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ICO Analysis: Dfinity

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Dfinity is one of the brightest and most anticipated projects of 2018.

Dfinity can be considered a logical continuation of the development of blockchain and can be seen as the development of Ethereum, as Ethereum was a development of bitcoin in its time.

Ethereum is based on a postulate that “Code = Law”, which means there is no intellectual control regulating the use of the platform or the core network, which results in hard-forks and soft-fork when a threat arises.

Dfinity is based on a next thesis “AI = Law”. The security of such a network will be based on the votes of network participants and the traditional mechanisms of AI, which are able to instantly calculate vulnerabilities, and in case of penetration, painlessly “roll back” the network back. Such a network allows you to dynamically optimize the economic parameters of the network, update the protocols and various applications, without disrupting the system. In sucha= a blockchain, a problem of speed and scalability can be finally solved, thereby leading to adoption by numerous applications and users.

So in essence, Dfinity is a public node network that provides a “decentralized global computing cloud” where software can be installed and launched with all the usual properties and capabilities of smart contracts. It can solve two points.

The first point is to optimize the existing market of intermediary services, which is represented by such industry giants as Uber, eBay and others.

The second point is the reduction of the system maintenance costs, as blockchain brings more automatization which in turn decreases staff costs, which represents the main part of budget costs for corporate entities.

Blockchain Nervous System – core of Dfinity

Blockchain Nervous System (BNS) is distributed intelligence integrated into a network with special privileges that allow it to play the role of an impartial decentralized superuser. BNS adapts and learns to make better decisions because neurons respond to stimuli and feedback.

Any person can create and run neurons. In fact, neurons are the same nodes. A new neuron is created by freezing tokens for a period of three months (possibly in the future this timeframe will change). The relative strength of the neuron’s voice is proportional to the size of the deposit that it holds. This ensures the legitimacy of voting and the participation of the owners of the nodes in the vote because they receive a reward proportional to the number of frozen tokens.

When a neuron is created, two keys are indicated. One of them – the “delegate” – allows the neuron to vote. Another key is the “master,” which must be stored in a cold storage and can be used to freeze the neuron and receive its deposit. Users can vote independently or give their vote to an authoritative node in any field and give a command to the program. The point is that no one can track who votes for whom, thus, in principle, eliminating the possibility of an attack by 51%.

Another very promising feature of this solution is the ability to “rewind” the system. Due to these BNS properties in Dfinity there is no concept of forks, as protocol updating occurs on a regular basis, quickly implementing patches and optimizing the network, stimulating it to evolve very quickly.

Threshold Relay is a new technology that provides the organization and processing of the Dfinity network. Using Threshold Relay, members of the DFINITY network create a deterministic controlled random function that is completely random and unpredictable. Threshold Relay creates special beacons that allow you to randomly select nodes, forming a group of nodes to conduct voting. It is a random selection that allows you to ensure network security.

Dfinity decentralization cloud is an open platform for cloud computing, based on a decentralized network. This is essentially a virtual machine in cyberspace, which will support the corporate IT system, that is, the servers for websites, the personnel management system, supply chain management, and other critical business processes in the life of companies and large organizations. In addition, thanks to the self-regulating BNS system, cloud storage will be reliably protected from external threats, without the need for administration and human resources.

PHI is a credit system that will create a decentralized lending infrastructure. To eliminate the risk of volatility of the cryptocurrency, they propose to introduce local tokens PHI, which will be tied to the rate of a particular country. For example, in America it will be PHI-USD, in Russia PHI-RUB, and in the Eurozone PHI-EUR. Thus, all loans will be issued and given in one currency. In fact, they propose to make an analog of the currency in the digital currency and tie it in the block system – the credit system.

Imagine that a user A has decided to issue a loan. He passed the verification in the system, proved his identity and laid out his proposal for a loan. Creditors, or validators, as they are called in the system, consider this application and make a decision on it. By the way, any person who has made a certain deposit to the system, to secure loans, can become a validator. Here, the Threshold Relay technology enters into the play, which defines casual users – creditors who anonymously and without the possibility of collusion make a decision on the loan of user A.

Token

Dfinity has introduced a very promising token utility case.

Dfinities are system tokens that will be used in almost all network activities. The developers identified four main roles of dfinities:

  • Fuel for installing and launching smart contracts.
  • Deposits to create nodes that can participate in the management of the system through BNS.
  • Contributions for making their proposals and joining the network infrastructure.
  • Deposits that will allow cloud networks Dfinity to connect to a common network.

As you can see, all the basic functions and capabilities of Dfinity will be possible only through payment or freezing of tokens. Inflation in the system is possible, but the decision to issue new coins will be accepted by the participants and AI BNS together, thus ensuring the maximum value of the tokens.

It is worth adding here about the aforementioned local PHI tokens, which are likely to become additional tokens of the ecosystem. While the developers described only one possible function of these tokens – the currency of decentralized lending.

At network launch, the breakdown of the distribution is expected to be:

  • 9.5% Early Contributor Tokens
    • Allocated to numerous parties with respect to earlier works and investments made before the foundation was formed.
  • 24.72% Seed fundraise contributors
    • Allocated to a large number of contributors in the Seed round.
  • 6.85% Strategic fundraise contributors
    • Allocated to strategic contributors in the Strategic round.
  • 4.75% Presale fundraise contributors
    • These will be allocated to contributors to the forthcoming Presale round.
  • 1.25% Community airdrop
    • These will be allocated to select community members with a preference for longtime supporters of the project.
  • 52.93% Foundation Endowment, Team and Partnership Tokens
    • Tokens held or already deployed by the foundation in pursuit of its competitive goals (for funding R&D and operations, offices, technology acquisitions, community programs, employee incentives, partner incentives and other long-term needs).
  • Pre-sale for 4.75% is considered to be the last fundraising event for a maximum raise of 90 million Swiss Francs.

There won’t be any Public sale at this point.

Currently, Dfinity plans to issue an airdrop for individual community members will be able to collect dfinity tokens worth between 500 and 2,500 CHF (depending on their personal airdrop cap, which will be derived from a duration of community tenure and other inputs). They are planning to give away tokens worth up to 25,000,000 CHF. In order to participate in the airdrop, one must go to their Telegram group (see general details below).

The main problem lies in that there is no exact information on prices, bonuses and vesting periods. The project states: “Consequently by network launch, hardly more than 10% of the network will have been distributed to accredited investors who participated in private rounds (including the tokens disbursed by the Strategic round, which came with a three year vesting schedule and tied contributors to commitments including contributions of funding and management support for the DFINITY Ecosystem Venture Fund).”

Such strange token sales structure is explained by two points:

  1. Team has already connected enough funding during seed round in February 2017, when its collected funds turned into 40 million; with VC that came during the summer, their funding became more than a $100 million USD.
  2. They do not want to go to public round in order to avoid possible regulatory risks, thus opting to finalize everything during a pre-sale available to professional investors and probably pools.

Team

All-star team. Ideological guys who are trying to develop blockchain as a system itself. Almost everyone is from top universities. Coders, cryptographers, specialists on abstract calculations. The greater part of the team is from String Labs, an incubator-studio.

Dominic Williams is the Chief Scientist and main creator. Dominic is a crypto theoretician and entrepreneur. His recent math includes Threshold Relay and PSC chains, Validation Towers and Trees, and USCIDs, and he proposes new ideas such as “The 3 E’s of Sybil Resistance”. Previously he ran a venture-backed MMO game using his own distributed systems that hosted millions of users.

Timo Hanke is the Head of Engineering. He was once a Professor of Mathematics and Cryptography at Aachen University in Germany but got into bitcoin. In 2013 he created AsicBoost to reduce the gate count on bitcoin mining chips and increase the efficiency of bitcoin mining by 20-30%, which has since become a standard in large-scale mining.

Ben Lynn is a Senior Staff Scientist and Engineer. Ben Lynn is the “L” from the “BLS” cryptography applied by “Threshold Relay” to generate randomness and achieve incredible security, speed and scale in public networks. Once a Stanford PhD under Dan Boneh, Ben joined the DFINITY team after 10 years in senior engineering roles at Google. Ben writes many papers.

Andreas Rosserberg is Senior Staff Scientist and Engineer, Andreas was previously a Staff Engineer at Google, where he co-designed the WebAssembly virtual machine, now continuing as lead editor of the language specification, and led the JavaScript language team for the Chrome V8 engine. Andreas was formerly a postdoctoral researcher at the Max Planck Institute.

Mahnush Movahedi is Senior Researcher and Engineer. Mahnush joined DFINITY from a postdoctoral position at Yale University working on scalable and fault-tolerant distributed algorithms for consensus and secure multi-party computation, secret sharing and interactive communication over noisy channels.

Martin Becze, works in Virtual Machine Research. He is a hacker and researcher interested in building open decentralized networks. His current work for DFINITY focuses on re-purposing the Wasm virtual machine for blockchain computer networks. As an active and well known contributor within the Ethereum community, he brings deep experience, insights and expertise.

Disposition

Dfinity offers one of the most innovative solutions in the blockchain space, which in conjunction with their competent team and strong funding, makes a strong case for investment.

Risks

  • The token sale structure is not transparent. There very several private rounds, each of them may have different price, bonus and vesting structure. But Dfinity won’t have any public sale anyway, thus price of a is really hard to predict. (-1)
  • A potential hard cap is more than 100 million. (-2)
  • No details on team token vesting. (-1)
  • Competition is fierce in this sector. There are several new blockchains in this field, which have had or are in the process of having ICOs this year like Wanchain, Edenchain, Eos and Icon. The Dfinity difference is that although it will be released on the market later, it already had funding in early 2017 and had some time for doing their work on the blockchain, thus when they will be listed on the exchanges, they will have a working net ready. (-1)

Growth Factors

  • All-star team with knowledge and expertise in related fields of mathematics, development cryptography and blockchain. (+3)
  • A product is a new type of a unique blockchain, which is a potential next development of Ethereum, which will operate on the completely new paradigm (“AI=Law”) and can solve earlier blockchains security, governance and scalability issues. (+3)
  • Token/Coin represents a real value in the project as all operations are done in Dfinities and there are numerous token use cases. (+3)
  • Potential market cap is similar to top blockchain projects like Eos, Ethereum and bitcoin itself. (+1)
  • MVP is available. (+1)
  • Team is legally conscious and even decided no to run a public sale due to unclear regulatory landscape public sales. (+1)

Disposition

Dfinity has strong fundamentals in terms of product, team and token. The main concern is token sale structure, but as it does not have a public sale anyway, it can be bought after listing when trade analysis will provide a good entry option. This project has a strong 7 out of 10.

Investment Details

  • Type: Utility
  • Symbol: Dfinities
  • Platform: Ethereum/Own platform
  • Crowdsale: Replaced by airdrop/only pre-sale available
  • Minimum Investment:
  • Price: N/A
  • Hard Cap: 90 million
  • Payments Accepted: N/A
  • Restrictions Barred from Participating: N/A as there is no public sale

General Details

  • DFINITY Website : https://dfinity.org/
  • DFINITY White Paper : http://bit.ly/DFINITY_WP1
  • Mission Control : https://t.me/DFINITY_Devs
  • DFINITY FAQs : https://dfinity.org/faq
  • Explainer Video : http://bit.ly/DFNINTRO
  • The DFINITY Testnet Video : http://bit.ly/DFN_TestNet
  • Twitter : https://twitter.com/dfinity
  • Medium Blog : https://medium.com/dfinity
  • Latest Newsletter : http://bit.ly/DFN_NEWS2
  • Community Run Telegram : https://t.me/dfinity_community
  • Community Run Reddit : https://www.reddit.com/r/dfntrader/
  • Telegram Group : https://t.me/dfinity
  • DFINITY Announcements Channel : https://t.me/dfinity_announcements

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.9 stars on average, based on 9 rated postsVladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.




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ICO Analysis : Ankr Network

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The Ankr network aims to create a permissionless, efficient, scalable blockchain, which also has built-in capabilities for interacting with existing data solutions. Its consensus mechanism is called “Proof of useful work,” suggesting that the computing resources that provide the lock will be much more efficient than existing PoW schemes. Their new consensus protocol will allow them to engage in the Distributed Cloud Computing field. It is also notable to mention that they were one of the first to implement the Intel SGX trusted devices feature.

More about ANKR network’s technology can be viewed in my previous article.

In short, ANRK network wants to change the inefficiency of existing POW blockchains and transfer all that computing power onto useful tasks. Secondly, they would like to create oracle services that will allow smooth integration of real business to the blockchain. Finally, as all new blockchains, they would like to improve the scalability of their blockchain through the introduction of plasma chain features. What I liked most is they do not aim to achieve superior numbers like 1m TPS, but only seek to implement features that would be necessary for their business.

The roadmap is rather short at this point. The project has already released their MVP and is preparing itself for the testnet launch in September of this year.

Token

The total toke  supply is 10 billion ANKR tokens. The use of proceeds is listed below:

  • Team and advisors – 20% – lockup of 7 months and vesting up to 3 years
  • Marketing -5%
  • Private pre-sale – 30%
  • Public sale – 5%
  • Mining and community – 40%

Akr provides the following use cases for its tokens:

  1. It will serve as a payment instrument on the blockchain
  2. It will serve as a mining reward for renting computing power
  3. It will serve as a community reward incentive

Team

The team is young and talented and is a part of UC Berkley Blockchain student group.

Chandler Song, Co-founder & CEO. He has diverse experience in different international companies like Didi (college intern for three months), SAP (4 months), Amazon as a software intern (4 months), and as CTO of CitySpade for five months (currently has 29 employees on LinkedIn).

Stanley Wu, Co-founder & CTO. He has strong technical skills and more than ten years of experience working for Amazon with a focus on large-scale cloud services.

Ryan Fang, Co-founder & COO.  He had some experience with credit organizations like Credit Suisse, Morgan Stanley, China Renaissance and State Street.

Song Liu, Chief Security Engineer. Principal Engineer at Gigamon for just over two years, Senior Staff Engineer at Palo Alto Networks for two years, Network Security Expert. He has skills in TCP/IP/SSL firewall coding, C, and C++ programming, and large-scale distributed computing systems.

Advisors

Christel Quek, Marketing Advisor — Based out of Singapore, advisor to Zilliqa and Switcheo Network, Founder of BOLT.

JZ Zhang, Technology Advisor — Distinguished Architect at Yahoo (over four years), Principal Engineer at Cisco (1 year), Microsoft (over three years), Blackberry and AT&T, Founder of PDX funded by Lenovo Capital. Member of Blockchain Research Group in National Internet Finance Association of China.

David P. Anderson, Technical advisor – American research scientist at the Space Sciences Laboratory at the University of California, Berkeley, and an Adjunct Professor of Computer Science at the University of Houston.

Investors and partners

The ANKR investors list is pretty impressive. Some of the more prominent investors are:

  • NGC – investment fund of NEO
  • Jlabs – blockchain division of Chinese private equity firm JD capital
  • DHVC – well know early stage investment firm from the Silicon Valley.

Verdict

Ankr is an exciting project. It provides exciting product features, focused on adoption and has the backing of serious players in the blockchain space. However, theis filled with competition, and it is hard to understand who will take the main market share at this point.

Risks

  • Competition is rather fierce even in the blockchain space. We have projects like Golem, Sonm and upcoming projects like Hypernet and Perlin as well Dfinity and Oasis Labs. -2
  • Relatively inexperienced team. -1.5
  • A long-term roadmap is not there. -1.5
  • PoUW is a new concept, so the implementation may face some difficulties. -1
  • Token metrics and lockups of private sale round could be better. -2

Growth Potential

  • A talented and ambitious team from Berkley, backed by senior engineers and advisors.+1
  • Usage of SGX chips to tap into unused computing resources may substantially decrease adoption phase. +1
  • Innovative consensus protocol. +1
  • Focus on niche industries first (specialization is better than global broad spread focus). +1
  • Github repository has committed, especially on the plasma part. +1
  • Hard cap and metrics are on the good side. +2
  • Strong backers in terms of top investment firms in the crypto space. +2
  • Part of the public sale is done through the physical token distribution (akin to Mainframe). +1
  • MVP is present .+2
  • Although most funds are raised through the private sale, it is still pretty decentralized (most parties got 200 eth). +1
  • Hype is there (50,000 people on Telegram), and reviews are generally favorable. +2

Disposition

Ankr has a decent hard cap and will probably be listed on a major exchange due to its hype and partner level. This can lead to a potentially good return in the short term, although lock up of private sale participants could be better. 7 out of 10.

Investment Details

  • Type: Utility
  • Symbol: ANKR
  • Platform: Native
  • Crowdsale: Whitelist open
  • Minimum Investment: around 400 USD
  • Price: $0.0066
  • Hard Cap: 17.8 M
  • Payments Accepted: ETH
  • Restrictions Barred from Participating: Residents of U.S / Canada / China / South Korean /Barbados & other FATF countries like Ethiopia, Iraq, Serbia, Syria, Trinidad and Tobago, Tunisia, Vanuatu, Yemen, Iran, North Korea are not able to participate

General details :

Website: https://www.ankr.network/

Telegram: https://t.me/ankrnetwork

White Paper: on the website

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.9 stars on average, based on 9 rated postsVladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.




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ICO Analysis: Metadium

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Although Facebook is one of the most successful that social networks ever existed, the year of 2018 did not start so well for them. The Cambridge Analytica data breach scandal had played a key role in that the CEO, Mark Zuckerberg, was even had been called to the court for a testimony. Its users’ data have been harvested by an app called thisisyourdigitallife and allegedly had used to build a software to influence voters. A rough estimation is that data belonging to 70 million users only from the US had been exploited, yet arguably this could be avoided if users had complete control over their personal data. No one else could share their data without their consent if they were stored in a decentralized system, so one of the biggest data breaches of the history would have been avoided.

As history shows this was not the first time that a data breach scandal has occurred in a centralized system and it is only rational to make a guess that it will not be the last time as well, which creates a need of an identification system such that users have control over their data, being able to choose what kind of data they share and when they share it.

Blockchain, being a highly secure technology, is likely to provide a solution in this area and Metadium, a decentralized identity platform, aims to be the standard solution for it with their product called Meta ID. This new kind of identity which is called “digital identity” will let users to have complete control over of where, when and how much of their personal data is shared. Without their consent no personal data shall leave the platform, thus making it (almost) impossible that data breaches like Cambridge Analytica can occur ever again.

Token

META is the native token which will be used for every action taking place on the Metadium blockchain. In order to prevent transaction overflows and avoid DDoS attacks any action will cost META and those collected tokens will be distributed to miners, thus incentivizing them to secure the network. The main usage of META token from a user’s perspective will be to attain attestation services. Their updating or linking their mundane identity which is defined in the whitepaper as a person’s identity backed by legal documents, will cost users tokens and attestation agencies will be rewarded by these tokens in the return of validating these users’ identities.

The initial total supply of META is 2 billion tokens with the following token distribution:

  1. 17% team and advisory
  2. 12% power to ecosystem
  3. 5% company reserve
  4. 5% token sale

1 billion META tokens, 50% of the initial total supply, were already sold for a total of 38,000 ETH in the private sale stage, averaging a price of 0.000038 ETH per token. As the crowdsale will be USD-pegged and the same rate will be available to crowdsale participants, these late-comers will have to pay much more in ETH due to a recent drop in ETH prices. No vesting period for institutional investors, unless they are advisors, exists, thus some selling pressure might be expected as only 2.5% of initial token supply is allocated for the crowdsale. A vesting period of 6-12 months for team and advisor tokens shall be implemented, though further details are not released yet.

The team is planning to use the token sale proceeds as follows.

  1. 10% legal and accounting
  2. 10% operational expenses
  3. 15% marketing
  4. 65% research and development

The crowdsale is expected to take place in early September and details on KYC and white-list procedures will be released shortly.

Team

CEO Justin Park – Before joining to Metadium, Park was a senior manager for Gobi Partners, a venture capital based in Kuala Lumpur, Malaysia. Prior to this position, he held the CEO position at Smilegate, a Korean game company, known mostly for their first-person shooter game ‘Crossfire’.

Co-founder Ryan Uhr – Uhr, a former chief engineer at Hyundai Electronics, has founded Coinplug, a Korea-based company providing blockchain services, in 2013. Among exchanges, prepaid cards and ATM’s, Coinplug has developed a blockchain identity verification platform, OpSign, implying that Uhr comes with great experience in decentralized identity verification platforms.

COO Richard Yun – Yun is the COO of Coinplug and a former senior financial analyst at Cisco.

The existence of many team members from Coinplug is definitely a good sign as this indicates the team’s overall experience in blockchain products.

Advisors

Bo Shen – Shen is a founding partner of FenBushi Capital, one of the biggest blockchain venture capital funds.

Roger Ver – Ver is an early Bitcoin adopter, a founding member of Bitcoin Foundation and Bitcoin.com’s current CEO.

Jack Liu – Liu is a co-founder of OKEx and is the current head of trading at Circle Asia Pacific.

All ten advisors Metadium has are quite important players in the blockchain space and can push a fast adoption phase for the project.

Partners

The only technological partner Metadium has is Coinplug. Coinplug holds the highest number of blockchain patents in Korea and the second highest in the world, which is overwhelmingly impressive. The team has previously worked on a decentralized identity product. As noted earlier in the analysis, many members from Coinplug also work in this project, bringing immense value, team synergy and experience.

Investors

Metadium is funded by eighteen institutional investors. Even though this number alone is quite striking; the existence of huge players such as 500 Startups, FBG Capital, Hashed, Smith + Crown and PreAngel in this list is just incredible.

Verdict

Below is a breakdown of the risks and growth potential of Metadium.

Risks

  • As the private sale was pegged to USD, ETH price has decreased immensely since the private sale took place, approximately from 880 $ to today’s 285$, unless we see a huge ETH run before the crowdsale, the crowdsale participants will have to pay much more ETH, (approximately 3x more ETH). Combined with no locking period for institutional investors, unless they are advisors, this might create great selling pressure before the project takes off. (-3)
  • Not all details on the crowdsale are made public yet. (-0.25)
  • Competition with already existing and upcoming projects. (-0.5)

Growth Potential

  • Really great team mostly formed by Coinplug members. (+4)
  • Backed by many important venture capital firms. (+2)
  • Metadium Blockchain Prototype, 1.0 & API is expected to be released in Q3 2018. This will most probably create buying pressure, or at least remove some selling pressure. In the case of the market’s finding itself in another bull run until then, Metadium might yield great returns. (+3)

Disposition

Metadium has a great team with lots of experience and aims to solve an important real-world problem. It is not unlikely that they beat their competitors by means both of adoption and the product. Metadium receives a 5.75/10.

Investment Details

  • Type: ERC20 – presumably utility
  • Symbol: META
  • Platform: Ethereum
  • Crowdsale: Early September
  • Minimum Investment: Unspecified
  • Price: $0.0325
  • Hard Cap: Unspecified
  • Payments Accepted: Unspecified
  • Restricted from Participating: Unspecified

For More Information

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: Agate

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Agate is the world’s most comprehensive decentralized blockchain platform for instant payments. It connects physical stores, online merchants, users and developers to the crypto economy.  Imagine PayPal, but with all the neat new bells and whistles that blockchain, smart contracts and machine learning bring to the table, including a fiat backed platform stable coin called iFiat, which helps control volatility risks that usually come with crypto.

Agate plans to launch its Proof of Stake mainnet in Q1 2019.  There will be a heap of different elements to the Agate Ecosystem. Here are the highlights.

  • Token Generator: Allows users to create their own token through a user-friendly platform without having to write any code. Users will brand and market their products and services under Agate’s blockchain. The token generator will be fueled by AGT token, which will remain at the core of the platform.
  • AI Powered MultiCurrency Wallet: Their wallet is in development and can already store 5 cryptocurrencies. It will be fully launched by Q4 2018 at which time users will be able to store 17 different crypto-assets. The wallet will be integrated with an AI engine that uses machine learning software that has the ability to advise users with the best time to convert their crypto into iFiats to realize the highest possible gains.
  • Stable Cryptocurrency: This is a game-changing feature. Separate from AGT token, a stable coin pegged to the dollar, called iFiat, will be used to settle transactions in real-time. Each iFiat unit has a 1:1 ratio with the underlying currency unit, this facilitates a stable payment system ensuring merchants receive the full spendable value for their payments while eliminating volatility risk.
  • Trading Bot: Allows users to load multiple cryptocurrencies into the Agate ecosystem and then set multiple rules for the bot to execute trades when market conditions are met.
  • Merchant Facing Multiple Payment Gateway: Easy to install payment apps/plug-ins and an open source Agate Payment Gateway API will allow merchants and e-Commerce platforms to accept crypto as a mode of payment with no hassles.
  • Decentralized Exchange: Agate’s iFiat ecosystem will include a Decentralized Exchange (DEX) that will allow fast transactions on the network for merchants to convert their crypto into iFiats instantaneously. Further helping eliminate the volatility risk that comes with crypto.
  • Merchant POS Terminal and Merchant App: Enables brick and mortar stores access to Agate’s POS terminal. With the Agate Merchant App, merchants can receive payments in their own iBucket which facilitates easy bank transfers or the money can be loaded into their own cards for instant spending.
  • Crypto Debit Card: Agate Debit card. The goal is to partner with the worlds leading card providers to allow Agate debit to work at “over 30 million stores globally.”
  • White Label Provider: Agate Blockchain will provide the Agate API Suite, a white label solution that allows developers to build their own DApps or DAO on Agate’s strong and reliable network while improving the entire Cryptoeconomy.

Token

AGT token is separate from the above-described iFiat (stable) token.

The whitepaper lists several ways which AGT token will be used, including:

  • All Exchange orders between different currencies will cost 1 AGT token.
  • Any trade bot trades will cost 1 AGT at the point of execution.
  • To load card or request bank transfers, users will have to pay 1% fee in AGT tokens.
  • Agate token generator costs 50 AGT.
  • At some point, they will switch from Ethereum to their own mainnet. When this happens, AGT will become minable thru Proof of Stake, which will cost 50,000 AGT tokens to run a node.
  • AGT will be required to execute smart contracts.

Distribution:

  • 65% Crowdsale
  • 10% Team
  • 5% Advisors/Partners
  • 5% bounty/airdrop/referrals
  • 15% Reserved for the Agate Ecosystem

Allocation:

  • 40% Research and Development
  • 40% Marketing
  • 5% legal and compliance
  • 10% Operation and Admin
  • 5% Unforeseen Events

The team will lock up their tokens for one year. All unsold tokens will be burned.

Team

Based in Sydney, Australia, the site list 16 team members including tthree founders.

  1. Hamed Taghvaei-   A serial founder of tech companies, including Drone Online, Myservo, King ICO and Business and Demand Group PTY LTD.
  2. Hamid Ostad –  Impressive resume. Since 2016, he’s been the Solutions Architect at BPay Group, a successful Australian bill payment company. He has seven years of experience as tech lead at Creative Digital Technology and five years Dev Manager at Gpayments PTY.
  3. Ali Dorri – PhD candidate at UNSW studying blockchain. He seems to be a blockchain tech expert. No work history listed; his description says he’s worked with several successful blockchain projects already.

A few of the team members stand out.

Ehsan Jahandarpour – CMO. An influencer, he was ranked top 20 growth hacker in 2016 Forbes.

Ariya Chittasy – The website says he’s helped produce four startups over the last eight years, and twi of them are successful. Currently at  Engenesis Ventures, where he “is working with visionaries and innovators to create tech-based companies that serve the world ”

Odette Abrenica – UI/UX Designer. She also has the same role at Engenesis.

Jaemie Dela Pena – Product Design Lead for Agate and Engenesis.

Asi Asgher – Project lead, also works at Engenesis.

There are six advisors – they look decent. J Brenton Smith was the VP & GM Asia Pacific & Japan business of Dell Software Group.

Verdict

There’s plenty to love about the project including a few unique, possibly groundbreaking ideas. However, there is also plenty of risk. Debit cards for one. Countless blockchain projects have come out with their ICOs talking about how they will have a debit card which can be spent with different cryptos all around the world, yet all of them have flopped so far.

Risks

  • Their Telegram channel is for announcements only. It’s going to be hard to grow a community around the token if they can’t talk to each other easily. Also seems kind of shady to not allow possible contributors the ability to ask questions in real time. -1
  • The founders of Agate also recently founded an ICO launching business called King ICO. And most of the team is from a company called Engenesis which is a blockchain project incubator. This means there’s a possibility this team is not serious about making Agate, and are more into making millions of dollars doing ICOs. -1
  • Laws/Regulations. It’s going to be really hard to get the proper banking licenses required to fully run the Agate platform world wide. -2

Growth Potential

  • According to the roadmap. Q1 of 2019 is when they will be hoping to get their proper banking licenses. +1
  • The community seems to like this project, although some of the enthusiasm can be chalked up to their bounty/airdrop program. A large majority of ICO review websites give this project a 90+, or A ranking. And the Bitcointalk page is filled with enthusiastic supporters.+2
  • If this succeeds, the sky will be the limit. +1
  • Teams tokens will be locked up for 1 year. +1
  • 50,000 AGT must be staked in the future to run a POS node. +2
  • GitHub is active and there are several beta demos of diff aspects of the platform. +1.5
  • Several backers. +2

Disposition

High risk/ high reward. If they build everything they talk about in the whitepaper, and then get the proper banking licenses, this could moon. +6.5/10

Investment Details

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.1 stars on average, based on 23 rated postsJoshua Larson is also known as the "Bullshit Man" for his ability to spot it a mile away. Avid ICO researcher and contributor. Former professional poker player/backer. Spent 10 years analyzing hand history, stats, and player data. Discovered blockchain in late 2016, and never looked back. He now uses his analysis skills to investigate ICOs full time. What a perfect match, because in today's crazy world of ICOs, information, passion, and diligence = dollar bills!




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