Autoria Basic Review
|Start ICO||12 Jul 2017|
|End ICO||02 Aug 2017|
Ticker symbol: AUT;
Project type: selfmining cryptocurrency built on the Ethereum blockchain platform;
Company: Promethea Global Holdings LLC, a registered American company in the state of Ohio;
ICO: 14 July 2017 at 21:00 GMT to 4 August 2017, see on http://www.autoria.io/participate.html;
Soft cap: no information available;
Hard cap: no hard cap, but a single wallet can't contribute more than 100 ETH;
Token: AUT, follows ERC20 standard;
Bonus structure: after the first week, the price per token will increase by 30%; in addition, Mining Well owners are rewarded with additional AUT distributions when key goals are met by the Autoria team;
Referral system: no information available;
Open source: no information available.
Team size: 6 people;
Developer team active: yes, steady activity
Wiki: no information available.
Slack: no information available;
Bitcointalk: 118 posts, read 5482 times;
Telegram: 51 members, 0 messages;
Twitter: 295 tweets, 1`744 followers;
Medium: 7 posts, 7 followers;
Reddit: no information available;
Facebook: 1`153 likes, 1`154 followers;
YouTube: 0 subscribers, 70 views.
Autoria is an ecosystem of merchant services and functionalities built around the Autorium currency, which is a decentralized cryptocurrency based on the Ethereum blockchain platform. The main distinction of the project from thousands of other ERC20 cryptocurrencies is their automatic mining technology, which registers Ethereum addresses, or “Wells”, as repositories of Autorium and distributes coins through them using a mathematical formula, recorded in a smart contract.
Supporters who purchase Autorium during the ICO will have their Ethereum wallets permanently designated as Autorium Mining Wells. Additional Wells cannot be created after the initial offering is completed. Automatic mining commences immediately after distribution. The Wells will produce AUT at a rate proportional to their initial investments. However, individual investors will be capped at 100 ETH contributions during the crowdsale process in order to ensure diversity of Mining Well Addresses.
The core Autoria’s service – the Merchant App, will combine the following features:
- Wallet to keep and send Autoria tokens and draw the Wells;
- Games like dice, lottery, binary options, complex derivatives and more;
- Exchange for trading AUT tokens for ETH.
Based on our research, we do not recommend participating in the Autoria ICO.
Even though the project claims that the idea of “automatic mining” is unique and innovative, this technology was already implemented by the Minereum start-up. This feature does not guarantee any stable demand for the AUT coins, since the process is not very demanding and can be easily replicated. Besides, the structure of the Autoria system implies distribution of the Mining Wells among a limited number of participants, which contradicts the concept of decentralization.
What could be possibly interesting to a crypto community - is the idea of merchant services platform, but projects of this type also compete in the market and the team did not present any distinctive features of the Autoria system that could distinguish it from its rivals. Moreover, the team does not have any working prototype yet and only plans to release the Payment App by 2019.
- Idea of “automatic mining”, which requires no wasteful use of computing power or mining pools;
- Crowdsale investors will have immediate access to AUT withdrawals and funds before the ICO even finishes;
- Limitation of Mining Wells owners to the initial ICO participants, which could lead in the worst scenario to price collusion. In addition, loss or theft of the Ethereum address secret key will result in a part of future token issues missing from the turnover;
- Dependency of the project on Ethereum blockchain. Although the founders claim that the Autoria system itself needs no computer resources to support the network, the AUT tokens are based on the Ethereum standard, which is still using proof-of-work method to confirm transactions;
- Absence of any reasonable time periods in the development roadmap apart from the Payment App, which is set to be released in 2019 subject to “many factors”;
- The project does not have any prototype product and does not disclose any strategy supporting their plan to target a 7 trillion dollar e-commerce industry.
Review of Competitors
The project plans to develop in several directions, including lottery DApps, prediction services and payment platform. All these areas are represented by relatively strong participants, though the competition is still low.
As was already mentioned, Minereum project has already brought the first self-mining smart contract to the cryptocurrency world. In the lottery market those are TrueFlip, Kibo and DAO.Casino players. Augur and Gnosis provide prediction platforms, and payment services is the most competitive area with such projects as TenX, Exscudo and many others.
Market and Industry Review
In their whitepaper the team refers to McKinsey & Company report on innovation in U.S. merchant payments, entitled “Mobile, online and social technologies are revolutionizing consumer access to information and sparking demand for new services”. They show that the market for merchant services is huge and growing, expected to reach $7 trillion in 2018. The provided information is trustworthy, but the founders of the Autoria project do not describe any tactic about the way they are going to seize their share of the industry.
Technical Aspects of the Platform
Mining Well investor addresses will be incorporated into Autorium’s Solidity architecture. These addresses and their initial values will be completely transparent and traceable from a blockchain explorer. Mining Wells take the place of traditional mining nodes and create liquidity based on their initial distribution at the pace at which Ethereum blocks are created. Mining Wells are immutable and transparently stored in the currency’s smart contract. Automatic mining utilizes a mathematical formula to dictate the rate at which AUT is mined from Mining Wells. The basic equation of the algorithm is a form of the following:
Autorium will take approximately 1 year to mine until completion. Since mining is based on a mathematical function, which is in turn dependent on the progression of the Ethereum blockchain, this timeframe may vary. At mining completion, the number of tokens available will be a function of mining wells sold during the 3 week crowdsale:
The project is presented with two main documents, available to download from the official website – the Whitepaper and the Yellowpaper. The former describes main features of the Autorium cryptocurrency, development roadmap and services planned to be implemented in the future. However, from our point of view, the details regarding merchant services are not sufficiently disclosed. The latter presents Autoria’s mining reward algorithm.
ICO starts on 14 July 2017 at 21:00 GMT;
ICO ends on 4 August 2017;
Price – 17`500 AUT for 1 ETH, participants are limited to 100 ETH worth of AUT tokens;
Total token supply at the end of the mining period will depend on the number of Mining Wells sold during the 3 week crowdsale;
A portion of the tokens, (1% or 1,000,000 AUT) has been reserved for the distribution amongst early Autoria supporters and developers.
Participants of the initial distribution will continue to receive rewards from Autoria when the team reaches critical milestones during the roadmap. 14% of the funds, and over $11 million dollars in AUT will be distributed to investors upon successful completion of these goals.
The raised funds will be allocated as follows:
Project Development Roadmap
Once the ICO is completed, the Autoria team will pursue the listing of AUT on all major cryptocurrency exchanges. The following exchanges have been identified as targets for AUT listing: novaexchange.com; cryptopia.com; yobit.io; cryptodao.com; livecoin.com. They will be available almost immediately after initial distribution. Phase II exchanges will be available thereafter: bittrex.com; poloniex.com; coinexchange.io; litebit.eu; alcurex.com; yunbi.com; bter.com; bleutrade.com. Successful listing of AUT on Poloniex and Bittrex will result in a 1,000,000 AUT distribution to AUT Mining Wells.
Shortly following the launch of Autorium, the team is going to release Phase I DAPPs, such as lottery, inverse lottery and predictions market, to provide preliminary sources of economic activity. Beyond the applications outlined above, Autoria aims to provide additional value-added services to the cryptocurrency community, developed by individuals beyond the Autoria development team. $1,000,000 daily DAPP volume will result in a 2,000,000 AUT distribution to AUT Mining Wells.
By the year 2019, the team aims to deliver the core merchant services and payment platform. The free app would allow users to pay with their phone while automatically receiving discounts and earning merchant rewards. 100,000 downloads of the merchant services app will result in a 3,000,000 AUT distribution to AUT Mining Wells.
On the final stage of the product development, reaching a $100,000,000 AUT market cap will result in a 5,000,000 AUT distribution to AUT Mining Wells.
Stuart Farmer (LinkedIn) - Technical Architect
After studying human-computer interaction to transform complex computer systems into easy to use interfaces, Stuart went on to start his own software consulting firm specializing in mobile applications. He has been involved in crypto since being introduced to Bitcoin in 2010.
Boris Chan – Business Development
"Boris" Chan; Studied Business and Engineering in school. He has spent his professional career working with Fortune 500 companies implementing innovative technologies and improving supply chain efficiency. Having worked extensively with some of the world's biggest brands, he is well-versed with the steps needed to ensure successful adoption of new technologies. His rich technical and operational background help to bridge the gap between ideation and realization.
Mario Hernandez – Econometrics
Currently pursuing a carreer in the Aerospace Industry aimed towards reducing costs, Mario's leadership in NASA-acknowledged projects will certainly help us reach for the stars. His extensive market trading experience, including 2008's finantial crisis and subsequent recession, provides an insightful view of current crypto's situation; while backing our distribution model with a strong mathematical background and real-world expertise.
Nick Huber (LinkedIn) – Finance & Business Development
After studying finance at university, Nick worked extensively in category management and sales finance. With years of experience in business development and advanced marketing tactics in technology and 3D printing, he brings unique growth strategies to Autoria. He has been involved with Bitcoin and other cryptocurrencies since 2011 with his focus on Ethereum and ERC20's capabilities since 2016.
James Munsch (LinkedIn) – Merchant Service Developer
James Munsch is a software engineer on a machine learning team at eBay. He has years of experience in the ecommerce space, and has deployed large scale data analytics platforms for training large scale models, as well as mobile and desktop applications for point of sale interfaces, inventory management, and has a keen interest in the promises crypto currency has to offer.
Christian Perry - Public Communications
Christian Perry is the Founder and CEO of Cryptinex. He is an avid crypto enthusiast who has been following Bitcoin since he first heard of it in 2013. He has experience in online promotion and community growth. He is attending Boise State University pursuing a degree in marketing.
Marketing strategy, which is one of the most important parts in the development of a new product, is completely absent. The only statement, which could be barely related to the Autoria marketing policy, is the fact that the founders are dedicated to funding autism awareness and research. The team has pledged 1% of ICO proceeds towards the Autism Research Institute and Autism Speaks.