ICO Review: COMSA (CMS) – ICO Solution to Centralized Businesses

COMSA is a complete Initial Coin Offering (ICO) fundraising platform built on the NEM protocol.

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What does the company/project do?

COMSA is a complete Initial Coin Offering (ICO) fundraising platform built on the NEM protocol meant for the streamlining of cryptocurrency funding.

“COMSA” is derived from “Computer” and 鎖 (Kusari/Sa): meaning “chain,” combining to make “blockchain.”

COMSA is a one-stop solution to ICO projects. The tokens for projects run by COMSA can either be Mosaic tokens on the NEM blockchain or ERC-20 tokens on Ethereum blockchain.

COMSA targets established Japanese companies rather than the current trend of new decentralized apps. Two companies are set to have their ICOs run by COMSA – crowdfunding site Campfire and public-listed Premium Water Holdings.

COMSA CORE can be used for performing atomic swap transactions (1) between different blockchains, and (2) for users who do not have XEM to perform transactions that require XEM as network fees.
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What are the tokens used for and how can token holders make money?

1. Revenues from the following will be used for burning CMS tokens:
– ICO consulting and service fees.
– Conversion fees of COMSA CORE.
– Mijin license fees and BaaS license fees.
2. Discount for future ICOs on the COMSA platform
3. Community vote
4. Invite-only pre-sale of selected future ICOs

Of the above uses, the only one that (1) scales with the usage of COMSA platform and (2) is significant enough to move the needle is the revenue from COMSA CORE’s conversion fees. Hence, the more usage COMSA has and the more conversion fees COMSA receives, the more valuable the CMS tokens should be.
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Opportunities

– COMSA has very strong backings from the Japanese corporate world, with established businesses lined up to do ICOs on the COMSA platform.
– As COMSA is targeting established corporations including public companies, the market can be very large if COMSA is successful.
– Japan is one of the more crypto-friendly countries in the world, with many merchants accepting Bitcoin as payment. It would make it easier for COMSA to achieve its vision.
– Tech Bureau received $25 million of funding from VC firms, which means it has passed the rigorous due diligence of institutional investors.
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Concerns

– CMS tokens are not very useful. The biggest driver for CMS price seems to be the burning of revenues from the conversion fees generated by COMSA CORE, but it is unclear how much the fees will be. Other than this use, CMS tokens are not very useful because people can contribute into ICOs on the COMSA platform using other cryptocurrencies such as BTC and ETH, reducing the needs for CMS tokens.
– The use of COMSA CORE and NEM platform makes this ICO seemingly overcomplicated. A lot of the hurdles can be avoided by just running ICOs on the Ethereum blockchain. This project seems to benefit NEM more than CMS token holders.
– Network effect is huge for ICO platforms, so it would be difficult for COMSA/NEM to gain a significant market share over Ethereum in the ICO space.
– The project is probably going to have a hard time expanding beyond Japan because of language and culture barriers.
COMSA focuses solely on ICO so it is more exposed to the regulatory uncertainty around ICOs.
– There are two established companies lined up to do an ICO on the COMSA platform but it is unclear what the tokens for the two companies are going to be used for.
– Dilution is high for an uncapped raise.
– We believe decentralized exchange is the future for crypto. We are not excited about the prospects of Zaif, a centralized exchange. However, COMSA will spend a portion of the proceeds to build out Zaif.
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Disclaimer

The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.

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