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Comprehensive assessment of ICOs

Name
Description
Period
Necessary investments
Stage
Investment attractiveness
Risk level
Links
Akash
Akash - marketplace of idle compute capacity
Period
Start ICO
15.07.2018
End: 32 d
Necessary investments
$ 20 000 000
Stage
Development process is traced in Github but the prototype may be tested only by developers
Investment
Attractiveness
Risk and uncertainties
Tough competition among successful blockchain projects
Market
Risk and uncertainties
The product is not far different from competitors and does not have any significant edge
Only developers are able to test the prototype
Product
Risk and uncertainties
The team members are also engaged in Ovelock projects
Lack of marketing and legal specialists
Only 5 team members
Team
Risk and uncertainties
Not sold tokens will not be burnt and will be held by the company for future sales
Own token applied has poor rational grounds
Model
Risk and uncertainties
It is not clear how raised funds will be distributed
Finance
Risk level
3.8
Middle
Links
INGOT Coin
Creating a one-stop-shop Ecosystem that will link the Crypto markets to the current financial markets.
Period
Start ICO
01.07.2018
End: 42 d
Necessary investments
$ 90 000 000
Stage
MVP is not available.
Investment
Attractiveness
Risk and uncertainties
INGOT Coin solution will have to compete with IndigeGoGo ICO, Fund Platform, FastInvest, NousPlatform. The regulation behind managing and investing funds might be a significant barrier to growth for INGOT Coin.
There are already several projects aiming to create tools simplifying ICO investments, which already raised money. For instance, BankEx which creates PoA protocol to tokenize different types of assets, already raised 70M USD and is about to launch asset-backed exchange.
There are already working cryptowallets and crypto-to-fiat exchanges that have large paying customer base. That is why in this industry the probability of success of Ingot coin is very small.
Market
Risk and uncertainties
The product development start and the current stage of development is not clear.
The product description is long but most of the provided information is redundant and does not make it clear to understand the product advantages.
The project claims to provide high levels of liquidity in its proprietary exchange. However, the team does not even give an idea of how this liquidity will be delivered.
The project has quite an ambitious roadmap which does not seem feasible.
MVP is not available.
Product
Risk and uncertainties
There are no specialists with technical background in processing and acquiring data from exchanges.
The CEO does not have previous experience in the financial industry.
Most of the core team members have business majors and does not have previous technical experience.
Most of the team members previously worked at INGOT Group companies, such as SIgma Investments LTD, INGOT Brokers, and others. However, there is no available information about the track record of these companies.
There is no CTO in the project.
Now, there are just 2 technical specialists in the team, according to their website.
Team
Risk and uncertainties
There is no information on the fee size.
The business model description is sketchy and does not give a good explanation of how the company will earn.
It is unclear how the rest 5 components of the Ecosystem(apart from Exchange) will earn money.
Model
Risk and uncertainties
The soft cap of 35M USD seems to be way above the median figure of comparable companies.
The hard cap of 90M USD seems to be way above the median figure of comparable companies.
The hard/soft cap ratio is around 3 which allows to assume that the project wants to attract as much money as possible and does not have a clear understanding of required budget.
As the company will sell 75% of its tokens, the project valuation will be around 120M USD which is a tremendous value for a project without available MVP.
Finance
Risk level
2.4
High
Links
Fysical
Fysical is the infrastructure for the transparent and compliant exchange of location data.
Period
Start ICO
01.07.2018
End: 10 d
Necessary investments
$ 18 000 000
Stage
Smart contract and tokens are ready and could be audited on GitHub. Platform for data exchange is fully functioned.
Investment
Attractiveness
Risk and uncertainties
A lot of location data is freely available for most usecases.
The biggest part of location data is owned and used within huge corporations.
Market
Risk and uncertainties
Last information about numbers of transaction is dated Oct 2017.
There is no opportunity to freely use the final product of Fysical or Fysical Labs. Only landing pages is available.
No information of app, which provides an location data or about any buyers.
Product
Risk and uncertainties
Not clear the role of founders of Fysical Labs in new project Fysical.
Almost no technical team.
Team
Risk and uncertainties
According to information on site, currently marketplace model is not balanced. (only 20 buyers and 1000+ suppliers)
Model
Risk and uncertainties
There is no clear mechanism for token value growth.
Finance
Risk level
2.6
Middle
Links
Seele
Seele is powered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and is able to form a unique heterogeneous forest multi-chain ecosystem.
Period
Start ICO
TBD
Necessary investments
$ 30 000 000
Stage
Concept stage. MVP is not available.
Investment
Attractiveness
Risk and uncertainties
The project aims to create Blockchain 4.0. The team names Bitcoin "Blockchain 1.0", Ethereum "Blockchain 2.0", EOS "Blockchain 3.0". This gradation does not seem convincing, as neither so called "Blockchain 2.0" nor "Blockchain 3.0" has been developed.
Market
Risk and uncertainties
The team banns people asking clarifying about the project on telegram chat.
it claims to be "Blockchain 4.0", meanwhile its GitHub is only 15 days old. Claiming to be "blockchain 4.0", while putting Ethereum as "Blockchain 2.0" and Bitcoin as "Blockchain 1.0" is completely irresponsible.
Project claims to be "multi-chain ecosystem" and Blockchain 4.0, meanwhile it creates ERC-20 standard tokens based on Ethereum blockchain.
According to the white paper, "From the random selection of nodes in the consensus process,... the user calculates from his private key whether or not it is selected... this random selection process is non-interactive, the attacker could not in advance know which nodes are selected". It's not an accurate statement, since attacker knows HIS OWN private key
According to the whitepaper "with s not less than 20%, for the system that failure of the node does not exceed 40%, are able to achieve the overall system convergence. If the value of s is high, the fewer number of convergences are required, the better" That's a completely incoherent statement.
Twitter account and Bitcointalk thread were created at the end of January,
Heterogeneous Forest Network is supposed to be a multi-layer blockchain structure, while this structure is absolutely possible, we don't have any practical tests or calculations that can prove scalability of this particular network; There are no confirmations and tests from verified by independent 3d party;
Per official website "Our network and consensus not only concept proven, but also prototype verification in our test network. we're trying to test in more larger scale network", however there are no publicly available prototype that is opened for public test therefore this statement can't be supported by evidence;
The whitepaper has references to Wikipedia,
Product
Risk and uncertainties
The CEOs are not blockchain experts. If you search for the CEOs and others in their universities homepage, such as Dr. Bi Wei, you can see that he was a Glaucoma researcher there. If you do it with the other members, too, you'll see that they have been PhD students there but that's it. Nothing blockchain related at all.
Lack of advisers: only two advisers are represented on the official website, both do not seem trustworthy and do not have sufficient experience.
UCL CBT confirmed that Seele does not have partnership with the society. All other partnerships on the website were not confirmed.
Team
Risk and uncertainties
The project aims to create "Blockchain 4.0" but issues ERC-20 tokens based on Ethereum. Seele aims to create a platform for new blockchain and does not provide information regarding the commercial viability of the platform.
Model
Risk and uncertainties
The project aims to raise 30M USD by selling 48.25% of SEELE tokens. This gives post-money company valuation around 62M USD. This figure seems way above the median valuation of comparable companies, using Pithcbook data.
There is no information on the distribution of expenses.
The minimum contribution-level during ICO is not given.
It is worth noticing that the investors in the ICO of the project were scammed and robbed for $2 million worth of ETH. The scammers were the impersonators of Seele ICO employees.
Finance
Risk level
2.2
High
Links
Bottr
Bottr is an ecosystem powered by smart messaging that rewards you for doing and sharing with others what you love and know.
Period
Pre-ICO
17.03.2018
Ended
Necessary investments
$ 2 000 000
Stage
Chat bot platform is ready and Botcoins are implemented and transferable within the platform.
Investment
Attractiveness
Risk and uncertainties
Competition on chatbots market is huge, only the best project will survive.
Market
Risk and uncertainties
For some reasons, responses in current chatbots are extremely slow.
Product
Risk and uncertainties
CEO and Founder have only corporative experience.
Team
Risk and uncertainties
Model
Risk and uncertainties
The monetization of the chatbots would not happen in near future.
Finance
Risk level
4.6
Low
Links
Nousplatofrm
Platform that provides escrow, technical and legal framework for decentralized managed investment funds based on blockchain technology.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
Currently the product is not available to test, there is no public beta and no information if MVP is ready.
Investment
Attractiveness
Risk and uncertainties
There are already several projects aiming to create tokenization protocols, which already raised money. For instance, BankEx which creates PoA protocol to tokenize different types of assets, already raised 70M USD and is about to launch asset-backed exchange.
The regulation behind investment funds might be a significant barrier to growth for Nousplatform.
Market
Risk and uncertainties
Facebook page seems pumped. There are 26K+ likes, while the average activity for the other social networks is no more than 3K.
As Nousplatform will provide its services to investment funds, the legal framework for establishing Nousplatform is one of the most critical aspects of the business.
Currently the product is not available to test, there is no public beta and no information if MVP is ready.
Product
Risk and uncertainties
The CEO of Nousplatform was only selected in January and is still employed at his previous job.
The core team is spread around the globe and is not fully operates from Edinburgh - the city where Nousplatform is registered.
Blockchain developer of the product is not employed by Nousplatform, according to his LinkedIn profile.
The technical part of the team does not have strong expereince. The front-end developer is majored in education and does not have prior relevant development experience.
The experience of several developers of Nousplatform cannot be verified via Linkedin.
Team
Risk and uncertainties
The model might be unsuccesful if not compliant with the current investment funds regulations.
Model
Risk and uncertainties
The amount of kept tokens - 80% - is high.
Nousplatform may have high levels of complicance risk in case all the requirements of Regulation D of the United States Securities Act will not be followed.
The expenses distribution is not given in a detailed manner.
Hard Cap is above the median values for comparable companies.
The rationale behind issuing two types of tokens is not clear.
Finance
Risk level
3.2
Middle
Links
Codex
The Codex is a decentralised title registry for Art & Collectibles backed by a strong consortium industry.
Period
Start ICO
TBD
Necessary investments
$ 20 000 000
Stage
It is not clear if any of the product are now in Beta version or MVP.
Investment
Attractiveness
Risk and uncertainties
Codex isn’t the first to see the benefits of blockchain in the art world. Verisart is a Los Angeles-based startup founded by the former CEO of Saatchi Online and Sedition Art, that launched in 2015. Verisart’s mobile app uses the bitcoin blockchain to let artists, collectors and dealers verify provenance in real time.
Artchain.info is another startup using blockchain to generate certificates of authenticity. In this field, it is also worth noticing Everledger, Ascribe, Blockai, and Monegraph.
The further steps of product development(i.e. after launching Biddable and Sellable) are not clear from WP.
Market
Risk and uncertainties
It is not clear how the registration of A&C items with history of ownership will be conducted.
Even though the team explains how they will address the risk of linking physical items to digital records, this question still has to be considered.
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
It is worth noticing that the company will issue two tokens: one is ERC-20 compliant and the second is ERC720-compliant i.e. the second token is non-fungible.
Now, there is no information regarding hard/soft cap, expenses distribution, etc.
Finance
Risk level
3.6
Middle
Links
Atonomy
Atonomi provides a new security protocol and infrastructure to enable billions of IoT devices to have trusted interoperability for both data and commerce.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
Product is not developed. Parent company – CENTRI Technology provides security solutions for IoT. Some developed technologies of CENTRI Technology will be implemented to Autonomi.
Investment
Attractiveness
Risk and uncertainties
Project do not have exact focus on certain markets.
Market
Risk and uncertainties
Current development stage is not clear.
Roadmap is not presented in current version.
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
Financial model has not been presented.
Hard cap has not been presented.
Finance
Risk level
4.0
Low
Links
Loki
Loki combines a private transaction network based on Monero with economically incentivised service nodes to create a trustless quorum based networking protocol. This protocol allows anyone to route small packets of data in an anonymous and decentralised way
Period
Pre-ICO
01.03.2018
Ended
Necessary investments
$ 9 027 000
Stage
MVP not ready yet.
Investment
Attractiveness
Risk and uncertainties
Status and Mainframe are two blockchain messaging service projects that provide people with the ability to communicate with one another and carry out transactions in a secure and private manner.
Market
Risk and uncertainties
Many of the solutions that Loki is working on are in fact proposed by the team behind Monero itself, should the Monero Network undergo an upgrade, it might be able to stand next to Loki.
There is no information about how will the Loki token’s value be sustained and increased other than using them to incentivize the running of service nodes and mining
The project is still in an early state, SNApp prototypes and the SNApp Software development kit will not be introduced before 2019.
It is not clear if another messenger will be demanded by the larger audience.
Product
Risk and uncertainties
CEO of the project does not have strong technical background and is majored in Music.
CTO of the project is still studying his Bachelor's Degree in Computer Science.
One of the engineers does not mention Loki on his social network pages.
No team member with significant token sale structure expertise
No team member with significant token economics expertise
Team
Risk and uncertainties
Does little to ensure the sustainability of its native currency other than having it play a role in the node operation of the network
Model
Risk and uncertainties
Currently, there is not any information available on how funds from the token will be allocated.
Finance
Risk level
3.4
Middle
Links
Wireline
Wireline is a full-service platform that ecompasses the entire development process — from design, implementation, and testing, through to deployment and management.
Period
Pre-ICO
16.10.2017
Ended
Necessary investments
$ 20 000 000
Stage
Wireline is in developer preview.
Investment
Attractiveness
Risk and uncertainties
Wireline has direct competitors in the market of application infrastructure services with working products, such as Readz, woopie, and Zmags.
There are a couple of blockchain projects also aiming to build decentralized micro-services infrastructure - DADI and Golem which already raised funds and have their tokens traded on exchanges.
Market
Risk and uncertainties
Admins of the telegram chat are not active.
There are messages on Bitcointalk thread saying that the project is dead, the activity stopped in January 2018.
It is not clear if the project can attract a large enough sub-sector of the global open-source developer community to make the project a success.
As of March 15, the companies website says that "Wireline is in developer preview". Any further information about the product development is not clear.
Product
Risk and uncertainties
According to some of the team members Linkedin profiles, they are not employed at Wireline.io
Team
Risk and uncertainties
Model
Risk and uncertainties
Post-money valuation will be around 300M USD which is a tremendously high number and is way above the comparable companies
The amount of tokens held by the foundation is high and may cause a massive sell off by the team, which will cause fast devaluation of tokens
The description of anticipated expenditures is quite broad and not specified.
Finance
Risk level
3.2
Middle
Links
Hedera Hashgraph
Hedera Hashgraph is a distributed platform built on the basis of hashgraph-consensus, which is more effective than ordinary blockchain algorithm.
Period
Start ICO
TBD
Necessary investments
$ 200 000 000
Stage
Beta version is not available.
Investment
Attractiveness
Risk and uncertainties
There are already several successful platforms with large customer base, such as Ethereum, Lisk, Waves, and Stratis; that is why it might be hard for Hedera Hashgraph to expand its network and attract new customers due to network effect.
The development of so-called "Blockchain 3.0/4.0" projects can be a serious risk for the growth of popularity of Hedera Hashgraph.
Market
Risk and uncertainties
Beta version of the network is not available and the launch date is not clear.
The roadmap is not given.
The SDK with demo apps is provided by Swirdls, not by Hedera Hashgraph.
It is worth taking into account the possible risk associated with the patent law, which can arise in the event of the growth of Hedera Hashgraph and the occurrence of claims from the Swirlds.
Product
Risk and uncertainties
Most of the team members are still working for Swirlds, so it might slower the pace of Hedera project development.
Team
Risk and uncertainties
As Hashgraph creates multiple acyclic graphs, this leads to the impossibility to reward Miners.
Model
Risk and uncertainties
The team would like to raise 200M USD. This figure is way above the median valuation of comparable companies.
The amount of total token supply is not given.
The exact token distribution is not given.
Finance
Risk level
3.4
Middle
Links
Wireline
Wireline is a full-service platform that ecompasses the entire development process — from design, implementation, and testing, through to deployment and management.
Period
Pre-ICO
16.10.2017
Ended
Necessary investments
$ 20 000 000
Stage
Wireline is in developer preview.
Investment
Attractiveness
Risk and uncertainties
Wireline has direct competitors in the market of application infrastructure services with working products, such as Readz, woopie, and Zmags.
There are a couple of blockchain projects also aiming to build decentralized micro-services infrastructure - DADI and Golem which already raised funds and have their tokens traded on exchanges.
Market
Risk and uncertainties
Admins of the telegram chat are not active.
There are messages on Bitcointalk thread saying that the project is dead, the activity stopped in January 2018.
It is not clear if the project can attract a large enough sub-sector of the global open-source developer community to make the project a success.
As of March 15, the companies website says that "Wireline is in developer preview". Any further information about the product development is not clear.
Product
Risk and uncertainties
According to some of the team members Linkedin profiles, they are not employed at Wireline.io
Team
Risk and uncertainties
Model
Risk and uncertainties
Post-money valuation will be around 300M USD which is a tremendously high number and is way above the comparable companies
The amount of tokens held by the foundation is high and may cause a massive sell off by the team, which will cause fast devaluation of tokens
The description of anticipated expenditures is quite broad and not specified.
Finance
Risk level
3.2
Middle
Links
Pchain
PCHAIN is the first native multi-chain system which supports EVM which makes it possible to apply blockchain at large scale.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
The product is not ready. Partnerships with government and industry agencies.
Investment
Attractiveness
Risk and uncertainties
The market of blockchain platforms is highly competitive.
A lot of projects are entering this market with the familiar entering.
Market
Risk and uncertainties
Product has not been developed yet.
Product
Risk and uncertainties
No information about the company in team’s LinkedIn Profiles.
The team has technical focus, the business part of the team is not strong enough.
Team
Risk and uncertainties
There is no information about mining conditions and opportunities.
Benefits for token holders is not described.
Model
Risk and uncertainties
The project is overvalued for current development stage.
The financial model has not been presented.
Finance
Risk level
3.6
Middle
Links
SuperBloom
SuperBloom is a decentralized platform for trading crypto assets and participating in private sale events.
Period
Start ICO
TBD
Necessary investments
$ 29 000 000
Stage
Project development started in June 2017, the first version was launched in Macau in Q1 2018.
Investment
Attractiveness
Risk and uncertainties
The regulation behind managing and investing funds might be a significant barrier to growth for SuperBloom.
In order to simplify and structure ICO investing process for customers, several platforms have already been launched. SuperBloom solution will have to compete with IndigeGoGo ICO, Fund Platform, FastInvest, NousPlatform.
Market
Risk and uncertainties
The validity of the results obtained by the platform are unclear and have to be empirically tested
It is not possible to test the private beta, the team only provides the screenshots of the product in WP.
There are no links to GIthub for tracking the project development
Product
Risk and uncertainties
There are no links to verify the teams experience on company's website
The whole size of the project team is not clear.
According to her Linkedin profile, the founder of the project is still employed at her previous startup - Future League. This may slower the pace of SuperBloom development.
Some of the team members do not work at SuperBloom, according to their LinkedIn profiles.
The experience of the third founder and CTO was not verified as there is no linkedin profile of him.
Team
Risk and uncertainties
The information about the size of the fee is not given.
Model
Risk and uncertainties
Post-money valuation of the project will be around 58M USD which is well above the median valuation of comparable companies on the market.
The team bonus which will be around 4.4M USD is not frozen via vesting scheme.
Finance
Risk level
3.4
Middle
Links
EdenChain
EdenChain – new generation blockchain and platform for dApps
Period
Pre-ICO
01.03.2018
Ended
Necessary investments
$ 24 000 000
Stage
Technical documents
Investment
Attractiveness
Risk and uncertainties
Strategical focus on Korean market may appear to be not rational
Tough competition from established dApps platforms and next-gen ones
Market
Risk and uncertainties
Higher blockchain speed does not have detailed numerical characteristics
No prototype available yet
Product
Risk and uncertainties
Poor team experience in blockchain projects
Lack of marketing legal specialists
Team
Risk and uncertainties
Edenchain tokens will be available in the 1Q of 2019 only
Model
Risk and uncertainties
Overestimated hardcap of 24M USD
Overestimated token pool capitalization of 60M USD
Team, advisors and partners share of token pool is 43% increasing the risk of token price dramatic impact
Finance
Risk level
3.6
Middle
Links
Power
Power is a hybrid multi-chain platform for trust interaction between buyers and sellers, based on a scalable proprietary blockchain.
Period
Start ICO
TBD
Necessary investments
$ 12 500 000
Stage
Seed stage. MVP is available.
Investment
Attractiveness
Risk and uncertainties
Even though Power does not have direct competitors, there are several projects that have already created and launched somewhat similar products. They are NEM, HyperLedger, Exonum, EOS, Cosmos Network. EOS has one of the largest caps in the market and is supported by a large community, Cosmos.Network has a good technical background, the rest also have larger communities and have already released products to the audience.
Market
Risk and uncertainties
The usage of Rust programming language for smart contracts instead of Solidity may lower the expansion rate of the system
The process of products integration into the blockchain system of Power does not seem clear and might be complicated in reality.
The team aims to develop various elements of the product which may take signifcant amounts of time. However, the team does not give clear timeframes for the development of elements.
There is no information about the tehcnial audit of the platform and the bandwith of the chain
The patents has not yet been claimed.
Product
Risk and uncertainties
the experience of the team members does not seem enough for the project development, considering the amount of work needed to be done.
The LinkedIn profiles of some of the team members are not available to check.
There is no information about the previous experience of the CTO of Power.
Team
Risk and uncertainties
It is hard to measure the commercial viability of the platform due to the wide variety of commission models possible to implement
The economics of the token is not given. It is unclear how the tokens will be used in the system.
Model
Risk and uncertainties
The token distribution is not given so the company valuation is unclear.
The hardcap is not given.
The provided expenses distribution is sketchy and does not give a clear understanding of the funds allocation.
The price of the token is not given.
Finance
Risk level
3.0
Middle
Links
CarryProtocol
Carry is a platform that connects offline merchants and consumers, makes personal data fair for everyone and makes marketing clear and effective using blockchain.
Period
Start ICO
TBD
Necessary investments
$ 44 000 000
Stage
The cite and telegram channel was launched only in the beginning of April 2018. No alpha version of the product.
Investment
Attractiveness
Risk and uncertainties
Serviceable addressable market is significantly less, than total offline retail market.
Market
Risk and uncertainties
Product is not developed.
No unique technology in product.
Product
Risk and uncertainties
Almost all team is former Spoqa workers, however, it is hard to prove, that all team is fully involved in Carry Protocol.
Team
Risk and uncertainties
Significant investments is needed for implementing such model.
Model
Risk and uncertainties
Hard cap is too high, project is overvalued.
Finance
Risk level
4.2
Low
Links
b0x
b0x is a decentralized, peer-to-peer margin funding and lending protocol.
Period
Start ICO
TBD
Necessary investments
$ 36 500 000
Stage
DAPP Alpha is available.
Investment
Attractiveness
Risk and uncertainties
However, b0x is not the very first project in this field: Lendroid, dharma, and dydx. The last one has a stronger core team of developers, experienced working in financial tech infrastructure companies, and already attracted investment from Andreessen Horrowitz, Polychain Capital, and several other top tier funds. Lendroid already has a mechanism for margin calls.
The high frequency of exchange hacks might be a risk for the integration of more sophisticated trading activity tools.
Market
Risk and uncertainties
The roadmap is very high-level and only provides the development stages up until the end of 2018.
Product
Risk and uncertainties
The core team has never had experience in ruling any business. All these factors diminish the project success, not only in the TGE campaign, but also in the future platform launch.
The company is not supported by well-known advisors and community
There is only two software engineers in the project, all other people have experience in different fields.
There are no marketing specialists in the team.
Team
Risk and uncertainties
According to the model, the lender will pay 10% fee. But at the same time the team states that the protocol will enable to avoid some intermediaries and banks for lender.
The team does not state who will perform the function of Oracle
Model
Risk and uncertainties
The project valuation is above the median of similar projects. For instance, Lendroid aims to raise only 5000 ETH, which is around 4M USD as of 7th of May 2018.
The given allocation of funds is not quite detailed and does not give much information.
Finance
Risk level
3.6
Middle
Links
NNS
NNS – service transforming long NEO addresses to short and human-friendly ones
Period
Start ICO
TBD
Necessary investments
No data
Stage
Testnet
Investment
Attractiveness
Risk and uncertainties
The auction activity may decrease in the 3rd month taking into consideration Ethereum ENS statistics
Market
Risk and uncertainties
No sufficient risks were found
Product
Risk and uncertainties
LinkedIn profiles are rather formal and do not consist valuable information
Team
Risk and uncertainties
The project is incorporated in China causing possible legal problems for investors
Model
Risk and uncertainties
The project is non-profit but it is usual for NEO infrastructural products
Finance
Risk level
4.2
Low
Links
fetch.ai
The adaptive, self-organising ‘smart ledger’.
Period
Start ICO
TBD
Necessary investments
$ 100 000 000
Stage
Beta not available for public. Public test-net launch scheduled in the summer of 2018.
Investment
Attractiveness
Risk and uncertainties
Fantom is not the first platform aiming to simultaneously process multiple blocks. IOTA, Byteball, Nano and Hedera Hashgraph already started developing projects with somewhat similar technology.
Market
Risk and uncertainties
There is no link to GIthub or other source to track the product development
Currently, beta version of the platform is not available for the public
A detailed roadmap has not yet been published.
Product
Risk and uncertainties
Now team does not have marketing specialists with proven track-record.
Team
Risk and uncertainties
The exact "gas" prices have not been published yet and subject to change.
Model
Risk and uncertainties
Finance
Risk level
3.8
Middle
Links
IOV
IOV aims to enable autonomous blockchains to be accessed efficiently.
Period
Start ICO
TBD
Necessary investments
$ 25 000 000
Stage
Beta is not available and expected to launch in June 2018.
Investment
Attractiveness
Risk and uncertainties
NNS developrs the same features for NEO Exchange.
Ethereum ENS - a somewhat similar project - was launched a year ago and did not become widely popular since then.
Market
Risk and uncertainties
The process of integration of existing chains into Blockchain Communication Protocol may be complex and lengthy.
Currently, the Beta version is not available.
The product has been in development only for 3 months, according to GitHub.
The comparable technology Ethereum ENS was launched a year ago but did not gain significant customer base and was barely integrated into cryptoexchanges.
Product
Risk and uncertainties
There are no marketing specialists in the team.
The team is not concentrated in one place and is spread around Europe and the USA.
Team
Risk and uncertainties
The exact fee size for Blockchain Name Service has not yet been disclosed and is subject to change.
Model
Risk and uncertainties
The company valuation after reaching ICO Hardcap will be around 39M EUR (45M USD). This figure seems high if compared with NNS, which aimed to raise 3M USD.
The given funds allocation is not detailed and gives only high-level distribution.
Finance
Risk level
3.6
Middle
Links
Rate3
Rate3 – a platform for cross-border transactions between merchants and their customers
Period
Pre-ICO
16.04.2018
Ended
Necessary investments
$ 18 250 000
Stage
Testnet and demo
Investment
Attractiveness
Risk and uncertainties
Tough competition with similar blockchain projects
Lack of significant competitive edge
Lack of detailed competition analysis
Market
Risk and uncertainties
Developments cannot be traced via Github
Demo version demonstrates poor range of functions
Product
Risk and uncertainties
Team poor experience in development before entering RateX
Lack legal and relevant blockchain specialists
Team
Risk and uncertainties
Possible obstacles of accepting tokens by large merchants
Model
Risk and uncertainties
Overestimated Hardcap and Softcap – 25M and 20M USD
60% of tokens were purchased on private sale with 20% bonus that increases the risk of mass sell-off when entering exchanges
Finance
Risk level
3.4
Middle
Links
Layer Protocol
The decentralized reputation, incentive, and payments protocol for sharing economy.
Period
Start ICO
TBD
Necessary investments
$ 15 000 000
Stage
Testnet development scheduled for Q3 2018.
Investment
Attractiveness
Risk and uncertainties
Universal reputation protocol might get low adoption due to the existence of reputation protocols on each platform.
Market
Risk and uncertainties
Roadmap is not detailed and does not explain when the testnet will be launched.
Now there is neither demo nor MVP available.
The process of protocol integration into existing blockchain platforms might be complex and lengthy.
Product
Risk and uncertainties
Now it is unclear how many people work on Layer Protocol development.
2 out of 3 co-founders do not mention neither Layer nor Pin Protocol as a workplace on their LinkedIn accounts.
Team
Risk and uncertainties
Users might not want a universal reputation system, as if you have a series of bad experiences with malicious actors on one platform, it could affect you using other platforms.
There is no information on the business model.
Model
Risk and uncertainties
Further details of the use of proceeds categories are not specified.
The lockup scheme for the team tokens is unclear.
Finance
Risk level
3.6
Middle
Links
Esprezzo
Esprezzo aims to create the web and mobile development platform on blockchain.
Period
Start ICO
TBD
Necessary investments
$ 30 600 000
Stage
Full version expected in Q2-Q4 2018.
Investment
Attractiveness
Risk and uncertainties
Stratis, Lisk, Ark, BlockApps, and Hyperledger, which are similar to Esprezzo, already have large communities which may decrease the potential for Esprezzo development.
Market
Risk and uncertainties
Further development milestones in the roadmap might be described in more detail.
MVP is not ready yet.
The process of different blockchains integration might be complex and could take longer than expected.
Product
Risk and uncertainties
The CEO's experience lies on the intersection of IT and business; he does not have a background in blockchain or decentralized ecosystems.
The whole team also works on CampusTap. Focusing on two projects at the same time might put Esrezzo development at risk
Blockchain Strategists education is unclear.
Team
Risk and uncertainties
The product line offering might be subject to change.
Model
Risk and uncertainties
The use of proceeds description is not detailed.
Post ICO valuation might seem high at first sight.
Finance
Risk level
3.8
Middle
Links
Harmony
Harmony Protocol aims to scale blockchain to 10M TPS.
Period
Start ICO
TBD
Necessary investments
$ 30 000 000
Stage
Private Testnet is available. Public testned expected in Q4 2018.
Investment
Attractiveness
Risk and uncertainties
Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.
Several projects have already launched alternative protocols that aim to significantly increase the throughput of the blockchain protocols. That is why the potential growth and community attention to Harmony might be lower
Market
Risk and uncertainties
The current Testnet throughput of 13K TPS at 1800 nodes cannot be validated.
MVP of the platform is not available. Public Testnet is expected only in Q4 2018.
There are already several projects aiming to create decentralized AI data marketplace
The strategy of creating a new programming language might be at risk due to a slow adoption of the new language by existing projects and users.
The current roadmap looks mediocre and gives only rough outlines of the product development.
Product
Risk and uncertainties
Only a couple of employees mention Harmony as a workplace on their LinkedIn accounts.
It seems that the claimed team works on the project only part-time.
There are no marketing specialists in the team.
Team
Risk and uncertainties
The claimed fee size of 0.1% at max is subject to change
There is only little information available on the token economics.
Model
Risk and uncertainties
The lockup scheme looks quite long.
If the rumors about the TGE allocation are correct, then the post-ICO valuation will be $150 million which as an inflated number.
The expenses distribution gives only a rough estimate and not detailed.
The token price has not been given yet.
Finance
Risk level
3.4
Middle
Links
Tolar HashNET
Tolar is an open source, community governed crypto-currency featuring scalable, fast, secure, and fair transactions.
Period
Start ICO
TBD
Necessary investments
$ 10 000 000
Stage
Testnet is not ready and expected in Q2 2018.
Investment
Attractiveness
Risk and uncertainties
High level of competition in the field of scalable blockchains: ICON, EOS, LIsk, Ark, Lisk, Cardano, Hedera, QuarkChain, Zilliqa, Credits.
Market
Risk and uncertainties
The Mainnet launch is only expected in Q2 2019.
No MVP available.
There is no link to GitHub.
Whitepaper explains the HashNET Network in a Very Basic Way.
The intended product functionality seems too broad and complex for development.
The whole list of competitive advantages of Tolar Hashnet over ICON, EOS, LIsk, Ark, Lisk, Cardano, Hedera, QuarkChain, Credits, or Zilliqa is unclear
Product
Risk and uncertainties
Now there are no announced partnerships.
Only one board member has previous blockchain experience. Other 7 board members have background in management or finance.
Not every team members' experience can be validated on LinkedIn.
Only 2 out of 8 tech team members have previous blockchain experience.
Plenty of the team members came from various roles at COTRUGLI Business School, not from real business.
Team
Risk and uncertainties
It is unclear how many tokens will be needed to run a masternode.
Model
Risk and uncertainties
Only 35% of the tokens will be available to investors.
The token lockup scheme for the team (20%) and advisors (2.5%) is unclear.
High hardcap ($35M) and valuation ($100M) after ICO when compared to competitors(Ziliqa - $20M, Credits - $22M).
There is no information about the use of proceeds.
Finance
Risk level
3.2
Middle
Links
DeepCloud AI
DeepCloud AI is building an AI-driven decentralized cloud computing platform for running decentralized applications.
Period
Start ICO
TBD
Necessary investments
$ 8 000 000
Stage
Private MVP is ready. The first live test of MVP is planned for August 2018
Investment
Attractiveness
Risk and uncertainties
The The competing projects - SONM, Golem, and iExec have been on the market for a while now and had "first-mover" advantage.
Market
Risk and uncertainties
The GitHub page of the project has only one repository which is empty. GitHub was only created in late April.
The domain was only bought at the end of April, the twitter was created around the same time.
MVP is not available.
Product
Risk and uncertainties
The CEO does not have a strong track record in cloud computing, AI, or blockchain.
The CTO did not work at AWS, as claimed on the company's website.
The experience of 2 out of 6 software developers prior to joining DeepCloud cannot be validated.
The Blockchain developer is not employed at DeepCloud on full-time and additionally works on a freelance platform (Toptal) and at XSN-Core.
The team is scattered across the world and different time zones. The team members are located in Singapore, San Francisco, Egypt, Ukraine, Netherlands, Florida, and Mexico.
The team does not have full-time blockchain experts.
There are no strong blockchain advisors and partners.
The Core team members do not have strong entrepreneurial experience prior to joining DeepCloud AI.
Team
Risk and uncertainties
Unit economics is poorly described.
Model
Risk and uncertainties
There is no information about the team and advisors tokens lockup schemes.
The competing projects - SONM, Golem, and iExec have been on the market for a while now and had "first-mover" advantage.
The team aims to open two offices: one in Singapore and one in San Francisco. The reasoning for this strategy is unclear.
There is no information about lockup schemes for early investors' bonus tokens.
Finance
Risk level
3.2
Middle
Links
TxHash
Event tracking protocol for Blockchain and web-applications integration.
Period
Start ICO
TBD
Necessary investments
$ 5 000 000
Stage
TxHash Tracker Beta 0.4 is available for public.
Investment
Attractiveness
Risk and uncertainties
Somewhat related competitors, such as Etherscan and Blockseer have large audience and may implement the tools of TxHash.
Market
Risk and uncertainties
Testnet is expected only in Q2 2019.
Product
Risk and uncertainties
Now There are just 3 people working in the team. The whole team size is unclear.
Team members are not strong, "all star" experts in software development or cryptography.
There are no specialists with deep expertise in blockchain/distributed systems/cryptography.
Team
Risk and uncertainties
Model
Risk and uncertainties
In our opinion, the event tracking protocol valuation of $37.5M looks overvalued.
It is unclear what kind of a vesting scheme will be used for team bonus.
The token release timeframe is unclear.
Finance
Risk level
3.4
Middle
Links
HyperNet
Hypernet is a protocol for high performance computing across a distributed network of devices.
Period
Start ICO
TBD
Necessary investments
$ 15 000 000
Stage
Key technologies are under development now and MVP should be released in August 2018.
Investment
Attractiveness
Risk and uncertainties
Economy of scale and almost unlimited access to capital could make centralized models extremely efficient and cheap.
Market
Risk and uncertainties
DAC has not been explained properly in white paper.
Product
Risk and uncertainties
Team
Risk and uncertainties
Model
Risk and uncertainties
Hard cap and total market caps is not announced yet.
Finance
Risk level
4.2
Low
Links
Ankr
Ankr – blockchain transforming computing of classic Proof-of-Work algorithm to useful computations
Period
Start ICO
TBD
Necessary investments
$ 16 000 000
Stage
No prototype and even whitepaper available
Investment
Attractiveness
Risk and uncertainties
Tough competition among blockchain and industry projects
Market
Risk and uncertainties
Lack of prototype and whitepaper and early stage of the product
Current roadmap version ends in July 2018, but it is to be updated
Product
Risk and uncertainties
CEO is not experienced enough in management
Lack of marketing and legal specialists
Team
Risk and uncertainties
Token may appear to have additional functions after WP release
Model
Risk and uncertainties
No financial detailed released yet
Finance
Risk level
3.8
Middle
Links
ioeX
P2P network for transferring and storing data based on blockchain technology.
Period
Start ICO
TBD
Necessary investments
No data
Stage
Beta is not ready yet and is expected in November 2018.
Investment
Attractiveness
Risk and uncertainties
The competitive advantage over similar IoT blockchains is unclear
The current low level of blockchain scalability poses significant limits to the growth of blockchain in IoT.
Market
Risk and uncertainties
The roadmap is vague and does not give a deep understanding of the product development.
The competitive advantage over similar IoT blockchains is unclear
There is no link to GitHub to track the product development.
Product
Risk and uncertainties
The blockchain experience cannot be verified.
The experience of most of the team members cannot be verified.
Team
Risk and uncertainties
It is unclear if the token is ERC20 compliant
Model
Risk and uncertainties
The Soft and Hard Caps have not been released yet.
There is no information about the token lockup schemes for founders and early investors.
There is no information about the sale rounds terms
The similar projects, except IOTA, did not gain high ROI since ICO
Finance
Risk level
3.4
Middle
Links
Alza
ALZA is a low latency, low fee, and smart contract compatible public blockchain.
Period
Start ICO
TBD
Necessary investments
$ 19 000 000
Stage
The testnet launch is expected in October 2018.
Investment
Attractiveness
Risk and uncertainties
Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.
The existing blockchains, though not as scalable as Alza might become, still have first-mover advantage and might be better-off if they introduce scalability features, such as Lightning network, Sharding, Plasma, State Channels.
Market
Risk and uncertainties
Competition in the sphere of scalable dApp-protocols is more severe than in others, so it has to be taken into consideration.
Alza aims to deliver its testnet only by the end of 2018. By this time, the already-existing blockchains may already run its Mainnets and add scalability features, such as Plasma, Sharding, Lightning, etc.
The registered entity of Alza is unclear.
Product
Risk and uncertainties
All of the team members are still employed at their permanent workplaces thus have to combine Alza development and permanent employment.
There are no blockchain specialists within the core team.
Chris Liu ACM/ICPC contest winner - does not mention Alza as a workplace on his LinkedIn page.
Team
Risk and uncertainties
There is no information on the expected size of the fee
Model
Risk and uncertainties
Alza will only sell 25% of the tokens for public.
It is unclear how the 40% tokens for "Block producing rewards" will be used.
Finance
Risk level
3.6
Middle
Links

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