FUELDApp – or simply FUELD for brevity’s sake – is a currently in-development mobile app designed to help drivers locate appropriate fueling stations for their vehicles and pay for refueling transactions directly from the app from a variety of payment sources. With the app built on blockchain technology, FUELD is holding an ICO to fund development of the app.
What Is FUELDApp?
FUELD was founded by CEO Nicolay Buslaev, a Belarus-based executive. Prior to FUELD, Busalev also served as the founder and CEO of Telescopia, an IT solutions, software development, and consultations provider.
More than a few of Busalev’s core team seem to have followed him from this prior company, such as Telescopia’s CTO Yury Loika, who now serves as chief engineer for the FUELD project. There are several other executives listed on the FUELD website, but many of these have LinkedIn pages that are in Cyrillic, due to FUELD and the majority of its team being based in Belarus.
The FUELD mobile app, currently in development, is being designed to provide a large number of advantages to consumers who use it. Not only will the app use GPS to locate the closest available service station for the type of vehicle you’re driving, it will provide the ability for drivers to communicate with the service station before and during arrival, allowing customers to request specific amounts of fuel from specific pumps. The app also plans to include the ability for drivers to pre-purchase items from the service station to be brought to their vehicle, such as a cup of coffee or a donut.
FUELD is funding its development through an ICO of a cryptocurrency with the same name. These FUELD tokens will be tradeable on exchanges, but the company, which is anticipating a growth in value, plans on buying them back from investors on a specific long-term schedule.
The FUELD token pre-sale began on November 23 2017 and will run until December 23 2017. The sale price is listed as 0.000456 Ethereum per token, but FUELD is offering discounts and bonuses for early adopters on the following schedule:
- Pre-sale: 30% bonus in free tokens with every sale, plus refuel discounts
- ICO Week 1: 15% discount
- ICO Week 2: 10% discount
- ICO Week 3: 5% discount
After the third week of the full ICO, FUELD tokens will once again be available at full price.
Investing in the FUELD app represents an opportunity for both short-term and long-term investment. FUELD will be sold on public crypto exchanges, providing short-term opportunities; at the same time, any investors who hold FUELD long-term will also stand to benefit from the company’s plans to use 30% of its annual profits for buying back tokens at market rates.
We’ll be honest here – any mobile app that makes visiting fueling stations more convenient and less stressful is certainly a step in the right direction. FUELD could very well become a very popular app to fit that niche, provided that the promises of the dev team are fulfilled.
There are a few snags that FUELD will have to overcome. The system will only work if filling stations buy into the program as well as their customers, and FUELD doesn’t go into detail about what kind of point-of-sale integration these filling stations will have to undergo in any real detail. We would have liked to have seen a more straightforward explanation of this process.
We will admit to liking FUELD’s approach to ICO fundraising. Offering investors the ability to either sell off their cryptocurrency on the open market or to hold on to it for annual buybacks provides avenues to these investors in ways many ICOs don’t. It’s perhaps the core reason why we feel cautiously optimistic about this ICO.
While all ICOs are inherently high risk, we wouldn’t be averse to giving FUELD a chance. Invest moderately and conservatively if you chose to do so in order to reduce your own risk.