Po.et Basic Review

About project

  • Name: Po.et
  • Ticker symbol: POE
  • Project type: An open platform for managing intellectual property on the Bitcoin blockchain.
  • Company: The Po.et Foundation (Po.et Technologies Limited), a
  • Website: https://po.et/
  • Whitepaper: https://po.et/whitepaper.pdf

ICO details

Starts: August 8, 2017 at 8:08 am EST

Sale length: 4 weeks

Token type:ERC20

Total tokens: 3,141,592,653 POE

Available in Token Sale: 50%

Fundraising goal:$10,000,000

A private pre-sale was held for early investors who funded the initial development of Po.et

$1,000,000 was raised during pre-sale

1,413,716,694 POE will be available on crowdsale (Invite-Only)

Price:0,006366198 USD

Accepted:ETH, BTC

No bonuses

Team

Team size:9 members + 17 backers;

GitHub:http://​​https://github.com/poetapp/

Social media

Slack: 652 members;

Twitter: 62 tweets, 560 followers

Medium: 12 posts, 47 followers

Reddit: 26 subscribers

Facebook (non-official): 12 likes, 12 followers

Telegram: 104 members

The founders describe the project thus: “Po.et - a collective universal register and expanding platform for registration of ownership and metadata for digital content.” Po.et - Proof of Existence 2.0 is an improved version of Proof of Existence – a very popular online service developed in 2013 by Esteban Ordano together with Manuel Araoz. Ordano is also one of the founders of the Po.et project. The service is an example of Bitcoin blockchain usage in the nonfinancial field of business, and is a pioneer among Bitcoin applications. It uses blockchain to certify rights for properties.

The project is continuously developing - it will become a full blockchain-based protocol for licensing, analysis, copyrights registration of any digital content, for ownership management, and for other operations connected with property rights. In fact, Po.et is a patent bureau acting as broker, regulator, arbitrage, and so on.

The project is currently a nonfinancial application. At the same time, it has a strong economic model. It demonstrates a token distribution scheme and justifies their planned infrastructural demand. According to the plans within the platform:

  1. publishers get a long-term income in the form of micropayments from the current content library after licensing for republishing;
  2. content developers help to find specific content in the world wide publisher network with the help of licensing terms and conditions. They can prove their copyrights for any work (logo and so on);
  3. advertisers are able to offer incentives to publishers to republish press releases or other marketing content, with the help of direct payments without any intermediaries (for example PRWeb.) At the same time, advertisement blockers replacing someone else’s advertisement with their own, can pay content owners and publishers directly;
  4. legal entities have an opportunity to get the Pastebin web-service with provable time fixation using Bitcoin – the leading security system. They also get a new platform for e-signatures with the opportunity to use verifiable cryptographic signatures and hash coding.

The project has strategic partners. Its cooperative ecosystem is as follows:

Po.et is an activity that follows logically from the creators’ previously developed Proof of Existence service, bought by the Canaan Creative Company, being the first creator of Avalon ASIC miners. While drawing up the review we could not find information confirming that the Canaan Creative Company are the founders of The Po.et Project. Nevertheless they are clearly connected to each other. The market value of the Canaan Creative Company is $466 million, valued during the preparation for a transaction between the M&A and Shandong Luyitong companies in 2016. The Canaan Creative Company is well-known outside the cryptocurrency community.

We recommend taking part in the Po.et project’s ICO, and we recommend buying their tokens as long-term and speculative investments. The tokens are in use within the infrastructure right now as the project is almost ready in spite of some service limitations. After improvements, demands for the tokens will increase. It is possible the speculative token price is increased, too, because we think demand from the community will not be satisfied by ICO supply.

The Po.et Project looks like a strong project. Plus points (strengths) include:

  • a detailed and easy to understand development strategy for several years ahead, describing every step;
  • the economic model clearly demonstrates future demand for the tokens;
  • The project was founded on the basis of the mature, successful and reliable proof of Existence service. It is an improved version of same.
  • it boasts a professional staff and advisors;
  • repositories demonstrate active development process;
  • A pre-ICO has already taken place. As a result, large-scale market participants have the tokens. Among them are current and possible strategic partners interested in the project’s successful development which depends on them as well;
  • Investors include the Fenbushi Capital Fund, one of whose managers is Vitalik Buterin. One of the general partners of the fund is a member of the project’s board of directors.
  • The project is inviting investors interested in to be involved with the project’s business activity. Po.et is oriented to the community but not mass market investors. So, ICO is closed.
  • The blockchain community shows great interest in the ICO, as we see on the official project channels.
  • Tokens are blocked for a period of 50 months. They are released partially only.

Minuses (weaknesses):

  • Legal restrictions connected with copyrights markets.
  • Little information on the market in the official documentation.
  • Mass market investors can participate in the ICO by invitation only.

The Po.et project does not have direct competitors, and occupies its own market share. We suppose that iTunes or Google Play services, selling licensed content, being intellectual property, could become either competitors or strategic partners.

 

The United States Patent And Trademark Office, in its intellectual property market review dated September 2016, lists 313 branches of intellectual economics. 81 branches are considered IP intensive, including trademarks, patents, and copyrights. These are equivalent 40% of US gross domestic product. About a third of the whole workforce in America is occupied in the mentioned field. The Project founders refer to data from IBISWorld’s US Intellectual Property Licensing Market Research. This source says the total income of the intellectual property licensing market is 43 billion US dollars.

It is very difficult to assess the whole intellectual property market, and it is impossible to estimate the value of digital intellectual property located on the Internet. Sometimes it is very difficult to determine authors and owners of contents, which are often used free of charge. Users are often unaware of the authorship of specific content.

The Po.et Project is based on the Bitcoin Blockchain, using smart contracts and decentralized applications. Protocol is powered by Proof of Existence 2.0 software developed by The Project founder. The platform’s technological solutions are described in the Po.et architecture chapter in detail, and the general scheme is described by the Product Deck scheme:

The system is developed in open source mode. Source codes are published in several project repositories on GitHub. During recent months, publications have been regularly released on behalf of Lautaro Dragan, the project’s technical lead. The system is being quickly improved.

Extracts from the project ‘s Github pages:

Po.et is a data-oriented validation engine for public claims, used to make a truthful evaluation of claims by any actor based on a set of trusted notaries.

A notary in this sense acts as an oracle for whether a third party "Claim" is trusted or not. They issue "Certificate" claims that attest to the validity of a referenced claim. After running validations, claims can be viewed as trusted messages to update the state of a system. The current working version of Po.et uses this to update a database with the current state of attribution of ownership of copyright material.

Po.et's main structure is the Claim class.

class Claim {

string id

stringpublicKey

string signature

string type

{ [key: string]: string } attributes

}

All strings values are serialized using UTF-8 encoding.

A claim's id is the double SHA256 hex digest of serializing its members (with the id set to the empty string).

A claim’s attributes are encoded by lexicographically ordering them. This allows encoding and decoding claims from and to any Map implementation with ease. Signature is an ECDSA signature using secp256k1. The public key used must be encoded using a compressed version.

The signature verification's s value must be the lowest one to prevent malleability of the value.

The signature must match the double SHA256 digest of the protocol buffer serializing the data by setting the id and signature fields to the empty string. The field public key is used to verify the signature.

All documentation is available on the Po.et website, and it is clear and accurate. The concept of the project is explained in detail. Documentation includes the white paper, token information, and the product Deck scheme, executed in three languages: English, Chinese, and Russian. Translation quality is good.

One little negative point is a lack of a review of the intellectual property market; there is only minimal statistical data within the Product Deck scheme. On the other hand, as we have already mentioned above, it is very difficult to analyze the intellectual property market in full. It could be said that the goal of the project is to put things right in this market. In future, this sector of the market, particularly the field of digital assets, will become more transparent and organized due to The Po.et Project.

The website also provides a detailed description of the staff and development strategy.

Starts:August 8, 2017 at 8:08 am EST

Sale length:4 weeks

Token type:ERC20

Total tokens: 3,141,592,653 POE

Available in Token Sale: 50%

Fundraising goal:$10,000,000

A private pre-sale was held for early investors who funded the initial development of Po.et

$1,000,000 were raised during pre-sale

1,413,716,694 POE will be available on crowdsale (Invite-Only)

Price:0,006366198 USD

Accepted:ETH, BTC

No bonuses

The project will issue 3,141,592,653 POE tokens. 50% of them are available for investors during Token Sale; the project intends to raise $10 million. As a result, the total token capitalization is foreseen to be $20 million. The tokens will be distributed as follows:

It is highly significant that the Po.et foundation tokens will blocked for 50 months.

Only 2% of the total quantity is opened to investors every month.

During the closed pre-sale the project received 10% of the final intended amount. Among the investors there are strategic and angel investors: funds, blockchain evangelists, and entrepreneurs in the field of mass media. For example, Fenbushi Capital fund bought tokens. A general partner and founder of Fenbushi is Vitalik Buterin, founder of Ethereum. Another general partner is Bo Shen, a member of the board of directors of the Po.et foundation and project advisor.

The remaining 90% will come from the community. Invitation gives the right to participate in the ICO; for this purpose you should get a code from the founders with written request filing it in any official channels. There are no bonuses for early participation. The price of tokens is linked to the US dollar; acceptable currencies are ETH or BTC. It is not possible to buy tokens for FIAT currency, and residents of USA and Singapore cannot participate.

Distribution of funds raised at ICO:

There is a clear and detailed development plan for the period up to 2020. It is available on the website at ​https://po.et/roadmap​.

The road map demonstrates 5 stages of project development with epic names: ‘Pre-Dawn’, ‘Genesis’, The ‘Rosetta’ era, The ‘Guttenberg’ era, and The ‘Alexandria’ era. Each era includes up to fifteen levels, and each level describes the team’s future or already-completed tasks.

At the time of review, the project is at the beginning of the ‘Rosetta’ era, which finishes in February 2018. The levels of the era:

  1. Po.et integrates with existing CMS platforms such as Wordpress using an open API.
  2. Using existing Schema.org data, Po.et will support a standardized metadata format for digital assets.
  3. Publishers and readers will be able to view different versions of assets through time, each with an immutable timestamp.
  4. User profiles and multi-signature permission for access and control of assets on the Po.et network.

The Guttenburg Era follows, named in honor of the first printing press. Planned actions up to February, 2019 include:

  1. Po.et will support custom content licenses, in addition to Creative Commons and other industry standards.
  2. Multiple owners of a digital asset can share in profits and licensing revenue from that asset.
  3.  Payment channel support will enable frictionless and instant micropayments.
  4.  The Po.et content marketplace launches with 20+ integrated publishers.
  5. This feature will enable content creators to maintain an immutable record of digital assets across different publications.
  6. Po.et's standard e-book metadata format will provide a less costly and open system for e-book publication, equivalent to current ISBN codes.

During the final ‘era’ the project intends to launch an open decentralized market for digital media assets for all content authors, publishers, and editors. They plan to support not only text content, but also digital, graphic, video and audio content. Developers will get an opportunity to create decentralized applications integrated with the global Po.et. network. The Alexandria era will last until 2020.

The staff consists of 9 people. The team have 17 advisors being technological specialists. Information on all staff is available on LinkedIn; their place of work is given as the Po.et Foundation, and there is no contentious information concerning any of them.

Lautaro Dragan - Technical Lead. Dragan is from Argentina. Has 9 years experience as a full stack developer, and has worked for Thomson Reuters and Globant in the field of Electronic Arts. You can read more information about his experience on Github. He studied Computer Science at Buenos-Aires University.

Konstantin Richter – responsible for business development, Richter is working in the field of media project developments. His career began in 1998 at Pricewaterhouse Coopers as a strategic advisor, subsequently working for Deutsche Telekom AG and Nokia. He then founded his own project, Santiago Advisors, offering strategic consulting services for start-up companies, particularly in the field of digital media. He speaks four languages, and has a FINRA Series 7 Certificate.

Pat Riley – Head of product. A self-educated design specialist, he has worked for Apple BitPay. He has worked for BTC Media since 2016.

Max Bronstein – Media & Strategy Lead. He is an experienced Product Manager and UX Designer, and has worked for Spotify and BTC Media. He studied at UCLA.

Jeremy Kandah – Chief Coin Officer. He was an AD operations manager for Flurry Inc., a famous analytical company which was sold to Yahoo. He is a founder of the well known project appCasher, which helps other projects to arrange ICOs.

Regarding advisors, we would like to emphasize that the founders of Proof of Existence - Esteban Ordano, Anthony Di Iorio and Steven Dakh – were involved in the founding of Ethereum. Bo Shen is one of the general partners of the Fenbushi Capital Fund. Vitalik Buterin, one of the founders and general partners of Fenbushi, is the owner of Ethereum. Greg Clayman (Top Manager at Viacom and Fox), Richard Titus (Top Manager at Samsung), and James Heckman (Yahoo and MySpace) are high profile people in the media industry.

Information on the project is available in different popular blockchain-community resources for Russian, Chinese, and English speakers. It has often been reported on in the mass media. The Po.et Project is not for a mass market audience, and you can take part in ICO by invitation only. There are no bonuses. The Project does not have a bounty-program. Nevertheless, during pre-ICO the project acquired some very important strategic partners. The founders are confident that the community is interested in profit from the tokens. There is no need to stimulate increased demand for the tokens.

Even so, the team is active on social networks. They communicate regularly via Twitter, Reddit, and Medium. You can follow reference links and join the discussion on Telegram. The authors answer the questions promptly. Greatest activity is on Slack, demonstrating the community’s interest. The project has a Facebook page but it is not active.

The founders intend to spend a lot of money on promotion; the marketing budget is $1.5 million.

 

 

 

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.