EtherInc ICO Review: Ready to Disrupt

Etherlnc is worth a serious look if you are at all interested in the Decentralized Autonomous Organization space.

1.ICO Overview

EtherInc plays in the DAO (Decentralized Autonomous Organization) platform provider space. This is a space that has the potential to disrupt every level of society, even how governments run and report to the people. Just one example of a specific business sector DAO can disrupt is the Enterprise Resource Planning Industry. It’s a $42 billion a year industry with dominant players like Oracle and Microsoft.

So what is DAO and why is it so special? Apart from making it far easier to set up new global companies  (in terms of cost, compliance, regulation, legal and banking), DAO dangles the carrot of Utopia in that it is an inclusive framework for everyone in a company and its suppliers/customers. They potentially have an active hand in running the company, in deciding it’s strategic direction. It offers a modern framework for dispute resolution through communal consensus voting, not just for day-to-day decisions, but for shareholder or founder disputes, supplier disputes, and customer disputes. This inclusive framework also allows for all these parties to be incentivized and rewarded for their contribution to helping to evolve a DAO company.

This is the space EtherInc wants to dominate. EtherInc wants to provide new companies with a platform and tools, to create these frameworks out the box, plug and play. And in doing so, EtherInc wants to become the world’s no.1 record centre for all these companies.

2.ICO Proposition

Ticker: ETI

Token Type: ERC20

Token Price: 1 ETI = $0.10

ICO Soft Cap: $1m ICO

Hard Cap: $22m

Total Tokens: 997m

Tokens for sale: 450m

Investor Proposal

The coin is already being mined. 90% of the build work is already done and launched. The only work outstanding, from the roadmap, is to list the ETI coin on exchanges and build a dApp Marketplace. EtherInc state they will distribute 97,528,142 ETI to Ethereum holders who had ETH in their wallet balance at the time of the fork at a 1:1 ratio. The ICO sale breaks down as follows:

The post-ICO pot will be managed as follows:

Startup Proposal

EtherInc is an Ethereum-forked Blockchain with some added bells and whistles to drive:

  • Greater bandwidth for speed of transactions and actions
  • Lower resource for mining = cheaper gas price
  • Lower cost scalability
  • Deliver Turing Completeness

So that EtherInc can offer a platform with a set of utility dApps, purpose-built, for organizations to create, run and manage DAO frameworks.

EtherInc is comprised of:

  • Ethereum forked Blockchain​
  • Protocols / APIs
  • Coin
  • Wallet
  • Marketplace containing Utility dApps
  • Search Tool
  • Front-end dashboard with search functionality for managing all the actions and records

How It Works:

Company Incorporation

Every organization formed on EtherInc is actually an individual smart contract on EtherInc’s Blockchain.

Company Registration

Every new EtherInc organization registers with them. Every new registration creates a new smart contract with a unique contract number. The contract number is like a replacement for existing registered company numbers.

Each registration gets captured as a record on EtherInc’s blockchain and stored in their central, searchable repository.

This registration process is called the Name Service. Everytime an EtherInc organization registers, a registration profile gets created that contains: organization name, contract address (smart contract number), renewal data, registrar, shareholders, etc.

Company Communication

EtherInc smart contracts have inbuilt protocols to allow cross-organization communications between a parent company and its subsidiaries.

Defining Team Member Remits

Every team member in every EtherInc organization is assigned a grade. The lower the grade, the more power that person has in the organization. By Default, the CEO is always a grade "1".

EtherInc organizations are proposal driven and grades determine who can make and execute proposals:

  • Grades from 1-1000​ can add and execute proposals only if they for things applicable to people of a higher grade. For example, a "CTO" (Grade 5) can only add a new member if the new member has a grade higher than 5.
  • Grades over 1000​ have no proposal rights.

Running the organization, day to day

There 17 proposal types that can be used to run an organization on a day-to-day basis. These proposals types are either voting proposals or grade based proposals:

Voting Proposals are:

Issue Shares ● Investment ● Assign Shares ● Sell Shares ● Appoint CEO ● Fire CEO ● Payment/Salary ● Change Legal name ● Voting Rules ● Operational Proposal ● Close eInc ● Vote on Proposal (Remote eInc) ● Execute Proposal (Remote eInc)

Grade Based Proposals are:

Add Member ● Remove Member ● Change Member Role ● Add New Role

Tooling up the organization

EtherInc will have a dedicated ‘Utility dApp Marketplace’ where an organization can find tools to help run their business. Example a Payroll dApp​ which allows organizations to manage their employees and pay salaries automatically, without the need of passing multiple proposals.

Incentivizing and rewarding the organization

EtherInc has its own coin called ETI which can be used to:

  • Deploy new organizations
  • Pay salaries
  • Make payments to 3rd parties
  • Reward for creating proposals
  • Conduct ICO’s
  • Reward for running dApps

It also has two wallets for organizations to use. One wallet is a fork of existing open-source code of MEW (MyEtherWallet) and MetaMask. The other wallet is an in-house web-based wallet.

3.Feasibility of idea/business model in current market

Feasibility of the Idea

What’s cool about EtherInc?

  • You can create a namecoin in two lines of code
  • You can create a protocol in 20 lines of code
  • You can create arbitrary rules for ownership, transaction formats, and state transition functions for smart contracts/dApps
  • The speed to market. The ‘plug and play’ utility dApps allows companies to set up key functions like accounting and HR quickly and painlessly.

What’s not cool about EtherInc?

  • Their user dashboard needs a design overhaul
  • Team grades could come across to some employees as ‘degrading’. It won’t improve the ICO due diligence unless the ICO implements a DAICO type approach on EtherInc prior to ICO.

Below: EtherInc’s unexciting user dashboard

Feasibility of the Business Model

EtherInc haven’t laid out a business model in the White Paper (which is poor) but we assume the model is to:

  • Make a profit selling ETI coins to organizations that need the coin to use the ecosystem
  • Make a profit on the ETI coin by seeing it rise in value thanks to limited issuance
  • Build the underlying value of EtherInc as a company (through its database and tools) for an exit

4.ICO Team

It’s no surprise EtherInc are the first LIVE DAO platform, because this founding team have a solid background of founding, building and shipping tech startups. In fact, given how small this team is, I’d hazard a guess the CTO, CMO & CEO pooled resources at the existing startups they funded to do the build.

Founders / CTO & CMO

These guys have founded startups together before - Open Bracket.Inc &

Worryingly, they are both still listed as working in these other startups. To my knowledge no-one has ever built a Unicorn, with a billion-dollar listing, whilst running multiple startups they founded. Yes, multiple companies can be successful but unicorns, no.


CEO: has been part of a founding team that has built and run a multi-million dollar company. It looks to me like the Founders brought him on board because they've both founded a lot of startups but had not managed to build any of them into multi-million dollar companies. So this guy had that missing ingredient.



  • You can see how and why this project evolved. It has a credible track history
  • Technology-wise, it’s already 90% built and live, and the coin is already minable


  • They don’t have a database for companies to store and search their own content and thus don’t have a curation process
  • The founders are still continuing to run other startups they founded.


  • If EtherInc could ensure all company directors KYC, importing an existing Blockchain identity check, this would strengthen their proposition, especially for ICOs


  • If Daostack and other DAO platform competitors develop ‘out the box’ Utility dApps and a better-designed user interface


It goes without saying, any DAO platform is a good idea. Why? Because DAO is the place to be playing in, technology-wise, right now. The potential for DAO is huge.

But the question is specifically this - is EtherInc’s proposition stronger than it’s direct competitors: DaoStack, Aragon, Colony, and District0x?

Right now, all these players have pretty much the same core proposition. The only minor difference between them is, some have added more ‘plug and play’ user tools, some have added more processes (like DaoStack’s Content Repository with Curation process).

The other difference between them seems to be in the approach they’ve taken to defining proposal and voting rights. EtherInc do it by grading people with a number. Daostack District0x and Colony do it based on a reputational weighting system.

So you can see, with these minor approach differences, right now it's a fairly even DAO horse race.

If you failed to invest in these earlier competitors to EtherInc, then I’d say take a punt on EtherInc because DAO is a great investment space right now. Or if you already invested in some or all of these other competitors, back EtherInc as well, because you’re hedging your bets and at some point in for a good ROI.

7.Score 0 – 5

  • Idea/Business Model 4
  • Scope/Potential 5
  • Team/Advisers 5
  • Token Economy 4
  • Marketing 4
  • Community/Communication 4