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Lampix Basic Review

PROJECT REVIEW

About the Project

Name: Lampix;

Ticker symbol: PIX;

Project type: blockchain-based "image mining" network;

Website: https://lampix.co/;

Whitepaper: https://lampix.co/whitepaper.pdf

 

ICO details

Starts: 9th of August, 2017

Ends: 19th of August, 2017

Token type: ERC20

Total tokens: 1,100,000,000

Available in Token Sale: 550,000`000

Fundraising goal: roughly $50`000`000

Price: $0.12 per 1 PIX

Accepted: ETH

Bonuses: day 1 - $20m worth of tokens with a 15% bonus, day 2 - $20m worth of tokens with a 10% bonus, day 3 to 10 - $20m worth of token with a 5% bonus.

 

Team

Team size: 10 members + 15 part-time developers;

Advisories: 12 members.

 

Social Media

Slack: 312 members;

Twitter: 159 tweets, 1,014 followers;

Medium: 4 posts, 43 followers;

Reddit: 28 subscribers;

Facebook: 2,761 likes, 2,835 followers;

Youtube: 10 videos, 231 subscribers;

Bitcointalk: 120 posts, read 4124 times;

LinkedIn: 226 followers.

PROJECT DESCRIPTION

Lampix is a start-up company located in New York and San Francisco. It is a developer of augmented reality devices for image mining. The Lampix device transforms any surface into a smart surface. It includes a projector, camera, and a cloud-connected computer, but looks like a common desk lamp. With the help of machine learning and computer vision, the device examines objects with its built-in camera and can track both objects and body parts and infer their interaction with the surface.

The Lampix technological solution is used in tablet-based augmented reality systems as well as Google Glass. Currently, one of the most pressing problems for Lampix technology is the object recognition process. It is necessary to enlarge its database with more object types to help the computer to identify one object from another. Lampix founders say there are not enough objects in their database, and have decided to create a decentralized image mining system to help improve augmented reality devices in general. For this purpose they are carrying out an ICO. The main aim of the ICO is to develop a PIX ecosystem using a blockchain-based database of objects.

Pix tokens are paid for development of open-source datasets containing object pictures and descriptions. To make a description true and valid, users will vote for certain descriptions. The users get tokens for their votes if their choice complies with the object consensus. Third-party developers are able to use the database to try their applications, by paying a certain amount of PIX tokens. The project founders believe the PIX ecosystem has potential to be the go-to marketplace of objects for the augmented reality market. It can be potentially profitable not only for Lampix but also other projects in this field.

RESUME

Before August 16, 2017 Lampix sold almost 67 million PIX tokens at 27,400 ETH, about $7.8 million at time of writing. The token sale ends on August 19 and the fixed target is $50 million.

CONCLUSION

We believe Lampix has the right background to grow within the next few years for the following reasons:

- Project targets are clear and easy-to-understand for the community. The project won the AR & VR Startup Prize at the SXSW Festival in 2017;

- the market that Lampix operates in has great prospects as well;

- The staff are experienced professionals and include well-known experts in the field;

- the tokens will influence the platform infrastructure, which will cause their price to increase.

The only negative point is that a part of the funds raised during the ICO are intended to be spent not on the development of the blockchain-based PIX platform, but for that of the Lampix device.

REVIEW OF COMPETITORS

Creating an image database is not an original idea; there are similar databases on the market such as the YouTube-8M database developed by Google. Reference link is https://research.google.com/youtube8m/index.html. George Popescu, one of the founders of Lampix, points out that the centralized nature of the Youtube project is a negative point; Google manages the database’s development. It could in theory forbid usage by potential competitors at any point. So, Lampix’s advantage is database decentralization, giving built-in, unrestricted usage.

MARKET AND INDUSTRY REVIEW

The augmented reality technology market is currently one of the most profitable ones. Almost all large-scale IT companies are interested in this kind of technological solution. According to Zion Research, publishing in 2015, by 2021 the global demand for augmented reality technologies will be about $134 billion.

TECHNICAL ASPECTS OF THE PLATFORM

The whitepaper describes the project in detail. Here is a chart showing the PIX platform’s functioning in brief:

DOCUMENTS

The whitepaper includes all documents describing the platform in full. There are also videos describing the Lampix device on Youtube.

ICO

The total number of issued PIX tokens is 1,100,000,000 tokens. They are distributed as follows:

50% are for ICO sales;

30% - reserves;

20% - research and development.

 

Reserves are unlocked:

1. 25% - after 12 months;

2. 25% - after 24 months;

3. 25% - after 36 months;

4. 25% - after 48 months.

 

Distribution of unlocked tokens occurs at the following levels:

a) 30% - for data collection, development, marketing and other company expenses;

b) 50% - purchase of other companies, patents, and other copyrights;

c) 10% - if necessary for external partners’ services;

d) 10% - distributed among PIX token holders according to their share.

 

20% of locked tokens for team needs are unlocked in accordance with the plan:

25% - are available for the team about a month after ICO end date. (same for ICO participants);

25% - are unlocked within 12 months;

25% - are unlocked within 24 months;

25% - are unlocked within 36 months.

All funds raised during the ICO are spent on project development until financial sustainability is achieved. The founders assure us that the project will generate its first profit by 2021. The business plan is available in the whitepaper. The main expenses are: 

PLANS OF THE PROJECT DEVELOPMENT

Development timeframe:

TEAM

The staff comprises 10 experts with much experience. George Popescu and Mihai Dumitrescu are the main representatives; there are also 15 part-time software developers involved. George Popescu (LinkedIn) - CEO & Co-founder.

George is a serial entrepreneur; within the last 10 years he has established several companies in different market sectors. The Boston Technologies Group is one of the most successful among them; it was the fastest growing company in Boston in 2011. He is the founder and CEO at Lending Times online magazine and is an advisor for the blockchain based eSports platform FirstBlood. He is a Chairperson of the Advisors Board for Gatecoin. He is a MIT alumnus, and has 3 Masters Degrees in Computer Science and Electrical Engineering, 3D Printing and Nanosciences. He has seven publications in different science periodicals.

Mihai Dumitrescu (LinkedIn) – CTO at Lampix. Mihai has been working in the field of software development for 15 years. He is the founder and CTO of Rosoftlab, a research and development firm for computer vision, augmented reality and related mobile and web apps. Rosoftlab employ more than 20 staff, working for German and Switzerland customers. He is also the founder of the VanillaNAV Company, an AR-based indoor navigation system.

On the team there are 12 advisors. The most well-known are Cristina Dolan, co-founder of InsureX Technologies Blockchain, and Joe Zhou – CEO & Co-Founder of FirstBlood. There are other experienced managers and entrepreneurs involved as well..

MARKETING

The managers are not using a Bounty Campaign. Marketing budget share of the raised ICO funds is 3%. Nevertheless it is well-represented in mass media; there are articles in Forbes, Bitcoinmagazine and other periodicals. Reference links are mentioned below.

CONTACT

Twitter: https://twitter.com/lampix_co;

Slack Channel: https://lampix-invite.herokuapp.com/;

Facebook: https://www.facebook.com/Lampix.co/;

Email: contact@lampix.co

 

 

The information contained in the document is for informational purposes only. The views expressed in
this document are solely personal stance of the ICOrating Team, based on data from open access
and information that developers provided to the team through Skype, email or other means of
communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the
risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the
analysis more comprehensive and informative.

The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.