ICO Analysis: Matryx by Nanome
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)
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.”
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 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.
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)
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.
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.
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.
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.
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.