ICO Analysis: Mattereum

Firstly proposed by Nick Szabo, smart contracts enable the automated execution of a digital contract’s terms upon their conditions’ establishment, removing the need of any third-party to check if these conditions are in fact realized. Heavily utilized by Ethereum, it is not wrong to say that they have reshaped the cryptocurrency landscape. For instance, ICO’s which form an important part of the market, are made possible by the use of smart contracts.

But whether smart contracts are legally binding is another issue. Not all are compatible with national languages like English which we use in our daily lives and almost no template is designed in a legally compliant way. This alone makes it hard to transfer assets or anything of value in a way that relevant legal parties can acknowledge them. Mattereum aims to bridge this gap between the world of smart contracts and the world of legal institutions and to enable the use of blockchain in commerce by a form of digital contracts called Ricardian contracts, which are one of their team members, Ian Grigg, invented in 1996.

This allows any Mattereum user to conduct the legal transfer of physical/intellectual properties and assets online. The legal, technical and commercial infrastructure layer created by the Mattereum team enables many features such as asset governance, commons-based collaborative projects, use of any asset as collateral and so on. In the case of disputes, pre-determined arbitrators will administrate the resolution processes and they will be able to charge fees for their services.

Two key features of the platform are asset passports and Smart Property Register. An asset passport contains the necessary records and information of a given asset, so the physical asset is represented on the chain. The second key feature, Smart Property Register, provides a novel solution to the double-spending problem. No transfer is finalized until the change in the ownership of an asset is reflected onto the Smart Property Register, so no one can sell the same asset twice.

Token

Although there is no detailed information on the platform token’s use at the time of writing, one case for the Mattereum token is that it will be used for services used in the platform, acting as a native utility token.

No information on Mattereum’s token metrics or how the team is planning to use the token sale proceeds are released at the time of writing.

Team

Rob Knight: Knight has worked as a lead developer at CMC Markets and as a technical architect at ITV.

Aeron Buchanan: Buchanan was the head of European finance and operations at Ethereum.

David Salgado: Before joining Mattereum as the head of operations, Salgado worked as a senior technical analyst for twenty months at UK’s Ministry of Justice, and as a programmer for four years at O2 UK.

Ian Grigg: Grigg invented Ricardian contracts, human- and machine-readable digital documents defining terms and conditions of an interaction between parties, in 1996. He also worked on a gold-backed anonymous digital cash system, DigiGold in the ’90s.

Vinay Gupta: Gupta is the former release coordinator at the Ethereum Foundation.

Partners

Ocean Protocol: Ocean Protocol is a decentralized data exchange.

Verdict

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

Risks

  • No information regarding token metrics is not released at the time of writing. This makes it hard to evaluate the project’s worth and any potential return on investment. (-1)

Growth Potential

  • The project aims to solve an important problem, namely filling the gap between the world of smart contracts and the world of legal institutions. (+2)
  • The team is planning to use Ricardian contracts to tackle the beforementioned problem. The presence of the inventor of these contracts, Ian Grigg, is definitely huge for the project. (+3)
  • Great team. (+2)

Disposition

Firstly proposed by Nick Szabo, smart contracts eliminate the need of any middle-man to check if a contract’s terms are fulfilled. They are heavily used in the ICO market to collect funds and release tokens and their mere presence has changed the whole cryptocurrency landscape.

Still, there is a gap between these contracts and legal institutions, which are required for legal transfers of assets. The Mattereum platform provides a novel solution based on Ricardian contracts to this issue, thanks to its two key features of asset passports and Smart Property Register.

The legal transfer of any physical or intellectual property will be made possible thanks to the Mattereum team’s efforts, and if they are able to pull it off, this would mark a huge milestone for the cryptocurrency scene.

The presence of Ian Grigg, the inventor of Ricardian contracts, is definitely huge for the project and should be noted as a big plus by any potential ICO investor. The rest of the team is quite promising as well, containing the former head of European finance and operations of Ethereum and the former release coordinator of the Ethereum Foundation.

Still, no information on token metrics is released as of the time of writing, making it hard to evaluate any return on investment.

Mattereum receives a 6/10.

Investment Details

  • Type: ERC20 – Utility
  • Symbol: Unspecified
  • Platform: Ethereum
  • Crowdsale: Unspecified
  • Minimum Investment: Unspecified
  • Price: Unspecified
  • Hard Cap: Unspecified
  • Payments Accepted: Unspecified
  • Restricted from Participating: Unspecified

For More Information

Featured image courtesy of Shutterstock.