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ICO Analysis: Virtue Poker

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The game of online poker has been massive ever since amateur Chris Moneymaker turned a $40 online satellite entry fee into a $2.5 million, 2003 World Series of Poker Championship win. Over the years, two massive flaws involving centralized online poker sites have come to light. In 2008, Ultimate Bet insiders stole over $20 million in players funds by using a software program called “God Mode” which allowed them to see the other players hole cards. In 2011, it was revealed that Full Tilt Poker (the#2 site at the time) was a giant Ponzi,  involving insiders lining their own pockets with funds picked from their loyal players’ pool. Full Tilt was forced to shut down and players didn’t see their money for over a year. New startup Virtue Poker is looking to provide solutions to both of these problems, plus many more.

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Founded in 2015, Virtue Poker is putting poker on the Ethereum blockchain and using smart contracts to eliminate fraud and corruption by completely decentralizing the game. The virtue poker platform will offer several game changing features including tamper proof gaming, security of player funds, instant payouts and guaranteed tournaments.

Each table is represented by a smart contract. All players send funds from their own personal digital wallets to the smart contract that serves as an escrow agent. Once the game is over the contract distributes the money back to the players wallets. All game play happens off-chain using a secure implementation of mental poker. The Virtue team also designed a revolutionary  shuffle algorithm called the “Two Pass Shuffle,” which guarantees nobody can tamper with the cards.

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Learn all about the tech behind “mental poker” and “the Two Pass Shuffle” starting on page 17 of the whitepaper.

Token

VPP token has four utilities:

  1. It can be used as in game currency.
  2. It can be used for special tournaments.
  3. It can be earned as rakeback.
  4. It can be staked in a smart contract called a “Justice Registry,” which enables the staker to validate hands on the network in

The Virtue platform acts as a POS platform. The nodes in the platform are called “Justices”. “Justices are non playing peers, assigned to poker tables, who provide security and protection to players on the virtue poker network and in exchange recieve fees from players platform fees. the justices validate and submit the hand histories for storage to IPFS.”

The token distribution is as follows:

  • Crowdsale 20%
  • Second token offering after main net: 20%
  • Marketing and development: 20%
  • Founders: 17.2%
  • Strategic Partners: 18.8%
  • Advisers: 4%

Approximately 40% of proceeds will be used to further platform development, 40% for marketing, 10% for legal costs, 5% for consultants, and 5% for business development and partnership

In terms of price, everyone pays the same amount per token. The exact price per token will be set once the ICO is over. If the hard-cap is reached, the price will be $0.125; if they only reach soft-cap the price will be $0.06 or higher. (Contributing early doesn’t give you a bonus, it just assures you get a spot in the sale.)

There has never been any pre-sale or bonuses given. Every contributor gets the same deal.

Team

The Virtue team, advisers, and sponsored players are all rock solid.

Co-Founder Ryan Gittleson (ConsenSys) is the team spokesman. He has done several YouTube interviews where he proves himself very knowledgeable and capable.

Co-Founder Jim Berry has experience with NASA and a ton of tech ventures.

The CMO Dan Goldman, who was the first CMO for Pokerstars, building them up to No. 1 in the world.

One of their most notable advisers is Joe Lubin, who co-founded Etherum.

They also have a 7+ strong tech team led by Chief Cryptographer, Iddo Bentov (Cornell).

Finally, we have three poker legends to help market the site.

Verdict

Virtue Poker is by far the front-runner in blockchain poker. Their well thought out business plan, strong team/advisers and the three living legends for spokesmen guarantee they will at least be around for a few years to come. Success is going to first depend on building the app to perfection. And then on convincing players just how beneficial it is to move over to the Virtue platform.

“Our #1 value proposition is the security of player funds by not having to trust a centralized entity with the deposit or withdrawal process.” (Co-Founder, Ryan Gittleson)

Risks

  • Poker players hate rake, and it looks like Virtue’s rake will be higher than average. This summer, they plan to implement Plasma to calculate every hand without using ETH, only sending transactions to the blockchain when players sit down and when they leave. It’s still going to be pricey though and Virtue will be taking an additional rake each hand for business. -3
  • Gaining large scale adoption will be extremely challenging. Bovada and America’s Cardroom control the U.S. market while Pokerstars owns the rest of the world. Also, ACR recently started accepting a number of cryptocurrencies, which is one of Virtue’s main appeals. -3
  • Currently, the platform’s player to player shuffle technology is only performing at 70-80 hands per hour. This is very slow compared to the mainstream sites. Players these days play for money; the more hands they can get in per hour, the more money they make. They aren’t going to play on Virtue if it’s slow and complicated. -2
  • They don’t have a gaming license yet. They’ve been working for 18 months and are making progress in Malta and Gibraltar. They don’t want to promise anything, but are very optomistic about Malta by the end of the year. -2

Growth Potential

  • Phil Ivey, Dan Coleman and Brian Rast are constantly in the poker spotlight. They are literally the top guys in poker. They will be wearing Virtue logos as they win tournaments. Every poker player in the world will know about Virtue Poker. +4
  • Their solid technical team, strong management and Joe Lubin (Co-founder Ethereum/giant whale) as an adviser make it very hard to bet against this project.+4
  • The massive U.S. player pool has been banned from Pokerstars since 2011. They have found new sites to play on over the years, but nothing permanent. If Virtue can use their decentralized site to tap into the U.S. market, it could be glorious.+2
  • They are backed by ConsensSys, which is a global formation of technologists and entrepreneurs building the infrastructure applications and practices that enable a decentralized world. ConsenSys funded Virtue Power, helped them put together a team a team and supported the development of an alpha. At the end of the token sale, Virute becomes their own company and ConsenSys remains a passive investor.+2
  • The token price itself probably won’t ever be extra valuable, but if you can stake a large supply, it would be like running a masternode. Virtue Poker has a chance to be around for years to come, so a node on their site would be steady passive income for years to come +3

Disposition

This ICO is for folks who want to stake VPP tokens and become Justices (nodes). A score of 5/10 is warranted.

Investment Details

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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4.1 stars on average, based on 17 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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ICO Analysis: Verasity (VRA)

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Verasity is a video-sharing platform that caters to content creators and rewards viewers with VERA tokens just for watching content, sharing videos, watching ads and for referrals. Over the past few years, brands have shifted their advertising model to allow influencers to share products with their audience. This gives products a much more personal touch and translates to better conversions.

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Verasity will provide a way for viewers to help support their favorite channels by the use of VeraSparks. VeraSparks is a smart contract that allows viewers to buy and own a portion of a channel, and be rewarded with profits especially in future growth.

How is Verasity different than the competition in this field? Verasity is the only platform combining the following: Decentralized Proprietary Blockchain, Proof of View (PoV) – patent pending, Watch and Earn, Centralized Video Distribution, VeraSparks and the Spark Marketplace, and multiple ways for creators and users to earn VERA tokens. Just one of Veracity’s features, Proof of View (PoV), will help solve the problem of fake reviews that affect creators and advertisers.

Token

The VERA token is an ERC-20 token used as a payment method between brands and creators directly ensuring that brand placements are verified through Verasity’s Proof of View technology. Not only do brands now have direct access to content creators, but advertisers have the opportunity to reward viewers. Views are recorded on the blockchain so that validating viewer interaction is easily auditable. Proof of View is Verasity’s Patent Pending (*US and international patent pending, application number 62627285) system that provides more accurate audience metrics than traditional methods.

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Team

The list of team members and advisers on their website is quite extensive compared to the majority of ICOs. The team and advisers are showing commitment to the project with team tokens locked for 18 months and advisor tokens locked for 9 months. A few team members include: 

David Orman – CEO & Co-Founder

  • Founding Partner – Hatch-House
  • Founder – Namro Ventures Ltd
  • Advisor – Carabiner Partners
  • Formerly VP of Joost

David Rowe – Co-Founder

  • CEO – Black Green Capital
  • Founder – Hydro66
  • Founder – Easynet Group
  • Former Managing Board Member – Sky

Chris Gale – Co-Founder

  • Founder & CEO – Odyssey Mobile
  • Founder – TouchTab
  • Former CEO – Level Up Media Ltd
  • Crypto Investor & Blockchain Advisor

Adam Simmons – Co-Founder

  • Former VP Marketing – Level Up Media Ltd
  • Owner – Madals TV

Advisers include: 

Dr. Christian Jaag – Advisor

  • Founder – Cryptoeconomics
  • Managing Partner – Swiss Economics
  • Lecturer – Universities of St. Galen and Zurich

Matt Heiman – Advisor

  • Founder – Diagonal View
  • Founder – Mobix Trading
  • Founding Investor – Just Giving
  • Adviser – Channel 4, Visimo, The Cloud, Palringo

Jin Young Choi – Verasity Ambassador for Asia

  • CEO – Bitbank
  • CEO – Woorim Holdings
  • CEO – East Nine Company Ltd
  • CEO – Vision Group Company Ltd
  • Permanent CEO – D!conomy LAB
  • Executive Commissioner of World Franchise Council
  • Former Mayor of Namon City

Joel Kovshoff – Advisor

  • Founder and CEO – MyICOPool
  • Founder and CEO – Athena Trading Bot
  • Blockchain Advisor and Educator
  • A complete list of team members and advisors can be found at verasity.io.

Verdict

Verasity will use blockchain technology to finally have a transparent and reliable solution to the many problems facing the video sharing industry. Some of the key features of Verasity’s blockchain technologies are: Verasity High-Performance Blockchain, VERA Transactions, Proof of View (patent pending) and DPoS. All of the videos run off of VeraPlayer, which is a blockchain enabled video player that allows users to view content securely from many mobile and desktop devices without the need to install additional software. Verasity has partnered with Akamai, a leading global content distribution network. This enables Verasity to deliver over 8 PetaBytes of video data per month, allowing them to scale quickly. If Verasity continues to deliver on the benchmarks outlined on their roadmap, they could quickly become a major player in this highly competitive field.

Risks

  • Although Verasity is unique with their own blockchain and PoV, it still has competition such as Steem, Basic Attention Token, Props, and Flixxo. -1.25
  • The hard cap is on the high side at 6,245,750,000 VRA which equates to over $46M USD. -1.5

Growth Potential

  • Verasity has a large and experienced team along with top-notch advisers that are capable of building and scaling the company successfully. +4
  • Having multiple ways to earn for creators and viewers has the potential to grow at a fast pace while their partnership with Akamai will allow for scalability. Basic Attention Token may use Verasity as its default video player. +3.5
  • Hype and community are important to create exposure for ICOs. Verasity has over 41k telegram members, 10k Twitter followers, and 237k Facebook followers. +2.5

Disposition

Blockchain platforms are in high demand right now. Verasity is no exception. With internet traffic being worth $312 billion by 2021, online video is set to account for 82% of all traffic. Company giants such as Facebook and Google generated $191 billion in advertising revenue in 2017. Personal data has become the new commodity and Verasity aims to reward creators and content publishers. Verasity is 100% SICOP compliant (Sustainable ICOs Protocol) which defines rules and methodology to determine whether ICOs are secure, follow good practices and ethical rules. Verasity is one of the few ICOs that is completely compliant. In an ICO atmosphere riddled with scams, this gives Verasity a head start. Due to the enormous potential as a successful first mover and the fact that they have followed very strict rules to be ethically compliant, Verasity receives a rating of 7.25 out of 10.

Investment Details

  • Symbol: VRA
  • Price: 1 VRA = 0.0075 USD increases by 1% per 24 hours during sale
  • MVP/Prototype: Available
  • Platform: Ethereum
  • Payments Accepted: ETH, BTC
  • Total Token Supply: 12,491,500,000
  • Hard Cap: 6,245,750,000 VRA
  • Min Purchase: 10,000 VRA
  • Restricted Areas: USA (Accredited only), Cayman Islands, North Korea, Somalia, Yemen

Learn more about Verasity:
Website
Whitepaper
Token Sale Info

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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4.5 stars on average, based on 36 rated postsKent Hamilton - ICO Analyst on Hacked and Founder of CryptoDayTrader.io - ICO Insider Info




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ICO Analysis: Cardium

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Venture capitalist Anthony Pompliano of Morgan Creek Blockchain Capital is looking to “tokenize the world,” and he recently said that eventually, all assets will be on the blockchain. He might get his wish sooner than he thinks, as evidenced by one of the latest blockchain startups planning an ICO.

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Russia-based Cardium basically brings FitBit to the blockchain with a proprietary device dubbed fitness tracker that’s similarly worn on the wrist and is the heart of the project. Cardium, which is designed to tackle the issue of obesity and the chronic diseases it leaves in its wake, like diabetes and cancer, tokenizes daily activity and incentives users with a digital currency as a reward.

It’s a massive ecosystem, one comprised not only of a native digital currency but also a partner gym-fueled mining pool that generates additional tokens that fuel the platform. The reason for gym-mining is to motivate members to participate in high-speed mining activity at participating gyms and while they’re there, exercising and socializing.

The problem Cardium is looking to solve is real, as evidenced by predictions for excess weight and obesity to affect 20% of the global population by 2025. These issues are especially pervasive in but not limited to developing nations. Cardium believes that by incentivizing its members with a reward for physical activity, whether high-intensity or moderate, people will prioritize cardiovascular activity. Cardium is looking to ride the wave of the second generation of wearable devices, one that Cardium believes will work in tandem with the Internet of Things (IoT) technology for autonomous smart devices.

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Here are a few of the features of its device:

  • “Tracking the number of steps and calories and setting goals”
  • “Monitoring the effectiveness and quality of sleep”
  • “Heart rate measurement

For every calorie users burn, they receive Cardium tokens.

Token

Cardium (CAD) is an ERC-20 smart-contract fueled token on the Ethereum network. CAD tokens that are generated from mining can be directed toward the partner network, such as gym membership discounts and sports product promotions, for instance. Cardium estimates that by consuming 2,000 KCALs per day, users can earn 2.64 CAD tokens daily based on the number of calories burned. Cardium has placed a ceiling on the lifetime number of tokens at 475,372,000,000 based on expectations to reach 100 million people over a decade. Any unused tokens will be burned.

Source: Cardium White Paper

Team

Cardium’s management team is comprised of four co-founders.

Philipp Klimov is founder and CEO. He boasts experience at leading Russian cybersecurity firm Kaspersky and experience in DDoS prevention, which bolsters the security profile of Cardium.

Alexander Perminov, anothe co-founder, specializes in data analytics.

Co-Founder Roman Chistyakov brings two decades of experience at major Russian corporations to the table, including Accenture, Rosneft and others.

Sergey Chernikov, co-founder and CTO, specializes in “database design, performance and high-load systems.”

Verdict

Cardium makes it difficult to disagree with physical fitness on the blockchain, and the partner network adds another layer of engagement. Investors should bear in mind, however, that the fitness tracker device wasn’t even a twinkle in the eye of its developers a year ago. It was born at the height of the cryptocurrency fever in December 2017.

While that doesn’t undermine the deal, it does increase the risk. Cardium must promote their brand and people must be willing to use their ecosystem. Otherwise, the reward tokens lose their appeal. If their roadmap materializes, this project could be a winner.

Risks

  • Cardium is a new concept that began at year-end 2017. While the startup has a defined roadmap through year-end 2018, it’s unclear if their fitness tracker is in development yet (samples are being tested this month, according to the company’s roadmap). There’s no history of performance or guarantee the market has room for another fitness tracker. -2.5
  • This brings up another risk, which is the possibility that a company like FitBit, that has proven sales, or worse Google or Apple, which similarly boast wearable products, could decide to integrate blockchain technology and issue digital tokens, which would raise the competition stakes significantly. -2

Growth Opportunity

  • Demand for wearable devices is on the rise, as illustrated below. Meanwhile, and while this part is unfortunate, the number of people with an excessive body mass index (BMI) is also increasing. Cardium has figured out a way to capitalize on each of these trends while at the same time improving the health of the global population. +4

Source: Cardium White Paper

  • Even though Cardium hasn’t generated any sales yet, they have a defined path to do so. The company will generate revenue from sales of the fitness tracker, a device by which all physical activity is measured and sent back to a smartphone and later to Cardium. They expect in year one to “attract” 10 million people and generate EBITDA of USD 150 million. +3
  • Innovation. Cardium’s concept of tokenizing daily activities could be brilliant. Consider the former wildly popular US television competition, “The Biggest Loser”. For 17 seasons, overweight contestants were tasked with losing weight by the carrot and stick method including a USD 250,000 prize reserved for one lucky winner. +3.5
  • Cardium is being advised by Moscow-based Conner & Company for the ICO. This relationship provides greater transparency to potential ICO participants and is a plus. +1.5

Disposition

We arrive at a score of 7.5 out of 10 for the Cardium ICO.

Investment Details

  • Token Type: Utility
  • Platform: ERC20/Ethereum
  • Symbol: CAD
  • Public Crowdsale: June 1 to June 30, 2018
  • Number of Tokens to be Issued: 475,372,000,000
  • Price: One CAD = USD 0.25 (Participants who invest more than USD 250 will receive a free fitness tracker device.)
  • Payment Method: Ethereum
  • Jurisdiction Banned: The United States and South Korea

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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4.4 stars on average, based on 7 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. Full disclosure, she's invested in bitcoin.




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ICO Analysis: Layer Protocol (LRX)

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With the sharing economy industry poised to soon surpass $40 billion in revenues, the profit potential is massive. Companies such as Airbnb, Uber, and Zipcar depend on user ratings and reviews to give potential customers insight into assets or services before they commit to using them. The issue with the current reputation management system is that it is exclusive to each company and not shared. This allows users with bad reviews to go from one company to another.

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Layer Protocol will solve this issue and tap into this enormous industry by allowing companies to share user reputation history while maintaining security utilizing the blockchain. Layer Protocol is a borderless reputation and incentive system designed to unify the sharing economy companies around the world. Layer Protocol will help establish decentralized reputations that can move freely from sharing platform to sharing platform.

Token

LRX is an ERC20 token that will provide economic incentives for scalable computation of reputation scores through master nodes, and drives community governance. Companies using Layer are also incentivized to use LRX for rewards and accept LRX for payments. Layer Protocol has a partnership with Spin, North America’s leading electric personal mobility company, which will give their blockchain protocol and LRX use from the onset. Spin has over 70 markets in the U.S., with thousands of scooters and bikes on the street, and has been heavily featured on The New York Times, CNN, Bloomberg, and The Washington Post. As Layer’s first partner, Spin will use Layer to power their reputation system, and accept the LRX token as payment for rentals, in addition to fiat.

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There will be a total supply of 1 billion LRX tokens with 400 million available for purchase during the token sale. The token price is 1 LRX = $0.0375 USD with a hard cap of $15,000,000 USD. Team tokens will be vested for a 2-year period.

Team

The Layer Protocol team appears solid bringing leadership and experience from companies such as Y Combinator, Lyft, Samsung, Fitbit, and Stanford.

Team member Euwyn Poon is an entrepreneur, lawyer and software engineer who has been involved in the blockchain industry for five years. In 2014, he co-founded Delta, one of the first projects to offer interest-bearing bitcoin accounts, which was backed by Y Combinator, Initialized Capital, and Winklevoss Capital. He graduated from Cornell and has spoken at CoinSummit London and Inside Bitcoins and has been featured on Bloomberg, Wall Street Journal, New York Times, Forbes, Vice, CNBC and Fox Business Network.

Advisers include:

  • David Chen: Former Partner at Lightspeed
  • Kenzi Wang: General Partner at AU21, a blockchain fund
  • Dmitry Grishin: Co-founder of Grishin Robotics, Mail.ru (DST), one of Russia’s largest internet companies
  • Peter Szeli: Partner at Skyline Capital Group
  • Michael Ma: General Partner at Liquid 2 Ventures
  • Gee Chuang: Co-founder of Ink Protocoland Listia
  • Josh Fraser: Co-founder of Origin Protocol
  • Matthew Liu: Co-founder of Origin Protocol
  • Firoz Khan: Founder of Decentralised Chain
  • Chandler Guo: Blockchain investor (ETH, NEO, Qtum, Binance, Huobi, Gate.io)

Verdict

Layer Protocol will provide economic incentives for scalable computation of reputation scores, which will encourage adoption of the protocol and drive community governance. As well as a decentralized reputation system for the global sharing economy, Layer Protocol aims to be a decentralized credit scoring agency which will help accelerate the growth of the sharing economy. If mass adoption and implementation occur, the future looks bright for Layer Protocol.

Risks

  • Spin has committed to adopting Layer Protocol as its de facto reputation, rewards, and payment system. There is an internal prototype that’s being tested with Spin, but it’s not open sourced or on the testnet yet. -2
  • As with all industries that can benefit from blockchain technology, there will be competitors to Layer Protocol, such as Reputoken and others are sure to follow. However, Layer Protocol does have a leg up on the competition with their partnership with Spin. -1

Growth Potential

  • Having partnerships clearly increases the chance of success for an ICO. As well as having Spin set to use Layer Protocol, the company has also partnered with other blockchain players, including Origin Protocol, Insights Network, and Quantstamp. +4
  • The team members and advisers bring the necessary experience to achieve the project’s goals. The team is also showing commitment to the success of the project by having a 2-year vesting period. +3.5
  • Savvy investors searching for projects that include the option to own masternodes will be pleased to learn that masternodes will be available with LRX. +2.5

Disposition

2018 is an exciting time for blockchain technology. So much innovation is happening with new ICOs launching on a daily basis. Many of these ICOs have nothing more than a whitepaper and are created without solid use cases. Spin has committed to using Layer Protocol which grants a use case from day one. As more sharing economy companies come onboard, Layer Protocol has the potential to be one of the ICO success stories in 2018. Layer Protocol receives a 7 out of 10 rating.

Investment Details

  • Token Symbol: LRX
  • Platform: Ethereum
  • Token Price: 1 LRX = 0.0375 USD
  • Token Supply: 1,000,000,000 LRX
  • Available for Purchase: 400,000,000 LRX
  • Hard Cap: $15,000,000 USD
  • Pre-Sale: On-Going
  • Main Sale: TBA
  • Payments Accepted: ETH

For more information regarding Layer Protocol:

Website: layerprotocol.com
Telegram: t.me/layerprotocol

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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4.5 stars on average, based on 36 rated postsKent Hamilton - ICO Analyst on Hacked and Founder of CryptoDayTrader.io - ICO Insider Info




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