ICO Analysis: Tenzorum
In 2017, over $325 million were either stolen through phishing scams or frozen due to transacting to the wrong addresses. This is unacceptable and must be fixed. In fact, there are already a couple projects trying to find the solution to phishing scams, lost keys and miss-sent transactions. Tenzorum looks like the strongest solution so far.
Tenzorum is a key management protocol for the decentralized web. It will provide the infrastructure to allow every user to interact with decentralized applications across multiple chains. It manages keys and access, and is being built from the ground up to enable a user-experience friendly ecosystem of blockchain powered products and services.
“IMO the #1 user experience need for crypto continues to be secure key management solutions. Multisig, scorched earth vaults(…) hardware wallets, all good, but lots of work UI side.” Vitalik Buterin – Ethereum Founder
Team Tenzorum is developing a set of protocols which will be integrated and bridged through APIs to general decentralized products. Ethereum, NEO and any other platform that wants to actually scale their project to the masses by eliminating the complications that come with owning their own private keys.
Tenzorum will deploy three concepts:
- Secret Sharing: Every key in the network is encrypted using a Quantum proof and cryptanalytically unbreakable algorithm.
- Web of Trust: Users in the network verify each other’s keys in order to maintain network integrity and security.
- Public Utility: The Tenzorum network will bring self-sovereign access where people will be able to decide what role they want to play in the crypto-world.
Here are some of the features:
- Decentralized Key Manager: Platform to secure your ownership in Web 3.0.
- Seamless Login Abstraction: Seamless access to decentralized products.
- General Integration Modules: Integration with various Blockchains, Wallets, DEXs.
- Multi-Ledger Browsing: Infrastructure to support 100x better user experience
“Tenzorum protocols are being created from the ground up, to abstract and simplify the way people manage their keys and accounts on decentralized applications. It provides the infrastructure to allow every user to interact with decentralized applications across multiple chains. To take the next step and establish the necessary elements required for the decentralized public networks to be accessible for an extensive user base, we need to address specific fundamental elements: key ownership and access control must always be achieved through a self-sovereign manner.” (Tenzorum)
The Tenzorum project is powered by a web of trust as a social network and proposes to use crypto economic incentive mechanisms to harness this dominant protocol. Users can verify and vouch for each other to activate access to secured storage, edit and recovery functions and rely on their web of trust peers to serve as their key guardians in case vouching is required.
We found this project early and they’ve yet to release a whitepaper or the token economics. What we do know is that there will be DASH-like masternodes.
Service nodes stake collateral tokens through an escrow smart contract on the Tenzoerum Service Node Network (TSNN) extending the functionality of the project to a general purpose key management service network. Access to external technology such as EOS, Nebulas, NEO or Cardano will be powered by nodes that are being rewarded tokens based on how well a job they are supporting the network.
To be alerted when the team announces their token information, sign up on their announcements channel.
TSNN will run the protocols to enable general purpose key management services for various decentralized technologies, serving as a utility network that connects between different decentralized networks.
TSNN token functionality is listed below:
- Handling Encryption tasks such as key fragments packets.
- Securing access to data through verification of “Web of Trust” data.
- Distribution awards for successful key ownership calls through consensus mechanism.
- Assuring integrity and removing incentive from improper behavior.
“Tenzorum is a real Open-Source project created by a global grass-roots community of Blockchain Developers, Engineers, Designers, Academics, Economics and Crypto Enthusiasts to make decentralized technologies truly accessible to everyone. You can become part of the community contributing with ideas, feedback, code, design, support and spreading the word about Tenzorum Project”
This team of Australians has plenty of talent.
Moritz Neto: Project co-founder. He is the “Head of Growth” at Bitfwd, a blockchain community that brings together resources, content and educational activities. Affiliated with Michael Crouch Innovation Center.
Daniel Bar: Co-founded Bitfwd, also affiliated with Michael Crouch Innovation Center.
Regio Michelin: Now this guy looks strong. Hewlett-Packard Software designer from 2007-2014. Software Development and Architecture engineer at IFRS from 2014-present. He is currently working on IoT devices authentication in a network using distributed gateways.
Radek Ostrowski: Senior Software Engineer at SONY where he helped develop the PS4 back end. Also worked for Expedia, Taulia and Toptal. Currently, the founder of StartOnChain, providing consultancy services for crypto-related startups interested in running on Ethereum blockchain and raising funds through token sales.
These other team members check out nicely as well. Very impressive.
The six listed advisers include the founder of Akropolis, ex-president of NEM, Anjuna CTO, founder of BLockVC( big VC firm), and the CEO of Olympus Labs.
Keys are the fundamental element of user-experiences on the web 3.0. Today, the mechanism by which users manage and interact with their keys is broken. It is painful and frightening for noobs to use blockchain applications. Tenzorum has a strong team with a gameplan. Although there aren’t any token metrics to score yet, we can safely assume that their masternode structure is the highlight of their project. Protocol projects with masternodes seem to do extremely well in the market.
- This project is very needed, which means there will be a lot of competition. -1
- No MVP yet. -2
- The roadmap is thorough but long. It’s good that they have a realistic plan, but this is an impatient market, and lack of demand catalysts could cause a token to stay stagnant. -1
- Growth Mechanisms look strong:
- Here’s a tantalizing quote from the whitepaper. +4
“Similar to Dash, Tenzorum aims to harness staking to establish inclusive governance. This will guarantee the governance of the open-source code base, protocol/UX features acceptance, organizational priorities, growth campaigns, partnerships and future vision direction
- They are partnered with Nebulas, one of those blockchain 3.0 protocols. Nebulas is currently ranked #55 on CoinMarketCap. +2
- This project is being built from the ground up. Many concepts and inventions they could discover haven’t even been invented yet. This team/community is in position to invent something that changes blockchain forever. +2
- There are many partnerships solid partnerships, including these: +2
Most Dapps are currently using centralized solutions for key management and cant wait for a project like Tenzorum to provide the missing pieces for consumer-oriented key management functions like access control, key recovery mechanisms and login abstraction.
This is definitely a project to keep on eye on. We give it a score of 6/10.
- Platform: Ethereum
- Symbol: N/A
- Presale/whitelist: https://tenzorum.org/presale/
- Telegram: https://t.me/tenzorum
- Github: https://github.com/tenzorum
- Q & A: 2nd week of June, team will answer questions
- *Priority access to token allocation will be given to early signups and existing community members. Exact dates and further details about Tenzorum token distribution plan will be announced at a later time. Please fill the form if interested in participating in Tenzorum token distribution and want to be updated as more details are announced.
- To be early on token sale details, visit the telegram announcement channel https://t.me/tenzorum_ann
Featured image courtesy of Shutterstock.