EVOAI aims to be the next generation trading engine that will empower investors of all experience levels to earn income from the blockchain.
- Known CEO and dev team
- Daily payouts in ethereum
- Multiple trade bots
- ERC20 token
- Trade bots are in development
What Is EVOAI?
With the success of the arbitrage trading platforms, EVOAI aims to become the next contender in this space. EVOAI has it’s sights on becoming the the next generation trading engine, that will empower users of all experience levels to earn income from the blockchain.
The backbone of the platform is the EVOT token, which is an ERC20 token on the ethereum blockchain. Like other trading platforms on the ethereum blockchain you will have to use a Metamask or MEW wallet. The token will have it’s use in the many bots EVOAI aim to release in the near future, at the moment an automated arbitrage trading bot is in development.
It was nice to discover that EVOAI have a whitepaper and even though it’s not very detailed and very thin, I urge everyone interested in the project to read it.
I’ve grabbed the promo video from the EVOAI website so you can watch it right here. I thought the entire video graphic style seemed a bit familiar, but I was unsure where I’d seen it before. After a quick browsing session through my saved promo videos, it turns out this is the same style Arbitraging used in their promo video. Actually they seemed so similar I had to watch both videos at the same time and the EVOAI video seems like a newer version of the Arbitraging video. The video duration is the same and they have even copied the robot resembling the trading bot. Try watching both videos at the same time and you’ll see the bot making trades at the 48 second mark in both videos, it’s quite amazing. It’s possible EVOAI have used the same company as Arbitraging for their promo video, but they should ask for a refund asap.
How Does EVOAI Make Money?
EVOAI will offer it’s investors the opportunity to invest in a multitude of trading systems, from passive-income automated arbitrage pools to AI powered signals and advanced manual trading bots.
This is the backbone of the EVOAI platform with the purpose of collecting data from various exchanges such as pricing, fees, withdrawal options and work out profit calculations. The trading bots will be connected to this trading engine and execute trades accordingly.
The EVABOT is the automatic arbitrage trade bot. Investors buy into the funding pool of EVABOT using the EVOT tokens and will receive a share of the profits according to their stake in the funding pool. The automated trading bot will only execute a trade that has an instant profit after fees, therefore the trade will never execute a loss. According to the EVOAI whitepaper this bot will generate 0.5-1% profits a day.
What makes EVABOT stand out compared to the competition is that payouts are done in ETHEREUM. Usually the daily payouts are always done with the currency of the platform, so this feature will make EVOAI stand out from the herd.
The EVOBOT will be a trading bot which can be programmed using traditional trading techniques. EVOBOT will have fully editable parameters that can be set by users and can also be combined with other compatible commands to create advanced automated trading strategies as chosen by users
EVOAI will charge a flat 5% fee on profits, payable in EVOT.
This will not be a manual arbitraging trading bot like the mBOT from Arbitraging.
EVEBOT is the last trading bot that will be developed and is the grand vision of the platform. The EVEBOT will be the AI trading bot that will handle a massive amount of data by connecting to a pricing API to extract cryptocurrency historical data. EVEBOT will begin deep data analysis to generate strategies from trends and past opportunities to make informed trading decisions.
According to the roadmap this bot will begin development in March 2019 and is expected to launch in July 2019. I personally think this is a very ambitious timeframe and I would be very surprised to see anything close to a working AI bot in 2019. Several other lending/trading platforms have been stating to have an AI bot, but they have all failed or exit scammed. In the past AI has been used more as a buzzword to get hype around a platform, so I’m a bit sceptical of how this will pan out for EVOAI.
EVOAI ICO Phase
The private and presale ICO rounds have already been completed and the ICO has moved on to the normal rounds. There is no timeline for each round and they will last until all available tokens have been sold. The total supply of EVOT is 10million, 68% of which (or 6.8 million) will be available for sale. 27% of the tokens will go to the team and 5% will be used for airdrops.
The smart contract prohibits any more tokens being minted.
|ICO Rounds||Price||Available Tokens|
You buy EVOT tokens directly from the EVOAI website by sending ETH to their crowdsale contract address. After deposit you will get credited EVOT tokens directly to the wallet you send the ETH from. This means that your tokens or ETH will not be locked in on the EVOAI website, you have total control of your crypto. I recommend that you enter you Metamask wallet in the profile and use the same wallet for buying EVOT.
Any unsold EVOT tokens will be burned after the ICO.
The Team Behind EVOAI?
One of the best things about EVOAI is that the team has come forward. They are all displayed at the bottom of the website with pictures and a little background on each plus most of them even have LinkedIn profiles. The CEO of EVOAI, Nicholas Tacminzis, has a very thin and recent profile and the explanation for this is, according to himself, that he only made a profile because of EVOAI, so people could see who he was. Nicholas has been doing two live interviews on youtube with face reveal on both occasions. It’s great to see the CEO step forward to promote his project and vision for the platform.
I’ve looked into all of the LinkedIn profiles and they all seem legit. On top of that I’ve done a reverse image search on google to dig up some more information about the dev team and also to verify that the people are legit and not a random image grabbed from the internet. I discovered that the graphic designer Bianca Ruiz actually has her own personal site that matches her LinkenIn profile and her profession. The most interesting person is the legal counsel EVOAI has signed for their project, Richard Nacht. I was able to find a lot of information about him and he has been busy with several other cryptocurrency projects. I’ve grabbed a few links to other projects so you can see for yourself that he is the real deal: Paxpay, Upwork and Rubius to name a few. The fact that EVOAI has brought on a legal counselor on their team speaks volumes about their commitment to get this platform off to a good start.
Moving on to the domain and hosting situation. Their domain was registered on the 28th of June 2018 and is valid for only 2 years. I would personally like to see a longer lock in period than that since it signals some belief in the on going project. Since I began writing this review EVOAI is in the process of moving their site from a shared hosting solution to a dedicated one. This is a huge step in the right direction and again signals that EVOAI isn’t about to launch their ICO and platform on cheap servers that can’t handle large amounts of traffic.
The Bottom Line
At the moment there are no working trade bots and the team is currently working on the automated arbitrage trade bot EVABOT, which will be enter closed beta in January 2019 with release shortly after according to their roadmap. How the bot will work with the EVOT tokens is not explained anywhere in the whitepaper. I for one would like to see some information regarding how the lock in of the tokens to generate daily profits will work out. But also what kind of fees can be expect to pay for the use of the bots. There is some talk about this in their telegram group and it seems like the idea is similar to Arbitraging and NovaChain, but I’ll update on this once I know more.
If you decide to join the ICO at this point you have to keep in mind that you are buying into the vision of the dev team and hope they are able to deliver on their promises. EVOAI has had a very successful private and presale of their ICO, but it seems like round 1 of the ICO is going much slower. Not many EVOT tokens are sold each day, but it’s also a very hard time to run an ICO with the current bear market and recent continuous dumps in the overall market. I know the CEO have some more youtube interviews in the pipeline, but I think they need to focus even more on marketing to get this project moving.
The main goal of the platform is to get an AI trade bot running, but I have my doubts they are able to get that working. I touched on this earlier in the review and I still feel that AI is a pipe dream and mainly used as a buzzword to generate hype around platforms. Many other lending platforms have promoted themselves with AI and not one of them have managed to deliver. They either exit scammed or failed to deliver on their promises, the most recent was Crystal Token which closed down their AI trade bot for regular trade bots and changed their entire platform around those instead. Of course this doesn’t mean that EVOAI is not able to pull off what others failed to do and that their other trade bots won’t be profitable.
I for one is mainly looking forward to the EVABOT, since arbitrage trading has proved to be profitable in any market. Arbitraging has managed to rise to the top in an almost 1 year bear market and I think the future success of the EVOAI platform is very much tied to their automated arbitrage trade bot. What really separates EVOAI from the competition, is that fact they will pay daily profits directly in ethereum. This has many advantages, one of which is to avoid the hassle of trying to sell daily profits on an internal exchange. Arbitraging is currently having massive problems with undercutting on their exchange since people are manipulating the price of their token to force the price down. This of course makes it very difficult to sell tokens for the average user just trying to sell daily profits because once a sell order is placed the undercutters will just sell at a lower price. Having the payouts in ethereum will reduce price manipulation and massive pump and dumps from people trying to game the platform. The norm with lending platforms and the likes are that daily profits needs to be converted into the token of the platform, which then have to be sold on an exchange to actually take profit. This is one of the major problems since many regard this as a ponzi scheme because the payouts are actually not coming from the platform it self, but from the people buying into the platform. But having payouts in ethereum makes that argument moot and brings credibility to the platform trade bots and that the actual profits are generated from those.
There has been some FUD around EVOAI in their telegram group due to a youtube review pointing out some blatant copy pasting in their legal papers and specially their terms of service. In that document was a link to another project named Rubius and of course that doesn’t look good at first glance. But keep in mind that the legal counselor Richard Nacht have made those documents and yes he did work on Rubius, so my guess is that he forgot to change the link to the EVOAI whitepaper. This issue has now been resolved and you will find the correct link to EVOAI whitepaper in their terms of service. This would have been a red flag for me IF there was no legal counsel on the EVOAI team, but it makes sense that Richard has templates to work with since he is involved in many cryptocurrency projects.
I think EVOAI is on the right path with their project and the fact that they have chosen to show their dev team and that the CEO is willing to do interviews on youtube is a huge plus in my book. It gives the platform a sense of security when the investors know who is behind the wheel calling the shots. It most certainly is one of the reasons why Arbitraging is where it is today. It’s very clear that Arbitraging has been the prototype EVOAI is trying to emulate and time will tell if they are able to evolve into their own vision.
I always disclose when I join the platforms I review and I am taking a chance with EVOAI. I joined the presale with a small amount of ethereum back when it was $200. Investing in any platform is risky, specially when it’s an ICO, never invest money you can’t afford to lose.