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ICO Analysis: Matryx by Nanome

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Nanome Inc. is a software company that seeks to ultimately democratize science so as to accelerate innovation. The company plans to do this by combining virtual reality and blockchain technologies.

Nanome has developed, tested and brought to market an array of products being used today by premiere pharmaceutical industry companies. Its decentralized collaboration platform, the currently in development Matryx platform, will feature blockchain technology in order to incentivize use and thus collaboration.

The idea behind Nanome Inc. and Matryx is that VR and blockchain have a synergistic future. That’s why they’ve developed the Nanome User Stack, which includes Nano-Pro, CalcFlow, nano-one, Matryx and others.

A former Yahoo Advanced Strategy Groups Members, and Professor of Visual Arts at UC San Diego, Benjamin Bratton is behind many of the ideas fueling Nanome, Inc. The company was spun out from Dr. Bratton’s Design: Geopolitics lab at UC San Diego. He wrote the tome, The Stack: On Software and Sovereignty, and serves as a Nanome advisor.

Instead of focusing on the entire planetary computing stack of the future laid out in Dr. Bratton’s book, Nanome focuses on the nanoscale. The team believes “that all science and engineering is headed toward nanoscale precision.” (Even cryptocurrency mining)

Co-founder of Edge (formerly Airbitz) Scott Morgan shows off the Nanome technology.

There are good reasons the team has launched a token sale, as the collaboration done on Matryx will be fueled by bounties denominated in MTX, the project’s native digital token, and eventually other crypto-tokens and crypto-currencies.

The team is comprised of longtime cryptocurrency enthusiasts, for instance. Paul Puey, Edge (formerly Airbitz) Co-Founder, is an advisor. Nanome will incorporate the Edge wallet into Matryx. The collaboration platform’s use of Edge is designed to increase usability and security. Edge SDK applications on virtual reality platforms “allows for a more streamlined blockchain experience.” Nanome Chief Financial Officer is Scott Morgan, also a Co-Founder of Edge. Why a partnership between leading cryptocurrency wallet and Nanome?

“In an ideal world, users wouldn’t have to remove the VR headset to communicate with a blockchain platform,” said Edgardo Leija, Nanome Co-Founder. “Edge’s integration into VR products is essential to improving our user experiences.”

Token

The token itself is a utility token. The ideal user case is, say, a big pharmaceutical/NIH/University digitizes proteins via X-ray crystallography and publishes that protein as a Matryx platform bounty. A user can find or be assigned a bounty in MTX and design and submit a solution.

Nanome’s VR products are designed to be used by a university researcher in the short term, but the long term vision is to incorporate the crowd – “the target demographic is someone who currently drives Uber for supplemental income.” This is where MTX plays a role.

In the Matryx model, the designer of a winning solution gets compensated immediately at the end of the round in MTX. The pharma company manufactures the drug, puts it through clinical trials, and then brings it to market. The pharmaceutical company and the solution poster share the revenue in MTX.

“Such transaction, compensation and IP logics will be automated through smart contracts and cryptocurrencies,” according to Nanome CEO Steve McCloskey. “The Matryx blockchain then serves as immutable proof of user creations.”

Distribution of Token

The Nanome team placed the Matryx hard sale cap at 26,688 ETH, and the token sale ends November 15. Unsold tokens will be burnt at the end of the sale via smart contract.

The number of tokens available will be approximately 60% of the total supply. Matryx will send unsold tokens, as well as the proportional amount of the withheld allocation to the zero address so as to burn them.

There are six days left in the token sale. The team will be initiating a “self-destruct” of the MTX smart contract code on November 15 or when the hard cap is reached. All 314 million MTX will be minted upon “self-destruct” of the contract.

The Team

The Nanome team, the team behind Matryx, is a formidable one – especially when compared to many of those projects currently leading token sales.

CEO Steve McCloskey, an Alumni of the first UC San Diego Nanoengineering department (and first nanoengineering department at a University in the world), has focused his work at the interface level from design approach on the human interface to digital technology and the biochemical interface of nanomaterials.

At UC San Diego, McCloskey collaborated with the founding Chair of the Nanoengineering Department, Ken Vecchio, to set the foundation for the Nanoengineering Materials Research Center. They developed thermodynamic processing methods for Iron-based Superelastic alloys.

Armed with a B.S. in Nanoengineering, McCloskey enrolled in graduate courses at UC San Diego in Nanoengineering Materials Simulations and Human Interface Design. He foresaw that Virtual Reality and Augmented Reality could propel Nanoengineering forward. He founded Nanome in 2015.

Chief Operating Officer Keita Funakawa is a scientifically-minded artist, who grew up in Tokyo before moving to Honolulu for middle school and high school. He was the lead programmer for his high school robotics team, and led his team to two state championships at the East Oahu VEX robotics competitions. Funakawa received his degree in Quantitative Economics. He entered the VR industry in 2014.

An Edge (formerly Airbitz) co-founder, Scott Morgan is also a Co-Founder and CFO of Matryx. While with Edge, Morgan oversaw the development of the world’s first fully private, Single Sign On solution for blockchain and decentralized applications. This included cutting edge tech so any application could secure client-side encrypted data for users with invisible encryption, automatic backup, password recovery and synchronization across devices owned by the user. Morgan plays a big role in Matryx’s blockchain pursuits due to his background.

Chief Experience Officer Edgardo Leija graduated from UC San Diego with a B.S. in Cognitive Science. He specialized in Human Computer Interaction and minored in Computer Science.

Chief Technology Officer Vincent Brunet is a full-stack Software Engineer who worked at the company ZestMeUp before working with Nanome. While at ZestMeUp he worked as a full stack developer, managing the company’s software development from specification to staging and production. At the University of California, San Diego, he studied computer science and graduated with a 4.0 GPA.

Advisors

There is no shortage of big name advisors on the Nanome and Matryx team.

Greg Horowitt is a venture capitalist, Innovation Ecosystem Architect, and author. His expertise is in high impact startup investment and mentorship, innovation based economic development, capital formation, policy, strategy, technology transfer and commercialization. He is Co-Founder of a leading innovation think tank, T2 Venture Creation, and has served as a senior executive for Fortune 500 company.

Dr. Benjamin Bratton’s work pertains to philosophy, art, design and computer science. He is a Professor of Visual Arts and Director of the Center for Design and Geopolitics at University of California, San Diego. As well, he is a Professor of Digital Design at the European Graduate School and Visiting Faculty at SCI_Arc (The Southern California Institute of Architecture).

Bratton wrote The Stack: On Software and Sovereignty (MIT Press, 2016). In this 500-page book, he describes a new theory for global computation and algorithmic governance. He proposes that planetary scale computation systems including smart grids, cloud platforms, mobile apps, smart cities, the Internet of Things, automation should be seen “not as so many species evolving on their own, but as forming a coherent whole: an accidental megastructure that is both computational infrastructure on a new governing architecture.”

Paul Puey is the former of Edge (formerly Airbitz). The company is one of the earliest bitcoin companies. Edge is a bitcoin wallet provider and is based in San Diego, California. The startup received $25,000 from the Plug N Play Tech Center, and joined the accelerator program there. Airbitz raised $450,000 from venture capital firm Block26.

Edge’s primary product is its decentralized bitcoin wallet. It enables users to store and transact in bitcoin. An Edge wallet conducted the first ever recorded bitcoin transaction in Cuba. The company invented the use of Bluetooth low energy (BLE) for bitcoin transactions, as well as one-touch 2 factor authentication

David Brin is an American scientist and science fiction author. He has received several awards and penned the novel The Postman, upon which a feature film starring Kevin Costner in 1997. His nonfiction work, The Transparent Society, earned him the Freedom of Speech Award of the American Library Association.

As 2010 fellow of the Institute for Ethics and Emerging Technologies, Brin established the Arthur C. Clarke Center for Human Imagination at UC San Diego. He is an advisor for NASA’s Innovative and Advanced Concepts group, and frequently does futurist consulting for corporations, as well as government agencies.

Brin has spoken and consulted with the Defense Department, CIA, Procter & Gamble, SAP, Google and more. He also serves on the Board of Advisors for the Museum of Science Fiction.

Geoff Odell is a CIO level IT executive. He has 25 years of leadership experience. He led large global teams for Novartis, focusing on IT infrastructure and business facing Application Development spaces. He has had budget accountability for more than $680 million, while leading global organizations, as well as contractors and more than 600 staff.

Ronald Graham is the inventor of Graham’s Number, and is credited by the American Mathematical Society as being “one of the principal architects of the rapid development worldwide discrete mathematics in recent years. His work has covered scheduling theory, computational geometry, Ramsey theory, and quasi-randomness.

At present, Dr. Graham is Chief Scientist at the California Institute for Telecommunications and Information Technology, as well as the Irwin and Joan Jacobs Professor in Computer Science and Engineering at UC San Diego.

Hacked could go on and on here.

Additional advisors include Mark Thiemens (Former dean of Physical Science at UC San Diego); Jurgen Schulze (Prof. of Computer Science at UCSD. 18+ in VR and Computer Graphics); Silvia Mah (Executive Director of Hera-Labs); Daniel Berard (Former Lead Engineer and Accelyrs/Dassault Systemes); Deborah Jude (Communications Officer at Center for Microbiome Innovation at UCSD); John Graham (Lead Engineer of Pacific Research Platform), and Bruna Mori (Director of Engagement of The Center for Design and Geopolitics)

Verdict

Matryx has developed products being used today in the world’s foremost research and development labs. I also like the fact that they have support from University of California, San Diego, which is one of the premiere universities in the United States. The UC San Diego Skaggs School of Pharmacy will be demoing Nanome’s blockchain-based collaboration platform and consulting on its development.

That includes on blockchain initiatives. They are nearby to the world’s premiere biotechnology firms, who work with the UC, and Nanome continues to tailor their products to serve the industries who need them both.

Nanome on display at Devcon3

Risks

The risks of the Matryx project are the same as any ERC20 Standard. This is an extremely uncertain area. In a way, the MTX value is based on the success of certain Ethereum features. But, with that said, the Nanome team has plans of developing their own independent blockchain, and certainly has the skillset to do so. (Sam Hessenauer, a former full stack engineer for General Electric, is a new addition to the team) Most likely for legal reasons, the team stays mum about the listing of their token one exchanges.

Growth Potential

The growth is unlimited. UC San Diego uses Nanome interfaces. The company hopes to see research on the Matryx platform in 1-3 years with Big Pharma companies crowdsourcing their designs to smaller biotech firms and universities in 3-5 years. Hacked saw firsthand documents about partnerships and use-cases that are currently under Non-Disclosure agreements after being contacted by Nanome, Inc. while this review was in the process of being written. The company also discusses the “Uber demographic” adopting the Matryx science collaboration platform in 3-5 years.

International chemicals and plastic company Solvay, which was founded in 1864, uses Nanome for visualizing three-dimensional data in their chemical analysis. And so, Nanome created ‘Nano Pro: Data Science” to allow Solvay scientists to walk through three dimensional data and experience it in a more intuitive manner. Also, Nanome has products on Steam and Oculus VR marketplaces.

Disposition

Nanome has a formidable team with ten full-time developers.  The company has several products which are currently being used by pharmaceutical companies, which puts them ahead of most companies issuing tokens.

Their technology has been put on display at conferences like Block Con, CoinAgenda, Devcon3 and more. I tried it on at Block Con in Santa Monica and that helped me get the idea behind their VR drug design product Nano-Pro, and calculus product CalcFlow. It was quite mind-expanding going into VR for the first time. Not to mention, doing so in order to work on a molecule at the nanoscale.

8.2 out of 10.

Investment Details

Token: MTX, ERC-2o standard
Sale: now until November 15.
Open Sale: September 16
Supply: Depends on token sale. All unsold tokens will be burned.
ICO price: 1164 MTX = 1 ETH
Accepted payment: ETH, BTC, LTC
Total emission: 52,162,720 MTX
60% – ICO
40% – Other
On sale: 31,297,632 (60 %)

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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5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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  1. Mark502

    November 11, 2017 at 11:00 am

    Hi Justin, in your review you say that erc20 is extremely uncertain. I get where you are coming from to a degree but would love to read about all your reasons for saying that, what might replace it etc. either here or in a separate article. Thanks

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ICO Analysis: Magnachain

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It has become more and more apparent that mainstream blockchains cannot meet crowds’ demands as their average transaction speed per unit time is truly low. Currently, neither of the biggest two blockchains, namely Bitcoin and Ethereum, are able to process more than twenty transactions per second on average. In order to make higher transaction speeds possible, a horde of blockchain projects have emerged, aiming to fix cryptocurrencies’ perhaps most important problem.

MagnaChain is a public blockchain written from scratch which aims to reach 100,000 transactions per second by the end of 2018. As of September 22nd, the website states that the latest test-net result is 13,313 transactions/second which is truly impressive. Yet the absence of a GitHub page is truly concerning as investors have no chance to directly verify this claim. On the other hand, it should be noted that according to the roadmap the project will become open-source in the third quarter of 2018, possibly before the token sale takes place.

The most crucial element of the MagnaChain blockchain is arguably a consensus protocol called VH-PoS. Thanks to VH-PoS mining will become much easier, fairer and cheaper, solving Bitcoin’s and Ethereum’s problem of high energy consumption which is required to run the network. This enables the blockchain to have sidechains as well, which help increase transaction speeds. It should be noted also that developers will be able to use Lua, a popular programming language.

If the team is able to meet their deadlines, 2018 should be a truly a good year for MagnaChain as the main-net is planned to be launched with 100,000 TPS before the year ends. Yet the lack of an extended plan for the following years might create selling pressure.

As the team is highly experienced in game development since many team members have worked for the world’s biggest video game companies such as 2K Games, Codemasters, and Electronic Arts, MagnaChain will primarily focus on the video game industry. The use of sidechains creates an opportunity to game developers to use MGC tokens in games they have developed. Yet this is not to say that it is not possible to implement the proposed solutions to other businesses as well.

Token

MGC tokens will be used to process transactions taking place in the network. In return for their effort to validate these transactions, miners will be rewarded by these tokens. It will be possible for dApp developers to use MGC tokens for facilitating in-game transactions. So, we can say that MGC is quite akin to “gas” as in Ethereum.

No more than a total of 4 billion MGC tokens will be ever minted. 1.2 billion tokens will be minted as mining rewards in the future and 2.6 billion tokens will be pre-mined to be distributed after the sale.

The total pre-mined supply of MGC is 2,600,000,000 tokens with the following token distribution:

  • 15% marketing
  • 30% token sale
  • 20% reserves
  • 20% team and advisors
  • 15% developer/incentive programs

Any unsold token will be burned. 25% of tokens allocated to the team will be released every six months. One-fifth of tokens allocated to advisors will not be locked up and one-fifth will be released every four and half months.

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

  • 39% research & development
  • 39% developer funds & incentives
  • 8% overhead & general admin
  • 8% brand marketing
  • 6% legal & professional

Team

CEO Hal Bame: Bame held several management positions at reputable video games companies such as Codemasters and Sony Computer Entertainment.

CMO Peiji Guo: Guo has worked as a senior manager at Blizzard and 2K Games.

Nizam Ismail: Ismail was the head of compliance at Morgan Stanley and Lehman Brothers.

Kejun Zheng: Zheng, a senior software architect at MagnaChain, has worked for Accenture China and Amdocs.

Advisors

Alex Nagayama: Nagayama has worked for Canon, Apple, Electronic Arts, and Activision.

Partners

Unreal Engine 4: Unreal Engine 4 is a collection of tools for game developers. The integration of MagnaChain toolset will enable game developers to use blockchain game development solutions.

Investors

Draper Dragon: A renowned venture capital company.

Verdict

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

Risks

  • The absence of a GitHub page is an important concern for the skeptic ICO investor. (-2)
  • The competition with many blockchain projects aiming to have high throughput. (-2)
  • Token metrics for the public sale is not released as of September 22nd, making it hard to evaluate any potential return on investment at the moment. (-1)

Growth Potential

  • The team highly experiences in game development. (+3)
  • The latest test-run result is over 13,000 transactions per second. (+2)
  • Many important milestones just after the sale ends should create high buying pressure. (+3)

Disposition

Low transaction speeds are one of the most crucial problems which Bitcoin and Ethereum face at the moment and so many blockchain projects are taking a shot to solve this problem. By the use of a consensus protocol named VH-Pos and sidechains, MagnaChain is aiming to increase a TPS over 13,000 as the latest test-net results show to 100,000 by the end of the year. As many team members have obtained immense experience in the video game industry prior to joining MagnaChain, the first application for the project is decided to be game development. The presence of so many projects with similar goals might be a concern for the ICO investor, yet this great team and the existence of a test-net released prior to the token sale is a definitive good sign for any return on investment. Still, the skeptic investor should note that as of the time of writing no GitHub link is made public, which makes it hard to verify TPS claims. MagnaChain receives a 3/10.

Investment Details

  • Type: ERC20 – Utility
  • Symbol: MGC
  • Platform: Ethereum
  • Crowdsale: Unspecified
  • Minimum Investment: Unspecified
  • Price: Unspecified
  • Hard Cap: $20,000,000
  • Payments Accepted: Ethereum
  • 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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4.8 stars on average, based on 30 rated posts




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ICO Analysis: BitCanna

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The cannabis and crypto industries share many similar qualities. Both are practically brand new, both are extremely controversial, both shine with the potential to change the world, and both are consistently being held down by “The Man.” As banks, credit card companies, and PayPal all continue to deny working with Bitcoin and Cannabis, new ICO BitCanna has come up with a solution for the Cannabis industry. Use crypto to bypass the bank, and use their own distributed ledger to track all the products from seed to sale to help legitimize the industry

“At BitCanna, we are looking to change the way cannabis does business. For too long have things been in a grey area, both retailers and users acting with uncertainty. BitCanna changes this, offering an easy way to establish trust back into the market and give regulators an avenue to regulate”

Starting in Europe, BitCanna will provide a decentralized payment network, with masternodes and POS rewards, for the legal cannabis industry. Customers can use BCNA tokens to make instant purchases in online and brick & mortar dispensaries.

BitCanna will be created in 3 phases, taking around 3 years.

Phase 1: Global Payment Solution (Q1 2017 – Q4 2019)

  • Create a decentralized payment network for the cannabis industry. The main goal is to provide an alternative, cost-efficient payment solution besides cash, for unbanked businesses.
  •  The mainnet will go live directly after the ICO’s time limit is reached, July 1st 2019.
  • Mobile wallet, instant transactions. Payment runs directly from customer to merchants, no middlemen.
  • Compliance with local regulations.  Blockchain ledger allows for true transparency for govt and financial inspections/regulations

Phase 2:  Supply Chain (Q1 2020- Q4 2020)

  • Integrate mainnet with the supply chain layer.
  • Track and trace monitoring functionalities for the entire supply chain of cannabis.
  • Distributed ledger will provide all users with a clear insight into the production, transportation, and financial aspects. This will benefit producers, distributors, shippers, government agencies, and consumers.

Phase 3: Trust and Reputation (Q1 2021 – Q2 2021)

  • A trust and reputation layer will be integrated into the blockchain.
  • All Sorts of apps will be developed to incentivize the network, improve business efficiency and transparency, and enhance customer experience.
  • Business analytical tools, inventory management, loyalty programs.
  • Secure identity platform.
  • Shop and product review and rating system.

What it looks like, 5 layers to the tech.

Token

BCNA token will be used for all transactions on the blockchain. It will be a POS coin with masternodes.

In order to allow for almost instant transactions, they will have 60-second block times. Block reward distribution will be 50% Masternodes, 40% Proof of Stake and 10% Project proposals.

The token will inflate by 10%, decreasing over time until it hits 0%, at which time the system will slowly transition into a transaction-fee-only model.

Distribution:

  • 60% Crowdsale
  • 15% Team/Advisors
  • 15% Future business dev and market expansion
  • 10% Marketing Campaign

Use of Funds:

  • 40% Product Development
  • 30% Marketing
  • 20% Unexpected operational costs
  • 5% Legal
  • 5% Reserved for unexpected costs.

Team

This is one of the largest teams reviewed. There are 19 members listed in the whitepaper, most from the Netherlands, but then they have 13 blockchain engineer/developers living in Ukraine.

Boy Ramsaha i- Founder. Popular guy in the Euro Cannabis culture. Organized several international fairs around the world. 1991, founded High Life and Soft Secrets, 2 popular Cannabis magazines. Founder of Royal Queen Seeds, one of the biggest cannabis seed banks in the world, with 7 brand stores. Also owns a CBD lab in Switzerland. Has over “250 people on the payroll” of his different companies.

Jan Scheele – CEO. Has spent 7 years as Partner/Director at Strabico, an event services company with 2-10 employees, in Amsterdam. 17 years as Director at Caesus, a web development site with 11-50 employees. TedTalk Netherlands host.

Jack Janssen – CFO.  Current Business Controller at 4 different companies. Royal Queen Seeds, cannabis seed/oil producing company. Yuqo (30 employees), Cibdol AG (8 employees), and International Blockchain Solutions (parent company of BitCanna?)

Paulo Ramos (CTO), Is the leader of the development team.

Four law advisors round out the team.

There isn’t too much hype around this yet, but it’s still very early. They have a lot of business and media partnerships

Verdict

In order to get this project running, the team decided to create a network of allies/partners called BitCanna Alliance.

BitCanna Alliance is a strategic initiative formed by leaders in the European cannabis industry. It’s currently made up of some of the most prominent seed banks and cannabis dispensary firms in Europe, serving more than 10 million unique visitors every month. There are over 20 businesses already signed on including some big players; Cibdol (a leading online CBD shop),  Zamnesia (biggest online smart and seed shop in Europe), and Royal Queen Seeds (one of the biggest global seed brands.)

Risks

  • The 20 team members listed in their whitepaper lack blockchain experience. However, supposedly they have a team of 13 senior developers working constantly on the project in Ukraine. “They choose to remain anonymous for their own respective reasons.” -1
  • There’s going to be a 10% inflation rate, which will over time work its way down to 0%, but is simply too much. -2
  • It won’t be fully developed until Q2 2021. If the token price crashes, which it just might because of 10% inflation, they will run out of funds. -1.5
  • If Cannabis gets legalized throughout the entire EU, this coin could lose its purpose. -1
  • No MVP, and their GitHub is not very active at all. -1
  • As you can see below, it isn’t exactly hard to get into the BitCanna Alliance. And it comes with only benefits to any business that signs up. It’s not like a binding long-term commitment or anything. -1

Growth Potential

  • The BitCanna alliance is impressive. Denmark’s Leading Online Grow Shop, leading euro CBD shop, etc.. +3
  • Huge, exploding billion dollar industry, and everyone wants a piece. +4
  • To protect the privacy of consumers, they will develop BitCanna ID where once your id is established, it will be encrypted and hashed, giving customers and sellers identity without having to give out any personal info. +2
  • The BitCanna Alliance are currently in Europe. The goal is to expand to the US market and even worldwide once a solid foundation has been built. +2
  • Passive income: Masternodes and proof of stake offer large rewards, starting out at 10% inflation.+2
  • They are being advised by 4 separate lawyers. +1

Disposition

The cannabis blockchain competition is not very tough yet. If BitCanna has a successful ICO and mainnet launch, they will probably be the best canna crypto on the market. However, the 30% discount for getting in 8 months early is most definitely not worth the risk. If interested, check on them sometime June 2019. 5.5/10

Investment Details

All unsold tokens will be burned

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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ICO Analysis: Hypernet

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Supercomputers

Hypernet technology allows personal computers, smartphones and even fridges with processors to connect with each other and become one completely ”parallel” supercomputer. The combined synergy between numerous devices can create calculating capacities which can rival every existing supercomputer.

With Hypernet it will be possible to lease your unused computing power to other users who want to use it and are willing to pay for it. Sellers register their devices in Hypernet and set the price for the time. Then, like traditional cloud services, buyers write a program and ask for hours of computing on a certain number of devices to run their program. Hypernet ensures that the buyer’s program will be divided and safely sent to each of the devices, processing arbitration between users.

Let us touch the topic of supercomputers in general.

Any supercomputer is just a just collection of computers. They are optimally connected and allow synergy between devices. However, these supercomputers are very bulky and require maintenance. The second development is a distributed supercomputer, which is based on the same concept, but devices are connected through the internet. Currently, supercomputers can only work on specific tasks. Hypernet intends to solve this problem by creating a network in which all operations will be performed much faster and in parallel. The resulting in Hypercomputer is not limited in its computing abilities in the way like other distributed supercomputers.

From a tech point of view, Hypernet is innovative because of several reasons:

  • Computation works for almost all types of problems, while competitors in distributed computing have tried to approach the most straightforward class of programs called grid computations.
  • An algorithm based on a distributed average consensus that was developed from scratch especially for dynamic, distributed and decentralized device networks.

This gives Hypernet the ability to run all classes of problems in parallel which results in an infinitely scalable network that is not limited to the cost and time required to create new data centers. This allows data reduction for massively-parallel sets of tasks.

Competitors

Hypernet’s direct competitors are SONM, Golem and Constellation Labs.

Road Map

Hypernet has three main elements, each with a separate roadmap:

Blockchain Resource Scheduler – The Hypernet Foundation will work with developers to create a schedule in the form of a graphical dashboard. Sellers will be able to use the scheduler to specify the conditions for using their equipment (when the equipment can be used, how much memory and disk should be available, and how much of their processor time they are willing to offer).

Hypernet Consensus Infrastructure – The Hypernet Foundation will work with third parties to develop an API library for distributed average consensus in a hyperlink with a lever.

Hypernet Executable Environment – To ensure security and interoperability in the system, it is expected that the Hypernet Foundation will create a sandbox environment for executing executable files to isolate them from the vendor’s hardware.

Token

The project has a sophisticated token use structure.

STAKING: Buyers and sellers must stake HyperTokens to complete compute jobs.

REPUTATION: A user’s reputation increases by being a reliable and responsible compute provider and compute purchaser, and this reputation is permanently logged on the blockchain. A user’s reputation increases the likelihood of participating in compute jobs.

CURRENCY: HyperTokens are the transactional currency which enables the buying and selling of compute on the network.

AVAILABILITY MINING: Individuals can mine HyperTokens while waiting for compute jobs, by just being available in the lobby. This incentivizes users to join the network and make their devices available.

DECENTRALIZED GOVERNANCE / VOTING: Nodes participate in challenge and response and are incentivized for helping maintain the quality of the network, and weeding out bad actors.

There is no information on token distribution and use of funds available.

Team

Below is a rundown of key team members.

IVAN RAVLICH

  • CEO and Founder
  • Graduate of Stanford.
  • Development of start-up products in the companies Ad Astra Rocket Company as plasma physicist
  • LanzaTech as a chemical engineer.
  • Candidate research at Stanford focused on advanced space motion from magnetoplasma missiles to expanded theories of gravity.

TODD CHAPMAN

  • Co-Founder and CTO
  • Graduate of Stanford.
  • Awarded a US Defense and Engineering Scholarship in the Department of Aeronautics and Astronautics, Stanford, for his thesis.
  • Current research interests relate to fault-tolerant algorithms for distributed and exact computations and the application of optimal control methods for the training of stabilized neural network architectures.

DANIEL MAREN

  • Co-Founder and CFO
  • Graduate of Stanford
  • Founded in 2013 a company of solar power electronics Dragonfly Systems with a successful exit when the company acquired by SunPower Corporation in 2014.
  • Remains advisor to SunPower
  • In 2009-2013 years. was a co-founder of the non-profit organization weJAYA, which dealt with the fight against poverty in West Timor.

Advisors

The key advisors are listed below.

RANDALL KAPLAN

  • Randall is a co-founder of Akamai Technologies, the global leader in Content Delivery Network (CDN) services. Randall is also the founder and CEO of JUMP Investors, a venture capital firm that also functions as his family office (notable investments include Google and Seagate.)

MARC WEINSTEIN

  • Marc Weinstein is the Head of Research & Analysis at DNA Fund.

Verdict

Below is the breakdown of risks and growth factors of the project.

Risks

  • The competition in the sector is very large. Both from centralized systems like Amazon, and from decentralized (Golem) and those that are doing ICO at the moment (Ankr Network, Arpa, Teex) -1
  • The team does not have much experience in parallel computing and blockchain experience -1
  • No information on token metrics at this point -1
  • WP technical assumptions are very questionable as the use of blockсkchain is not entirely understandable in view of the fact that the same system based on HyperLeger can do everything as effective -1
  • The mainnet launch was scheduled to be released in August, but there are not new releases of development announcements at this point. -1

Growth Potential

  • hard cap of 15million is pretty reasonable for this space +2
  • The team is a good one for a start-up. Young graduates of good universities and an interesting background +2
  • Have some institutional support (The DNA fund) +2
  • MVP is available +2
  • There is a market for growth in the space +2

Disposition

In general, the project can be assessed as average. The team is good but without much experience in the industry. The product is interesting, but there are delays in implementation, which for me is a red flag. 5 out of 10.

Investment Details

  • Type: Utility
  • Symbol: Hypertokens
  • Platform: Ethereum/Own platform
  • Crowdsale: June
  • Minimum Investment:
  • Price: TBA
  • Hard Cap: 15 million USD
  • Payments Accepted: ETH
  • Restrictions Barred from Participating: TBA

General details

Website: https://hypernetwork.io/

Telegram: https://t.me/joinchat/H-DkTAx1R8A0HvY6vNs5Xw

Whitepaper: https://hypernetwork.io/HypernetWhitePaper_v1.1.pdf

Twitter: https://twitter.com/GoHypernet

Facebook: https://www.facebook.com/GoHypernet/

Reddit: https://www.reddit.com/r/HypernetComputing

Medium: https://medium.com/@hypernet/has-recommended

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 10 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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