ICO Analysis: Devery

Devery is a decentralized verification platform for marking and tracking goods across supply chains. By monitoring every item that comes out from the manufacturer, Devery hopes to bring trust in our shopping experiences and fight counterfeit goods.

Counterfeit goods are fake items deliberately made to look genuine. These can range from clothes, bags, watches, perfume, cosmetics, and electrical items as well as pirated DVDs, CDs, computer software and games. Even well established and trusted stores like Amazon often list counterfeit and pirated products. A detailed report on Amazon’s counterfeit problem can be read here.

A 2016 report by the Organization for Economic Co-Operation and Development (OECD) states that imports of counterfeit and pirated goods amount to around 2.5% of the global imports. These figures are quite substantial as they amount to around half a trillion dollars per year.

Devery is creating a protocol for blockchain powered product verification on top of which applications can be built for specific verification based use cases. The underlying Devery protocol will enable developers to create verification applications without a thorough understanding of the blockchain. Devery will enable an ecosystem of verification applications each having the Devery protocol underneath them.

For example, retailers can assign unique ID signatures to each product sold online with a third-party verification application built on top of the Devery protocol. The retailer can then display unique one-time-use hashes generated from this ID to any potential customers that wish to verify the authenticity of a product.

The protocol is not just limited to physical goods but can also be used verify digital goods and services like digital certificates from online courses and colleges.

The protocol alpha is available for testing; you can check it out here.


The EVE tokens will be distributed during the ICO, and will be used as a fuel for the verification process. Customers like retailers/manufacturers will have to pay EVE to application developers to mark a product on the blockchain.

The ICO begins on Jan. 12. The total supply of Devery tokens will be 100 million out of which 60 million (60%) will be distributed in the ICO. The team will keep 15% of the tokens while the rest will be set aside as reserves. There is a hard cap of $10 million for the crowdsale. This makes Devery’s valuation much lower that similar projects like Waltonchain ($300 million) and Wabi ($125 million). One of the favorable factors for ICO investors is that there was only a 5% bonus for the presale participants. The team has rejected many applicants willing to offer millions of dollars for more bonus. This structure indicates that only solid supporters of the project participated in the presale.


The website lists five team members and four advisors. Founder and product lead Andrew Rasheed works as a web developer for Macquarie University. He has some experience with Blockchain and Solidity as he has worked on a couple of smaller projects. The community and finance manager Chironjit Das is a student of Business and Finance at Macquarie University and brings in some retail and supply chain work experience through his earlier work at Tesco Stores, although its purely on the finance side.
Bokky Poobah is the most noteworthy advisor as he has previously worked with many successful ICOs like Cindicator, Stoxx, and Status. Considering the busy schedule of Bokky Poobah, we are not sure how much time he was able to allocate towards Devery.

The Devery team does not have much industry relevant experience which might be the reason why they choose to create a protocol (on which applications can be built) rather than creating hardware intensive applications themselves.


We can all agree that blockchain holds immense potential for verification services. As quoted on IBM’s dedicated blockchain page, “Blockchain is revolutionizing the supply chain. Blockchain enables equal visibility of activities and reveals where an asset is at any point in time, who owns it and what condition it’s in.”

As with any industry that holds immense potential, many participants are offering blockchain solutions for supply chain related use cases.

So, how is Devery different from existing crypto assets like Wabi and Waltonchain?

The most basic difference is that Devery is creating a protocol on top of which niche third party applications can be built. The competitors are product focused and have created patented chips while their own teams will work on the application level. Devery has the advantage in that it enables applications to be tailored for the special needs of a particular industry as opposed to a one size fits all approach. The disadvantage of this approach is that it is too simplistic and does not provide a strong moat. Devery is only creating a gateway to blockchain for verification applications.

Growth Potential

  • In terms of valuation, there is a short-term growth potential. One, there was hardly any bonus for pre-sale buyers (only 5%). This has resulted in the participation of contributors who believe in the project as opposed to flippers. Second, the market cap at the time of listing will only be $10 million (diluted $17 million). As discussed above, Waltonchain and Wabi have $100 million plus valuations. +2
  • Considering the huge demand for supply chain related blockchain solutions, Devery will get multiple partners who wish to integrate their solutions. We could even see two partnership proposals on their Bitcointalk forum page. +4
  • An alpha version of their javascript framework, which helps create applications on top of blockchain, is available for testing. +3
  • Taking into consideration that Devery is creating a verification protocol for blockchain integration, it is not just limited to supply chain but can be extended to any verification use case. +3


  • Devery has not named any of their partners. As quoted by the team on Dec. 14, “We will be making announcements as we progress through our trials with partners.” This indicates that they are still working with the partners on the initiation stage and have not finalized anything. We perceive this as negative as the business needs solid partner integration. -2
  • The team is not as experienced as we would have liked for a project of this caliber. -2
  • Many traditional heavyweights like IBM and Accenture are providing supply chain solutions via blockchain. IBM has even worked on a project with Walmart. -1
  • The roadmap is not as descriptive as someone like Waltonchain. However, since Devery will only work on the protocol layer, we do not think a detailed industry-specific roadmap is required. -1


We arrive at a score of +6 out of 10 for Devery. Considering the low valuation at the time of listing and the partnerships that are expected to be announced going ahead, we maintain a positive outlook – at least, for the short term.

Investment Details

The ICO begins Jan. 12. Residents of the United States, China, Canada, Australia and New Zealand are not allowed to participate in the ICO. You can visit here for the KYC.

Featured image courtesy of Shutterstock.

Aakash Kawale is a financial analyst based out of Mumbai, India. He is the lead analyst at a Singapore based organization and has extensive experience of analyzing US and Indian equities. Aakash is a strong advocate of the Blockchain technology and has been analyzing cryptocurrencies since 2015.