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ICO Analysis: COMSA

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Ever wondered how Blockchain adoption will truly achieve scale? Many different solutions have been suggested like linking of the existing blockchains (Ark, Aion); making improvements in blockchains like Ethereum so they can support scale; or creating radically new blockchain technologies like EOS.

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The majority of these solutions focus on enabling future decentralized applications or dApps to leverage blockchain technology. COMSA is based on the belief that blockchain adoption will truly scale when existing businesses start making use of the blockchain technology. COMSA aims to make the transition process towards blockchain a seamless experience for these existing businesses.

Understanding COMSA

“COMSA” is derived from “Computer” and 鎖 (Kusari/Sa): meaning “chain,” combining to make “blockchain.”

COMSA wants to become a one-stop shop for companies wishing to integrate themselves on the blockchain, issue tokens and become exchange listed.

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The core offering of COMSA includes bringing and enabling the existing enterprises onto blockchain and then bridging their private blockchains to the public blockchains of Ethereum, Bitcoin and NEM.
COMSA will bring existing enterprises on blockchain by providing consultation, blockchain expertise and solutions which will enable enterprises to have their very own ICOs, implement blockchain technology into their business practices, and list tokens on the exchange all at the same time, as a one stop solution.

Enterprises will use the Mijin private blockchain to implement their business models. Mijin is a private blockchain solution offered by Tech Bureau, the parent company of COMSA. Based on the NEM protocol, Mijin allows any entity to build high transaction throughputs in a private blockchain using a peer to peer network.

These private blockchains of enterprises running on Mijin will be bridged with NEM, Ethereum and the Bitcoin public networks using COMSA. By bridging the enterprises to these public blockchains, the enterprises can have an immediate and extended market to sell their products and services and continue to develop their blockchain solutions to cater for mainstream users.

The use of private blockchain based on Mijin makes it easy for enterprises to carry on their day-to-day activities on blockchain due to the high throughput capacity that Mijin supports, while the bridge with existing well known blockchains like Ethereum will enable the token holders of these blockchains to transact with the enterprises easily.

COMSA also pegs tokens among NEM, Ethereum and Mijin private blockchains. COMSA will also issue pegged tokens for major fiat currencies, and allow people to trade or contract in fiat currency virtually on the NEM and Ethereum blockchains.

By pegging tokens among NEM, Ethereum, and Mijin private blockchains, the COMSA solution becomes a practical “catalyst” between centralized businesses and decentralized blockchains. In addition, the offering helps contribute to the growth of the entire blockchain ecosystems in Bitcoin, NEM, and Ethereum.

Token and Crowdraise

The revenues coming into the platform from consulting fees, Mijin licence and token conversion fees will be used for burning the CMS tokens. This will increase value for the token holders. One key point to note is that COMSA has not given clarity on the portion of the revenues that will be used to burn the CMS tokens. The token holders will also get 5% discount on the upcoming ICOs on the COMSA platform and a voting right when a decision is to be made whether the platform should go ahead with an ICO or not.

The ICO began on 2nd October and will end on November 6th. There is no hardcap limit for the raise. Around $81 million USD has been raised in the ICO so far! There is an ongoing 5% bonus offer for the participants who contribute from 11th to 25th October.

1 CMS token is valued at 1 USD.

Team

The team behind Tech Bureau has created COMSA to enable mainstream blockchain adoption. Tech Bureau is a venture capital backed Crypto-Fintech Lab founded in 2014 by COMSA CEO Takao Asayama. Tech Bureau had acquired Japan’s oldest and operating Bitcoin exchange “Etwings” in early 2015, and relaunched it as “Zaif” in April 2015. Zaif has been a token oriented crypto exchange since Aug 2016.

Tech Bureau is also behind the commercial private blockchain solution Mijin, which is going to be a key component of COMSA. Tech Bureau has gone through extensive vetting as it has received close to $25 million of funding through venture capital channels. We rate the COMSA team highly on credibility considering the work that they have done on Tech Bureau. CEO Takao Asayama is also a Council Member of NEM and is on the boards of many Japanese organizations. There are 6 executive members listed on the company website including the CEO and 20 ICO committee members.

Verdict

There is a strong support and backing for the project from Japanese investment circles. There are already a few companies working with the team and planning their ICOs. The idea is very exciting and will solve the issues of scalability and interoperability, which are the major roadblocks for enterprises when they think about blockchain adoption.

With everything working in its favour, the major concern comes in from the core of the business which is Initial Coin Offering. There are significant regulatory concerns around ICOs, something which might discourage established businesses to participate. Having already raised $80 million USD since October 2nd, we can see that there is a significant investor interest in the project.

Risks

  • Any radical decision by the Japanese government about ICOs will disrupt the business model. Although the possibility of Japan going the China way is low, this is still a risk which needs to be factored in. -2
  • The economic value addition of the CMS token to the token holders is another point of concern. The COMSA team has not given a clarity on the portion of revenues that will be used to burn the tokens. The returns coming in from the token burn might be insignificant, seeing the high market cap that COMSA is expected to get. There is no other value driver for the tokens as contributions to the ICOs on the platform can also be done using Ether or NEM. -3

Growth Potential

  • The project has a strong support from the business community in Japan and many established businesses have expressed their interest in working with COMSA. There is also a significant credibility attached to Tech Bureau. +4
  • Core modules of the project like the mijin private blockchain and the Zaif exchange are already functional. +3
  • Most importantly, the project usecase is very exciting and the market potential for a company which enables blockchain adoption for enterprises is very high. +4

Disposition

We arrive at a score of +6 for COMSA. Although there are some negatives in the form of regulatory concerns around ICOs and the CMS tokens not carrying much economic value; we still see COMSA in a positive light due to the strong product offering and the high credibility attached to it.

Investment Details

You can participate in the ICO here.

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ICO Analysis: Lydian

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The market for initial coin offerings (ICOs) is exploding, as early-stage startups turn to crowdfunding for capital raises. But there’s a serious problem in this largely unregulated market: how can investors tell the difference between legitimate companies and dubious copycats?

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The SAFT protocol, which the author firmly supports, is one way in which the cryptocurrency community is vetting both coin sales and investors. Its proponents argue that SAFTs can create and sustain a self-regulated cryptocurrency market, something that is sorely needed.

Of course, regulators know nothing about SAFT, and are instead pursuing hard bans on ICOs. China and South Korea are the most prominent examples. As it turns out, some of the marketing and capital raise tactics used by ICOs can be downright abusive.

To its credit, Lydian has quickly caught on to the problems plaguing this nascent industry. Its gripe isn’t just with fraudsters, but anyone looking to bullshit their way to an ICO using the unsavory practices of rent-charging, abusing marketing and half-assed campaigns. This isn’t entirely due to neglect.

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Lydian’s market research finds that the average ICO spends between $100,000 and $500,000 on digital marketing. Unfortunately, their delivery method is archaic and poorly executed. To make matters even more complicated, companies must continue to advertise aggressively long after the token sale has ended. After all, the end of a token sale is when the work really begins.

The LydianCoin attempts to solve the problems plaguing token raises by offering AI-powered digital marketing services. The coin itself doesn’t have any magical powers; it simply represents a way to pre-pay for the services of Lydian’s parent company, Gravity4. Of course, its services aren’t limited to ICO issuers, but any company in need of marketing analytics.

Gravity4 markets itself as “The World’s First AI Big Data Marketing Cloud.” It currently boasts Fortune 1000 companies and makes use of advanced technology to deliver personalized marketing solutions.

So, why are they launching the blockchain-based LydianCoin? Probably as a way to reduce costs, raise hype and continue to scale up its niche marketing prowess. The company appears to be on to something with its MonaLisa platform, which is itself built on a blockahin. Through MonaLisa, Gravity4 is looking to combat fraud in the advertising industry.

Fraudulent marketing practices are actually a huge deal. Even Facebook has admitted to inflating its ad metrics. (In fact, they came under scrutiny again in September.)

The LydianCoin Token

Lydian (LDN) is an ERC20-based Ethereum token that will form the basis of the company’s forthcoming ICO launch. The token sale will accept bitcoin and ether payments for its capital raise. Early indications are that the LDN token will be valued at $5 USD.

LDN is described as a “value-stabilized cryptocurrency,” which can be negotiated back to Lydian to obtain marketing services that leverage years of aggregated marketing data. This includes marketing placement and customer interaction metrics and disintermediate advertising channels. The end-user is promised superior marketing metrics at a lower net cost. The tokens may be used immediately upon issuance.

The total value of the proposed raise is expected to be $100 million. The company will use the proceeds as reserves against the provision of future digital advertising and marketing services.

Lydian’s pre-sale is currently active, and has raised $10 million in 72 hours. Until Nov. 20, investors will receive a 25% bonus on their investment. The official issuance date is Nov. 20.

For two hours after the issuance date, the token will be available for a 15% discount that drops to 10% over the next 22 hours. From the day after the issuance date through Nov. 27, no bonus will be available.

The Team

Lydian’s crowdsale is headed by the executive team at Gravity4. As we mentioned previously, Gravity4 has already delved into the world of blockchain with its MonaLisa platform.

The founder of the company is Gurbaksh Chahal, an entrepreneur with 17 years of experience in digital advertising. He has his fingerprints on numerous successful internet advertising companies, including ClickAgent and BlueLithium, which sold for a combined $340 million in separate deals.

However, the news surrounding Chahal isn’t all positive. In 2014, the executive pleaded guilty to abusing his then-girlfriend. Now, he faces possible jail time for violating probation in another case of violence against women. He is also being sued by four previous employees for harassment and discrimination – claims Chahal says are “baseless” and “frivolous.” (All according to Forbes.)

The company’s Managing Director Grant Allaway and Kevin Huang have a combined 32 years of experience.

Gravity4 has also retained Mazars Ireland as its auditors and added legal advisers Dentons U.S. LLP and Berger Singerman LLP.

Solid team, if you look past the possible legal issues facing the founder.

Verdict

Lydian  is backed by a solid digital marketing company. Its tokens serve a viable business function for customers and vendors in pursuit of customized marketing solutions. For actual investors, the benefits are less compelling. (After all, the token is a reserve against future digital advertising and marketing services.)

That being said, the company faces several legal challenges that extend far beyond the key executive’s past behavior. These need to be weighed carefully to determine whether the $100 million valuation is justified.

The company is also endorsed by Paris Hilton, so take that for what it’s worth.

Risks

  • The head of Gravity4, Gurbaksh Chahal, has pleaded guilty to domestic violence and faces possible jail time for violating probation. If you’re a holder of LDN, this doesn’t exactly stoke feelings of confidence in the executive team or its direction. Let’s also not fail to mention that the company has four outstanding lawsuits.
  • The main purpose of the Lydian token sale is to pay for Gravity4’s services in dollars. So, really, what exactly is the point of the token? There are other ways to obtain upfront or advanced payments for your services. Why go through all the trouble of minting a cryptocurrency?
  • The only real value proposition for  giving Gravity4 your money is the promise of “exclusive access” to features it is developing in the future. What are those features, exactly?
  • Industry experts, once again cited by Forbes, suggest that LydianCoin meets the SEC’s definition of a security. In deeming DAO to be a security, the SEC used what is known as the Howey test. Lydian seems to meet the criteria set out in that test, which could put it in regulatory hot water.
  • For all the hype surrounding the ICO, the company makes very little effort to engage the community. There’s a couple thousand followers on Twitter, but no direct engagement model on other channels.

Growth potential

  • Lydian’s parent company has a proven track record in blockchain. This is somewhat of a rarity for ICOs, at least the ones the author has reviewed.
  • Gravity4 has serious growth potential, especially in terms of scalability. The business model allows the company to grow without risking too much overhead or intermediary costs. The application of AI and big data to marketing has many people excited.
  • The token sale raised $10 million in 72 hours, so clearly people are lining up to participate.

Disposition

As you’ve probably noticed, the author has omitted an individual score on each of the risks and growth drivers. That’s because he believes the risks far outweigh the rewards, but doesn’t feel justified giving a “negative rating.” That’s because Gravity4 seems to have a good business model and something real to offer the advertising community. How does this translate into an ICO raise? Well, it doesn’t.

Although the ICO has sucked in eight-figures in less than three days, that itself doesn’t justify buying it. There are too many red flags involving Chahal and the regulatory circumstances surrounding the “utility token.” The author doesn’t see any long-term benefits to the crowdraise, unless it’s to bank on the cryptocurrency craze.

Against this backdrop, we’ve assigned Lydian a rating of 2.5 out of 10. The token might succeed from a crowdraise perspective, but that doesn’t mean you should buy.

Investment Details

  • Type: Crowdsale
  • Pre-Sale: Ongoing
  • Opening Sale: Nov. 27, 2017
  • End Date; Dec. 4, 2017
  • Platform: Ethereum (ETH)
  • Total Supply: 40 million (20 million to be sold via token sale)
  • Total Supply Available for Advertisers: ~800,000
  • Token Price: $5.00 USD (with discounts available)
  • Fundraising Goal: $100 million USD
  • Payments Accepted: Bitcoin, Ethereum, Litecoin, Dash, ZCash, ZEC, Waves, Credit Card, USD wire transfers.

Featured image courtesy of Shutterstock. 

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ICO Analysis: Datum

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Did you know the word Datum is singular for data? I didn’t!

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As the name suggests Datum’s business model revolves around data.

The Datum network allows anyone to store structured data securely in a decentralized way on a smart contract blockchain. The DAT smart token enables optional selling and buying of stored data while enforcing data usage rules as set by the data owner.

Nowadays data is an asset which is as valuable as oil and machines used to be in the past. It has become a strategic asset that allows companies to acquire or maintain a competitive edge. User data can find many applications and uses, most important being advertising and research.

“If you are not paying for the product, you are the product.” – Andrew Lewis, 2010.

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Internet conglomerates like Facebook, Google, Twitter provide their services for free but in exchange exploit a user’s personal data. Sensitive information like personal emails are accessed by Google to sell information to advertisers. The data ecosystem is now worth billions of dollars, however the most important component of this system i.e the user, is the only one who is not actively involved. Datum is creating a decentralized network where users will have all the control over their data and will get paid for sharing it.

Datum network is based on smart contracts which enable the sharing and exchange of data. Datum client will be a web and mobile based application where user submits the data along with its usage terms. The data gets encrypted and stored in decentralized form using IPFS and BigChainDB. Users will have to pay some fee to the network storage miners. Once buyers submit their requirements, smart contracts match the attributes and release data in exchange of access charges taken from the buyer.

Apple’s Healthkit is similar to what Datum aims to offer. However the data stored on Healthkit is centrally located and owned by Apple, and the users don’t get paid for sharing their data. The team has not given many usecases of the product usage in their short whitepaper apart from a few examples of data monopoly of internet giants like Facebook and Google. Newly launched AirToken also pays users for enabling access to data. The concept of Datum is somewhat different, you can check our review of AirToken here. Companies like Papyrus,Qchain are creating digital advertising ecosystems in which users get paid for sharing their data to advertisers. They are limited to advertising ecosystem, while Datum aims to cover other domains as well, although we don’t exactly know which ones.

Token and Crowdraise

DAT is the only token to be used on the platform. DAT will be used in various stages of the product offering. Users will have to pay DATs to access the network and store data. Data buyers will pay DATs to register on the network and access user data. Third party services of CIVIC, IPFS, BigChainDB will be used in the network.

The ICO will begin on 29th October. The total supply of DAT will be 3 billion of which 1.53 Billion will be available for the ICO. There is a softcap of $5 million and a hardcap of $45 million. One DAT is valued at around $0.03. 20% of the total supply of 3 billion is kept for the team. 60% of the funds raised will be used for development and 15% for marketing.

Team

CEO Roger Haenni is a serial entrepreneur with extensive experience in big data systems. He has cofounded 4 companies one of which includes StockX. StockX is a venture capital backed e-commerce site for global sneaker resale market. The whitepaper lists 8 members in the team and 1 adviser. Adviser Daniel Saito is the cofounder of MySQL. A recent blogpost shows addition of 3 new advisers and a few more team members. The core team has no prior blockchain experience, they have hired 2 Stanford undergrads as blockchain engineers. We give an average rating to the team. The team’s lack of blockchain experience should have been compensated by having more advisers who have worked with the technology.

Verdict

Even after a user downloads Datum, what is stopping Facebook, Google, Amazon from sharing user’s data. That’s how the internet economy works. Facebook, Google are providing free services to users only because they get the data. The “only users have access to their data” part of the advertising campaign is somewhat misleading. IF very strict antitrust laws come up which prevent internet giants from collecting user info without their permission, then the business model might find value. Atleast for the decentralized digital advertising bit, companies like Papyrus, Airtoken seem to be much better placed. As for the other usecases, there is not much information available. There is a mention of car data, where users will sell data that their car generates using Datum. But then how are they planning to do that? Are they actively seeking partnerships with car manufactures like Dovu does? Overall we feel the idea is good, but the scope is too broad for a single team to handle. We hope the team shares some more details through blog posts etc.

Risks

  • The scope of the project is too big for small team to handle. Many projects are working on the issue of data ownership, but they are focused on niche segments. -3
  • The whitepaper leaves you with many questions in mind. -2
  • For a project of this scale a large adviser network is needed. The whitepaper mentions only one adviser. A blog post informing about addition of 3 new advisers was posted on 14th October. Did they add 3 new advisers just two weeks before an ICO where they want to raise $45 million? -0.5

Growth Potential

  • The concept of data ownership holds a lot of potential. +2
  • Datum can definitely scale in usecases like medicine, where something similar to HealthKit can be created. +4
  • Tokens used in transactions will be burnt, creating value for token holders as the network scales. +2

Disposition

We arrive at a score of 2.5 out of 10 for Datum. The score seems valid considering the many underlying grey areas.

Investment Details

The ICO begins on 29th October. You can register for the whitelist here.

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ICO

ICO Analysis: Worldcore

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From the perspective of ICOs, Worldcore stands apart for the fact that it is already known as a successful payment solution. Established in 2014, the Czech-based company offers an online transfer service that specializes in bank wires, prepaid withdrawal cards, instant credit card payments and free money transfers.

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The company only recently announced plans to create a peer-to-peer lending platform hosted over the blockchain. While some may say Worldcore is being opportunistic, it boasts a client base of more than 25,000 people across the globe. In 2017, it has already cleared $100 million in transaction volume.

As a regulated payment solution with an EU license to operate in the Czech Republic, Worldcore has had great success in its first few years. It has an established track record, a decent business model and aspirations of global expansion. It also picked the right time to enter crypto.

But that doesn’t mean Worldcore doesn’t have limitations. As we’ll discuss in the following sections, the company’s lofty valuation is more than just a pat on the back for the good work it has done in recent years.

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If that isn’t enough, we invite anyone to visit the company’s site (or is it, this one?) and try to make sense exactly what it is that Worldcore offers. The author isn’t proud to admit he had to visit several third-party websites just to figure out that the company is an online transfer service. You might be thinking, bad copywriters? Maybe. But what if we told you Worldcore is also planning to launch a 24/7 TV service? From the scant details we were able to obtain from the whitepaper, WorldcoreTV will be launched if and when the company raises $25 million. On that note, the whitepaper is a 73-page poster that doesn’t offer much to the tech-savvy investor.

Worldcore Token

Worldcore launched its WRC token Oct. 14 on the Ethereum blockchain. One WRC is valued at $0.10 USD, with a total market cap of $100 million USD. A total of 1 billion tokens will be circulated during the ICO. Investors can participate in the raise using fiat currencies like the euro and U.S. dollar, as well as cryptocurrencies.

Worldcore’s motivation for the crowdraise is to leverage the blockchain in pursuit of bigger business. The company isn’t just dabbing its foot in the ledger technology, but actually converting its business operation to enable greater blockchain capability.

In its whitepaper, the company emphasizes the following target audience for its services:

  • Freelancers
  • Big companies
  • Fundraisers
  • Online shops and retailers
  • Online marketplaces
  • Common people
  • All kinds of small business

With a list like that, it’s clear Worldcore is thinking very big. The company’s global reach is demonstrated by the fact that it has translated its website into more than ten languages.

Anyone who wants to send money overseas, facilitate business-to-business transactions and utilize unique security enhancements like voice recognition is Worldcore’s target market.

The company has an aggressive roadmap that begins by obtaining membership of the major credit cards, SWIFT and SEPA networks by Q1 2018. With $10 million in funding, it plans to open “5 fully-packed offices in 5 more EU countries” by Q1 2019. If it reaches $25 million in funding, it will launch its WorldcoreTV service, “the world’s first 24/7 hybrid of TV channel and digital media focused on Fintech & BlockChain industries with online and international 24/7 broadcasting through Satellite and IPTV.”

At $50 million raised, the company plans to transform into a Swiss bank. It believes it can do this by mid-2019.

WRC tokens are essentially a stake in the newly developed blockchain-focused company. In other words, think of your WRC tokens as stocks. There doesn’t seem to be any direct use of the tokens within the company’s network, except to reap profits from Worldcore’s business growth. Worldcore is offering 30% profit to its investors.

If “slow money” isn’t your style, you can trade the WRC token on the digital currency exchange. This option will be available to token holders immediately. The company says it will provide a full list of exchanges where WRC is accepted at the end of the ICO.

The Team

In terms of personnel, there’s quite a bit of clout behind the Worldcore executive. Founder and CEO Alex Nasonov was listed in the Financial Times annual ranking of New Europe 100 changemakers in Central and Eastern Europe. The company also has a solid list of general partners that includes Bitpay.

Against this backdrop, the author has little doubt that Worldcore is home to a solid team. However, very little information is provided about them, their credentials or the advisers they’ve selected.

Based on the whitepaper, Worldcore is home to at least three developers, 20-plus support and development staff and a core team of managers. The company also consults with advisers, but does not name them.

The team operates in accordance with EU law, so there’s little to be concerned about from the perspective of legitimacy, regulation and business ethics.

Verdict

Worldcore is a highly ambitious company with a proven track record in its niche market. But as an outsider, understanding the company’s service offerings and assigning it a valuation has proven difficult. We feel that the strategy behind the capital raise veers away from the company’s core service offering. As an outsider, the roadmap for growth seems a little far fetched (as a reminder, Worldcore says it can become a full-fledged Swiss bank in less than two years).

Risks 

  • At $100 million USD, Worldcore is significantly overvalued. Although the company doesn’t state its revenues, the price tag is too high for what it currently offers. Of course, this hard cap is based on potential, but the author isn’t too excited about WorldcoreTV. -5
  • The roadmap for growth makes very little sense. Capital raise via ICO makes even less sense from the information we gathered from the whitepaper and the website. -3
  • Although the development team has been involved in blockchain since 2016, there’s no mention of blockchain or cryptocurrency expertise or experience. The team has done a good job offering an online payment service, but what exactly does this mean from the perspective of blockchain? By the looks of it, Worldcore is taking a deep dive into this technology. Can we really be sure it’s going about it the right way? -3
  • Competition looms large for any blockchain-based payment service. This will work against Worldcore, which, again, has very little experience. -3

Potential Growth

  • Worldcore is scaling up its core services quickly, and the company expects to clear $150 million in transaction volume this year. +4
  • The company’s CEO has established a good track record that has not gone unrecognized. +1

Disposition

Based on the above, we assign the Worldcore ICO a rating of 1 out of 10. The holes in the business plan are simply too glaring to even consider funding a project of this nature. We certainly don’t take anything away from the company’s growth, but the project idea does not compute.

Hacked.com members have a high propensity for spotting shoddy whitepapers. The Worldcore write-up is one of the weakest seen. Once again, we invite our members to give it a read and share if they have any unique or differing perspectives.

Investment Details

For more information about the Worldcore token raise, visit the main website.

  • Project Type: Crowdsale
  • Opening Date: Oct. 14, 2017
  • End Date; Nov. 14, 2017
  • Platform: Ethereum (ETH)
  • Total Supply: 1 billion tokens
  • Token Price: $0.10 USD (all unsold tokens will be burned upon the ICO’s closure)

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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