they would jump would they get listed on coin base, but who knows if it ever happens 

I applaude you for that comment... as devs we are hoping for such long term investors that study the idea/concept, screen the business plan and buy into an ICO because they believe in the long term strategy and sustainability of the project. Obviously we also understand those who are in it for a short term return as well, but they are "only" helping to fund the start. A long term successful ICO needs more than just the initial monetary contribution from the investor, they need feedback and critical questions during the development from the community, advertising/spreading the word and creative/innovative ideas how to improve the product.

just my 2 cents
 

From perspective of a dev I can say clearly yes, the idea of an ICO is still great.

With an ICO an innovative team can take an idea, present it to the community and see if their idea is worth pursuing.
It is still an amazing way to attract crypto-enthusiasts to turn a great idea and vision that is blockchain based into reality and reward investors for their courage.

In my view it keeps the crypto development alive in times where traditional financing is not yet ready to fund these projects.
I have done it for previous startups very successfully, but even with a great track record of raising traditional bank loans and venture capital based on solid business plans and a convincing product, I doubt that traditional financing is available anytime soon for an altcoin project that uses blockchain as a key element of a business model.

Mostly because the traditional banks struggle assess the risk of such an endeavour, one of the most important inputs to their lending activities.
I bet most loan managers in traditional banks do not understand what blockchain means, so how can they assess the risk ?

The problem is that too many ICOs are on the market, making it very difficult to spot the good ones with unique ideas and a solid business model that really utilises blockchain. This is not only a problem for the potential crypto buyer and investor, it also makes it harder for the ICOs to compete and get attention.

I strongly believe the market will clear up and in the long run only good ICOs will survive. The barrier is getting higher for fake garage type ICOs already. Getting listed on the major ICO listing pages is around 1 to 5 BTC already, multiply that by the number of sites you need to be listed to get attention and the upfront investment is quite high for a scammer. Unfortunately it also impacts the small ICO team with great ideas but limited budget.

Anyways, ICOs will stay and are a great concept both for investors and developers - time will help straighten out the market.

Till then, good luck with your investments 

Hey,

with all these ICOs going on in parallel it seems impossible to stick out for a good one.

Reddit and this forum get flooded with announcements of new ICOs making it almost impossible to spot good ones.
Facebook blocked ICO advertising.
Google Adwords blocks use of word ICO in ads in certain countries already.
Twitter is drowning in ICO announcements.
Listing pages are popping up everywhere, too.

What are the ways you guys use to learn about new ICOs and how do you find out the good ones ?

Thanks for being such an active supporter of our ICO.
Try the new bounty program and you can even make 5% commission.
We just increased team to 7 members and will get two very experienced ICO advisors join the team shortly

  Good our Leadership Team at Coins4Favors is German, hard working, honest guys, just not a lot of humor 

Just kidding, interesting that you use this as a rating criteria, never thought of it but kind of makes sense...
Good luck with your investments.

Thanks for the feedback and the good wishes 

Thanks for the comment.
Interesting, the Whitepaper clearly states why we need the blockchain technology for Coins4Favors and how it solves 5 problems using this on page 9.

Small favors and mini-jobs in remote areas require you to be able to pay regardless of the currency and with minimum overhead costs.
If the favor costs you $5 (equivalent), users don't want to pay $20 in wiring fees if it goes to another country.
The favors will not be standardized like Uber or Airbnb does, therefore you are looking at peer-to-peer services, not a central payment system.
Private people cannot charge credit cards, so you are in need of a fast and reliable cheap way to compensate people around the world regardless of local currency.
Blockchain technology offers just that, plus it allows for an escrow service built into the smart contract, so the person being asked to perform a favor knows the compensation is secured for him in an escrow. Disputes between a favor seeker and a favor provider can be settled by independent jurors, etc.

Of course, raising money is part of the ICO, that is the very purpose.
In order to make the system successful the number one thing is market penetration. We need enough users everywhere, so that if you are looking for a favor there is enough people who are willing to provide favors. Therefore the biggest portion of the ICO funds will be used to market the system, followed by funding the further development of our alpha version into a commercial app and platform.

Let us know if you have any further questions
Your Coins4Favors Team

Hello and thanks for your good and valid question.

There are three reasons we want to issue a FavorCoin instead of using an existing coin.

1) Value/Cost of a coin
We focus on very small jobs and favors, which will cost you the equivalent of maybe $5 to $20.
If you look at Ether, etc. the value is meanwhile so high, that a favor of that size would cost 0.0058 Eth.
Not very practical.
Therefore we need a coin which can appreciate in value vs. ICO but remain practical for the targeted market.
You will get 125,000 FavorCoins for 0,05 Eth during the Pre-ICO week 1 (incl. 25% bonus) and 100,000 C4F for 0,05 Eth during ICO.
If the value of FavorCoins in the long run would be $0.01 (speculative !) you can still order a normal small favor for 500 FavorCoins while the value of your 125,000 Favorcoins vs. ICO has gone up 2900% from $42,50
(based on 850USD/Eth) to $1250.

2) Funding of Marketing & Development
We want to raise the funding to develop and market the Coins4Favors system. That is why we need the revenue from the ICO.
A system like this only works if you have enough users across the world, so if someone looks for a favor somewhere there are enough Coins4Favors users that can provide that favor or mini-job.
Key to achieve this is marketing, marketing and marketing of the App and the Coins4Favors system.
If you check our webpage and the whitepaper, we outline the use of the ICO proceeds and explain why we use most of the money raised for marketing (40%). It will be very difficult to reach global coverage without sufficient marketing over a longer period of time.

3)Branding and Value Increase
Branding of the Coins4Favors system and control of it's valuation with a dedicated token is the third reason.
With the Coins4Favors token we have a token that has a dedicated use platform. This allows us to drive the value of the token up by simply scaling up the user base, driving up our market coverage.
If we use another existing coin, the value of the coin will fluctuate a lot as seen in recent weeks. Maybe some coins even fail in the long run.
This can influence the value of FavorCoins and make the placement and valuation of favors difficult in the system. Therefore we chose a dedicated token for our platform.

I hope this makes sense, please let me know if you want to discuss further.

Your Coins4Favors Team

quote author=auliahr link=topic=2931005.msg30107530#msg30107530 date=1518399457]
a very interesting thing for me is the innovative system combines blockchain technology with GPS based location services. but can 4favor service be used all the country?
[/quote]

Happy to hear you like the idea.
Yes, it can be used everywhere. All you need is a smartphone with internet access and the Coins4Favors app on it.

You post the favor request in the app and specify where you need it done, the app informs other Coins4Favors users in the area where you need it.
Once someone accepts your request (maybe after proposing a different amount if Favorcoins) and you accept the person as the provider of your service, the system moves the number of FavorCoins that you agreed on into an escrow.

As soon as the person did the favor you requested and send you the information/pictures, etc. you agreed on, you can accept the job as completed and the coins are transferred to the persons wallet.
So it works everywhere in the world.

We plan to list the FavorCoin in all major exchange platforms, so the person that did the favor can use the Coins to get other people do him a favor or exchange them to other coins.

For more details, please check our Webpage at www.c4f.io or www.coins4favors.com
Any questions, let us know 

Thanks and have a great day
Your Coins4Favors team

Thank you very much, we hope the same - and we are confident that our concept is a great one 

The reason we see blockchain as a key enabler for this kind of marketplace is that it solves the issue of payment for a small service or favor in a remote place which is of big personal value but usually small economic value, so not allowing to carry much overhead costs for wiring, etc.

If someone checks out a used car for you which is 4 hours away, you don't want to wire $10 for that upfront.
If someone reserves a parking lot for you, he wants to be sure he actually gets the money and that you show up, so an escrow function is needed.

Unlike Uber or Airbnb we don't specialize on a specific service type, so we need true peer to peer transactions and therefore credit card payments also don't work.

If someone checks out a vacation home you are about to rent in another country, you need to pay in a different currency.

A token based compensation system allows to pay a person anywhere in the world fast and with minimum overhead if that person does something for you and our system will reserve the agreed on FavorCoins in an escrow so the provider of the favor knows the FavorCoins are available and locked for him.
Add in the rating system to allow quality control of the community, a juror system to resolve disputes over escrowed Coins and a location based matching system in the Coins4Favor apps and you pretty much have all the ingredients for this platform to be successful.

Have a great weekend

Thx for asking.
Did this answer your questions ?

Have a great weekend

Thanks for your feedback.

Let me answer your comments specifically:
70% financing:
The critical key for success of the Coins4Favors platform will be a widespread use, so that people looking for someone to do a favor or mini-job in a certain area have a large number of users who can provide this favor. The platform uses a location aware app to connect favor seekers and providers and handles the compensation in FavorCoins via the ERC20 token. Therefore the biggest position in the budget plan with 40% is the marketing of the Coins4Favors system globally to reach sufficient coverage of all critical geographic regions.
We have a working alpha version of the system developed during our own technical feasibility study, but need to invest more to make it a premium product, support all platforms, as well as investment in scaling the server capacity for a true large scale user base. That is why 15% are dedicated to technical development.
Another 15% go into legal and compliance work, as we are dealing with service provision which requires careful monitoring of tax rules, etc. on top of the overall cryptocurrency situation, requiring us to remain in compliance globally.
20% are dedicated to ongoing operations costs during the development phase between the completion of the ICO and launching the final product. This will cover expenses to maintain the infrastructure and run the ongoing operation and compensation for the team which will rapidly scale up after the ICO to be able to meet our roadmap plans.
10% is contingency for unforeseen expenditures.

The remaining 30% of the coins which are not sold in the ICO:
5% of these coins will be used in the bounty program to support our marketing effort during Pre-ICO and ICO.
15% will be kept for ongoing operations after the product has been launched. As outlined in the business plan in the whitepaper, we have planned a commissioning fee of about 1% of each transaction on the Coins4Favors system in the long run to make the system sustainable. However, it will not be introduced prior to sufficient market penetration which we anticipate around mid 2020. So the 15% of the coins will be used after the FavorCoin is listed on crypto exchanges to fund the ongoing operations costs of the platform till it reaches breakeven via the transaction fees. The 15% already include the anticipated increase of value of the FavorCoins with growing market capitalization.
Finally 10% are reserved for the team behind Coins4Favors. These coins will be locked for transfer till 2020 and are our motivation to drive the project to success and work hard to reach our vision of becoming the #1 blockchain powered platform for mini-jobs and favors around the world.

POS or POW:

As outlined in the whitepaper and on the webpage, as it currently stands Coins4Favors will be based on FavorCoins - an ERC20 token, running on the Ethereum network. So for now it is POW till Casper changes this to POW/POS hybrid or ultimately POS.     
Technical reviews of ways to avoid the gas costs requiring Ether in parallel to FavorCoins are ongoing. There are solutions to allow zero gas transactions from the users perspective within the C4F App with the Coins4Favors platform carrying the related gas costs, but those need security and robustness validation.

Thanks again for your good questions, we will review the respective sections of the whitepaper and webpage and see if we need to modify them to make these points more clear.

Have a great weekend 

 

Thank you for the nice feedback - glad you like the idea.

If you feel anything needs more explanation or does not seem right, let us know - we want to make this as transparent and interactive as possible.

Looking forward to seeing you join the whitelist 

Ever needed a small favor or mini-job done somewhere remote and wished you knew someone there ?

We are building the first blockchain based marketplace for mini-jobs and favors around the world.
Now you can find and hire someone to do small jobs or favors for you, regardless of where in the world you need them done.

Watch the short Intro Video to see how Coins4Favors will change the global service industry.

Help us by reviewing our Whitepaper and join the 5000 FavorCoin Bounty program.
Please post your comments here and help us develop a platform that meets the crypto community's needs.

Coins4Favors - disrupting the global service industry and bringing coins to the masses.

Ever needed a small favor or mini-job done somewhere remote and wished you knew someone there ?

We are building the first blockchain based marketplace for mini-jobs and favors around the world.
Now you can find and hire someone to do small jobs or favors for you, regardless of where in the world you need them done.

Watch the short Intro Video to see how Coins4Favors will change the global service industry.

Help us by reviewing our Whitepaper and join the 5000 FavorCoin Bounty program.
Please post your comments here and help us develop a platform that meets the crypto community's needs.

Coins4Favors - disrupting the global service industry and bringing coins to the masses.