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Tolar HashNET

Tolar is an open source, community-governed crypto-currency featuring scalable, fast, secure, and fair transactions. HashNET is a scalable blockchain project, leveraging Distributed Ledger Technology (DLT) and consensus algorithm which allows increasing throughput to more than 200,000 TPS. The network is using Proof-of-Stake with masternodes, which eliminates the need for a massive energy consumption.

Rating: 3.2

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

Detailed review

Stage of product development
Tolar was founded in Q2 2017, the Initial mainnet chain with masternodes and staking system is expected to launch in Q2 2018. Pre-ICO and ICO will be conducted in Q3 2018. Mobile wallet will be launched in Q4 2018. Public release of HashNET chain is expected in Q2 2019.


Token description
Pre-ICO date
21.05.2018 -
ICO date
14.09.2018 - 20.09.2018
Token price
Private sale: bonus 20%
Pre-ICO: bonus 10%
Public Sale: no bonus
Platform
Ethereum
Hard cap
35000000
Soft cap
10000000
Capitalization of token pool
100000000
Blockchain
Own Blockchain (HashNET)
Token distribution date
N/A
Consensus method
Proof-of-Stake with Masternodes
Escrow
N/A
ICO currencies
USD , ETH
Bounty camping
N/A
Markets
N/A
Token functions
Stakers are essential to how Tolar will work, so people will receive an interest if they stake their tokens to help the network.
Tokens distribution
Public Sale (35.0%)
Founders (20.0%)
PoS Network Start Nodes (8.0%)
Developers (3.0%)
Advisors (2.0%)
TOLAR Development Fund (32.0%)
Risks
MARKET

High level of competition in the field of scalable blockchains: ICON, EOS, LIsk, Ark, Lisk, Cardano, Hedera, QuarkChain, Zilliqa, Credits.

PRODUCT

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

BUSINESS MODEL

It is unclear how many tokens will be needed to run a masternode.

FINANCES

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.

TEAM

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.

Full analysis
Market

One of the main issues of the blockchain technology mass adoption is its low level of scalability. The current low capacity of the main blockchain protocols and cryptocurrencies (Bitcoin, Ethereum), more specifically 10-30 transactions per second (TPS), cannot cover the world's commerce anytime. In contrast, Visa claims to have 56,000 TPS on its network, while Alipay has achieved 200,000 peaks TPS in November 2017. The scalability problem of the current blockchain-based systems poses significant limits for their extensive applications. How to scale up blockchain TPS without compromising its security and decentralisation remains elusive. To solve this problem, several projects have already launched the alternative protocols that aim to increase the throughput of the blockchain protocols significantly. For instance, EOS launched its infrastructure for dApps, which Test Network can sustain over 10,000 TPS. EOS raised 197M during its ICO in June 2017 and now is the 5th largest cryptocurrency in the world by market cap. IOTA can process 500-800 TPS, raised 400M and currently 11th by market cap in the world of cryptocurrencies. Too new a few more similar projects one must mention ICON, EOS, LIsk, Ark, Lisk, Cardano, Hedera, Quarkchain, Zilliqa, and Credits. That is why the potential growth and community attention to Tolar HashNET might be lower. Overall, the scalable protocols for dApss gain sizeable public attention during token sales and have comparably high ROI's. However, competition in this sphere of blockchain is more severe than in others, so it has to be taken into consideration.

Product

Tolar aims to launch a new blockchain protocol in cooperation with HashNET. HashNET consensus uses "redundancy reduced gossip" and "virtual voting" protocols based on a distributed computation and algorithms from theoretical computer science which provides a fair and fast, Byzantine fault tolerant consensus algorithm. It is a new consensus substitute platform inspired by the innovative development of Hashgraph methodology and is designed to run on a non-permission (public) network. In addition to the Proof-of-Stake based discipline, a reputation based system is introduced as additional control and verification mechanism. The reputation score is computed iteratively and cumulatively and involves both pattern analysis for behaviour over time of a single node, as well as randomised verification checks. This token uses a new governance system known as the Magnus Consilium. By using this system, both stakeholders and investors can vote for any change that has a chance of being implemented in the company’s network. Tolar was founded in Q2 2017, the Initial mainnet chain with masternodes and staking system is expected to launch in Q2 2018. Pre-ICO and ICO will be conducted in Q3 2018. The mobile wallet will be launched in Q4 2018. Public release of HashNET chain is expected in Q2 2019. There is no link to GitHub to track the product development. Overall, whitepaper explains the HashNET Network in a Very Basic Way. That is why the list of competitive advantages of Tolar Hashnet over ICON, EOS, LIsk, Ark, Lisk, Cardano, Hedera, Zilliqa, Credits, or QuarkChain is unclear.

Business model

Stakers are essential to how Tolar will work, so people will receive an interest if they stake their tokens to help the network. This way, they will have a clear monetizable interest to enable them to keep supporting the network. Whitepaper explains the HashNET Network model in a Very Basic Way. It is unclear how many tokens will be needed to run a masternode.

Finances

The Soft Cap of TolarHashNET will be $10M, Hard Cap - $35M. The team aims to sell 35% of the TOL tokens for the public. For comparison, Zilliqa raised $22M for 30% of sold tokens, Credits raised $22M for 60% of the tokens. In this regard, the hard Cap seems too high in our opinion. The company valuation will be in a range between $28.6M and $100M. In case of hard cap hit, the valuation will be extremely high. To compare, Zilliqa now has a market cap of ~$950M, Credits ~$63M. There will be three rounds of token sale: Private Sale with 20% bonus, Pre Sale with 10% bonus, and Public Sale with no bonus. There is a three-month lockup for 20% bonus during the private sale. Min. contribution for individuals to participate in the private sale - 50 ETH. Min. contribution for organisations to participate in the private sale - 1000 ETH. The token lockup scheme for the team (20%) and advisors (2.5%) is unclear. There is no information about the use of proceeds.

Team

According to LinkedIn, 22 people are working at Tolar Hashnet now. The team is split between three sub-teams: Foundation Board, HashNet Tech, and HashNet Bizz. Plenty of the team members came from various roles at COTRUGLI Business School, not from real busines. The CTO of Tolar HashNET has previous blockchain experience at Blocknet. He also has long track-record in iOS software development (Objective-C, Swift). Apart from CTO, nobody else on board team has a technical background. Other board members have experience either in management or finance. Two of the tech team members previously worked at RunningBeta - a blockchain research company and private investment vehicle. Igor Jerkovic previously worked at Facebook as Software Engineer. Other engineering team members have previous experience at Google, Fitbit in various software development and reliability roles.

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