ICO Analysis: Elph
As you read this, a new decentralized Internet with thousands of possibly revolutionary DApps is being built on top of blockchain technology. Currently, there is no app store or search engine that users can use to find the most popular and trendy DApps. When they finally do find a DApp they want to interact with, their computers usually have difficulty with the new protocol language that DApps use. Users and developers lack the tools needed to build and scale. What they need is a go-to place for all things decentralized.
“Elph is for everyone who wants a fast, reliable, simple, and secure application to store their digital assets and use them to interact with blockchain-based apps. Think of Elph as a combination of a web browser (Google Chrome) with an app store (Apple App Store) on top of a digital identity (Facebook Auth), built for the decentralized Internet.”(elph.com)
Elph is a portal for Decentralized Apps and a digital asset wallet. It brings together a token-curated app store, decentralized identity and secure digital asset storage to make using blockchain based apps simple. Three keys features will help discover, organize and simplify the upcoming decentralized internet.
- Decentralized App Store: A one-stop shop for discovering the best DApps. Powered by the ELPH token, the Elph Protocol manages the submission and ranking process to maintain the highest quality of dApps.
- DApp Use Portal: Explore and use dApps built on the Ethereum blockchain. Elph supports protocols built for decentralized apps, making them just as simple to use as normal Internet websites. It will support thousands of DApps such as digital collectible platforms, games, decentralized exchanges, and fee-less marketplaces
- Wallet: Safely store your Ethereum-based digital assets including ERC20 tokens and ERC721 collectibles in the in-built wallet. Seamlessly use your digital assets on Web3-enabled dApps with just one click.
The digital asset wallet will simplify and enhance user experiences storing digital assets by offering several unique features including;
- Server-side backup of the client side encrypted private key, allowing Elph to sync your seed phrase down on any device.
- Gives users the option to undo a “send” transaction for 10 seconds after they initiate it.
- No gas costs or similar fees. Syncing an Ethereum node to interact with DApps is not required.
- Integrated exchange functionality.
- Address abstraction,
For further details on how the platform will operate, go here: https://elph.com/developers
ELPH token is an integral part of the protocol for curators to approve and rank dApps in the store. it will be used in the following ways:
- DApp Submission Process: DApp developers stake ELPH tokens to apply into the store. Curators can also stake ELPH tokens to challenge applications, which are approved or rejected by a global token-holder vote.
- DApp Ranking Algorithm: Curators upvote and downvote dApps in the store based on the number of ELPH tokens they hold. DApps are sorted based on the cumulative vote data.
- Network Reward: all network participants receive value from the Elph Protocol. Consumers find the best dApps, developers get distribution for their dApps and curators get additional tokens as rewards for properly curating dApps.
The team consists of five highly qualified co-founders, all UC Berkley Alumni.
Ritik Malhotra is the Co-Founder and CEO. He spent a few months early in his career as a software engineer for Twitter and Intel. Then he founded Streem, a popular media cloud storage product which he sold to Box, a large cloud storage company that powers over 70,000 businesses including GE. He now runs a successful VC fund.
Tanooj Luthra is the Co-Founder and CTO. He also Co-founded Streem with Ritik and spent four months as software engineer at Microsoft. Recently, he spent a year as Senior Crypto engineer at Coinbase.
Vamsi Chitters is also a Co-Founder with a Master’s from Stanford. He spent five years as a Software Engineer for Google.
Sarat Ravi is also Co-Founder. He was the Senior Software Engineer at Streem, Box and LiveMagic
Abhinav Lanka is the other Co-Founder listed. He spent three years as Software Engineer for Yahoo.
“Our mission is simple: we want to make crypto easy to use. We see Elph as a new portal for decentralized apps that brings together a token-curated app store, decentralized identity, and secure digital asset storage — allowing you to easily find and use these blockchain-based apps. Using decentralized apps should feel no different than any other app, and the “crypto” aspects should be an implementation detail.”
This quote from their Medium page really sums this project up. They are keeping it simple and making their platform/wallet fast, easy and clean. It’s too early in development for a sale date, whitepaper, or token metrics but they do have an MVP which you can download here. We checked it out and can confirm it’s legit. They also have an extremely impressive team.
- The ELPH token and the Elph app are completely separate from one another. You can use the Elph app without ever having to own or interact with an ELPH token. -1
- This could easily be chalked up to it being really early, but their community and communications are pretty weak. They are already using excuses for lack of updates. From their Telegram: “We’ve been heads down working on developing our product so we haven’t had a chance to update our blog. We’re excited to announce what we’re developing soon so stay tuned!” -0.5
- No business plan yet. “We believe in the open decentralized web that is also 100% free. We’re well-funded by our investors and are here to develop software for the long-term. We plan on formalizing a business model in the future, but will not be in the business of selling your personal data.” -1.5
- Five co-founders could get messy. -0.5
- Top shelf team. +3
- An alpha release of Elph is currently available on Mac and Windows. They are working on releasing an iOS and Android solution next. +2
- Elph is super lightweight compared to other standalone dApp browsers for Mac and Windows. It does not require you to sync an Ethereum node to interact with dApps, making the onboarding process quick and simple.+2.5
- They are going to provide a tool kit filled with different protocols for DApp developers to easily build their projects with.+2.5
We found this little nugget extremely early, which is great because whitelists these days fill up fast. They have not yet announced the token sale. They are collecting preliminary interest from all users that sign up here. 6.5/10
- Symbol: ELPH
- Platform: Ethereum
- Total Supply: TBD
- Hardcap: TBD
- Presale: TBD. signup here
- Website: https://elph.com/
- Telegram: https://t.me/ElphNetwork
- Whitepaper: not yet released.
Featured image courtesy of Shutterstock.