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ICO Analysis: Neuromation

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“Neuromation is a distributed synthetic data platform for deep learning applications. Unblocking game-changing computing capacity for wide AI adoption”

A couple weeks ago, like most people, I had zero clue what this meant. Since I started researching this project my eyes have been opened, and my mind blown. Three key definitions to help understand the project.

Synthetic Data:  Any production doata applicable to a given situation, not obtained by direct measurement.

AI neural network: An interconnected group of nodes, similar to the large network of neurons in a brain.

Machine learning: AI that provides computers with the ability to learn without being explicitly programmed. Solving giant math problems and self adapting when exposed to new data. The process is similar to data mining.

Neuromation is where data scientists and companies can get all their AI data analysis needs met faster and cheaper than anywhere in the world.  This is possible because they reward GPU miners for using their computational power to mine this synthetic data. After the synthetic data is generated, scientists can specify how they want to train their machines to analyze the data in record time on a separate group of nodes.

Here’s how Neuromation describes themselves:

“Neuromation is a technology platform that creates synthetic learning environments for deep learning of neural network. These simulations are then used for training better algorithms.

We are building the platform of distributed computing for creating artificial worlds where AI algorithms are trained on simulated sensory inputs. These synthetic worlds also have a virtually infinite supply of perfectly labeled training data. AI plays, as with video games, to learn specific tasks in the real world.

Our technology is crucial to making Deep Learning-based systems useful in the real world as they are taken up by industry. With Neuromation, the future has arrived where computers teach computers to perceive.

Our strategy is not to develop our platform in isolation, but to work with partners in select industries in order to try to bring our vision organically to life. We are developing “Neuromation Labs” that would develop synthetic data and train deep learning models on live applications. Each “lab” like Retail Automation Lab, Industrial Automation Lab, Pharma/Medicine/Biotech Lab will be a study on a specific problem in a partnership with a category leader. As our platform is fleshed out we will be moving parts of generation and training there, allowing us to organically test parts of our vision in real-life scenarios. The Labs will seed the Neuromation Platform market with initial data generator and data sets. We will also encourage our Labs partners to transact farther services through the platform, thus building the initial market for services.”

The Token

In order to do transaction on the platform you must use Neurotokens. To make it easy, Neuromation will provide a portal with a one click token buying process.  The platform offers 5 services; Data generation, data labeling, data purchase, model training, and model purchase.  The price customers pay for each service will depend on how much it costs for the nodes. The platform will determine the resources required for each task, then select the most efficient node pool (minimizing the cost to the costumer, while still making it extremely profitable for the nodes/miners. This brings me to the juice of this project.

Mining Knowledge instead of ETH: The reason why synthetic dataset generations haven’t seen widespread adoption yet is because of the huge deficiency of computing power. Neuromation plans to change this by offering cryptocurrency GPU miners 3-5 times what they make per hour mining crypto, to mine Neuro(synthetic data/machine learning) instead How this works is in addition to their existing mining software miners load up a neuromation computation node. This node is special because it allows miners to mine their normal cryptocurrency until Neuromation has a task available, at which time the miners will switch over to mining neuro until the task is complete.

Since I believe this to be the heart of the project, I emailed the neuromation team and asked them to break down further how their mining/node system works. Here’s what they said.

“To mine neurotokens, you will need to load our node. If your system is eligible (depending on processing capacity, bandwidth) the node will activate and wait for tasks. The nodes take on available tasks if they win an internal auction. That auction is run in tiers. Tiers are numbered from 0 to 4. Nodes in tier 0 get a higher priority (the auction will first try to distribute the task among lower tier nodes) then nodes in tier 1 and so on. When our token sale is running you only tier 4 nodes will be available.

We have a program where miners can invest various amounts into out pre-sale and secure a certain number of lower tier nodes. It is:

— 3,000 Ether for tier 0 (500 node keys)
— 1,000 Ether for tier 1 (100 node keys)
— 600 Ether for tier 2 (100 node keys)
— 200 Ether for tier 3 (50 node keys)”

Why Blockchain? Today if a data scientist wants access to a large amount of computer power he can go to Amazon and pay for it. They will charge him 12 times what it costs for GPU miners to generate it. This is a giant opportunity for Neuromation to slide in.

Distribution of Token

60 million of the 100 million total supply will be sold during the ICO.

base price = .001 or .30 cents per token + bonuses

The presale is taking place right now thru November 28 (25% bonus). you must sign up for the whitelist https://ico.neuromation.io/en/

The regular ICO starts November 28th and runs 4 weeks:

week 1 (15% bonus) week 2 (10%) week 3 (5%)

Important to note:  Over the next 3 years, neuromation will burn 50% of the total supply!

2018 =30% 2019= 20% 2020=10% (hmm, this is actually 60%, i think they made an error)

The Team

This is a seriously talented team They are out there putting in a lot of work too. Winning competitions, attending conferences, and forming partnerships (hacken.io, TaaS).

CEO- Max Prasolov has been a big time player since 2001. Here’s a short informative interview he recently did. https://cryptosrus.com/interview-neuromation-ceo-maxim-prasolov/ . I’m actually just going to copy and paste his introduction to the rest of his team. Note, I did look fairly deep into each one of these guys, all legit, max just did such a good job summing them up I  will use his words.

“I’m a serial entrepreneur and TOP manager with 15 years of experience in different sectors from natural resources mining to industrial multimedia development. I was a part of the team who made an IPO of the iron ore company, blue chip on the London Stock Exchange. But all my life I’ve been in love with graphic novels and animation. I have written and produced several animation movies. While making them I have found out that AI can be trained by showing it the cartoons. This metaphor is very close to what we are doing in Neuromation.

I am glad to work with very smart and talented people involved in our company. Our mentor and advisor Andrew Rabinovich, who is a creator of key deep learning algorithm of Google image. My partner, investor and founder of Neuromation Constantine Goltcev, who believes in me from the beginning and he brings powerful engineers to our team. A deep learning scientist and mathematician Sergey Nikolenko, who is checking our crazy ideas with the proof of scientific method.

Fedor Savchenko, experienced CGI expert who creates synthetic data generator. Kyryl Truskovskyi, a talented researcher and engineer, who implements our hypotheses in deep learning applications. Denis Popov, former CTO of Viewdle, who is helping us to hire strongest software developers all over the world. All of these people are my partners and shareholders at Neuromation”

Advisors 

They have 2 absolute beasts on their advisory board.

Andrew Rabinovich –  has studied machine learning for over 15 years. has many patents and peer reviewed publication. He is the Director of Deep Learning at Google, Magic Leap!!

David Orban (Singularity University)  apparently this guy has been a pretty big deal for the last 20 years. He’s definitely good at hyping Neuromation.

Verdict

Because it currently costs so much to “knowledge mine”, this giant futuristic AI market has yet to take off. Neuromation has the answer. They incorporate the mathematical power of blockchain miners to make synthetic data mining and machine training cheaper and faster than ever before. Its now possible that in the near future, thousands of deep learning projects and b2b clients will use neuromation to develop things we haven’t even heard about yet.

The team already has many labs in the works, and has recently boasted about their new Retail Lab, that is already providing “image recognition services to major retail brands”

When just reading the nerdy worded explanations of what synthetic data machine learning is all about, it could be hard to fully grasp what changes this can have on our entire system. I recommend watching youtube videos demonstrating the power of these self learning machines.

Risks

  • It will take millions of micro-transactions for this platform to run once fully live and running. Like every project in the space right now, scalability is still a giant issue.  I emailed the team asking how they plan to deal with this, their reply, “We are looking at HashGraph currently. EOS is also an option. For version 1 of the platform we will run an auction internally on our system and not on the blockchain, so transaction volume is not an issue until the end of 2018. For now, we will likely use HashGraph. “
  • Data is the new oil, and there will be businesses aggressively competing in all sectors . Luckily for Neuromation, and their extra cheap/fast computational power, they are far ahead of the pack when it comes to knowledge mining.
  • If they cant get the miners to adapt their nodes, then the project dies. I don’t think it will be hard to get them to switch though if neuros pays way better than anything else
  • With the timing of this ICO coming out during this fork, it may be possible they don’t sell enough tokens to reach their final goal (which requires 60k eth) world wide adoption.
  • These machines are already learning things from this synthetic data that no human has ever even thought of before. This is freaky.

Growth Potential

  • Truly unlimited
  • Neuromation plans to open an Enterprise Automation Lab where the synthetic data approach will help implement solutions in manufacturing, supply-chain, financial services and agricultural industries, to name just a few
  • According to Gartner, by 2020 85% of customer interactions in retail will be managed by artificial intelligence.

Here’s a quote from Neuromation that sums up their potential better than I can

“What is especially fascinating is that in only about a month of working on the inventory recognition problem we have achieved 95+% accuracy, a result others have spent years of effort and millions of dollars on. Significantly, the model performs well on real-life data without seeing anything but synthetic datasets during training. This breakthrough proves the viability and efficiency of our approach. With Neuromation Platform, the gateway to easy AI training at scale will be finally opened.

The potential demand for image recognition alone in the retail industry is enormous. It amounts to more than 40 billion images per year, according to ECR research of 72 of the biggest retailers and suppliers. Going further, we plan to create datasets that mimic human interaction with the shelf. We will be able to track customer flow and intent, creating a full simulator of the retail store, with a multitude of possible applications”

Disposition

I have to admit, after watchin numerous machine learning neural network demos on YouTube, I feel like a teenager who just touched his first real life boob. My mind is filled with wonder and amazement. That being said, you should do your own research. I’m clearly smitten, and could be ranking her too high.

This project is unique, revolutionary, and cheaper/faster than every competitor. The science they are accelerating with these large data mines could change the world in a lot of ways. If they grow their community, and get those miners to switch over their GPU power, the possibilities are endless At only .30 plus bonus and a lower supply of only 100 million , I feel very comfortable recommending this ICO. I wouldn’t sell it anytime soon either. This is a newborn baby giraffe, with the sexy genes she got from her mother! 7.8 out 10

Investment Details

  • Symbol: NEURO
  • Presale : now until nov 28th  join the whitelist here   https://ico.neuromation.io/en/
  • Opening sale: Nov 28
  • End Date : January 1 , 2018
  • Supply : 100 million  .001 eth per + bonus

https://neuromation.io/en/

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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4.2 stars on average, based on 27 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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1 Comment

  1. rchive

    November 16, 2017 at 5:19 am

    It is an exciting space, and as they point out major players have started looking at this area dating back to 2010 and Google is already quite advanced In their training. Could you ask them where they’re going to be focusing and how they see Google (competitor or ally?)

    If you’re excited by this project go here:
    https://cloud.google.com/vision/

    Upload any picture you like and watch as google vision immediately comes up with guesses on what the object is.

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ICO

ICO Analysis: BitTorrent Token

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Blockchain company TRON made waves back in June 2018, when it was announced that TRON was acquiring BitTorrent, the company responsible for the development of the immensely popular file-sharing protocol BitTorrent, for $140m.

The BitTorrent protocol is a pioneer in the decentralized networks space and allows for the downloading and uploading of files from/to various hosts rather than a single server.

Perhaps the most popular or well-known use of the protocol is torrenting, which is often used to share copyrighted content like movies and music illegally.

Regardless of how the protocol is used, one can’t deny the popularity of the protocol.

According to BitTorrent (the company), the protocol is used by more than 170 million people every month and is responsible for as much as 40% of the world’s daily Internet traffic.

However, while BitTorrent is immensely popular, the company behind the protocol has struggled to generate revenue.

Thus, the acquisition comes as a break for the struggling company and might prove to be very strategic for TRON, as they gain access to a very large user base and more importantly (in the author’s view), a team of developers that is top of its class when it comes to developing decentralized networks.

Under the new leadership, BitTorrent is launching a token (BTT) to tokenize what is perhaps the world’s biggest, decentralized file sharing protocol.

Token

According to the BTT whitepaper, BTT will incentivize users to offer infrastructure services, such as seeding or hosting files, in return for BTT.

To validate this concept, BitTorrent is launching something called BitTorrent Speed (release date set for Q2 2019), which will enable faster downloads for users who choose to pay file seeders in BTT.

Thus, downloaders (“leechers”) will benefit from faster downloads via prioritized resource allocation, while seeders or hosters will benefit from payment in exchange for providing bandwidth services to the network.

It’s hoped that this will incentivize downloaders (who become seeders when they start to download a file) to keep seeding, even after their download is finished, a problem that has been present since the inception of the BitTorrent protocol.

While BitTorrent Speed is the first initial experiment when it comes to tokenizing the BitTorrent protocol, the team behind BTT envisions more generalized applications of this tokenization model (with potentially more to come):

  1. General decentralized mass distribution of content that might be subject to attack like censorships. With the decentralized and large network effects of the BitTorrent Protocol, not only do content creators not have to worry about hosting their content on one provider, but performance issues will also be of less worry, as the BitTorrent protocol has been proven to be able to handle large amounts of download requests, with organizations like Facebook and Twitter even using the technology to distribute updates to their servers.
  2. Decentralized storage services, where users pay for storage over time
  3. Decentralized proxying services, where users pay to retrieve content by URL (use cases may include content that might be subject to IP-based controls, highly mobile applications, and users with intermittent Internet connectivity, such as mobile users on WiFi, requesting content in chunks vs. in a complete form)

BTT-based transactions will be confirmed via blockchain technology to prevent fraud.

The total supply of BTT will be 990,000,000,000 (990 billion) BTT.

The tokens will be allocated as follows.

  • TRON Foundation (20%)
  • BitTorrent Ecosystem (19.9%)
  • Team (19%)
  • TRON Airdrop, or allocation for holders of Tron’s cryptocurrency (TRX) (10.1%)
  • BitTorrent Airdrop, or allocation for BitTorrent client users for client install and onboarding (10%)
  • Seed investors (9%)
  • Public sale (6%)
  • Partnerships (4%)
  • Private sale (2%)

The public token sale, which starts at 15:00 UTC, January 28th, 2019 is structured as follows.

  • $7.2m USD hard cap (sale finishes when hard cap is reached or at 15:00 UTC, February 3rd, 2019)
  • Individual cap of $20k USD
  • 59.4 billion BTT for sale (6% of total token supply)
  • No vesting or lockup
  • 40% of tokens for sale in BNB, 60% for sale in TRX
  • Tokens distributed within 15 days of token sale conclusion

Team

The team behind BTT is the team behind BitTorrent, which as explained, is a massively popular decentralized file sharing protocol, and the team behind Tron, a highly popular blockchain-based project, whose cryptocurrency TRX, is ranked #9 by market capitalization as of writing (Coinmarketcap).

Verdict

Below is a breakdown of the risks and growth potential of BitTorrent Token (BTT).

Risks

  • Would people actually pay for faster torrent downloads (initial use case for BTT, which will serve as a way to validate or invalidate the notion of tokenizing the BitTorrent protocol)? Torrents are known for enabling free downloading of content like movies and music. If users really wanted to pay for torrents, it’s possible that they would have already migrated to services like streaming via Netflix and Spotify. Moreover, BitTorrent users are not mandated to participate in BitTorrent Speed. (-0.5)
  • There is a lot of legal controversy surrounding the use of BitTorrent – the protocol itself is legal; however, as mentioned, there are many illicit uses of it, such as the sharing of copyrighted content. While it’s unlikely that the team behind BTT would get into any sort of trouble, it’s possible that users might be turned off by negative press or attention about illicit use and resulting legal disputes. (-0.5)
  • The team is highly experienced at building and maintaining decentralized network infrastructure (BitTorrent) and building popular blockchain-based solutions (TRON). However, competitors like Upfiring have already launched beta products, with decent feedback on places like Reddit. (-0.5)
  • Although the BitTorrent and TRON teams have built large-scale decentralized network infrastructure, it will be difficult to build a blockchain that can handle the massive throughput of the BitTorrent network. (-0.5)
  • Initial circulating supply is only 9% but will near 80% within 3.5 years, which means that the BTT token will face incredible inflationary pressure (-2)
  • Seed and private investors got BTT at a ~68% bonus (relative to public sale price) and don’t have a lockup (though tokens are vested over a year). (-0.5)
  • No details on lockups and/or vesting for team tokens. (-0.5)

Growth Potential

  • BitTorrent is about as legitimate as they come for proven examples of successful decentralized networks. (+2)
  • The tokenization of BitTorrent’s protocol could prove to be very interesting, and it’s possible that content creators and other individuals and groups that wish to distribute files could migrate to the protocol in order to circumvent the various problems associated with going through more centralized alternatives, such as app stores, music distribution platforms, and more. (+2)
  • If tokenization via BTT takes off due to the combination of the already large network effects of BitTorrent and the validation of the BTT tokenization model, it’s very possible that BTT might be covered in mainstream media outlets, as an example of a cryptocurrency project that has “mainstream adoption”. (+1)
  • The sale will be taking place on Binance’s Launchpad platform for ICOs, which provides BTT with a ready base of potential investors who can invest easily from Binance’s platform. (+1)
  • Although competitors like Upfiring are up and running, the team, as mentioned, has a great track record in building decentralized networks (BitTorrent and TRON). (+2)
  • Say what you want about Justin Sun and TRON, but no one can deny that Justin Sun and TRON are marketing wizards, who are highly capable of building investor interest in blockchain projects. During the bull run of late 2017~early 2018, TRX multiplied in price by over 100 times (as measured in USD), and the TRON community continues to be vibrant. (+2)

Disposition

BitTorrent Token will prove to be an interesting experiment for the future of decentralized technology. The team is combining an already large decentralized network (the BitTorrent protocol) with the idea of tokenization and crypto-economics. However, in terms of investing in the token sale, competitors, current blockchain technology limitations, inflationary pressure, more favorable terms for early investors, opacity regarding team tokens, and general lack of interest in ICOs amidst a bear market make BTT ICO participation a questionable proposition. Nevertheless, the sheer potential of leveraging BitTorrent’s network in a cryptocurrency project as well as the team’s experience in building decentralized networks and marketing make BTT a token to keep an eye on. BitTorrent Token receives a 5/10.

Investment Details

  • Type: TRC10 – Utility
  • Symbol: BTT
  • Platform: TRON
  • Crowdsale: January 28th, 2019 at 15:00 UTC
  • Minimum Investment: Unspecified
  • Price: 1 BTT = .00012 USD (prices in BNB and TRX set on day of token sale)
  • Hard Cap: $7.2m
  • Payments Accepted: TRX, BNB
  • Restricted from Participating: China, USA, Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar, North Korea, Republic of Macedonia (FYROM), Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, Venezuela, Yemen, and Zimbabwe

For More Information

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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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ICO Analysis: Devv

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One of the major issues with blockchain technology is that the underlying platforms are unable to adequately service high amounts of usage without compromising on speed and transaction costs (“the scalability problem”).

In fact, many see this as one of the foremost obstacles for blockchain to overcome in order to achieve widespread adoption and become the basis for a new and decentralized Internet.

Various projects have sprung up and are in the works with the focus of tackling the scalability issue.

Devvio is yet another contender to step into the arena for scalable platforms and has developed a blockchain protocol called Devv that claims to address blockchain’s major issues including scalability as well as fraud, loss, theft, privacy and stability.

While seasoned ICO investors might have heard this pitch one too many times, Devv has processed over 1 million transactions per second (tps) on-chain and is currently benchmarking at over 8 million tps on-chain, the results of which can be seen here. Those would like to delve further into Devv’s technology can check out the Devv whitepaper and Devv Github.

By solving the aforementioned issues of scalability, fraud, loss, theft, privacy and stability, Devvio believes that their cryptocurrency has the potential to really grow into the preferred way for instant value exchange worldwide.

Moreover, similar to platforms, such as Ethereum and EOS, developers can build Dapps on Devv but not be limited by high fees, low transaction throughput, and sub-par security at scale.

Some use cases the Devvio team foresees for Devv include the following:

Financial Services

Using Devv to manage exchange, hedging, payments, and repatriation of funds.

Data

Using Devv to manage sensitive data in a highly secure environment.

Logistics

Track and manage goods as well as reduce traditional insurance and logistics costs.

Token

Devv’s token will be used to enable value and asset exchange similar to other cryptocurrencies and tokens.

Devvio will initially issue ERC-20 tokens to investors before ERC-20 tokens are swapped for native Devv tokens at a 1:1 ratio.

Devv tokens (total supply 500m tokens) will be allocated as follows.

  • 30% token sale (150m tokens)
  • 30% company reserve (150m tokens)
  • 20% partners and acquisitions (100m tokens)
  • 15% founders and partners (75m tokens)
  • 4% advisors (20m tokens)
  • 1% bounties and community (5m tokens)

According to the Devv whitepaper, token sale proceeds will be used in the following manner (assuming the hard cap of $18m is met):

  • 15% technical development
  • 12% Devvio operations
  • 12% business development
  • 18% Intellectual property development, licensing, and enforcement
  • 20% marketing
  • 8% supporting technologies
  • 15% token sale fees

The amount of Devv tokens issued to investors will vary depending on how much is raised during the token offering. For instance, if the hard cap of $18m is met, token purchasers will receive 150m tokens as mentioned.

2% of Founder, Partner, and Advisor tokens will be available upon the Token Generation Event (TGE) and 98% will be vested with a cliff of 1 year at a rate of 1/8th each quarter for 2 years (after the initial 1 year lockup period).

Team

Devvio team members include the following:

CEO Tom Anderson – Anderson was the founder of Novint Technologies, a robotics company which made the first 3d touch device for consumers. Anderson is considered a pioneer in haptic technology (integrating the sense of touch into computers and virtual reality). Novint raised over $30m, licensed game development worth tens of millions of dollars, and more before its patents were sold to Facebook.

Advisors

Tokenmarket – well-known token sale organizer that has helped ICO clients, such as Civic, Storj, and Dent.

More team members and advisors are listed on Devvio’s team page.

Verdict

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

Risks

  • Like many projects – not fully released. First stable release of Devv blockchain is set for Q1/Q2 2019.
  • For a highly ambitious blockchain platform (“solving” scalability, fraud, loss, theft, privacy and stability at the same time), no one on the team has standout experience working on similar projects.
  • Token allocation for token sale could be higher.
  • Though the token sale date hasn’t been specified, interest on social platforms thus far seems relatively low for a project of its scope (e.g. ~2.8k Telegram channel members and ~1k Twitter followers as of writing).

Growth Potential

  • Testnet available and not a complete whitepaper/vaporware project like many ICOs.
  • Team has had business success in other endeavors (e.g. Novint).
  • According to the Devv FAQ (“Do you have any patents”), the team has patented their ideas to build somewhat of a protective moat.
  • Instead of accepting that thefts occur in the blockchain/cryptocurrency space like most other projects, Devv has an optional transaction method (similar to credit card chargebacks) called DevvProtect. Optional DevvProtect wallets guard against common issues like stolen private keys and lack of asset transferal upon events, such as a token holder’s death. These are definitely interesting features that would probably be of interest to businesses, Devv’s intended audience.

Disposition

Although jaded ICO investors are probably tired of hearing about platforms that will solve scalability among other blockchain technology obstacles, Devvio’s Devv blockchain does show promise with its benchmarking of 8 million tps and testnet available for use. This in addition to the team’s business experience, focus on patents, and innovative features like optional transactions make the project one to keep an eye on as long as they can deliver technically and garner adequate community interest once the ICO date is announced. Devv receives a 7/10.

Investment Details

  • Type: ERC20 – Utility then Native
  • Symbol: DEVV
  • Platform: Ethereum then Native
  • Crowdsale: TBA
  • Minimum Investment: Unspecified
  • Price: Unspecified
  • Hard Cap: $18m
  • Payments Accepted: Unspecified, presumably ETH
  • Restricted from Participating: Unspecified

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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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ICO Analysis: Fieldcoin

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Fieldcoin is an agribusiness crowdfunding platform that enables anyone to buy, sell, rent, and manage farmland from anywhere in the world. Using IoT, smart contracts, and other agribusiness technology, token holders will form a DAC (Decentralised Autonomous Community) and vote on every aspect of their chosen agribusiness from seed to table.

“Fieldcoin’s mission is to bring the blockchain technology to land property transactions and agricultural crowdfunding projects while creating a stable transaction instrument easing the process of land and agribusiness acquisition.”

Fieldcoin will offer access to LANDS Management Services. Investors will be able to buy/sell/manage physical land of different sizes and budgets at an attractive price compared to the market value.

The company claims to:

  • Brings liquidity to the agricultural industry
  • The token is backed by land.
  • Decentralize the highly centralized agriculture market
  • Track the origin of food products.
  • Manage the way the food is grown (pesticides or organic)

Along with the above highlights, Fieldcoin’s “trade-back token” guarantees an 80% ratio on the value of your token to the assets in the ecosystem and the possibility of claiming your assets in physical property at a certain rate under the market price.

In the Fieldcoin ecosystem, there are 2 levels of ownership: “Off-chain,” which is to comply with national regulations and “On-chain,” which is recorded and transacted on the blockchain.

  • Off-chain: Fieldcoin Ltd or a third party company DAO (decentralized autonomous organization) owns the property titles recorded in the national land registry. The token holder owns a share of the company representing the specific land acquired on the platform.
  • On-chain: Fieldcoin Ltd creates a unique token with a unique number representing a specific property called LANDS (ERC721). The LANDS token represents the ownership of the property and can be exchanged on the Fieldcoin platform using the Blockchain.

The FCO will start April 2nd, 2019.

FCO means Field Coin Offering. It’s like any ICO, users buy (FLC) ERC20 Utility tokens which are used to acquire non-fungible tokens (ERC721), which represent a particular agricultural property. “The acquisition of NFT tokens during the ICO makes the Field Coin Offering unique and offers a strong advantage to investors that are able to test the platform and own tangible assets during the Coin Offering.”

Token

FLC is an ERC20-based utility token distributed during the FCO. The token is used as a currency to buy land, services and crowdfund agricultural projects on the platform.

LANDS is an ERC721-based token received after buying a specific land property through our platform, representing land ownership and storing the data of your property. LANDS are also available for purchase during the FCO.

According to the company, trade-back token is “Token holders will buy land on Fieldcoin’s platform and pay the full market price displayed on the website. They will be credited with a coupon to buy land for later purchases. The value of the voucher corresponds to the difference between the price drop of the token under the 80% threshold and the actual value of assets in Fieldcoin’s Ecosystem. The coupon can be applied to available properties sold by Fieldcoin Ltd on the platform.”

Distribution:

  • Private Sale 2%
  • FCO 60%
  • Token Bonuses 17%
  • Reserves 10%
  • Team 9%
  • Bounty 2%

Allocation of funds:

  • 60% Purchase of Physical Land
  • 15% Agribusiness Development
  • 10% IT
  • 7% Legal
  • 6% Marketing
  • 1% Reserve Fund
  • 1% Social and Rural Development

Ecosystem asset reallocation:

  • 85% Land Recapitalization
  • 9% Business Operations
  • 5% IT Development
  • 1% Participation in Communities

Team

The Fieldcoin project is governed and supervised by Fieldcoin Ltd, registered in London. The team members are from France, Canada, USA, India, Belgium, Italy, the UK, Pakistan and China. There are over 25 team members including the advisors.

Marc Couzic is the  Founder/CEO.  He is a freelance commodities and crypto trader since 2013 and has been a “Contributor” to 3 blockchain projects this past year; Experty.io, Kart Block, and Magna Numeris.

Alexandre Palubniak is a Web Project Manager from France. He has spent 7 years as a freelance “Director Artistique”.

Jeremie Joncas is a COO from Canada but there is not much info on him. He owned a business for 4 years called J2 Entretien (but can’t find any info in it). He’s traded crypto for the last 1.5 years.

The rest of the team is similar to the above – very little experience in agriculture or blockchain.

There are also 10 Contributors/Advisors. They are average.

Verdict

When describing the benefits of Fieldcoin in Telegram, CEO Marc Couzic had this to say, among other things.

“Yes, it is a share profit system where 40% of net profits on production goes to the externalized land management company or farmer (choosen by Fieldcoin) exploiting the land and 60% to the owner. The holder of LANDS tokens won’t need to do a thing besides participating in decision concerning the type of crops and agricultural method used on its land. The idea is to levy the burden of execution for the investor and move towards agricultural automation processes. Additionally, the price of land grow on average 2-3% worldwide”

The idea of Fieldcoin is to have Decentralized Autonomous Communities that will decide on the agriculture products and management of their lands. They will vote on things like the amount of pesticides used, or if they want pure organic or reasonable agriculture.

The problem is DACs are complicated. Billion-dollar projects like Ethereum and EOS are still developing the tools to perfect them. Does Team Fieldcoin even have the ability to execute this massive project? It seems iffy, as they are fast approaching on the pre-sale and do not have an MVP. They only have this picture of one.

Risks

  • Small soft cap of just $3 million USD. According to the company: “the Proof of Concept can only be implemented once the FCO has reached $5 million USD. In the event of the cap not being reached, the Proof of Concept will be postponed.” This is sketchy. -1
  • The team is not very impressive at all. -2
  • Their business plan requires the minting of new Fieldcoin tokens to buy more land. They explain the process in detail here. -1
  • Only 13% of the funds raised will go to legal and marketing. -1
  • DACs are complicated. Many top projects are delaying launch until they figure out governance. -2

Growth Potential

  • First mover advantage. +2
  • They say they’ve already purchased land, have buying promises and about 35 offers to be displayed. +2
  • 85% of the Ecosystem asset reallocation is reserved for new land acquisitions further expanding the Ecosystem.+2
  • “Fieldcoin plans to target low-risk and average potential markets first, such as the countries within the European Union, and will then move slowly to countries with more venture capital and with much higher expected returns for Fieldcoin’s Ecosystem.”+1.5
  • 1% of the Fieldcoin tokens will be allocated to the Fieldcoin Foundation, which aims to develop community infrastructure. This project includes plans to build schools, water wells, irrigation systems, and roads.+2
  • “The Fieldcoin token is supported by “Trade-Back Protocol”, offering token holders the possibility to claim LANDS at a reduced price in case of market dips. Thanks to our upward trend capitalization mechanism, new physical lands will be acquired by Fieldcoin Ltd. increasing the guarantee of the Trade Back Protocol.”+2
  • Although we don’t score Fieldcoin well, these “respected” ICO sites have them ranked rather high. +0.5

Disposition

The tools required to build a proper DAC voting system are only now being built. Although something similar to this DAC agribusiness will someday soon be a reality, this project is too early and too ambitious, especially with such an inexperienced team. 5/10

Investment Details

  • Symbol: FLC (ERC20)  LANDS (ERC721)
  • Platform: Ethereum
  • Total Supply: 1 billion
  • Presale: Feb 4 – Feb 12, 2019 (100% bonus, 1 million USD worth of tokens available)
  • Price: 1 FLC = $0.05
  • FCO (Field Coin Offering) Start date: April 2nd 2019.
  • Hard Cap: $31 million
  • Soft Cap: $3 million
  • Telegramhttps://t.me/fieldcoin
  • Websitehttps://www.fieldcoin.io/
  • Barred Jurisdictions: USA and China

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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4.2 stars on average, based on 27 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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