ICO Analysis: Beyond Protocol
Bitcoin revolutionized the world by popularizing blockchain technology and for the first time, enabled peer-to-peer (p2p) digital cash that worked without a middleman.
It wasn’t until nearly half a decade later that Ethereum showed up and demonstrated that distributed ledger technology wasn’t limited to value transfer but had the potential to offer a platform for decentralized applications only limited by the imagination.
Beyond Protocol builds on its predecessors’ success and tackle what they consider the most important issue in modern technology: node-to-node communication (Internet of Things, or IoT).
As it stands, devices like cars, satellites, smart watches, and smart medicine are able to communicate with each other in isolated, separate environments but group communication has yet to be achieved.
Beyond Protocol, then, wants to enable all devices in the world to communicate with each other as one universal group.
In their overview, Beyond Protocol provides an example of what this vision may look like:
Imagine a world where the largest satellite in the sky can share information with the smallest “smart” medication a person ingests? What if the medication, the farmers growing crops, the food manufacturers customizing the nutritional value of aid packets, and the airplanes performing airdrops with human-body precision could all communicate with each other in a trustful and globally transparent way?
Along with communication, nodes will benefit from the following:
- Identification – nodes will have trusted identities in Beyond Protocol
- Integrity – nodes will be validated
- Trusted coordination – communication integrity will be maintained across nodes
- Autonomy – node autonomy will be made easier
- Monetization – Beyond Protocol will coordinate a universal marketplace
- Software and data distribution – distribution of data and software will be point-to-point, verifiable, and secure
Beyond Protocol is powered by the BYND token.
However, details about the token, such as token distribution and economics as well as token sale metrics are sparse.
For now, we know that BYND is used for things like providing access, enforcing warranty, purchasing consumables, trading data, sharing data, initiating purchases, and trading value but details beyond have yet to be released.
Here is a diagram from Beyond Protocol’s technical overview, which gives an idea of BYND’s uses:
Beyond Protocol is currently inviting investment proposals from investors who are of strategic significance and can help advance Beyond Protocol’s mission and vision. Interested parties should contact [email protected].
The team behind Beyond Protocol includes the following members:
Co-Founder and CEO Jonathan Manzi – Manzi was previously the Co-Founder and CEO of ink.me, a printing company that raised $15m in investor funding from the likes of Tony Hsieh (CEO of Zappos, acquired by Amazon for $1.2b). Manzi also founded a multimillion dollar advertising company in his teens. He dropped out of Stanford University, where he was Chair of Entrepreneurship, and was selected to attend events like the G20 Summit, St. Petersburg International Economic Forum, and the Ambrosetti Forum.
Co-Founder and CTO Denis Benic – Benic worked at ink.me with Manzi as Co-Founder and CTO.
Co-Founder and COO Gurvinder Ahluwalia – Ahluwalia is the former CTO of IBM Blockchain, IoT, and Cloud. Ahluwalia was one of the first employees at IBM to advocate for blockchain technology, which led to IBM becoming a major blockchain player today, being part of projects like Hyperledger, a global, open-source effort to advance blockchain technology. Hyperledger has prominent members from all sectors, including Accenture, Airbus, Baidu, Cisco, IBM, Intel, J.P. Morgan, SAP, Deloitte, Ripple, Factom, Eden Chain, and more.
Anoop Nannra – Nannra is Head of Blockchain/DLT Initiative at Cisco and Chair at Trusted IoT Alliance. For those that are unfamiliar, Cisco is the largest networking company in the world.
Brian Forde – Forde was a White House senior advisor in former US President Barack Obama’s Office of Science and Technology Policy. After leaving the White House, Forde became involved with blockchain and cryptocurrency and leads MIT’s Digital Currency Initiative.
Beyond Protocol is a founding member of MOBI, the auto industry’s blockchain consortium that includes members like BMW, Ford, GM, IBM, IOTA Foundation, VeChain, and more.
Below is a breakdown of the risks and growth potential of Beyond Protocol.
- No working product – testnet to be revealed at a later date (-1)
- Details very sparse – could use more, especially with regards to token economics, token distribution, and token sale details (-0.5)
- Claims to have received >$300m in presale inquiries according to a video released by CEO Manzi. However, this can’t be independently verified with publicly available information (-0.5)
- Team has a strong track record of entrepreneurship (Manzi) and Ahluwalia’s time at IBM as CTO of Blockchain, IoT, and Cloud should be of use as well (+4)
- Important and relevant advisors and partnerships thus far (+4)
Beyond Protocol is a project that seems to be mostly flying under the radar (they were in stealth mode for quite some time). While their team, advisors, and partnerships seem strong, there’s not enough information (token economics, token distribution, token sale metrics, product) to come to any real conclusions. For now, we recommend keeping an eye out for further developments. Beyond Protocol receives a 6/10.
- Type: Unspecified – Utility
- Symbol: BYND
- Platform: Unspecified
- Crowdsale: TBA
- Minimum Investment: Unspecified
- Price: Unspecified
- Hard Cap: Unspecified
- Payments Accepted: Unspecified
- Restricted from Participating: Unspecified
Featured image courtesy of Shutterstock.