Primalbase is essentially a crypto token based sharable workspace system that makes it possible for workspaces to be shared, sold or rented to a global community. The crypto tokens used are wave-based and ethereum digital. Coworking has become quite popular and encouraged big companies to invest in this new way of using workspaces.
Primalbase is not a new concept per se; it builds on the existing innovations such as WeWork which provides a global community with a shareable infrastructure. Primalbase brought in the crypto tokens aspect into this idea to make it more efficient and profitable for the members. Primalbase is fast to set up, scalable, and flexible regarding timing and the number of people in a team.
Based out of the Netherlands, the project managed to raise nearly $7 000 000 during the duration of the ICO.
Basically, Primalbase consists of two key components: the coworking spaces and rentable offices. The coworking spaces are reserved for community members or people who have memberships as well as landlords, tenants and opinion leaders who can contribute to Primalbase project’s development in future. Rentable offices, on the other hand, are available to the public who can consist of project teams, companies, branch offices, and startups. Primabase earns profit through collecting rent from the tenants of the rented offices and uses the funds to cater for the property management’s operating expenses. When it comes to accessing the workspaces, there is a distinct difference between how someone can access shared workspaces and rentable offices. To access a shared workspace, a person is required to use one PBT token to gain full access to the shared working or co-working space and enjoy all the basic services at any location where Primalbase has a presence. The token is only paid once.
On the other hand, a holder can purchase as many tokens as they want because the number they can buy is unlimited. Once the holder has bought four tokens, they qualify to use a separate office in case it is not being used. If a person from outside the community feels a desire to rent Primalbase, they can rent a token from a community member which is referred to as having temporary ownership of the membership.
Primalbase members can rent or sell their tokens using the special technical feature of the underlying WAVES protocols. From a technical point of view, this means that ownership of any amount of PBT can be transferred, temporarily or permanently. These are peer-to-peer transactions; therefore, parties must agree on costs and payments between themselves. The holder of the token is protected by his own Blockchain — the protocol works in such a way that the token cannot be transferred on but remains in the wallet of the rentee: in effect, the token is on a «temporary loan». The minimal duration that a token can be rented is 3 months, and there is no maximum period. A rental agreement may be terminated ahead of time by mutual decision of the parties or unilaterally. Formally, the WAVES platform does not allow the inclusion of specific leasing rules (i.e. the price, time, conditions, etc.) into the Blockchain, as there can be too many scenarios of interaction between users. However, within the leasing agreement between the parties, there are guarantees on the fulfillment of contractual obligations of all involved.
In response to the Medium article, one of the developers of the Ethereum foundation wrote on Reddit that “Vitalik is NOT a member of the “all star team” of Primal base, unlike they are promoting on their site and promoted facebook ads”. So Primalbase exaggerated Vitalik’s role in the company. Maybe Vitalik talked to Primalbase’s CEO during a party and took a picture together, but it doesn’t mean that all of a sudden he is an advisor to the board.
After the incident, Vitalik tweeted that he “will not be an advisor for future ICO projects.” So other than OmiseGO and Kyber, stay away from any future ICOs listing Vitalik as an advisor.
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Although the project checks out from the technical point of view, the team has certainly committed some shady acts, so their integrity is definitely questionable. Approach with caution.
