ICO Alert Quick Facts
- A new online decentralized marketplace ecosystem for sellers and consumers focusing on trust, safety, value and savings.
- ICO is in Dutch Auction format; token price variable
- ICO: January 15, 2018 — January 31, 2018
- 5,000,000 PINN tokens worth of bonuses in first four days of contribution
- 150,000,000 tokens; 20% available during ICO; 40% available to mine
What is PocketInns?
The Pocketinns Umbrella Project is a revolutionary decentralized blockchain based community driven marketplace ecosystem. Think of us as a Costco or Netflix but powered by the community, a marketplace of marketplaces with an ecosystem comprising of its own internal financial network to ensure the smooth functioning of the entire economic system with easy back and forth transitioning from the offline world.
— Sarva Mada, Founder and CEO of PocketInns
Q&A with Sarva Mada, Founder and CEO
ICO Alert: How does the PINNS function within the platform and why is it needed?
Sarva Mada: The Pinns token is the currency and lifeblood of the Pocketinns ecosystem where all buyers and sellers have to utilize the Pinns currency on the network to buy and sell products and services.
ICO Alert: What is the background of your team and what unique experiences do you have that you believe will help make this project successful?
Sarva Mada: The founder and CEO Sarva G. Mada is a blockchain professional with experience in financial technology sector having worked for JP Morgan and Barclays Investment Bank. Smita M. Seetaram, the co-founder and COO has worked with Thomson Reuters as well as Nike in development roles. Amol Sharma, the Chief Technology Architect has experience as a CSI partner delivery manager with Google. Abhishek Sehgal, the Chief Technology Officer worked in the past for Sage as a Manager (R&D).
A strong advisory team has also been put in place by Pocketinns with John Biggs founder of Tech for Reporters, Writer and Editor for TechCrunch being on board, along with Dr. Stylianos Kampakis, a data scientist for Brandtix and Research Fellow at UCL Centre for Blockchain Technologies (CBT). Advisory team members also include Dr. Theodosis Mourouzis a cryptologist and Research Fellow at UCL CBT as well as Ronn Torossian, President and CEO of 5W Public Relations and the CMO of JetSmarter. The strength of the team lies in the fact that not only are the team members having exposure to startups, scaling businesses, blockchain technology experience and the corporate world having spent time in reputable global companies, but they also have a strong research and academic background.
ICO Alert: Where and how did the idea of the PocketInns Umbrella Project come about?
Sarva Mada: Pocketinns was incorporated in 2015 after the founders found themselves getting tired of paying high commission and fees, and the control over their private data being compromised by large corporations.
ICO Alert: Who do you see as your biggest competitors in this space and what is your plan to overtake a piece of their market share?
Sarva Mada: Pocketinns is a vision for the future and disrupts the mechanics of how the current competitors offer their services online. The blockchain technology on which Pocketinns is built on is a hard platform for old school competitors like Uber, Lyft, Airbnb, and Amazon to replicate as their business is built on the old school model.
ICO Alert: Tell us about PocketInns registering with the SEC and why? What was the experience like?
Sarva Mada: Our interpretation is that the SEC has been relatively liberal in their governance and has provided adequate space for the industry to flourish while also protecting investors. Our goal at Pocketinns, from the very beginning, was to follow securities law, protect our investors who put their trust in us and to have a legally compliant ICO. The company we are building is for the long haul and we couldn’t let legal distractions take our focus away.
ICO Alert: What are the biggest roadblocks PocketInns will need to overcome to be successful?
Sarva Mada: Pocketinns has always relied upon its amazing team and as scaling continues challenges of scaling the company, adding the right resources, regulatory issues, government intervention, technological challenges as any other organization faces will be a constant challenge, but at the same time that is also what literally drives us to excel everyday.
ICO Alert: How do you measure the success of this project and what would need to happen before success is reached?
Sarva Mada: The launch of our core marketplaces over the course of the next 5 years covering buyer and sellers requirement with our community playing a major part in driving this company forward and and the establishment of the Pinns internal financial network running the platform on its own Pinns currency will be our true measure of success.
Lots of R&D, hiring the right people, partnerships, building of an amazing community etc. will be required to get there.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
Sarva Mada: The best part of the project is that the first marketplace which is Pocketinns 1.0 a home sharing rental service is already live with 50000 properties in Europe. We have noticed BeeToken (which just raised $10 million in presale) is planning to build the same service a year down the line while we have already built it. So as you can see we are miles ahead of the competition and we didn’t do it with $10 million. 😊
By the time we are done with 2018, ridesharing, car rentals, ecommerce and the first Pinns Financial Network product will be out operating using the Pinns currency.
ICO Alert: As a non-PocketInns question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Sarva Mada: We at Pocketinns believe that a token needs to have an intrinsic value and only then can they hope to succeed and the rest those whose purpose is to extract value from a business will lose their value over the next 3–5 years.
The ICO will be conducted as a “token auction” starting on January 15, 2018 at 10am EST and ending on January 31, 2018 at 10am EST. The token auction will be in the “dutch auction” format, meaning there is an initially high token price that is lowered incrementally as more buyers are found. The tokens are sold in ‘blocks’, so the more buyers in a block the cheaper the tokens will be within that block of tokens. There was no pre-ICO, only the ICO. For further information on the structure of the ICO please visit the Token Auction section of the website.
There is hard cap of $46,000,000 that if reached will end the auction immediately. There is also a token hard cap due to the unique nature of the auction, set at 30,000,000 tokens, that if reached will also end the auction immediately. There are a total of 5,000,000 tokens availalbe as bonus to contributors who participate in the first four days of the auction. This is done to help reduce the risk of high token prices for contributors.
Token Distribution Information
There are a total of 150,000,000 PINN tokens being created, with 30,000,000 availalbe during the ICO (Dutch Auction). Any unsold tokens will be destroyed and tokens will be distributed to contributors within two weeks after the ICO ends.
The full token allocation is as follows:
Community Mining: 40%
Initial Token Offering (Dutch Auction): 20%
All partners including legal, consultants, developers, advisors, etc.: 18%
Founders: 10% (vesting over a 2 year period)
New vendor onboarding incentivization program: 6.66%
Goodwill bonus: 3.33%
Bounty campaigns: 2%
Use of ICO Proceeds
Smita has 10+ years of working experience with all phases of system development and project management life cycles from analysis of business requirements, designing implementation strategy, data analysis, relational database design and architecture, to business/technical liaison, workflow and quality assurance. She has previously worked as a senior technical architect for Nike and was a developer for Thomson Reuters and Mastek Ltd.
Abhiskek is also currently the manager of research and development for Sage in Mt. Laurel, NJ. He has held the roles of software developer for Susquehanna International Group, LLP and software engineer for Comcast Cable. His advanced degrees center around computer engineering and applications.
Sarva Mada, CEO and Founder
Sarva is a 12+ year industry veteran with hands on managerial, project planning & implementation experience with IT related startups & Fortune 500 companies primarily in the area of online marketplaces, travel, hospitality & fintech. He is a crypto crusader, Blockchain & Startup consultant with a service first attitude & exceptional organizational scaling abilities with strong personnel and communication skills at scalable & startup levels. He has previously held vice president and director roles for Barclays Investment Bank and SiriusXM Radio.
Amol Sharma, CTA
In addition to his role as CTA for PocketInns, Amol is a GSI Partner Delivery Manager for Google in San Francisco. He is an active investor, founder of VRCommerce and has held other various founder or director positions in the tech space.
For a full list of team members please visit the PocketInns website.
1st Quarter 2018
1. Implement and Evolve Pocketinns 1.0 to the blockchain platform.
2. Within 2 weeks of the completion of the ITO, all PINNS Tokens will be issued to the investors into their ERC20 compliant ether wallets.
3. Invest in infrastructure and increase resources as required. This will be employed throughout 1st Quarter of 2018.
2nd Quarter 2018
1. Based on our current conversation with leading crypto exchanges worldwide, the team looks to have their tokens registered and listed once all required compliance measures outlined by the exchanges are met.
2. Implement the PINNS professional community network by end of 2nd quarter 2018.
4th Quarter 2018
1. Creation of a technology community platform and implementation of the PINNS payment processor.
2. Create a decentralized data storage facility for PINNS Token holders and community members by end of 4th quarter 2018.
1st Quarter 2019
1. Laying the foundation for the PINNS One financial network.
2. Launch the decentralized online PinnCom (Online ecommerce platform), a place for buying and selling various goods and services and creation of a focused business entity to ensure focus and quality in the area.
2nd Quarter 2019
1. Launch car rental, ride-hailing service, and automotive division by 2nd quarter 2019.
2. Create an open blockchain-based system where other developers and business owners integrate their goods and services on the Pocketinns platform.
Long Term (2019–2025)
Complete the implementation of other key marketplaces, in areas such as Legal, Shipping, Logistics, and Grocery as well as food delivery, real estate, insurance, media, and entertainment.
For full information on the roadmap based on the amount raised please visit page 18 of the Whitepaper.
View the PocketInns Website here.
View the only comprehensive list of active and upcoming ICOs here.
(1) PocketInns Website, PocketInns, (2018)
(2) PocketInns Whitepaper, PocketInns, (2018)