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Cryptocurrency

Leep Network

Leep Network - the scalable and secure blockchain working as ACID compliant database and the platform for smart contracts

Rating: 2.8

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

Detailed review

Stage of product development
No prototype available


Token description
ICO date
TBA
Token price
N/A
Platform
N/A
Hard cap
13000000
Capitalization of token pool
44000000
Blockchain
Leep
Token distribution date
N/A
Consensus method
Escrow
N/A
ICO currencies
USD , ETH
Bounty camping
N/A
Markets
N/A
Token functions
Means of payment
Tokens distribution
Tokensale (45.0%)
Team (15.0%)
Reserve (28.0%)
Foundation (10.0%)
Bounty (2.0%)
Risks
MARKET

- Tough competition on the market of scalable blockchains

- Edge on competitors is not clear due to the lack of technology described

PRODUCT

- No prototype

- No roadmap

- Lack of details in the technology description

BUSINESS MODEL

- No exceptional token functions (the traditional model is used)

FINANCES

- Unclear use-of-proceeds plan with no significant adjustments

- High token pool capitalization for the project with no prototype

TEAM

- Unexperienced team with doubtful achievements

Full analysis
Market

Leep Network is one of the projects aiming to reach both high scalability and security. Lots of teams are trying to reach that by using combinations of well-known technologies and/or their own. Some projects announced the development of scalable blockchain with over 1M TPS. By the way, it is still unclear whether such high TPS is demanded by users. Overall, the scalable protocols for dApss gain large public attention during token sales and have comparably high ROI. However, competition in this sphere of blockchain is more severe than in others, so it has to be taken into consideration. Leep Network's solution sounds reasonable, according to the Light paper, but it does only indicate the general concept with no technical details. So it is still highly uncertain, will the project leapfrog strong competitors or will join the long list of highly optimistic projects with no result.

Product

The team is developing the protocol Pollen monitoring the Leep Network and delegating broadcasted transactions to dynamic node pools based on their workload, optimizing the performance and minimizing network congestion for any application running on the network. In order to provide a balance between security and scalability, a special data structure is used to achieve mathematically provable benefits. Instead of using a pure blockchain for all transactions, smart contracts, data resources, and execution, Leep Network allows zones to be created in a graph. This graph has no orphan transactions and all data required is always provided as ‘closure’. The Directed Acyclic Graph (DAG) is implemented for the data for provably secure transactions. The basic results of the transactions are recorded into a lightchain and the original data can still be queried long term. The DAG solves the double spend problem through the mathematical closure property of the graph. DAG Nodes allow a proof of inclusion and an isolated calculation would not be included in the DAG. That creates additional optimizations in both verification and speed of execution. Currently, there is no prototype presented. The roadmap is not presented as well.

Business model

The blocks will contain summaries of transactions, with full transaction details in the database nodes. Every minute the blocks will synchronize with network time, so time and dates can be accurately predicted by block number instead of approximated. Nodes that are staking Leep tokens are awarded Leep coins for their involvement in processing network transactions and staking tokens. Percentages of revenue generated from all Leep Network transaction fees and staking will be allocated to a publicly viewable treasury wallet and dispersed to eligible projects on the Leep Network using a vote based investor governance model. Token is likely to be the utility token similar to other transaction tokens in popular blockchains. This model is standard and proven by time but strongly depends on the users involved in transactions.

Finances

Early investors are given a 40% discount, private sale - 29%, presale - 10%. The token pool distribution looks standard but with the lack of detailed description and lock-up policy. Taking into account 1 billion token supply and disclosed token prices - the hardcap is likely to be in the range from 13M USD to 20M USD. That leads to the estimated token pool capitalization of 29-44M USD. This valuation is not too high for the market, but it is still looks overestimated taking into account no prototype developed and lots of funds dedicated to R&D. The team also disclose the use of proceeds: 35% - R&D, 20% - Operations, 15% - Reserve, 20% - BD, 10% - Partnerships. This distribution is unclear and is not adjusted to different scenarios of funds raised. 

Team

The team includes 12 members according to the Linkedin page. CEO has no relevant technology experience and was mostly involved in design work. The doubtful achievement may be found in the second founder's profile - trading with crypto and design. CTO experience is also uncertain being 8 years self-employed and participating in the only one crypto project with no significant technology stack. Other team members also have no significant experience for delivering the strong game-changing technology for the blockchain infrastructure.

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