ICO Analysis: Faceter
When it comes to security, video surveillance is currently one of the best ways to ensure ‘what really happened’ in any situation. Public crime and terrorist activity are the main factors that generate the need for the development of the global surveillance market.
According to Stratistics MRC, the global video surveillance market was worth an estimated $19 billion in 2015 – a figure that is expected to exceed $63 billion by 2022. That represents a compound annual growth rate of 18.3%. Currently, North America accounts for roughly one-third of the total market, although Asia and Europe are also experiencing higher demand. Europe, in particular, is acting with greater urgency following waves of terrorist attacks in 2016-17.
However, when it comes to video surveillance, a lot more than cameras is required. Computer vision technologies are becoming increasingly driven by machine learning techniques, which are generating massive databases that are oftentimes difficult and expensive to maintain. What’s more, the vast majority of current video surveillance infrastructure is underdeveloped, making it difficult to exploit the latest and greatest technologies.
Against this backdrop, Faceter provides a unique industry solution based on a decentralized surveillance system for private (governmental and/or corporate) and commercial (individual consumer) use. Faceter makes video surveillance ‘smarter’ through the advanced face and object detection, and real-time video analysis that could detect and ‘understand’ a situation based on the moving objects in a scene. The project is run on a decentralized network where cameras, video hubs, and miners are all interface with each other, eliminating the costs, computing power and time normally required for a setup of this kind.
To employ Faceter’s solutions, customers would use the Faceter Software Complete to connect to the decentralized platform, which is designed in a set of modules and executed at different system levels that are responsible for the individual stages of the operating platform. The platform uses the C++11 language and also leverages GPU acceleration using the Faceter Decentralized Network.
Users could both choose to interface with the Faceter Platform or have their own offline database as the visual recognition components, but that would also mean that an offline operation would require individual computing power and servers provided by the user organization itself. For the online solution, the user is required to log-in into Faceter’s website and provide information under the form of RTSP, HTTP or RTMP in order to link the desired cameras that will be used as sources of visual content.
The platform has the ability to break the video into frames, and then analyze them using neural networks connected to the Faceter database, depending on the solution and computing power provided by the user. Depending on the module and plan Faceter could recognize individual faces, universal objects and even preset situations based on spatial movement recognition and analysis depending on the camera’s angle and quality of the provided data.
In order to achieve their vision, the Faceter team will launch the FACE ‘proof of recognition’ token, which is based on the ERC-20 protocol. The token will be used by Faceter both for payments from customers and for payments to its community workers.
The most common use of the FACE token tho would be renting computational power, databases and video analysis software provided by Faceter. Depending on user needs FACE tokens could unlock access to unlimited capabilities when it comes to visual recognition. The more complex the task is the more FACE will be required to in order to solve it.
According to the whitepaper, the total token supply is set to 1 billion. The distribution is planned as follows:
- 40.8% of the total supply will be used for free sale;
- 30.8% will be reserved to ensure the operation of the Faceter system;
- 15% will be reserved for the Faceter team (with sale restrictions of 2 years);
- 0.5% will be reserved for the bounty campaign;
- 6% for advisors; and
- 6.9% will be distributed as early bonuses.
The public pre-sale, which takes place from February 1, 2018, to March 1, 2018, will have a discount of 50% up to 8,000,000 FACE tokens (equivalent to $800,000 at this time). The public token sale, which takes place from March 10 to April 30th, will unlock 400,000,000 FACE for sale (soft cap $5,000,000) with +5% bonuses to individual investors who purchase an amount equal to $10,000 or more.
Robert Pothier (CEO & Co-Founder) has nine years of experience in the global market of digital payments as a manager, director, and consultant on various projects including Pinnacle Micro and Walletone.com. Igor Karavev (Advisor) is head of investor relations and blockchain advisor at ICOBench. He is also the executive director of Skolkovo Foundation, the leading business incubator for hi-tech startups. Paul Scott (CBDO) is a professional in financial markets specializing in emerging-market technologies. He has deep knowledge of fintech, insur-tech and big data ecosystems.
The team has a solid track record in the fields of innovative and emerging technologies, something we have grown less accustomed to in the ICO market. Each team member has access to important side-links covering government, banks and money transfer companies. The team appears more than capable to deliver this project.
Faceter is backed by a solid team and has all the resources lined up to deliver a solid project post-ICO. In fact, the roadmap suggests we can expect some serious results as early as this year.
However, it is also important to bear in mind that the company’s end market will probably be limited initially. While powerful surveillance systems are definitely a key aspect of modern societies, at the moment the main customers are limited to governmental organizations, military and private corporations with high-end video surveillance needs.
- The project, although an innovative idea with a unique approach to the world of surveillance systems, has not yet proved itself on a public scale. We’re used to words, but we will have a clearer image as soon as the first operations begin. -1
- As we mentioned at the outset, the company’s end market will be limited to governmental and military organizations and perhaps large corporations with high-end surveillance needs. Government procurement is often a long and cumbersome process, especially for startups that haven’t bid on projects before. Although the Faceter team is highly skilled and well connected, scaling up the business could be a challenge initially. -1
- Advanced video surveillance systems with real-time analysis and face, object, movement recognition clearly target a specific group of investors and even more strict group of active users. Being a decentralized platform, Faceter will need all the computing power it can get in order to function reliably. No-one can promise that the platform will be still functioning if there is not enough computing power generated by the users of the system themselves. -2
- The distribution of the FACE token is very specific and although the platform may be decentralized, the company and their project are certainly centralized, with the company having not the biggest, but the only say in future plans, further development and critical changes in their vision or operating protocols. -1
- Based on global statistics and the fact that technological advancement is unavoidable, the technology behind video surveillance will eventually force users to upgrade into a smarter, scalable and less expensive solution. Faceter is the first step in that change and if they manage to hang on for the next decade, they could be leading the field having built huge databases required for such a system to work. +4
- The Skolkovo Foundation is a Russian non-profit organization charged by ex-president Dimitriy Medvedev to create innovative technological and scientific projects. The foundation has well-established links with MIT, corporate R&D centers, business incubators and private and venture funding from top grade industrial titans. Having their back-up, Faceter won’t have to worry about financial or technical issues but instead focus on fulfilling the company’s underlying mission. +4
- The benefit of a strict target audience for the ICO is that investors are more likely to pledge large sums of money to the project. This means we are likely to see millions of dollars flow into the ICO without having to rely on micro-investments of a couple hundred dollars. In other words, the ICO has a good opportunity to become successful. +3
Faceter may be the first to integrate blockchain solutions into the video surveillance market, but we should not forget that the traditional analog field has already some interesting key players that would not like to be left behind in the race for tech superiority. Some of these brands include Avigilon Corporation, Axis Communications AB, and BOSCH Security Systems, among others. These and other industrial players may soon board the train on advanced video surveillance technology if they haven’t done so already.
A score of 6 out of 10 is reserved for Faceter, based on present facts.
- Type: Crowdsale
- Symbol: FACE
- Pre-Sale: February 1st, 2018
- Public Sale: March 10th, 2018
- Payments Accepted: ETH, BTC, LTC, XRP, DASH, XEM, XMR, BCH (KYC Required)
Disclaimer: The writer has no position in Faceter at the time of writing.
Featured image courtesy of Shutterstock.