ICOrating

MIDEX Basic Review (https://ico.midex.com)

ICO dates (15.01.2018 - 15.04.2018)

Web: icorating.com

Email: info@icorating.com

Twitter: @IcoRating

Project details

Name: MIDEX

Ticker symbol: MDX

Project type: Platform, Banking, Investment

Extended company description: Midex makes the use of cryptocurrency easy for

businesses, traders, and consumers. It is a financial ecosystem fulfilling the needs of

all economic participants through a fully licensed and encrypted exchange.

Company: Midex Ltd.

Website

Whitepaper

ICO details

Public ICO start: 15.01.2018

Public ICO end: 15.04.2018

Token Sale duration (weeks): 12.85

Token type: ERC20

Token emission: 75,000,000

Tokens available (Pre-Sale + Public ICO): 63,750,000

Investment goal:

Price: 1 MDX = 1 USD

Accepted payment: ETH, BTC, LTC, DASH

Bounty: The program is active until the end of the ICO.

Token role: Functional

Team

Team (number of people): 17

Advisors and partners (number of people): 5

GitHub: N/A

Project information

Midex makes using cryptocurrency easy for businesses, traders and everyday users.

It is a financial ecosystem fulfilling the needs of all economic participants through a

fully licensed and encrypted exchange.

The Midex ecosystem includes:

A crypto exchange.

Secure transactions (Escrow).

A network of crypto ATMs.

An investment fund.

An ICO staging facility.

A credit marketplace.

An investment marketplace.

A payment system.

The system enables storing, transferring and exchanging crypto assets.

Advisors:

Eyal Hertzog (LinkedIn) - Blockchain advisor. Product architect for Bancor

Foundation, previously co-founder and product architect for AppCoin, co-

founder and president of Metacafe Inc.

Daniele Azzaro (LinkedIn) - Strategy advisor. Preventing financial crime

SMEs and senior strategy consultant at Lloyds Banking Group, consultant

for ModulTrade Ltd, CoinLoan, managing director of Dekoo Consulting.

Ely Tolen (LinkedIn N/A) - Advisor on international relations. VJ for Capital

FM.

Gabriel Brack (LinkedIn) - financial expert. CEO at Rothschild Family

Office.

Renato Almeida (LinkedIn) - Legal advisor. Legal advisor to Snovio, civil

servant at TJDFT, previously legal advisor for Minex.io, legal advisor and

business analyst at TrueFlip Inc.

Partners:

Global Venture Alliance - an ecosystem promoting start-ups.

IBM - technical partner.

The Linux Foundation - a company investing in technology.

Bancor - crypto exchange.

Yoldi - partner in product development consulting.

Ethereum - technical partner.

Bitfury - a diversified blockchain company, the largest industrial crypto miner

outside of China, software and hardware developer with Bitcoin.

Attracted investments: N/A

Summary

The Midex project has experts in finance, legal issues and IT. According to the team,

the project's activities comply with legislative requirements in Estonia, Hong Kong,

Singapore, the United Kingdom, the United States and Japan, and also meet

European AML requirements including AMDL IV.

Project strengths:

The market chosen by the project is a dynamically developing one.

The project has a strong team of specialists.

The project has an MVP.

Project weaknesses:

A strongly competitive environment in the selected market.

There are risks of not attracting enough users to the platform.

The project uses several business models, which may entail an increase in

development costs.

The project has competitors with selected individual products.

Market and Industry

According to Research and Markets, the blockchain industry market will grow from

$544.2 million in 2018 to $2,312.5 million by 2021, with an annual growth (CAGR) of

61.5%.

Blockchain banking is a new direction in the development of the finance industry. As

experts point out it is much faster, more efficient and less error prone than the

traditional automatic clearing bank (ACH); this type of banking can save money and

time for banks and make payments almost instantaneous for consumers. In addition,

the decentralized nature of blockchain makes it difficult for criminals to commit

fraudulent actions. [http://www.prnewswire.com/news-releases/blockchain-market-

to-grow-at-a-cagr-of-615-by-2021-bfsi-sector-is-expected-to-dominate-the-market-

during-the-forecast-period---research-and-markets-300470481.html],

[https://thenextweb.com/contributors/2017/08/27/future-of-digital-

banking/#.tnw_dkU9ixYG]

Comments: The market is growing quickly, but the number of crypto banks is also

growing at a fast pace. More details on competitors in the next section.

Competitors

In the course of our research we identified the following competitors:

Everex - platform that enables making payments in cryptocurrency and

exchanging microfinance services

Monaize - an electronic blockchain-based banking platform intended for

freelancers and small to medium-sized businesses

Worldcore - a payment system offering a wide range of services

WeTrust – a financial services platform

MarketInvoice

BankEx

Lending Club

SALT

BTCJam

LoanBase

BTCPOP

GetLine

BM Chain

Bitbond

Dharma

ITTEX

Kiva

We have added the following competitors:

GetLine - a decentralized credit platform.

Lendoit - a decentralized P2P lending platform.

Genie - also a decentralized P2P lending platform.

Summary: The project’s main differences from its competitors are its wide range of

services, safety, stability and commission-free operation.

Engineering features of the platform

The platform is based on blockchain technology and smart contracts. To prove the

fulfillment of transactions, an internet of things (IoT) function is used.

The secure API enables external systems to interact with any of the services and

interfaces: Wallets, mobile applications, crypto exchanges, online stores, CRM and

ERP systems, statistical services, trading robots, news and ATMs.

The crypto exchange operates using WebSocket technology

Platform architecture:

Blockchain

Decentralized file storage (DFS) - Swarm and Storj.io

Certified CIPF – cryptoPRO and cryptoARM

Agents for processing external requests

Document analyzer

Security technologies used:

Bcrypt password encryption

USB token secure

App authentication

OAuth2

AES encryption

SSL

Technical description

Midex is designed for the following groups of consumers:

private clients – the purchase and sale of goods and services for

cryptocurrencies - hot and cold storage of currencies.

business - currency conversion, transactions in cryptocurrency.

traders - trading on the exchange.

investors - investments in cryptocurrencies.

The platform has the following features:

Midex Payment system. (This can interact with the escrow function).

Payment process: 1) choice of payment method (bank card, electronic

money, cryptocurrencies). 2) transition to the Midex gateway. 3) change

of payment status.

Midex personal account (online bank or mobile application). It is possible

to connect other accounts and centralize their administration, receive

reports and other information about payments, make transfers, repay a

loan or replenish a deposit, issue and pay bills, automate payments, and

block accounts.

Crypto ATMs. Provide the opportunity to buy, sell, exchange and transfer

currencies or withdraw funds.

Crypto Exchange. Exchange of currencies is possible at market rates.

TradingView.Analytics

Investment platform. An investor can find a trader, discuss conditions and

connect an API to view statistics.

Credit platform. P2P loans, the creation of credit histories.

Midex ICO Center. Midex will act as guarantor; it can search for financial

support and provide smart contracts and other programs.

Escrow. For various types of transaction with an electronic signature facility.

VR office. Viewing the virtual office.

Comments: The crypto exchange is licensed in Estonia.

A demo version of the product is available. [https://en.midex.com/]

Technical roadmap

As the technology evolves along with data quantity, it is planned to implement the

following:

Before the ICO: Change of cryptocurrencies, crypto exchange, escrow,

public API, aggregation of quotations, web platform.

Q2 2018: Introduction of the P2P loan market, asset management, payment

acceptance, trading API, mobile application, participation in SWIFT,

blockchain.

Q3 2018: Savings and settlement accounts, issuing of bank cards,

aggregation of crypto banks, crypto ATMs, marketplace of trust management,

mining pool hub.

Q4 2018: creation of Midex Coin, lending, Midex Secure system.

Q4 2019: venture investment, marketplace, premium insurance, ICO

marketplace.

Comments: The project has presented a step-by-step strategy for development. The

team has software specialists, therefore it is more likely that plans will be

implemented to schedule.

Documentation

We have analyzed the MIDEX website and documentation for sufficiency and

consistency for making an investment decision.

Information about the project is contained in the White Paper, Privacy Policy and

Terms & Conditions, written in English and Russian. The project is described in

detail in the white paper. The main emphasis is on platform functions and the

technical aspect.

The website also provides information about the project, the ICO, the roadmap,

bounty and bonuses, demos, videos, consultants and the team. The website is

available in English, Russian, Spanish, Portuguese, Japanese, Korean and Chinese.

The website features a link to the demo version and a description of the bounty

program.

Summary: The documentation enables forming a comprehensive view of the

project. The platform’s processes are described in sufficient detail. The team can be

contacted via Facebook.

ICO

Tokens for sale, %: 85

Public ICO start: January 15, 2018

Token type: ERC20

Accepted payment: ETH, BTC, LTC, DASH

Price: 1 MDX = 1 USD

Crowdsale duration: 12 weeks, until April 15, 2018

Use of MIDEX Tokens:

Tokens may be used on the platform as follows:

Token limitation: 75,000,000

Advantages of token holders:

Dividends: Bonus accruals every day at a rate of 20% of commission amount.

Additional token emission: No

Hard cap: 75,000,000 MDX

Current amount: $ 5,000,000

Comments: all unsold tokens will be destroyed after the ICO.

Token holders will not be able to dispose of their MDX tokens until the end of ICO.

Bounty

Bounty program

Up to 3,750,000 MDX tokens will be distributed among participants after the end of

the token sale period.

The program is open in the following areas:

Summary: The project has an extensive bounty program. All program conditions are

listed on the project's website; registration for the program is also via the site.

Token and capital distribution

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The

incentive system is built in such way that it is more profitable to buy tokens earlier.

Development plans

The roadmap:

According to the White Paper, the project is planning to switch to a digital format to

enable the following:

Provision of client access anywhere in the world 24/7.

A reliable authentication system.

Summary: In 2018, the project team plans to focus on developing the platform’s

functionality. In early 2019 (or late 2018), the project will have its own coin and will

provide services in 4 main areas: Venture investments, insurance, brokerage

services, and an ICO marketplace.

Team

The team consists of 17 people and 5 advisors. Information about the main team

members based on LinkedIn is given below.

Andrew Dubinin (LinkedIn N/A) – President. Previously member of the

management committee for central and eastern Europe UBS, and led a

project for the British financial group Aviva.

Dmitry Machikhin (LinkedIn) - Executive Director. Partner at GMT Legal,

Deputy Head of Medical Business Development and External Relations

Department at CHTPZ Group, formerly partner at Intels legal, Attorney at J &

T BANKA SR.

Alex Shkirin (LinkedIn N/A) - Head of Tax and Legal Department.

The team has 14 more members.

Summary: The team is mainly from Russia and also has the following specialists: a

Technical Director, a PR Director, Lawyer, Investor Relations Manager, Hype

Manager, Project Manager, a Marketing Director, plus Software Developers and

Designers.

Marketing

Information about the project is available via various popular services: Twitter,

Telegram, Reddit, Slack, Facebook, BitcoinTalk and YouTube. The project has a

bounty program.

The team is active on social media. News is regularly updated on Twitter, Facebook

and VK; the team is placing videos on YouTube.

The format of articles about the project shows that they are written mainly to order.

Comments: Interest in the project is gradually growing. The marketing campaign is

being developed mainly on Facebook, Twitter and YouTube.

Traffic analysis of the MIDEX website based on Similarweb.com data showed the

following:

Traffic source

Comments: Direct link: 34.22%, referrals: 16.62%, search: 22.15%, social media:

22.71, mail: 0%

Search traffic: 22.15%: 76.14% of which is “organic” and 23.86% arises from paid

searches.

Referral links: 16.62%

Total Visits: 65,000

Social activity analysis of the MIDEX site based on BE1.ru data showed the

following:

Traffic source

Comments: Top 5 countries for visitors: Russia - 44.89%, Ukraine - 12.77%, Brazil -

5.80%, Belarus - 4.75%, Japan - 3.40%.

Referral links: bitcointalk.org - 47.64%, icobench.com - 14.72%, promo.midex.com -

12.76%, bountylord.com - 7.88%, ico-list.com - 5.06%.

Traffic analysis of the MIDEX website based on analysis data showed the following:

Traffic source

Website rate: 0.79 (79%)

Activity: visitors: 9064; views: 36,240

Social activity: score - 605 (+137), source: VK – 15 (+1), Facebook share – 590

(+136)

Summary: Based on available data, it can be concluded that users have begun to

be interested in the project. The team is conducting an advertising campaign via

Twitter, Facebook and VK, and is uploading videos to YouTube. There are

publications available in the media about the project. Over the past month, website

traffic has increased by 1400 visits.

Contacts

The developers can be contacted using the links below:

Website

Twitter

Telegram

VK

Reddit

Facebook

Bitcointalk

Youtube

The information contained in the document is for informational purposes only. The views

expressed in this document are solely personal stance of the ICOrating Team, based on data

from open access and information that developers provided to the team through Skype, email

or other means of communication.

Our goal is to increase the transparency and reliability of the young ICO market and to

minimize the risk of fraud.

We appreciate feedback with constructive comments, suggestions and ideas on how to make

the analysis more comprehensive and informative.