Montly recap of blockchain crowdsales includes review of Synereo, Iconomi, Golem Project, SingularDTV, Decent, BlockPay, AntShares, Elastic Project, DeClouds, Hong, FirstBlood, Mass Network
CLOSED CROWDSALES
BlockPay
Aimed at deeper integration with POS terminals and payments between counterparties.
A preliminary Initial Coin Offering finished on 4 September, where BlockPay sold 5% of the 100-million stock of BLOCKPAY tokens released on the BitShares blockchain. Future owners will receive dividends from transaction fees paid to BlockPay.
The pre-ICO was done in 3 stages:
- 1st — exchange of OPENPOS for BLOCKPAY at the rate of 1.2 to 1 (fund of 600,000 tokens)
- 2nd — sale of BLOCKPAY at the price of 0.000288 BTC (fund of 1.4 mln tokens)
- 3rd — sale of BLOCKPAY at the price of 0.000360 BTC (fund of 3 mln tokens)
The distribution of tokens is as follows:
- 1.5% — marketing for pre-ICO
- 5% — pre-ICO
- 0.9% — early adopters
- 1.8% — advisors and partners
- 3.6% — marketing
- 7.2% — developers reward
- 80% — upcoming ICO in 2017
The platform development plan:
- The release of BlockPay "S" app for Android and payment terminals Odoo
- BlockPay integration with leading payment terminals
- API Development
- The addition of a large number of fiat gateway exchanges and Escrow Services
- The addition of anonymous transactions function
- The development and release of the ECHO messenger for Android and iOS
- Development of the first version of the BlockPay "S" app for iOS
The project looks interesting, given the fact that they claim an integration with the ERP and CRM systemOdoo used by 60 thousand companies. The only disturbing thing is the absence of an open source software, and this spoils the whole picture. Transaction payments fee and, consequently, planned cash flow for investors are not sufficiently explained either. It should be kept in mind that this project is centralised, i.e. it belongs to the class of projects that demand trust in the founders and, correspondingly, require a thorough audit of operating activity.
Crowdsale summary:
- Dates: 20 August 2016 — 4 September 2016
- Raised: ~ $657,000 (1096 BTC)
- Tokens sold: 3.92 mln
- Total number of tokens: 100 mln
For detailed information on the crowdsale, see: https://blockpay.ch/newsroom/investor-relations/blockpay-reserves/
For useful links and more information, go to https://cyber.fund/system/BlockPay
AntShares
The project is interesting primarily due to the fact that it will be implemented using the Hyperledger platform. There are no other features that distinguish it from a number of similar blockchain projects, except that it is aimed specifically at the Chinese audience.
Crowdsale summary:
- Dates: 8 August 2016 — 7 September 2016
- Raised: ~ $ 3.4 mln (5582 ~ BTC)
- Tokens sold: 20 mln
- Total number of tokens: 100 mln
For detailed information on the crowdsale, see: www.antshares.org/ico
For useful links and more information, go to https://cyber.fund/system/AntShares
Elastic project
The crowdsale is finished. The full description of the history of the ICO and the risks associated with investing in this asset may be found in the previous issue of Blockchain Boom.
Crowdsale summary:
- Dates: 29 February 2016 — 19 August 2016
- Raised: ~ $416,000 (~ 710 BTC), the exact amount is not available, because in course of funding escrow addresses changed several times and the movement of funds between them was extremely nontransparent.
- Tokens sold: 20 mln
- Total number of tokens: 5 mln XEL
The crowdsale took place here: http://www.elastic.pro/donations
For useful links and more information, go to https://cyber.fund/system/Elastic
CURRENT CROWDSALES
Iconomi
The aim of the project is the creation of management platform for crypto investment funds and the launch of two associated investment funds.
The subject of the crowdsale is ICN tokens representing 100% of Iconomy Open Fund Management Platform (OFM). The total number of ICN tokens to be sold is 85 million. 100 million of ICN will be released on the Ethereum platform within 10 days after the end of the crowdsale. Tokens will be distributed among investors proportionally to their contributions taking into account bonuses for early participation (+ 15% in the first week, + 10% in the second week, + 5% in the third week).
Precise information on the distribution of ICN tokens is missing on the official website. According to the information in the related Bitcointalk thread, the tokens will be distributed as follows:
- 85% - to be sold in the crowdsale
- 8% - founders reward
- 3% - reserve for the future team
- 2% - advisers reward
- 2% - marketing and bounty
Money raised from the crowdsale will be used as follows:
- 62% - development
- 25% - operations
- 9% - legal expenses
- 4% - marketing
ICN owners will receive weekly dividends in ETH from all sources of Iconomi income, such as:
- management fees
- rewards for fund management efficiency
- fees received from the funds registered with OFM
ICN holders will be able to vote on a number of matters related to the development of OFM, including choosing of the "platform operator" (currently, Cashila OOD s.r.o.)
The development plan:
- 4Q 2016 – the launch of the open investment fund ICONOMI.INDEX, which will follow the likely development of the cryptocurrency market and will be freely traded on the market;
- 4Q 2016 – the launch of the closed investment fund ICONOMI.PERFORMANCE, which will focus on riskier investments in projects at an early stage of development
- 2017 – the launch of the platform for management of investment funds (OFM), the transfer of ICONOMI.INDEX and ICONOMI.PERFORMANCE funds to the platform.
Blind spots:
- The currency is not specified for evaluation of the raised funds for further distribution of ICN tokens among investors.
- Will a part of the funds received during the crowdsale be allocated to ICONOMI.INDEX and ICONOMI.PERFORMANCE and, if so, will ICN holders receive relevant shares in these funds?
- There is no information as to the amount and frequency of fees charged from funds managed on OFM.
- The functions of the "platform operator" is described but very vaguely, as well as the process of further decision making involving ICN holders.
Red flags:
- There is no description of technical solutions for the project's tasks
- No program code is published
Crowdsale summary:
- Dates: 25 August 2016 — 29 October 2016
- Total number of tokens: 100 mln ICN
- Tokens distribution: 85% will be sold in the crowdsale, 15% team reward and marketing
- Minimum crowdsale goal: 2 000 BTC (~ $1.5 mln)
- Raised so far: ~ $3.6 million (2,200 BTC + 71,000 ETH + 1.2 mln LSK + 63,000 USD + 940,000 EUR) from more than 1300 participants.
The crowdsale takes place here:
For useful links and more information, go to https://cyber.fund/system/Iconomi
DeClouds
The main focus of the project is providing the opportunity for trading in precious metals.
The network will be implemented as follows:
- Proof-of-Stake consensus algorithm
- Decentralised Exchange
- Cloud-based blockchain
Apart from a patently weak 8-page paper and a number of publications on the blog, no detailed information about the project was found via official channels. Program code is also not disclosed. Nevertheless, developers promise to launch the network on 31 October 2016.
During the crowdsale, bonuses from 20% to 5% will be distributed, depending on the time of investment.
Crowdsale summary:
- Dates: 6 August 2016 — October 6, 2016
- Total number of tokens: 100 mln
- Tokens distribution: 80% will be sold to the crowdsale participants, 10% is a team reward and 10% are marketing expenses
- Raised so far: ~ $179,000 (294 BTC)
The crowdsale takes place here: https://ico.declouds.com/
For useful links and more information, go to https://cyber.fund/system/DeClouds
Hong
Investments are made by transferring ETH to the Etherium contract.
The Fund is formed for the period of 4 years, 3 of which are put for investing while the last year is for the exit. 80% of the money received as a result of fund liquidation will be distributed among Hongcoin holders, 20% among managers. Annual 2% fee to be charged for operational expenses of the managing organisation. The fee allocation will be defined by voting. The fund can be "frozen" at any time by the decision of 50% of shareholders.
As a purpose for investment, 3 directions are selected: disruptive innovation, creativity and educational projects. Hong founders believe that the blockchain technology will most significantly impact these fields of human activity.
The fund operates according to the following scheme:
- Fund managers review projects and make a decision on whitelisting them;
- Hongcoin holders vote for the allocation of funds for investments within 15 days (the quorum of 20% is required for the approval of an investment);
- Fund managers prepare due-diligence and investment strategy for the project and provide any possible assistance in the development and promotion of the project;
- When the fund's term comes to an end, the managers carry out the exit process.
A company will be established for the management of raised funds, but it has not been determined yet in which jurisdiction. There is no information on the management parties available on the website nor through any the official channels.
The crowdsale takes place in several stages, with 50 mln Hongcoin sold at each stage:
- 50 mln Ħ – 1.00 ETH за 100 Ħ
- 50 mln Ħ – 1.05 ETH за 100 Ħ
- 50 mln Ħ – 1.10 ETH за 100 Ħ
- 50 mln Ħ – 1.15 ETH за 100 Ħ
- 50 mln Ħ – 1.20 ETH за 100 Ħ
As long as the crowdsale is going on, investors will have the opportunity to change their mind and withdraw invested funds. After the crowdsale is finished, the exit opportunity will be closed.
Crowdsale summary:
- Dates: 29 August 2016 — 29 October 2016 (may be extended until 28 November)
- Total number of tokens: to be determined by the end of the crowdsale
- Tokens distribution: 100% will be sold in the crowdsale
- Crowdsale goal: at least 1,575,000 ETH (~ $19 mln), the maximum is 2.7 mln ETH (~ $33 mln)
- Raised so far: ~ $6,600 (11 BTC).
The crowdsale takes place here: http://www.hongcoin.org/
For useful links and more information, go to https://cyber.fund/system/Hong
Judging by the current investments dynamics, the project will not succeed.
PLANNED CROWDSALES
Synereo
One year after a crowdsale that raised $126,000 aimed at the development and launch of a decentralised social network, the project team announced the second funding round and the launch of the network'salpha version. Two funding campaigns start at the same time in September: the sale of Synereo Ltd shares on BnkToTheFuture and of AMP tokens.
Following the first crowdfunding, the distribution of AMP was as follows:
- 2.72% (45.8 mln) — sold during the first crowdsale
- 11.9% (200 mln) — user rewards
- 8.92% (150 mln) — reserve for the content creators
- 11.9% (200 mln) — founders' reward
- 13.68% (230 mln) — bounty program
- 50.61% (850.4 mln) — next funding
Synereo revised their plans and now aim to develop a protocol similar to the SAFE Network, which will include the following components:
- Proof-of-Stake consensus algorithm
- Distributed network of nodes connected on the principle of "shards", where blockchain is divided into many small segments
- Distributed repository
- Smart contracts
- Social layer (a social network motivated according to the Attention Economy Model)
- The possibility of building distributed apps
The grant program for dApps developers Project 11 with a budget of 1.11 million AMP is already in operation.
The popular website CoinMarketCap misleadingly states current Synereo capitalisation at about $10-13 million, which is not true because it is only the cost of 62,580,000 AMP (3.72%) in circulation on the market. According to cyber • Fund's calculations, with the total of 1.68 billion tokens, Synereo's real capitalisation reaches $300 million.
It has not been disclosed yet how many tokens will be put up for sale, but we can assume that the minimum amount claimed by Synereo is about $130-140 million in case the entire reserve is sold, which is 850.4 mln AMP. This is a very ambitious plan, taking into account current distribution and the market price of tokens. Besides, it should be kept in mind that after the launch of the network, additional 5% of AMP will be emitted every year. In my opinion, they should sell the whole reserve without fixed prices and with token distribution proportional to investments. It will provide normal distribution and a fair market capitalisation.
Despite the presence of a strong team with an excellent technological vision, we consider the evaluation of $300 mln inadequate.
Crowdsale summary:
- Dates: September 2016
- Total number of tokens: 1.68 billion AMP
- Number of tokens for sale: unknown, probably 850.4 mln
- Crowdsale goal: presumably ~ $130-140 million
The crowdsale takes place here: https://www.synereo.com/sale
For useful links and more information, go to: https://cyber.fund/system/Synereo
Golem Project
The aim of the project is to adopt any customer personal computer for the work that is done today by servers, computing farms or supercomputers.
As the result, Golem Net will become a truly decentralised network where users' summarised machine power will provide any amount of hardware resources required. At the moment, there is no document explaining how exactly it would work. We hope that such paper will appear before the crowdsale.
The Golem App will connect to the network from a local device to share computing power and deliver tasks for calculations.
The micropayment system based on Ethereum will provide the incentivising component distributing rewards and processing transactions. Transaction fee will be set at 5%.
Currently, the network can work only with public data because the apps require direct access to data.
Developers announced the crowdsale on their blog.
Golem Network Tokens (GNT) are the shares that give the right to receive part of the revenue generated by Golem Network.
Crowdsale start date: September 2016.
Token distribution:
- Total number of tokens: unknown
- 82% — crowdsale
- 6% — founders reward
- 12% — developer company reward
- Estimated amount of funds: a minimum of 100,000 ETH, a maximum of 650,000 ETH
For detailed information on the project, see http://golemproject.net/slides/index.html#/14
For useful links and more information, go to https://cyber.fund/system/Golem
SingularDTV
The ultimate goal of the project is the creation a thriving industry of decentralised entertainment.
What they promise:
● SINGULAR – a TV series.
The S-DTV flagship product is an epic sci-fi adventure TV series about decentralisation, scaling and emergence of intelligent systems that lead the humanity to a technological singularity.
● Documentary division
This division will create full-length and short-length documentary series and movies about the blockchain, decentralisation and Ethereum.
● S-DTV rights management platform
An app that will use smart contracts for registration and management of digital rights, as well as of income and royalties on intellectual property, namely, movies and television. Deals in the film and TV industry are the most difficult to arrange as they often involve hundreds of individual participants.
● On-demand video content portal (TVOD)
TVOD changes the way people watch entertainment programmes. S-DTV is born to create the TVOD portal for original content distribution, as well as for selected and acquired content. In addition to developing an interface on IPFS, S-DTV will use third-party portals such as GooglePlay, AppleTV iTunes and Vimeo to build a larger audience in a short time.
Minimum investment goal – $500,000.
Desirable funding – $7,5 mln.
According to S-DTV documentation, Swiss company MME has developed a new, innovative organisational structure specifically for S-DTV: the Centralised Organised Distributed Company (CODE). It is the Swiss company, therefore, that will manage the finances and reinvest the income, while tokens will be used for paying out the dividends.
Token distribution:
- 400 mln Singular DTV GMBH
- 100 mln core investors
- 500 mln crowdsale
Funds distribution in case if $7,5 mln is raised:
- "Singular" season 1 (3 episodes of the mini-series): $3.25 mln
- Documentary division: $0.50 mln
- Development of the rights management platform: $2 mln
- TVOD portal development: $1 mln
- Marketing: $0.50 mln
- Administrative, legal expenses and unforeseen circumstances: $0.25 mln
Crowdfunding is planned for September and will likely take place at Devcon2.
The Ethereum and Consensys founder Joseph Lubin is included into the team as CTO.
Unfortunately, in this project tokens only serve for distribution of dividends, and the project is centralised because 40% of tokens belong to Singular DTV GMBH. Another disadvantage is the fact that of the four declared founders/directors, only Zach Lebeau will work full time on the project. He is likely to be engaged in the studio rather than in the platform development; there are also risks associated with SEC.
The main question is the development of the TVOD platform and the rights management platform: there is no understanding as to what kind of team will be working on it, and no technical description at the moment. If both platforms can be really implemented, the project is promising for investment.=
For detailed information about the project, see: https://singulardtv.com/
For useful links and more information, go to: https://cyber.fund/system/SingularDTV
Decent
It is designed for creative people, writers, bloggers, journalists and their fans and followers. The platform enables users to publish any posts, images, video or music content with no restrictions.
Consensus algorithm – Proof-of-Stake.
Decent has three functional roles:
- Authors: content producers, writers, music producers etc.
- Consumers: readers, listeners and viewers
- Publishers: miners
Token distribution – 30% via mining and 70% is distributed during the crowdsale, some of them will go to pre-mine funds to be distributed in the following way:
- 10% — DECENT Foundation
- 2% — the Investment fund
- 1,000,000 DCT — campaign bounty
- 3,000,000 DCT — pre-launch marketing programme
On the crowdsale page, next to the conditions, we see a message that the project is supported by Google, though it does not correspond to the project's primary activity. Moreover, the current yellow paper ignores many issues such as, for example, how miners would store the content. Decent enters the content distribution market where such projects as Steemit, Synereo and LBRY already operate.
The crowdsale takes place here: http://sale.decent.ch/
For useful links and more information, go to: https://cyber.fund/system/Decent
FirstBlood
This platform will allow players to bet without intermediaries. The payoff distribution will be also managed via smart contracts.
The eSports betting market holds more than $130 million per year with 30% annual growth rate.
3 monetisation channels:
- Matchmaking
- Revenue from the tournament organisation
- Advertising
Token will allow:
- Match playing
- Match refereeing and voting for the referee
- Placing tournaments
- Requesting an award from referrals
Tokens distribution:
- Crowdsale, 4 weeks, in the first hour 170 tokens for 1 ETH
- 10% to the project founders; these funds will be blocked for 12 months
- 5% will be placed in the platform development fund for the promotion and tournament awards
- 2.5 mln - bounty fund, to be distributed during the crowdsale for advertising and debugging
Crowdsale start date: 26 September 2016.
In my opinion, it is an interesting project. The only reservation is that the market is not very vast, albeit actively developing. Besides, the motivation for developers and other market players is not very well thought through. In this regard, central players, who can also use smart contracts and predictions market to confirm the events results, may have an advantage. However, this project may indeed become the market leader on the condition of good community building and active incentivising of referees and the jury.
For detailed information about the project, see: https://firstblood.io/
For useful links and more information, go to: https://cyber.fund/system/FirstBlood
MassNetwork
The three main entities:
- Advertisers
- Websites
- Internet users
The basic principle is to follow the industry's trend to monetise customer attention and create a convenient and fair trading platform for all parties involved, including Internet users. Mass allows users to receive instant rewards for web surfing through the built-in p2p infrastructure based on the blockchain. As a result, advertisers will pay users a fair price for their attention and data without intermediaries.
An increasing number of customers are using ad-blocking software. Mass offers a browser extension and a mobile app that can block ads as well as protect personal data. Yet, their primary goal is not blocking but rather improving users' experience with advertising and rewarding them with cryptocurrency to establish a consumer-advertiser relationship and, therefore, reduce the number of ad-block users. Mass will also have a cryptocurrency wallet and blockchain-based payment system.
Crowdsale dates: 6 September — 1 December 2016
Token distribution:
- 70% to the crowdsale participants
- 30% to Mass team members
Mass plans to build its own full-blown infrastructure for advertising industry with an internal token. A similar solution has been already introduced to the market – the Brave browser. It blocks default ads and replaces it with incentivising ad materials. The bitcoins received from advertisers are distributed among users, the platform and the endorsing website. In my opinion, if Mass used smart contracts or a proprietary blockchain enabling further token emission to incentivise users and websites, they could compete with bitcoin. However, Mass token works on the bitcoin blockchain, which on the one hand makes it very secure, but on the other, has no advantage over bitcoin per se. In favour of bitcoin are accessibility, recognition, and a more stable price.
Crowdsale takes place here: https://ico.mass.network/#/?aid=ep6oxa
For useful links and more information, go to: https://cyber.fund/system/MassNetwork
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All data and calculations are quoted as of 6 September 2016 with bitcoin price at $609. For closed crowdsales evaluation in USD is given using the average token price at the date of closure.
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Original was posted in Blockchain Boom