ICO Analysis: Superset

Smart contracts

The Smart Contracts revolution has been talked about by the entire Blockchain industry for quite some time now, but it still has yet to emerge into mainstream with real-world use cases.

One major reason for this is probably the very technical nature of smart contracts and the fact that one would need to be a coder with knowledge of the relevant programming language to create one.

Superset is a San Francisco-based start-up that aims to solve this by developing a global exchange that allows anyone to create smart contracts in “plain English,” without any knowledge of coding whatsoever. It is designed to operate over any blockchain that has smart contracts (Ethereum, Neo, Wanchain, etc.), instead of just one of them.

Although there are other solutions already on the market that also claims to allow users to create smart contracts without any coding, Superset is one of the few that can do so with “plain English” as far as the author is aware.

Through the Superset platform, users also have the opportunity to replicate other successful ICO’s that have already been launched, or create anything else that smart contracts allow for, such as automated companies.

Another option would be to take an existing ICO product and create and improved “next generation” version of it. As the team points out in the white paper, a Superset user could for example easily replicate a product like the crypto lottery known as SmartBillions by describing it in plain English in a smart contract.

The main problem with the Superset ICO as of the time of this writing (3 days left until start of pre-sale) is the lack of details in the white paper and on the website. For example, there is no available information to be found about who is eligible to participate in the pre-sale, or whether the pre-sale includes any potential benefits such as discounts, bonuses, etc.

When asked about this in the Telegram channel, the admin claimed they are moving the website to a new server and therefore need 12-16 hours to update the information.

Token

The native token of the Superset platform is known as SUPER, and will be distributed through a pre-sale (40 million tokens) and an ICO (200 million tokens). Any eligibility requirements for participation in the pre-sale are unknown at this time. This is a major issue that should have been sorted out well ahead of the start of the pre-sale.

The SUPER token is intended to be used as currency within the Superset system, with a total supply of 240 million tokens. 40 million tokens will be released during the pre-sale, and the remaining 200 million tokens will be distributed during the main ICO.

The tokens reserved for the Superset team will be locked up and released ¼ at a time, once per year, effectively putting the entire team on a 4-year vesting schedule. This is a positive step by the team that shows a certain level of long-term dedication to the project.

The listed ICO price of the SUPER token is $0.80.

The token distribution will be as follows:

SUPER token distribution

Team

The Superset team consists of a fairly small but diverse group of people. Only four people – the CEO, CIO, Head of Product, and Technical Product Manager – are listed with their own personal information and LinkedIn profiles on the website. Other than that, the website mentions that the team consists of 11 software engineers, without offering further details.

No external advisors with relevant blockchain experience are listed on the website or in the white paper.

The CEO & Founder of the company is Dan Clark, a software engineer with experience from creating automated trading systems for stock and cryptocurrency markets. Other than from a trading perspective, his experience with blockchain technology seems somewhat limited.

The person listed as Chief Information Officer of the company is Alysson Do, an advisor and investor at venture capital firm Jam Ventures.

Listed on the website as Head of Product is Michael Frye. According to his LinkedIn profile, Mr. Frye is also a software engineer who currently works as CTO and Co-Founder for a Washington DC-based tech company.

Last on the list of team members is Technical Product Manager Tyler Kling, an experienced trader and financial analyst based in Austin, Texas. His current job is listed on LinkedIn as Co-Founder of an Austin-based macro and investment research firm.

It is worth noting that nobody in the top management team, with the exception of the CEO, has Superset listed as an employer on their LinkedIn profiles just 3 days before the start of the ICO pre-sale. This raises serious questions regarding their level of commitment to the company, and even how they are affiliated with the company.

Verdict

The idea of “programmable money” as the Superset team says on its website definitely sounds good and we can even see many potential real-world use cases for an easy-to-use tool for writing smart contracts.

In addition to this, the Superset team already has a working minimum viable product (MVP). This is a good sign and it adds credibility to the project and the team’s ability to carry out the project from a technical standpoint.

The main problem here is whether the company and team is mature enough for potential ICO investors to buy into. When not even the top management team has any mentions of Superset on their LinkedIn profiles, we have to raise questions regarding the maturity and credibility of this ICO.

Further, the fact that both the website and white paper is so scarce on details definitely does not add to the credibility. At the time of this writing, there are only 3 days left until the start of the ICO pre-sale, and we don’t know anything about who is eligible to join or whether there will be discounts or other benefits for early investors.

Growth Potential

  • Smart contracts have real-world use cases, and simplifying the writing of them would make them much more interesting for lots of people in many different industries, for example freelancers who want to enter into trustless agreements with their clients. +4
  • The team already has a MVP that appears to be fully functioning according to this YouTube demo. +4
  • Superset team members are on a 4-year vesting schedule with their own SUPER tokens. +1

Risks

  • The team member’s commitment to the project seems sketchy, with nobody except the CEO mentioning Superset on their LinkedIn profiles. -2
  • While several team members have experience from finance and trading, they seem to have limited experience with blockchain technology and tech start-ups. -2
  • The white paper is well-written, but offers very few details, in particular when it comes to the technology behind the platform and the token and token sale. Unfortunately, the same also goes for the website. -2

Disposition

Although the concept is interesting and could potentially be successful, we do have serious doubts when it comes to the team’s readiness for the ICO, the lack of details in the white paper, and the level of commitment of the team members.

We arrive at a score of 3 out of 10 for the Superset ICO.

Investment details

  • Token Type: Utility
  • Platform: Ethereum ERC20
  • Symbol: SUPER
  • Pre-ICO: May 1 to May 31, 2018
  • Public ICO: June 1 to September 30, 2018
  • Token Supply: 240 million
  • Tokens Available for Sale: 72,000,000
  • Hard Cap: $64,000,000
  • Price: 1 SUPER = $0.80
  • Minimum investment: $500
  • Payments Accepted: ETH
  • Jurisdictions Barred from Participating: China, Cuba, Iran, North Korea, Syria, Crimea Region, and USA (only accredited US investors allowed to participate)

Featured image from Pixabay.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term trading. The author has no investment in Superset at the time of writing.

Author:
Fredrik Vold is an entrepreneur, financial writer, and technical analysis enthusiast. He has been working and traveling in Asia for several years, and is currently based out of Beijing, China. He closely follows stocks, forex and cryptocurrencies, and is always looking for the next great alternative investment opportunity.