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Infrastructure, Developer Tools

Devvio

Devvio - blockchain with advanced scalability, stability, privacy and security

Rating: 3.2

Official contacts
Location: Albuquerque, NM, USA
Web-resources:   Whitepaper Website
Social networks:
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
Only the general concept and technical papers are ready. MVP is projected to be launched in Q3 2018. Other roadmap dates – testing and security audits (Q4 2018), Mainnet (Q1-Q2 2019). All the dates are explained in more detail
Roadmap
September, 2018
MVP
December, 2018
Testing and security audits
June, 2019
Mainnet
Token description
ICO date
TBA
Token price
N/A
Platform
Ethereum
Hard cap
40000000
Soft cap
6000000
Capitalization of token pool
115000000
Blockchain
Devvio
Token distribution date
N/A
Consensus method
Proof-of-Validation
Escrow
N/A
ICO currencies
ETH
Bounty camping
N/A
Markets
N/A
Token functions
Means of payment
Tokens distribution
Tokensale (35.0%)
Company reserve (45.0%)
Founders and partners (15.0%)
Advisors (4.0%)
Bounty (1.0%)
Risks
MARKET

 • Fierce competition from other blockchains

• The strategy has a lack of focus and tries to attract as many groups of users as possible

• Projects with stable coins are failing on the market and usually require too much trust

PRODUCT

• No prototype available

• The team promises too high TPS rates – 8M

• Too complicated system with lots of modules to be developed

• Too fast roadmap for such a development process

BUSINESS MODEL

• Unclear monetization model

FINANCES

• Unknown terms for early investors

• Too high token pool capitalization considering no prototype available

• 15% of funds raised are dedicated to covering ICO campaign, that is too much

TEAM

• The team does not manage the ICO process by itself and engage Token Market

Full analysis
Market

Devvio is a blockchain and protocol using its own consensus algorithm, named Proof-of-Validation. Devvio promises to reach a fair governance, high scalability (8M TPS), low volatility, smart contract expense optimization, privacy, immediacy (transaction authentication speed), efficient energy use, supply issuances, and protection from fraud/theft/loss. All the proposed ecosystem is complicated and applies a list of technologies. Moreover, the strategy has a lack of focus and tries to attract as many groups of users as possible. Scalable blockchain market is highly competitive and suffers from too much projects promising to resolve “all the problems possible”. That makes our team skeptical when seeing a project like Devvio – promising too much to do in a short period of time and having nothing done yet.

Product

As the team claims, Devvio allows highly secure and stable payments which can be made in less than a second. The projected TPS is 8M that is far above the TPS in credit card systems. Devvio will accept fiat currency to create a one-to-one backed cryptocurrency called DevvFiat (e.g. DevvDollars, DevvEuros, etc). The fiat currency will be held in escrow. DevvFiat can be traded and a DevvFiat holder can exchange it back for the underlying asset. This idea is widely criticized as the projects need to be trusted by users so that a new digital currency could be backed by fiat. Tether has some fiat reserves, but this fact has not been approved yet. By the way, users believe, that Tether is backed by fiat money that allows to keep TUSD stable. But this model has not been successfully implemented by others still, and recently a few projects had no results in developing crypto currencies backed by other assets (e.g. gold). The scaling approach, which uses sharding, is enabled with the consensus mechanism called Proof-of-Validation. Devv will utilize a specific, secondary type of cryptocurrency class called Devvnero to enable more protections on transfers. No user is ever required to send a transaction in the form of Devvnero as it is optional; however, the use of Devvnero can provide valuable protections based on trust of Devvio. An account with Devvio is required to use Devvnero, so that its protections can be verified. Transactions may be sent anonymously if a user desires to have a privacy. Devvio describes its technology well in 3 papers – Whitepaper (executive summary), Greenpaper (tech part), Bluepaper (business part) - all of them provide with the deep explanations. Only the general concept and technical papers are ready. MVP is projected to be launched in Q3 2018. Other roadmap dates – testing and security audits (Q4 2018), Mainnet (Q1-Q2 2019). All the dates are explained in more detail.

Business model

Devvio governance model is based on a system in which three categories of stakeholders exert equal influence over the growth of the protocol. Given Devvio’s Proof-of-Validation approach, transaction fees are not required for basic transfers. Minimal transaction fees may be implemented to prevent security attacks. It is not clear, how the team will benefit from the project operation (not considering their share in token distribution).

Finances

Devvio aims to attract 40M USD during the tokensale that is very high especially in current market conditions – such funds are enough to purchase all the tokens of Pchain, Nebula AI, NKN, Loki, Gems in sum. Softcap is 6M USD. If the soft cap is not reached, then team will not get access to funds. Tokensale share in the token pool is 35% that results in 115M USD of the token pool capitalization – it is too much.  Conditions and terms for early investors are unknown. 500,000,000 Devv Cryptocurrency will be created in the Devv Blockchain genesis block. Devv Cryptocurrency that goes to Founders and Partners and Advisors will be released on a lock-up schedule where 1/12th will be released each quarter for 3 years

Team

CEO Tom Anderson is an entrepreneur and previously founded Novint Technologies, a robotics company. He led fundraising of over $34 million, licensed tens of millions of dollars of game development, and took the company public. His Novint patents were sold to Facebook. President Ray Quintana was a General Partner and Head of European and Corporate Operations for VC fund The Cottonwood Technology Fund. He has more than 20 years of experience in venture capital, valuation and strategic financing. He has held Strategy & Corporate Development positions for a number of global technology companies including Texas Instruments and Robert Bosch Corporation. CTO Bill Anderson has over 17 years of experience in high tech industries. He led the development, licensing, acquisitions and integration of over 100 haptic enabled video games and has managed many large teams across multiple technical fields. Lead Software Engineer Shawn McKenney has 20 years of experience developing high performance, distributed scientific algorithms and applications. The team is balanced and includes all the specialists needed for a good startup. The team is advised by Token Market that arranges the process of ICO.

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