ICO Analysis: MetaCert Protocol

Throughout the last decade, The Internet has become an important part of our lives. Yet despite this, it has become a place for the vulnerable to be attacked by malicious actors in several forms. Although cybersecurity has also scaled up to become a huge industry, these bad actors are continually adapting and improved their methods.

The MetaCert Protocol is introducing the largest anti-fraud and trust database to the blockchain while appealing to the help of crowds. By doing so, they hope to make the Internet a safe place where users can know if a website is malicious or not. Platform participants who act as verifiers are rewarded with META tokens in return for their efforts.

Currently, ten billion accounts are classified into more than sixty categories, three billion messages are scanned on Slack, Telegram, and Hipchat, one hundred million links are analyzed, five hundred thousand people are protected by MetaCert software and one million unique domains are waiting to be validated by participants. All these numbers show that how extensive MetaCert’s database is and how much the project has progressed even before the ICO has started.

There are five main actors within the platform as follows.

  1. Resource Owners request for their platforms to be verified. Doing so they will be able to protect their brands and reputation and avoid false accusations.
  2. Purchasers use the data stored in the protocol to integrate into their own products.
  3. Submitters create queries on the legitimacy of a given site and they rewarded accordingly.
  4. Validators check submitted queries, decide if a site is legitimate and get rewarded accordingly.
  5. Consumers are the end-user of the protocol.

The list of companies and projects protected by the MetaCert Protocol is extremely long and can be found at their website. Just a few which you might be familiar with are Ark, BigChainDb, Enigma, IBM, Monaco, and SAP. The team already has security bots for Slack and Telegram and a browser extension called Cryptonite Browser Extension available for use in Chrome, Firefox, and Opera.

Token

META tokens are used by consumers to check if websites, applications or social media accounts are legitimate or unsafe, and other services. Submitters and validators will be rewarded with META tokens in return for their effort to submit and validate websites’ legitimacy. These actors will be asked to stake tokens in order to submit honest validations. In the case of dishonest submissions, these actors will lose tokens they have staked, so honesty in the platform is incentivized through a reward and punishment mechanism.

In the private sale, META tokens are sold for $0.007 per token (the seed round) and for $0.009 per token (the pre-round). The minimum amount to participate in these phases is 100 ETH and 50 ETH respectively. Cryptocurrency investors wanting to invest less can participate in the ongoing beta program, where fifty million tokens will be sold for $0.01 per token. During the public sale which will start on November 1st, tokens will be sold at $0.012 per piece.

The initial total supply of META is 3,000,000,000 tokens with the following token distribution:

  1. 28.5% community and strategic partnerships
  2. 30% company
  3. 40% token sale
  4. 1.5% bounties, governance, and treasury

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

  1. 35% development and support
  2. 30% protocol adoption
  3. 25% marketing and business
  4. 5% sales tax for all tokens sold through the token sale
  5. 5% legal expenses

Team

CEO Paul Walsh: Walsh has worked for Vodafone Ireland and AOL.

CTO Alfonso Valdes: Valdes was a senior Linux engineer at Sprint and a security specialist at Texas Instruments.

Mario Alvarado: Alvarado has worked as a senior Java developer at Equifax, an AMO editor, and developer at Mozilla Corporation and as a software developer at Hewlett-Packard.

Kieran Hannon: Hannon is the chief marketing officer at Belkin International, a consumer electronics company based in California. Previously he has worked as the vice president of marketing at RadioShack Corporation, as the president at Grey Group, as the senior vice president at Saatchi & Saatchi Advertising, as a senior partner at J. Walter Thompson and as an account supervisor at Young & Rubicam.

Eyal Shaked: Shaked is an owner at 888 Holdings Public Limited Company.

Sheetal Walsh: Walsh has worked as the director of venture capital relations at Microsoft for five years.

Vaibhav Nadgauda: Nadgauda was the president of global SAP business unit at KPIT and the vice president of global delivery and corporate development at Fujitsu Consulting.

Advisors

Daniel Appelquist: Appelquist is the director of web advocacy at Samsung Electronics. Previously he has worked at W3C, Telefonica, Vodafone Group Services, TheStreet.com, and AOL.

Vinny Lingham: Lingham is the co-founder and CEO at Civic and a board member at the Bitcoin Foundation. Previously he was a member at YPO, an SVP product developer at First Data Corporation, an advisory board member at Rodan + Fields and a business analyst at Dimension Data.

Ouriel Ohayon: Ohayon was is a board member at Teads.tv, an advisory board member at Outbreak Inc., the founder at TechCrunch France, the regional business director at AOL Asia/Europe, the trade marketing manager at Danone Group Spain and the assistant brand manager at RB.

Kurt Kumar: Kumar is an emerging technology architect at Capital Group American Funds, and a senior delivery manager at News Corp. Previously he has worked at Warner Music, ESRI, Universal Music Group, Allianz Life and Sage.

Richard Titus: Titus has worked at BBC for two years, at Producers Guild of America for six years and at SapientRazorfish for four years.

Verdict

Below is a breakdown of the risks and growth potential of MetaCert Protocol.

Risks

  • The need of a blockchain for this project is not crystal clear. (-1.5)
  • Increased adoption of the project, i.e. an increase in the number of submitters and validators, means that the less reward these actors will get and will be less incentivized for honest submissions. (-1.5)

Growth Potential

  • The team has started the project as an anti-fraud and trust software, and then decided to move to a blockchain. Several working products already exist. (+4)
  • Experienced team and great advisors. (+2)
  • The project solves the problem of fake and malicious websites, applications and social media accounts. (+3)

Disposition

The existence of fake and malicious websites, applications and social media accounts is an important problem which almost every Internet user faces. The MetaCert Protocol aims to solve this by creating an extensive database of honest sites, applications, and accounts. People who validate requested queries get rewarded in META tokens, but they are asked to stake tokens prior to that. As they will lose these tokens in the case of dishonest submissions, they are incentivized to act honestly, ensuring the database entries’ truth to a high degree. The team has been working on a non-blockchain version of the project for some time, thus there are already working products such as Slack and Telegram security bots and browser extensions. MetaCert Protocol receives a 6/10.

Investment Details

  • Type: ERC20 – Utility
  • Symbol: META
  • Platform: Ethereum
  • Crowdsale: November 1st
  • Minimum Investment: Unspecified
  • Price: $0.012
  • Hard Cap: $10,000,000
  • Payments Accepted: ETH
  • Restricted from Participating: Unspecified

For More Information

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