MediConnect aims to reduce the problems of overprescription, counterfeit medication and addiction. The fact that they are a small company with limited backing makes this goal unlikely.
This is a redundant project idea as the NHS has launched an enquiry into these problems. Stating that their ICO can tackle the issue of addiction is sheer hype and is unrealistic.
Their Managing Director and founder is an ex-footballer with no experience in pharmaceuticals or technology. He would need experience in both of these to realise the project.
The project has very little to offer in terms of its goals.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
MediConnect’s project is a risky investment. It has not been audited and no ICO Fund Supervision Scheme has been set up.
An expert review of MediConnect's upcoming ICO
The company was incorporated in November of 2018, for the sole purpose of this ico, only Mr Blackstock, the Managing director, is on records.
The company was set up with only 100GBP in capital.
Records state that he does own at least 75% of shares and leverage over the company.
No third party is regulating the raising of funds for this ICO and as MediConnect completes their ICO, any funds raised will be unsupervised and there is no promise yet of transparency.
MediConnect shows a vague allocation of funds on their website and in their white paper. It states that 44% of raised funds will go to “projects” without specifying what this could mean.
These points establish that any investment in this project will be accompanied by a high-risk level. The team and their project remain unaudited and without any form of exit scam proofing setup.
MediConnect’s project is a redundant venture. They aim to address three problems in pharmaceuticals: overprescription, counterfeiting, and addiction.
Firstly, the NHS launched an investigation into overprescription and counterfeiting only a month after MediConnect was incorporated.
This means that MediConnect must race NHS efforts instead of work alongside them, making the company even weaker.
Overall we do not see enough resources for this project to succeed, nor sustainable business competitive advantages.
The company is entirely Nottingham based, currently, meaning that graining national traction is unlikely.
Furthermore, the company’s roadmap does not surpass 2020, showing little planning or awareness about the future of MediConnect.
MediConnect’s token distribution has a soft cap of 5m and a hard cap of 31m.
The company seems to be entirely relying on investors funds to realise the project.
The white paper does not clearly.
The distribution of tokens and profits/funding is also vague. 67% of tokens will go on sale to private/public parties with 30% going to the company. With Mr. Blackwood as sole shareholder, however, it is unclear whether or not he will receive 100% of company tokens and profits to use with his vague funding allocation.
Some of the team may have some credentials in pharmaceuticals, but all unqualified in cryptocurrency and Blockchain.
For a start, the CEO is an ex-footballer with no background in pharmaceuticals, technology, or cryptocurrency.
Mr. Blackstock’s LinkedIn profile is false. It states he has been managing director of MediConnect since February 2018 when the company was founded the following November
As well as this, Mr. Blackstock is an ex-footballer with absolutely no experience in technology in general, let alone cryptocurrency or pharmaceuticals.
No mention of MediConnect and no information past 2008
Experience in pharmaceuticals but no experience in cryptocurrency.
No mention of MediConnect or experience in Blockchain or cryptocurrency.
Working on four other projects and no mention of MediConnect.
No mention of MediConnect.
MediConnect is a weak company with no experience in cryptocurrency or Blockchain.
Their Managing Director is an ex-footballer and has no background in technology, pharmaceuticals, or cryptocurrency.
The project itself is redundant as it aims to bridge a gap between data and pharmacies. This gap is already being investigated and plugged by the NHS themselves.
ICA isc to warning investors against ICOs which have no third party safeguarding the allocation of the funds derived from ICOs, no Funds Supervision Scheme deployed, and no exit scam proofing.
Mr. Dexter Blackstock
Mr. Samuel Ogunsalu
PREICO begins: 06-02-2019
PREICO ends: 16-02-2019
Token Name: MEDI
Soft Cap: 5m USD
Hard Cap: 31m USD
– Low soft cap
– Redundant project
– Unqualified team
– No IFSS
– No KYC
The issuers of this ICO have not commented on this review. If you represent MediConnect contact us to request auditing and subscription to IFSS.