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MetaMorph.Pro – ICO Review

MetaMorph aims to be a cryptocurrency swapping platform, whereby different cryptocurrencies can be exchanged for one another, or "Morphed" as the name of the project implies. It has a simple peer-to-peer transaction method bypassing the need to use centralized exchanges.

How Does It Work?

The MetaMorph system will use a completely decentralized API, so exchanging should happen more or less instantly. For example, say you want to “Morph” your BTC into ETH, you will be able to input this in the platform, deposit your BTC into a designated deposit address, enter an ETH receiving address, and the morphing should happen more or less instantly. The Whitepaper touts this service as being “unique and new” however to me it seems incredibly similar to established existing services such as ShapeShift and Changely. For this reason, in my opinion the actual impact of this project compared to these other two services is potentially low.

Fortunately the project does have goals to expand beyond being a simple token swapping service. With their planned MetaMorph.pro platform, users on the platform will be able to input their portfolios and track price changes, price charts and conduct deeper analysis on their investments. You will also be able to monitor how successful your trades have been in the past to guide future portfolio performance. Whilst not directly specified in the whitepaper, I assume the MetaMorph token (METM) will be used as some sort of payment for this service, thus being a part of how it would derive its value.

Further Analysis

There is plenty of room for competitors in the token swapping space, since both ShapeShift and Changely suffer from numerous issues. Whether MetaMorph will be up there with them remains to be seen. The innovation in the project seems to be that users will be able to store their coins directly on a wallet native to the MetaMorph platform. For users uncomfortable maintaining lots of different wallets on existing decentralized platforms and swapping tokens that way, this could be a help for them. As for the Whitepaper, I honestly found it a bit underwhelming. It was quite brief and lacking in specific details. The team seems focused on comparing the differences between centralized and decentralized exchanges without going into specifics on how they will be better than upcoming hybrid exchanges with much more developed APIs and more mature technical details on implementation, such as Qurrex and AllStocks.

If you’re going to invest into this, I’d recommend it being because you thought the project had a potential to compete with the likes of ShapeShift, and not with hybrid exchange systems. Whether it will actually pull this off is uncertain.

ICO Details

A total of 200,000,000 METM tokens will ever exist as the total supply. Of this, 20 million are being sold in the Pre-ICO, and 100 million during the main ICO. 80 million are being allocated to partners, advisors, bounties and the team.

The Pre-Sale launched April 27th and has a very high bonus structure, with 1 ETH = 10,290 METM + bonuses. As of the time of writing, the current bonus is an additional 25%. The main sale runs from May 28 until July 14, where 1 ETH = 4,125 METM.

Now, this is where in my opinion of the project and the main ICO falls apart. I am heavily critical of ICOs that offer extreme bonus structures such as this, and this factor alone takes many points off the project and brings it entirely into question. Considering the Pre-ICO token exchange is over double the ICO one, not including even the bonuses, the METM token has a very high chance of crashing upon release to Pre-ICO level prices. We observe this with every project that has unfair token distribution and high “bonuses”. It happened with CoinStarter most recently, whereby bonuses were as high as 300%, and it will happen again with other projects that offer unfair distributions.

If you missed out on the Pre-ICO and you really want to invest in this project, my advise is to wait until shortly after the ICO concludes and the METM token hits exchanges. I’m of the strong opinion the token will fall in value more akin to Pre-ICO levels by this time. As investors, we should not encourage unfair bonus structures. As much as I love promoting potential ICOs, I absolute hate it when I see first-time investors investing in ICOs at the bottom of the pyramid when all the bonuses have ended. So if this is your first time, I’m issuing an “avoid” recommendation for the main-ICO, and an “exercise caution” recommendation for the Pre-ICO. If you really want to pick this token up, do it post-ICO

Links

Website
Whitepaper

 

Summary
MetaMorph claims to have a team with extensive experience in blockchain. We have observed a number of "me too" ICOs recently such as this one which often fail, however the occasional gem does indeed take off. Whether or not this will be one of those exceptions remains to be seen. The project has a lot of more established competitors such as Qurrex and AllCoin for their hybrid exchange ideas, with more solid whitepapers. Personally I'd avoid this ICO due to its heavy pyramid bonus based structure, and I'd recommend waiting until post-ICO to conduct further analysis on whether or not MetaMorph is a project worth investing in.
Good
  • Potential ShapeShift competitor
Bad
  • Brief whitepaper
  • Lack of technical details
  • "Me too" project
  • Very unfair main ICO
  • No promotional video, lacking budget?
3.7
Bad
Potential Impact - 2
Team Experience - 5
Legitimacy - 4
Written by
George is an avid market analyst, reviewer, veteran ICO investor and Hearthstone player. BitCoinTalk profile: JainaVsUther

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