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Entertainment, Content

BOLT

Bolt is building a decentralized BOLT aims to develop a digital information and entertainment platform for unbanked people. The BOLT Network will be a decentralized platform for users where user micro-transactions, community engagement, and content monetization will be recorded on the Blockchain.

Rating: 3.2

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks:
Product source tracking: https://github.com/bolt
Details Description Risks Full analysis Team

Detailed review

Stage of product development
The team was formed in January 2017. The product development without blockchain started in 2017. The testnet is expected in Q4 2018, the Mainnet will be launched in Q1 2019. Users will be able to use BOLT Tokens to purchase data bundles in Q1 2019.


Token description
ICO date
18.09.2018 - 22.09.2018
Token price
N/A
Platform
NEO
Hard cap
12000000
Capitalization of token pool
30000000
Blockchain
Neo. Then switch to Zilliqa.
Token distribution date
N/A
Consensus method
Proof of Work + Byzantine Fault Tolerance
Escrow
N/A
ICO currencies
NEO
Bounty camping
5% (50,000,000 BOLT Tokens) allocated as rewards for BOLT Community Contributors.
Markets
N/A
Token functions
BOLT Token will provide discounts for the platform access. Also, BOLT Tokens can be used for payments on the platform i.e. getting access to BOLT service, premium content payments, etc.
Tokens distribution
Token Sale (40.0%)
BOLT Research (15.0%)
Strategic & Content Partners (20.0%)
BOLT Team (20.0%)
BOLT Community Rewards (5.0%)
Risks
MARKET

- The market for online entertainment content is quite saturated and has several large players, including YouTube, Instagram, Snapchat, and others.

PRODUCT

- The mainnet of the underlying Blockchain - Zilliqa - has not been launched yet. There is no guarantee that it will be launched as expected.

- The product usecase is weak and does not seem to overtake YouTube.

- The requirement to pay fees for the YouTube-like service makes the use-case feasibility even lower.

- The roadmap is mediocre.

BUSINESS MODEL

- NEP-5 tokens are supported on far less exchanges than ERC-20 tokens and usually suffer from low liquidity.

- The fact that users can pay with fiat money or Bolt tokens could limit token adoption. Even though there are savings to be made by paying with tokens, people tend to stick to what they know.

FINANCES

- DApps generally have low upside potential in terms of market cap.

- The valuation of $30M is quite high for a dApp.

TEAM

- Overall the team does not seem outstanding.

- The fact of co-founding "Channel 9" by one of the team members cannot be validated.

- The team is scattered around UK, Hong Kong, and Malaysia.

- There are no people with blockchain experience within the team.

- There are no advisors from Zilliqa while BOLT aims to launch its platform on their blockchain platform.

Full analysis
Market

Revenue in the "Video Streaming (SVoD)" segment amounts to US$19,572m in 2018. Revenue is expected to show an annual growth rate (CAGR 2018-2022) of 5.1% resulting in a market volume of US$23,883m in 2022. User penetration is at 8.6% in 2018 and is expected to hit 10.8% in 2022. The market of online entertainment content is quite saturated and has several large players, including YouTube, Instagram, Snapchat, and others.

Product

BOLT aims to develop a digital information and entertainment platform for unbanked people. The BOLT Network will be a decentralized platform for users where user micro-transactions, community engagement, and content monetization will be recorded on the Blockchain. 
The team claims that their userbase is over 3M. BOLT app is available on Play Store; however, it has only ~50K downloads and 130 reviews.
The BOLT Ecosystem will be a suite of decentralised services powered by Zilliqa blockchain. However, the mainnet of the underlying Blockchain - Zilliqa - has not been launched yet and there is no guarantee that it will be launched as expected.
The product use-case is weak and does not seem to overtake YouTube. The requirement to pay fees for the YouTube-like service makes the use-case feasibility even lower.
The team was formed in January 2017. The product development without blockchain started in 2017. The testnet is expected in Q4 2018, the Mainnet will be launched in Q1 2019. Users will be able to use BOLT Tokens to purchase data bundles in Q1 2019.

Business model

Every quarter, BOLT team will use 20% of the profits to buy back BOLT tokens and then burn them, until 40% of all the BOLT Tokens (400M) will be destroyed. Thus only 600M tokens will remain in the long run.
BOLT will issue its native BOLT tokens using NEP-5 standard. NEP-5 tokens are supported on fewer exchanges than ERC-20 tokens and usually suffer from low liquidity. 
BOLT Token will provide discounts for the platform access. Also, BOLT Tokens can be used for payments on the platform i.e. getting access to BOLT service, premium content payments, etc. Fiat money can also be used for payments on the platform. The fact that users can pay with fiat money or Bolt tokens could limit token adoption. Even though there are savings to be made by paying with tokens, people tend to stick to what they know

Finances

BOLT aims to raise $12M by selling 40% of the tokens. This gives the company valuation at $30M. Overall, the figure does not seem high. However, the team aims to develop a Dapp and $30M is quite a high figure for a single dApp. Also, dApps generally have low upside potential in terms of market cap.
The use of proceeds will be as follows: 60% for the research&development of BOLT, 20% for ongoing operating expenses, 10% for legal and consulting services, 10% will be reserved.

Team

The core team consists of 8 people.
The CEO has a background in TV (co-founded Channel 9) and Education(Advisory Board of the School of Management and Business at Aberytswyth University). He has neither blockchain nor technical experience. The fact of co-founding " Channel 9" by him cannot be validated.
The co-founder of BOLT - Christel Quek - previously advised Zilliqa and SwitchNeo network, worked as a Head of Content at Twitter, Business Development at Samsung, and Havas Media Group. Again, she has neither blockchain nor technical experience.
There are no people with blockchain experience within the team.
The project has strong advisors which include the founder of Tech in Asia, the Founders of SwitchNEO Network, Co-founders of LightBulb Capital.

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