Remme Basic Review
|Start ICO||13 Feb 2018|
|End ICO||14 Feb 2018|
About the Project
Ticker symbol: REM
Project Type: Security protocol
Extended company description: Remme is an open Public Key Infrastructure (PKI) protocol with a set of DApps that enables automatic authentication for people and devices.
Company: REMME CAPITAL LTD
Public ICO Start: 04.12.2017 (Whitelist closes on December, 2)
Public ICO End: n/a
Token Sales Duration (weeks): n/a
Token type: ERC20
Total number of tokens issued: 1,000,000,000 [White paper]
Tokens available (Pre-Sale + Public ICO): 500,000,000
Price of 1 REM: US$0.04
Accepted payments: ETH
Bounty: not announced
Token role: Functional
Team (number of persons): 11
Advisors and partners (number of persons): 4
Twitter: Posts: 201, Followers: 1650
Telegram: Subscribers: 472
Medium: Subscribers 495
Reddit: Subscribers: 19
LinkedIn: Subscribers: 27
Facebook: Subscribers: 3490
YouTube: Posts: 2, Subscribers: 20
Remme is an open Public Key Infrastructure (PKI) protocol with a set of DApps that enables automatic authentication for people and devices.
Remme will provide the following services:
- Protection from cyber attacks (phishing, spear-phishing and social engineering);
- Automatic authentication, which reduces the impact of the "human factor" when working with protected systems [white paper].
Nick Bilogorskiy (LinkedIn) — Security advisor. Senior Director and member of the constituent Group in Cyphort Inc. (6 years), Mentor at Alchemist Accelerator (2 years), founder and co-chair in Nova Ukraine (3.5 years), co-founder and member of the Board in MUTE (9 years);
Gordon Einstein (LinkedIn) — Legal advisor. Managing partner at Cryptolaw Partners (six months), chief legal advisor at Distributed Lab (2 months), founder of Adaptivesky (8 years);
Vitaliy Bulychov (LinkedIn) - Investment advisor. Shareholder at Art Finance LLC (4.5 years), co-founder at Synergy Group LLC (5 years);
Andrii Zamovsky (LinkedIn) - Founder of Orderbook Pte. Ltd. (1 year), founder of Ambisafe (3 years), head Blockchain Evangelist at Propy Inc. (1,5 years), founder and CTO at NoveltyLab (2,5 years).
482 Solutions — technical partner for working with Dapp and ICT
Juscutum - legal partner
Ambisafe - technical partner for ICO
Gladius - solution development partner
Infopulse — integration partner
blocksoft — technical partner in the blockchain and smart contracts area
Attracted investments: No investments
The project has experienced professionals and advisors behind it. The team is actively recruiting a subscriber base on social media. Attention to cybersecurity is high enough in the blockchain community; this could attract additional attention from users.
Strengths of the project:
- The team has specialized partners and advisors;
- The project has two demo versions of the product using Emercoin and Bitcoin blockchains
- The team is emerging to a growing global market of cybersecurity
Weaknesses of the project:
- At present, based on the white paper, the project team is focusing more on the technical development of the project, while there is little information on market activity. However, the project has press releases about the signing of memoranda of cooperation with SSFTFIF "Ukrinmash" [https://medium.com/remme/strategic-partnership-remme-and-ssftif-ukrinmash-d44327f818ac] and deposit photos. [https://www.cryptocoinsnews.com/ Blockchain-startup-Offers-password-less- protection-deposit-Photos/]
According to a project representative, more than 40 companies have already applied for participation in the pilot.
Market and Industry review
TechNavio analysts are predicting growth in the global cybersecurity market: CAGR about 12% between 2016 and 2020. For the business and finance segment, growth is projected at 13%.
According to Forbes, cybersecurity costs will rise to $170 billion by 2020, while in 2015 they amounted to 75 billion USD (Gartner, Inc.). It follows that expenditure will increase by more than 2.2 times over 5 years [https://www.technavio.com/report/global-it-security-bfsi-market], [https://www.technavio.com/report/global-it-security-cyber-market], [https://www.forbes.com/sites/ Stevemorgan/2016/03/09/Worldwide-cybersecurity-spending-increasing-for-170-billion-by- 2020/#6d7a62176832].
The team has also conducted market research on its blog, but the publication is more focused on the security of the internet of things (IoT). The IoT cybersecurity market is predicted to grow from 7.90 billion USD in 2016 to 36.95 billion, with CAGR equal to 36.1%, (Internet of Things (IoT) Security Market Global). [https://medium.com/remme/q-a-part-1-market-and-competitors- 2a2d89a3760bing]
A study by ThreatMetrix, a security company that controls over 20 billion online transactions per year, claims that online credit companies and alternative payment systems last year grew by 122% and amounted to 8 billion. £10.4 billion in 2016 [https://medium.com/remme/q-a-part-1- market-and-competitors-2a2d89a3760b].
Comments: As you can see, the market is growing fast enough, the industry is gaining popularity, and it is, therefore, possible for the project to take its niche in the market. Based on a publication on the project's blog, we believe that the initial focus of the team will be on the security of IoT.
Review of competitors
The team identifies the following competitors:
- Digicert - a platform for addressing security issues on a PKI basis at any scale.
- Guardtime is a blockchain-based platform designed for enterprise solutions with integrated security, scaling, and performance.
On Medium, you can find the following competitor:
- Civic is an identification platform that provides a reliable and decentralized identity check.
In our study, we also identified the following competing companies:
- Evernym is a network of identification graphs built on an expanded, specialized, threat-protected, publicly available distributed registry.
- Cambridge Blockchain - software for digital data identification.
- Blockstack - decentralized public key distribution system, application and user ID registry.
Summary. As the project team asserts, the main difference from its competitors will be the integration of the Remme solution running on the organization (customer) side. In addition, the team states that it would be less expensive.
Technical aspects of the platform
Remme is a data protection solution, as it removes friction, increases user experience, and delivers high value, excelling in all security aspects:
- It removes the need for centralized storages and making leaks of user credentials impossible.
- It replaces weak means of protection (like removing the door from the wall - not just another password storage facility), i.e. REMME makes passwords and PINs obsolete (at least for 80% of cases)
- Minimizes the human factor (phishing, social engineering, etc.) as there is no password to be stolen or given out by mistake.
Three key aspects of the REMME solution are:
- We believe in separation of responsibilities and so we separate the identity layer from the access layer and focus on solving the challenges around access.
- REMME PKI (d) protocol - uses a custom blockchain with Bitcoin anchoring and powered by nodes to assure the stability of the system. The REMME Protocol is distributed as open source code, so everyone can use it to build their own DApps through the REMME SDK.
- REMME DApps: REMME WebAuth, REMME Enterprise and REMME for IoT will be developed during the first stage. REMME mail and REMME sign are planned to be developed during the future stages.
The platform is built on the basis of a custom blockchain with an anchoring to the Bitcoin blockchain using X.509 certificates, which use SSL/TLS to protect the entire channel from attack.
The PoS + PoA negotiation is used to combine high bandwidth, scalability, and security.
There is multifactor authentication to provide an additional level of security. In addition, Bitcoin Anchoring will be connected to improve security. Oracles will update the service’s price [white paper], [https://ru.wikipedia.org/wiki/X.509], [https://en.wikipedia.org/wiki/Proof-of-work_system], [Https://en.wikipedia.org/wiki/Proof-of-stake].
Remme will replace the normal passwords with SSL certificate passwords for each device. The certificate data is managed on the blockchain, which, according to a project representative, would significantly complicate using bogus certificates for hackers. In this way, these companies will be protected from cyber attacks, hackers, and violations. In addition, replacing passwords allows you to resolve errors caused by the human factor [white paper].
Comments: There is a demo version of the platform.
As the project and data capacity are being developed, the following steps are planned:
- 1st Quarter of 2018 - Release of public alpha version, security and authentication audit
- 2nd Quarter of 2018 – Addition of a certificate data store, integration for different client systems, Bitcoin-recording to enhance reliability, open source integration libraries for web sites and web applications, introduction of 2FA: Signal, Status, WeChat, Trezor
- 3rd Quarter of 2018 - Public testing, integration of Remme Core with Active Directory and SCADA systems, expansion of the decentralized node ecosystem;
- 4th Quarter of 2018 - Public system release, update of harmonised algorithm, creation of Dapps for IoT [White paper].
Comments: The roadmap describes a step-by-step strategy for platform development. The team has a number of technicians, which indicates that it is likely that all planned activities will be implemented in a time-frame.
There are 2 open modules in the open repository:
- FirstStage_DjangoMiddleware - launch module, if Django + nginx package is connected
- FirstStage_CertificateGenerator - creates a certificate with a digital signature for the REMME system
There is also the Main module, but it is empty.
Comments: Unfortunately, activity in the various modules is rather low. According to a project representative, the development was carried out within closed modules and was then made publicly available.
We have analyzed the Remme site and documentation for sufficiency and consistency to make an investment decision.
The website provides information about the project, the staging of the public ICO, advisors and the team. The site is available in English. An additional advantage of the site is a link to the demo version and the product site.
Summary: The documentation provides insight into the project.
Tokens to be issued for sale,% 50%
Public ICO Start: Q1 2018
Token type: ERC20
Accepted payments: ETH
1REM price: US$0.04
REM — a utility token which manages all operations in the ecosystem, and serves as a digital key to access the Remme PKI protocol (d) and the DApps.
REM can be used for the following operations:
- Initialization of the certificate creation process (the number of tokens is blocked to cancel transactions).
- Implementing the process of certificate revocation.
- Creation of a node (this option will be available after Q3 2018, see RoadMap).
- Payment for the transfer of Remme tokens between users on the Remme blockchain.
- Payment for cross-blockchain transfer of tokens [white paper].
Token limit: 1,000,000,000
Advantages for token holders: limited-quantity tokens; the tokens are functional which allows either use of the platform services or selling of the tokens.
The project command assumes us that because more certificates (SSL) will be required, the value of the token will increase taking into account a limited number of tokens. Because the price of a certificate is fixed in the currency, it has a non-linear dependency.
Max Goal: $ 20,000,000
Minimum Goal: $ 480,000
Tokens are sold in several stages:
- The Pre-sale will begin on December 4th
- The Public sale will begin in the first quarter of the year of 2018 [https://www.remme.io/]
Comments: To receive additional bonuses at the pre-sale stage, the project offers joining the Remme Family program, further details at Medium.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary. Tokens do not affect the distribution of shares in the company. The reward system is set up so that it is more advantageous to buy tokens earlier.
Plans of the project development
- 1st Quarter of 2018 - expansion of the team, launch of Remme's 2018 Pilot.
- 3rd Quarter of 2018 - opening of the London sales office, recruitment of marketing personnel and personnel for support services;
- 4th Quarter of 2018 - opening of sales office in New York, recruitment of marketing personnel and personnel for support services.
- 1st Quarter of 2019 — opening sales offices in Tokyo and Singapore, recruiting marketing staff and staff for support services, conducting cybersecurity activities, training future Remme specialists; [White Paper]
Summary. The roadmap provides a strategy for business expansion. In addition, there is a partnership with Ukrinmash, Infopulse, Hotmine, and Constitutional Health. However, there is no description of the methods planned for attracting users.
The team consists of 11 people, as well as 4 advisors. Information on the core members of the team (LinkedIn):
Alex Momot (LinkedIn) — Co-founder and CEO. Member of the Supervisory Board at Bitcoin Foundation Ukraine and BDO at Hotmine.io. Experienced CEO/Founder. Formerly: For 10 years, CEO and founder of Omega-climate.com.ua. He also has experience as a CEO/Founder/partner/In the following companies, respectively: Wintaxi, bitx.com.ua, Agro Capital LLC;
Kate Pospelova (LinkedIn) — Head of marketing and co-founder. Founder & CEO of the Muse Agency. Formerly: Project manager at Squarestudio, Head of Marketing at Lizard Soft, Marketing Manager at NIKO Trading;
Roman Kravchenko (LinkedIn) — CTO. CEO and CTO at 482.solutions. Formerly: Project manager at ITC R&D, CTO at Agri Eye;
Jan Keil (LinkedIn) — Head of business development Vice president of Infopulse, and marketing manager at Flux Games and CEO at Osua GmbH since 2001.
There are 7 other people in the team.
Comments: The entire core team indicates its affiliation with the project.
Summary. Only 9 people identify their affiliation with the project on LinkedIn. Members of the team are mainly from Ukraine. The team also has the following experts: DApp Architect, system architect, smart contracts specialist, lawyers, public relations specialist, and community manager. Most of the team members indicate their involvement with other projects.
Information about the project is available on Twitter, Facebook, Telegram, Medium, Steemit, Reddit and Youtube. There is a program with functions similar to a bounty program, which provides an opportunity to gain bonuses in the early stages of the token sale.
The project is covered in social media. News is regularly updated on Twitter. The team communicates with users via Telegram. The format of articles on the project suggests that they were primarily ordered by the project.
Comments: Interest in the project is gradually increasing. The main marketing campaign is deployed on Twitter [https://www.remme.io/].
Analysis of the site’s traffic based on Similarweb.com data showed that:
Comments. 9.23% Direct — link traffic, 89.85% — clickthrough traffic, 0.84% — traffic through search
Search traffic: 0.84%. 100% – "organic" traffic
Referral Links: 89.85%
Top 3 clickthrough sites: remme.io — 94.15%, icoalert.com — 3.37%, newsbtc.com — 2.48%
Comments: Traffic data is not available on SimilarWeb. However, according to Alexa.com data, the site traffic is 5 650 persons per month, the number of views is 22 590 The site is most popular in the United States. The project also has a product site [https://a.pr- cy.ru/tokensale.remme.io/], [https://www.similarweb.com/website/remme.io]
Summary. Based on the data available, it can be concluded that users are not yet interested in the project. However, the team is conducting an advertising campaign on social media (Facebook, Twitter), communicating with users on Telegram. There is support from the press.
You can contact the developers through the following links:
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.