DOVU Basic Review
|Start ICO||01 Oct 2017|
|End ICO||15 Oct 2017|
About the Project
Ticker symbol: DOV
Project type: DOVU is an ecosystem fueled by data. The blockchain-based platform is aiming to create a new circular economy where data is used as fuel.
Extended company description: DOVU represents a transport-oriented protocol for accelerating the development of decentralized applications (dApps) related to movement.
Company: Dovu Limited
Public ICO launch: 03.10.2017
Public ICO completion: 17.10.2017
Duration of token sale: 2 weeks
Token type: ERC-20
Total number of tokens: 1,200,000,000
Tokens available (Pre-Sale + Public ICO): 300,000,000
Aims of the ICO
Protocol development and acceleration of the network distribution of DOV tokens through strategic partnership. Marketing and business development for further introduction of the API Marketplace among participants. Financial support for data providers and developers built on the DOV token platform.
Price of 1 DOV: ETH 0.00032
Accepted payments: ETH
Bounty: Program duration: August 24, 2017 until October 17, 2017.
Token role: Functional
Team (number of people) 6
Advisors and partners (number of people) 2
Twitter: Postings: 100, Subscribers: 2480
Telegram: Subscribers: 719
Medium: Postings: 4, Subscribers: 72
Linkedin: Postings: 19, Subscribers: 115
Facebook: Subscribers: 791
Youtube: Postings: 5, Subscribers: 34
Dovu is a platform for data exchange. The company's first product is an API for data exchange based on mobility (mobile applications for transport), where users can transfer mobility data in exchange for DOV tokens [https://bitcoinexchangeguide.com/dovu/].
One of the suggested ways to use Dovu is to exchange data from mobile applications and devices (for example, a user can share a route and allow companies to access this information, or the user can receive rewards for driving.
- KPMG, financial partner (accounting advisor). International network of firms providing audit, tax and consulting services.
- Ramparts - legal advisor. European law firm (Gibraltar), specializing in the sectors of e-commerce, games and financial services.
- TokenMarket - technical partner (blockchain advisor). Marketplace for tokens, digital assets and investments based on the blockchain.
- Lars Klawitter CEO of Rolls Royce Bespoke, and a former member of the Ethereum board of directors. Advisor to 4G Capital (a micro-credit organization specializing in financial support for entrepreneurs across Africa). This advisor has no information about Dovu on his Linkedin profile.
- Rob Jones Co-founder of Fanduel. This advisor has no information about Dovu on his Linkedin profile.
June 2017: Seed round from the fund InMotion Ventures, investment arm of Jaguar Land Rover; Creative England, Government-backed fund (United Kingdom). Details of these deals are not disclosed.
We recommend purchasing project tokens in the ICO.
We also recommend buying ICO project tokens as a longterm investment, based on the following:
- One of the partners of the project is KPMG (there is a joint press release in support of this fact.)
- One of the advisors of the project is a former member of the Ethereum board of directors.
- The project team attracted investments from InMotion Ventures (Jaguar Land Rover, Creative England, Government-backed fund [United Kingdom]).
- Delloite released a positive analytical report on the development of the mobility market in transport.
- The project manager has extensive experience (9 years - based on Linkedin) of management activities. The previous company of the founder, Coull, attracted more than $6 million worth of investment.
Great bonuses can be obtained by purchasing the tokens in the pre-sale or the first week of the crowdsale. A lot of excitement has been created about the project by well-known brands that are working with the company.
There are risks relating to an insufficiently elaborated development strategy as well as the composition of the team. These risks are described in detail in the relevant sections.
There are well-known companies in partnership with Dovu, as well as advisors. This attracts interest in the project from the community.
Pros of the project:
- The project has well-known partner companies
- The company has already attracted a seed round of funding
- The project is positively accepted by the blockchain industry
- The company has an experienced founder
Cons of the project:
- The documentation does not detail the platform’s algorithm, but the project claims that this is already in the development stage (and will be open to everyone)
- There is little market information or figures in the official documentation
- There are no technical specialists amongst the company founders
Market and industry
How is mobility defined by Dovu? Deloitte state that the global automotive industry as a whole is experiencing an unprecedented transformation into a new ecosystem of mobility. Deloitte analysts call this state a new era of accessible autonomy, conditioned by social trends or "non-revolutionary" revolution. According to Deloitte’s analytics, the total revenue from car-related services, including infotainment, navigation and fleet management systems, could reach up to $40 billion worldwide by 2020.
Areas of the "mobility" market in transport (Deloitte) are given below:
The revenue rate from connected driver assistance systems and stand-alone applications for driving is expected to increase from 5% in 2014 to more than 11% by 2020.
The average annual increase in the market (CAGR) is expected to be more than 14% in the period 2015-2020. This niche market will reach a volume of $5 billion by 2020.
DOVU provides a blockchain transaction for mobile transport systems.
Comments: Based on mobility market research and the study of WP companies, it is noteable that Dovu operates in a narrow segment of the transport and mobility market, with an average annual market increase of 14%.
Engineering features of the platform
The project is based on DApps – a protocol for decentralized applications.
DApps are the next logically grounded stage in technology evolution. A decentralized application is similar to the so-called smart contract of Etherium. However, there are fundamental differences; unlike smart contracts, DApps are not directly related to finance; however, through them blockchain technology can be exploited for any purpose [https://ethclassic.ru/2017/01/29/chto-takoe-decentralizovannoe-prilozhenie/] .
One of the most attractive features of DApp technology is the lack of restrictions on number of participants, regardless of market segment.
The Dovu platform consists of the following components: The Dovu protocol (a data exchange with granularity and attribution of cost), the DOV token (payments within the platform), and the API Marketplace (a marketplace for DApp applications based on Dovu).
The Dovu protocol is open source and facilitates the development of decentralized applications (dApps) associated with mobility.
Technologies utilized (Libraries, algorithms)
Algorithm: DApps - decentralized applications (analogous to smart contracts)
Flow chart of the platform:
Comments: The DOVU open source protocol provides the necessary tools for creating dApps via the Dovu blockchain platform (including smart contracts, secure transactions, reward systems, micropayments and new alternatives to standard solutions for all types of transport services).
With the development of technology and quantity of data the following stages will be implemented:
Comments: According to the project team there will be a minimum viable product developed (in the white paper, it is called the alpha version of the platform). The product will be in its pre-alpha version by the fourth quarter of 2017.
In our opinion, the roadmap of the project is not described in enough detail. There is no explanation of what functionality will be implemented on the platform.
Summary: The project team did not specify a public repository, and we cannot verify activity towards its development. We believe that the MVP has not yet begun to be developed, otherwise the open source repository would be already available.
We analyzed the Dovu website and documentation for sufficiency and consistency for making an investment decision.
The documentation contains the white paper, presented only in English. Dovu is described in sufficient detail in this paper. However, in the market description and development plan sections, there are not enough figures showing future demand. The roadmap contains only development plans; there is no evidence of the existence of project development.
The website also provides only brief information; information on arranging the ICO requires registration. There is no reference to the white paper in the public domain.
Resume: The documentation gives an idea about the project. However, terminology is not explained (the term mobility is understood as "mobility within a transport ecosystem.")
The developers may be contacted via e-mail at email@example.com (Krasina Mileva).
Public ICO launch: 3rd October 2017
Maximum amount 300,000,000
Tokens to be issued, % 25%
Token type: ERC20
Accepted payment: ETH
1 DOV price: ETH 0.00032
Crowdsale duration: 2 weeks, until October 17, 2017
According to the project, the DOV token can be used in decentralized applications built on the DOVU protocol as a single secure global token for paying for travel on various vehicles, both public and on a rented car or bicycle. Also, it will be possible to share or receive transport data for a fee.
Token limitation: 1,200,000,000
Advantages for token holders: the tokens are limited in number, they will grow in price with the increase in demand for the service; tokens are functional, allowing the use of services on the DOVU platform.
Maximum target amount: $30,000,000
Minimum target amount: N/A
The token sale is being carried out in several stages:
- Pre-sale: from 4 September 2017, 17.00 UTC until 29 September 2017, 17.00 UTC;
- Public ICO: from 3 October 2017, 17.00 UTC until 17 October 2017, 17.00 UTC.
Comments: According to the DOVU blog on Medium, the pre-sale bonus will be 20%; to participate in the pre-sale, minimum purchase amount is 142 ETH.
Bounty program start: 24 August, 2017.
% distribution scheme: DOVU reserves 0.5% (1,500,000 DOV) to its bounty program, which will be allocated as follows:
- BitcoinTalk signatures: 25%;
- translation: 20%
- company on social media: 35%
- company for bloggers: 20%
Resume: The project has an extensive bounty program. All conditions of the program are detailed on the bitcointalk website. To participate, all users must register on the official project channel in the Telegram app. Remuneration will be paid via smart contracts.
Tokens and capital distribution
Tokens and capital are distributed according to the following scheme:
Tokens and capital distribution scheme
- 25% of DOV tokens (0.30B) will be provided to token sale participants (ITO).
- 35% of DOV tokens (0.42B) will be allocated to a user growth fund. User tokens for improving the quality of the ecosystem (providing data on movements) will come from this fund. DOV tokens received as a reward can only be used in the DOVU ecosystem for value-added services. Any unused DOV tokens after 6 months will be sent back to the fund and can then be reused.
- 15% of DOV tokens (0.18B) will be allocated to advisors, founders and management to help building the team.
- 25% of DOV tokens (0.3 B) will be kept in reserve. The reserve is subject to a two-year lockout period.
- 0.5% of the token sale (1.5 million tokens) will be allocated to the Bounty program.
Summary: Tokens are sold as a payment instrument and do not affect the distribution of share in the company. The incentive system is set up so that it is more profitable to buy tokens earlier.
There is an urgent need for the practical use of blockchain technology for solutions in the field of transportable mobile systems. DOVU will receive revenue from tools and services that pass through the DOVU platform (for example, the DOVU API Marketplace).
The DOVU API Marketplace is a dApp (decentralized application) store for token applications (DOV). To gain ground in this sector, the team expects to collect industry startups, which will provide services for DOV and strategic partners such as automakers and manufacturers of auto parts (OEM).
The white paper also indicates that DOVU has access to professional industry communities.
Resume: There is no clear sales strategy visible within the documentation or discussions. The team was asked about this via Telegram, but we did not receive a clear answer.
The team consists of 6 people and 2 advisors. Information about the main team members based on LinkedIn data is as follows:
- Irfon Watkins - Founder and CEO. 9 years of company management experience. Previously Irfon has managed various divisions.
- Arwen Smit - Co-founder and Head of Marketing and Business Development. Has developed startup ecosystems for Virgin Startup and EdX.
- Krasina Mileva - Co-founder, COO and Legal Counsel. Engaged in secretarial work in London since 2013. Previously engaged in legal consulting in Burgas (Yugoslavia) for 5 years.
Information on other project participants based on Linkedin:
According to their Linkedin profiles, the key project participants work for Dovu.
Resume: Unfortunately none of the developers are also co-founders. We consider this a risk to the company (this can lead to loss of code due to the dismissal of technical staff, misallocation of tasks, delay in development, lack of documentation for the work done, lack of a testing process and failure to fix errors in the code, increase in costs for the system, etc.).
Project information is available on various popular sites and services such as Twitter, Telegram, Medium, Linkedin, Facebook and Youtube. Users actively communicate with the project team, and the project has a bounty program.
The project is actively engaged on social networks. The project team answers questions on Telegram (group of 733 people). The project team regularly arranges Q&A sessions on zoom.us. On other networks such as Bitcointalk, Medium and Twitter, news is also added regularly. There are few articles about the project in the profile resources; the format of the articles indicates that they are written to order or are notifications about the next ICO project.
Comments: The project is actively gaining a media base; there are many approving comments about the project to be found on Twitter.
Analysis of the traffic on the Dovu website based on Similarweb.com data shows the following:
Dovu Traffic sources (Similarweb.com)
Comments: A majority of traffic (68.4%) goes via referral links to the website; 25% of traffic goes by direct link.
According to SimilarWeb, from 1.56% of total traffic on the site which arises from searches, 100% is "organic." Thus there is no advertising within search systems.
Referral links: 68,40%
Comments: Similarweb proves that the community’s interest is natural.
Resume: Based on the analysis of marketing activities, it can be concluded that DOVU has an active interest from the blockchain industry, despite the absence of a large advertising company.
The developers may be contacted using the links below.